| 证券代码：603377 | 证券简称：东方时尚 公告编号：临 2023-012 | | --- | --- | | 转债代码：113575 | 转债简称：东时转债 | 东方时尚驾驶学校股份有限公司 关于召开 2022 年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2023 年 04 月 26 日（星期三）下午 16:00-17:00 会议召开地点： 上海证券 交 易 所 上 证 路 演 中 心 （ 网址： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2023 年 04 月 19 日（星期三）至 04 月 25 日（星期二）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 dfss@dfss.com.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 东方时尚驾驶学校股份有限公司（以下简称"公司"）将于 2023 年 04 月 22 日发布公司 2022 年年度报告， ...

Financial Performance - The company's operating revenue for the first half of 2022 was approximately ¥507.86 million, a decrease of 7.32% compared to ¥548.00 million in the same period last year[22]. - Net profit attributable to shareholders of the listed company was approximately ¥16.61 million, down 80.32% from ¥84.39 million in the previous year[22]. - The net profit after deducting non-recurring gains and losses was approximately ¥10.28 million, a decline of 82.48% compared to ¥58.66 million in the same period last year[22]. - The net cash flow from operating activities was approximately ¥56.48 million, a decrease of 75.48% from ¥230.38 million in the previous year[22]. - Basic earnings per share decreased by 81.82% to CNY 0.02 from CNY 0.11 in the same period last year[23]. - Diluted earnings per share also decreased by 81.82% to CNY 0.02 from CNY 0.11 year-on-year[23]. - The weighted average return on equity dropped by 2.67 percentage points to 0.76% from 3.43% in the previous year[23]. - The company reported a net profit margin of 18% for the first half of 2022, reflecting improved operational efficiency[113]. - The company achieved a target profit of CNY 33.85 million for the first half of 2022[118]. - The company reported a net loss attributable to shareholders of 6,000,000, compared to a profit in the previous year, indicating a significant downturn in profitability[195]. Assets and Liabilities - As of the end of the reporting period, the net assets attributable to shareholders of the listed company were approximately ¥2.18 billion, an increase of 0.77% from ¥2.16 billion at the end of the previous year[22]. - Total assets increased by 14.27% to approximately ¥5.44 billion from ¥4.76 billion at the end of the previous year[22]. - The company's total assets at the end of the reporting period were 2,179,365,120, down from 2,435,413,750 at the end of the previous year, reflecting a decrease of about 10.5%[195]. - The total liabilities increased to CNY 3,000,519,282.98 from CNY 2,330,505,927.00, representing a rise of about 28.7%[165]. - Current liabilities rose to CNY 1,907,924,978.67, compared to CNY 1,535,789,894.34, reflecting an increase of about 24.3%[165]. - Long-term borrowings increased to ¥402,778,293.59, representing 7.41% of total assets, a 306.85% rise compared to the previous year[77]. Operational Developments - The company is actively exploring the application of VR and AI technologies in driving training, aiming for smarter and more efficient learning experiences[39]. - The company aims to lead the transformation and high-quality development of the driving training industry through the integration of advanced technologies[49]. - The company has established a "VR + AI + real road training" integrated smart driving training model, enhancing training efficiency while significantly reducing coach labor costs and vehicle wear, with expectations for continuous improvement in gross margin[52]. - The company is promoting an intelligent driving training system through its wholly-owned subsidiary, which was approved in a board meeting[125]. - The company plans to promote its intelligent driving training system nationwide, collaborating with other driving training institutions to enhance training standards and reduce costs[69]. Market and Growth Strategy - The company plans to expand its market presence by opening 10 new driving schools in key urban areas by the end of 2022[115]. - The company is exploring potential mergers and acquisitions to strengthen its market position, with a focus on regional driving schools[115]. - The company aims to enhance its VR + AI smart driving training system and expand its market presence through new establishments, investments, mergers, and partnerships[63]. - The company is focusing on expanding its market presence through subsidiaries, with several locations reporting significant operational metrics despite some net losses[84]. Risks and Challenges - The company has disclosed potential risks in the report, emphasizing the uncertainty of future plans[8]. - The company faces risks from recurring COVID-19 outbreaks, which could impact driving training and testing operations, affecting annual performance[93]. - The company is at risk of reduced training road availability in its Beijing Daxing campus due to land use planning changes, which could impact operations[93]. - The company is adapting to regulatory changes in the driving training sector, which may increase operational costs and extend training periods, potentially impacting performance[94]. Corporate Governance and Compliance - The company has not reported any non-operating fund occupation by controlling shareholders or related parties during the reporting period[120]. - The independent directors provided prior approval and independent opinions on all related party transactions during the reporting period[125]. - The company is actively pursuing measures to protect the interests of minority investors and ensure compliance with regulatory requirements[116]. Environmental Initiatives - The company aims to reduce carbon emissions by 11,000 tons annually at its Beijing site through the use of new energy intelligent training vehicles and VR driving simulators[106]. - The company emphasizes environmental friendliness in its operations, focusing on sustainable development and contributing to carbon neutrality and resource recycling[107]. - The company plans to develop a rooftop photovoltaic project, integrating it with existing charging stations and new energy vehicles to create a smart energy system[107]. Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period is 22,141[140]. - The company has committed to distributing no less than 70% of the annual net profit to shareholders[130]. - The largest shareholder, Dongfang Shishang Investment Co., Ltd., holds 169,825,700 shares, accounting for 23.33% of total shares[143].

Financial Performance - The company achieved a net profit of RMB 152 million for the year 2021, with distributable profits amounting to RMB 656 million as of December 31, 2021[8]. - The company's operating revenue for 2021 was CNY 1,198,554,469.65, representing a 41.32% increase compared to CNY 848,134,248.37 in 2020[26]. - The net profit attributable to shareholders decreased by 5.42% to CNY 152,330,891.21 in 2021 from CNY 161,059,744.20 in 2020[26]. - The net profit after deducting non-recurring gains and losses surged by 1,312.09% to CNY 134,219,748.02 in 2021 from CNY 9,505,010.51 in 2020[26]. - The cash flow from operating activities net amount was CNY 448,662,642.95, down 31.07% from CNY 650,908,286.14 in 2020[26]. - The total assets at the end of 2021 increased by 1.95% to CNY 4,757,016,492.26 from CNY 4,666,217,577.57 at the end of 2020[26]. - The basic earnings per share for 2021 was CNY 0.21, a decrease of 8.70% from CNY 0.23 in 2020[27]. - The weighted average return on equity decreased by 2.25 percentage points to 5.98% in 2021 from 8.23% in 2020[27]. - The company reported a net profit of CNY 85,038,468.65 in Q3 2021, while Q4 showed a loss of CNY 17,094,450.82[29]. - The non-recurring gains and losses for 2021 totaled CNY 18,111,143.19, significantly lower than CNY 151,554,733.69 in 2020[32]. Governance and Compliance - The company is committed to ensuring the accuracy and completeness of its financial reports, as confirmed by the auditing firm Da Hua[7]. - The company has a strong governance structure with all board members present at the meetings[6]. - The company maintains a robust financial position with no violations of decision-making procedures reported[11]. - The company has established an independent financial department with dedicated personnel and a standardized financial accounting system[159]. - The company has taken measures to address potential competition from controlling shareholders and related entities[159]. - The company has implemented a series of policies such as "self-study direct examination" and "timed training and payment after training," which may significantly impact smaller, less regulated driving training institutions in the industry[147]. - The internal control system has been continuously improved and evaluated, with no significant deficiencies reported during the period[199]. - The company emphasizes the importance of compliance and governance in its operational strategy moving forward[200]. Market Presence and Growth Strategy - The company operates multiple driving training facilities across various regions, enhancing its market presence[15]. - The company is focused on future growth strategies, although specific plans were not detailed in the report[10]. - The company aims to extend its service offerings into the automotive comprehensive service sector, including vehicle sales, rentals, and insurance, to diversify revenue streams[41]. - The company aims to enhance its market presence and share through new establishments, mergers, and management model outputs, focusing on the VR+AI smart training system[140]. - The company is accelerating its national market layout through new establishments, investments, and partnerships to enhance market share[71]. - The company is exploring the integration of technology and driving training, aiming to create a big data analysis platform for driving training behaviors[142]. Training and Innovation - The introduction of a "VR+AI+practical road training" model has enabled a fully intelligent, scenario-based, and standardized driving training process[39]. - The company has developed a smart training system incorporating VR and AI technologies, with nearly 300,000 participants trained using VR driving simulators, significantly improving training efficiency[64]. - The company has implemented a "VR + AI + actual road training" model, enhancing the training process for over 300,000 students[60]. - The company aims to enhance the quality of China's driver training industry, addressing the urgent need for improved training standards and compliance with traffic regulations[62]. - The company has trained over 300,000 students through its smart driving training system by the end of 2021, with over 1,000 VR simulators and smart cars deployed across various regions[139]. Shareholder and Management Actions - The board of directors approved a proposal not to distribute dividends for the year 2021, with retained earnings carried forward to the next year[8]. - The company plans to repurchase shares with a budget between RMB 150 million and RMB 300 million, aimed at employee stock ownership plans[172]. - The total pre-tax remuneration for the board members amounted to 326.47 million yuan for the reporting period[162]. - The company has maintained a stable management team with no new appointments or departures reported during the period[162]. - The company has a well-defined compensation policy linking employee remuneration to company performance, aimed at talent retention and attraction[187]. Industry Trends and Future Outlook - The driving training market is expected to see significant growth in second and third-tier cities, driven by rising disposable income and demand for driving services over the next five years[108]. - The demand for civil aviation pilots is expected to increase significantly, with a projected need for 28,000 to 56,000 new captains due to the retirement of existing pilots and the forecasted addition of 8,090 new aircraft[117]. - The driving training industry is projected to benefit from the increasing integration of technology and innovative business models, enhancing user experience and operational efficiency[109]. - The company is responding to the "dual carbon" national strategy by implementing low-carbon transformation in its fleet, focusing on new energy vehicles for training and examination[136]. - The company plans to enhance its marketing strategies, focusing on digital channels to reach a broader audience[166].

东方时尚驾驶学校股份有限公司 2022 年第一季度报告 证券代码：603377 证券简称：东方时尚 转债代码：113575 转债简称：东时转债 东方时尚驾驶学校股份有限公司 2022 年第一季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示 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、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务报表 信息的真实、准确、完整。 第一季度财务报表是否经审计 □是√否 一、 主要财务数据 (一)主要会计数据和财务指标 单位：元 币种：人民币 | 项目 | 本报告期 | 本报告期比上年同期增减变动幅度(%) | | --- | --- | --- | | 营业收入 | 248,454,797.48 | 10.83 | | 归属于上市公司股东的净利 | 7,894,861.31 | -80.12 | | 润 | | | | 归属于上市公司 ...

Financial Performance - The company's operating revenue for Q3 2021 was CNY 384,142,626.51, representing an increase of 11.75% compared to the same period last year[5]. - Net profit attributable to shareholders of the listed company reached CNY 85,038,468.65, a significant increase of 33.21% year-on-year[5]. - The net profit after deducting non-recurring gains and losses was CNY 81,166,734.46, reflecting a substantial increase of 119.75% compared to the previous year[5]. - The basic earnings per share for Q3 2021 was CNY 0.12, up by 9.09% compared to the same period last year[6]. - Total operating revenue for the first three quarters of 2021 reached ¥932,145,753.16, a significant increase of 59.9% compared to ¥583,371,774.36 in the same period of 2020[20]. - Operating profit for Q3 2021 was ¥207,703,686.05, compared to only ¥8,147,193.16 in Q3 2020, indicating a substantial improvement[21]. - Net profit for Q3 2021 was ¥164,779,210.86, up 150.5% from ¥65,817,205.65 in Q3 2020[22]. - Basic and diluted earnings per share for Q3 2021 were both ¥0.23, up from ¥0.14 in Q3 2020, representing a growth of 64.3%[22]. Cash Flow - The cash flow from operating activities for the year-to-date was CNY 506,406,211.95, showing a remarkable increase of 167.26%[6]. - Net cash flow from operating activities was 506,406,211.95, an increase from 189,480,535.23 in the previous quarter[24]. - Cash received from operating activities totaled 1,267,648,581.08, compared to 1,044,182,252.22 in the previous quarter[24]. - Cash paid for operating activities was 761,242,369.13, a decrease from 854,701,716.99 in the previous quarter[24]. - Total cash inflow from financing activities was 560,745,927.95, compared to 904,491,954.81 in the previous quarter[25]. - Cash outflow from financing activities totaled 853,778,011.60, up from 668,045,594.41 in the previous quarter[25]. - The net cash flow from financing activities was -293,032,083.65, a decrease from 236,446,360.40 in the previous quarter[25]. - Cash inflow from investment activities was 2,660,110.00, compared to 83,813,995.00 in the previous quarter[24]. - Cash outflow from investment activities was 412,949,501.71, an increase from 340,758,576.93 in the previous quarter[24]. - The net cash flow from investment activities was -410,289,391.71, worsening from -256,944,581.93 in the previous quarter[24]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 4,801,241,219.76, an increase of 2.89% from the end of the previous year[6]. - As of September 30, 2021, total current assets amounted to RMB 618,819,977.23, a decrease from RMB 753,033,619.17 at the end of 2020[17]. - Total assets increased to RMB 4,801,241,219.76 from RMB 4,666,217,577.57 at the end of 2020[18]. - Total liabilities amounted to RMB 1,959,077,396.08, compared to RMB 1,841,847,441.24 at the end of 2020[18]. - The total liabilities increased to ¥2,358,041,903.74 in Q3 2021 from ¥2,113,083,933.14 in Q3 2020, reflecting a growth of 11.6%[21]. - The company's total equity decreased to ¥2,443,199,316.02 in Q3 2021 from ¥2,553,133,644.43 in Q3 2020, a decline of 4.3%[21]. Shareholder Information - Total number of common shareholders at the end of the reporting period was 20,816[14]. - The largest shareholder, Dongfang Shishang Investment Co., Ltd., holds 177,095,700 shares, accounting for 24.3% of total shares[15]. Operational Efficiency - The company attributed the increase in revenue to the recovery of driving training demand and the expansion of its intelligent driving training system[10]. - The net profit growth was driven by improved training efficiency and reduced training costs, leading to a significant enhancement in gross profit margins[12]. - The company is actively expanding its pilot training and intelligent driving training systems across the country, contributing to the increase in student enrollment numbers[11]. Research and Development - Research and development expenses rose to ¥23,109,108.69 in Q3 2021, compared to ¥10,234,577.10 in Q3 2020, marking an increase of 126.5%[21].

Financial Performance - The company's operating revenue for the first half of 2021 was RMB 548,003,126.65, representing a 128.70% increase compared to RMB 239,620,153.04 in the same period last year[18]. - The net profit attributable to shareholders for the first half of 2021 was RMB 84,386,873.38, a significant increase of 332.35% from RMB 19,518,208.65 in the previous year[18]. - The net cash flow from operating activities was RMB 230,375,025.82, compared to a negative RMB 26,221,670.04 in the same period last year, indicating a strong recovery[18]. - The basic earnings per share for the first half of 2021 was RMB 0.11, up 266.67% from RMB 0.03 in the previous year[20]. - The weighted average return on equity increased to 3.43% from 1.10% in the same period last year, reflecting improved profitability[20]. - The company reported a non-recurring gain of ¥25,724,748.32, primarily from government subsidies and other non-operating income[23]. - The company reported a non-recurring loss of ¥6,535,170.52 from other operating expenses, impacting overall profitability[23]. - The company achieved a revenue of CNY 548.00 million in the reporting period, representing a year-on-year increase of 128.70%, and net profit attributable to shareholders was CNY 84.39 million, up 332.35% year-on-year[47]. - The company reported a total of ¥1,128,025,995.45 in undistributed profits, compared to ¥1,075,499,007.29 previously, an increase of approximately 4.9%[153]. - The company reported a total comprehensive income for the period of 84,386.87 million, showing a recovery from a previous loss of 4,776.22 million[171]. Assets and Liabilities - The total assets at the end of the reporting period were RMB 4,581,890,035.83, a decrease of 1.81% from RMB 4,666,217,577.57 at the end of the previous year[19]. - The net assets attributable to shareholders decreased by 8.32% to RMB 2,097,762,317.03 from RMB 2,288,161,811.51 at the end of the previous year[19]. - As of June 30, 2021, the company's total assets were CNY 4,581.89 million, a decrease of 1.81% from the beginning of the year, while net assets attributable to shareholders decreased by 8.32% to CNY 2,097.76 million[47]. - The company's total liabilities increased to ¥1,628,630,884.05 from ¥1,449,941,775.16, indicating a rise of about 12.4%[153]. - Shareholders' equity decreased to ¥2,600,837,762.99 from ¥2,773,286,547.52, reflecting a decline of approximately 6.2%[153]. - The company's current liabilities amounted to RMB 1.888 billion, and non-current liabilities were RMB 333 million, resulting in a debt-to-asset ratio of 48.46%[142]. Business Strategy and Operations - The company adopted a VR+AI teaching model combined with traditional driving instruction to enhance efficiency and reduce costs, contributing to improved performance in 2021[20]. - The company is actively integrating VR and AI technologies into its driver training services, aiming to enhance efficiency and environmental sustainability[25]. - The company aims to transition from a labor-intensive model to a more efficient, technology-driven approach in the driver training sector[25]. - The company is expanding its business into general aviation pilot training, responding to the growing demand for aviation professionals in China[28]. - The company has established multiple recruitment channels, including direct sales, agency recruitment, and online platforms, to better meet customer needs[26]. - The company has implemented a comprehensive service model that includes various support services for students, enhancing the overall customer experience[27]. - The company aims to leverage its established brand reputation to expand its market presence and enhance customer satisfaction[41]. - The company plans to accelerate national market expansion through new establishments, mergers, and partnerships to enhance market share and influence[46]. - The company is committed to diversifying its services into comprehensive automotive services, including vehicle sales, rentals, insurance, and maintenance, to expand profit margins and mitigate industry risks[47]. Market Trends and Demand - The company operates in a rapidly growing industry, driven by increased demand for driver training and aviation services due to favorable government policies[28]. - The number of new licensed drivers in the first half of 2021 was 13.9 million, reflecting a year-on-year increase of 90.93%[39]. - The number of new registered electric vehicles in the first half of 2021 was 1.103 million, a significant increase of 234.92% compared to the same period last year[38]. - The company has accumulated approximately 360 million yuan in orders for its flight training services, indicating a robust demand for this new revenue stream[42]. - The company has achieved a leading market share in the driving training industry, with a standardized service process from registration to graduation[40]. Technological Advancements - The company has established a VR+AI intelligent driving training system, which is expected to enhance training efficiency and reduce operational costs, potentially increasing the gross profit margin[42]. - The "VR+AI" training system has significantly reduced training costs and improved efficiency, allowing for 24-hour training availability and a higher pass rate for driving tests compared to traditional methods[52]. - The company has installed 1,049 new energy vehicle charging piles and nearly 1,000 VR intelligent driving training simulators at its new energy smart driving training park[95]. - The use of VR intelligent driving training simulators and new energy smart coach cars is expected to reduce carbon dioxide emissions by over 5,800 tons annually[95]. - The company has committed to further increasing the proportion of new energy vehicles in its fleet, aiming for a complete transition of coach cars, examination cars, and buses to new energy vehicles[95]. Regulatory and Compliance Issues - The company is involved in a lawsuit where it may be liable for a debt of CNY 82.1367 million if other defendants fail to fulfill the judgment[79]. - The company is at risk of penalties due to land use violations related to its Hubei training base, which is currently under review by local authorities[81]. - The company has submitted a land planning adjustment application to address potential land use issues at its Hubei subsidiary[81]. - The company continues to focus on enhancing service quality to mitigate impacts from industry reforms and increased competition[79]. - The company has recognized goodwill of CNY 134.1232 million from its acquisition of a driving training company, with a cumulative impairment provision of CNY 50.1233 million as of the end of 2020[80]. Shareholder and Corporate Governance - The company did not distribute profits or increase capital reserves during the reporting period[4]. - The second employee stock ownership plan has been extended for an additional 12 months, now set to expire on May 5, 2022[90]. - The company completed the purchase of 9,413,065 shares under the second employee stock ownership plan, accounting for 1.29% of the total share capital as of June 30, 2021, with a transaction amount of approximately RMB 119.56 million[90]. - The company has committed to ensuring that shareholders do not transfer more than 25% of their shares during their tenure and for 18 months after leaving the company[98]. - The company will repurchase all newly issued shares if there are false statements or omissions in the prospectus, with the repurchase price not lower than the issue price or the average closing price over the last 20 trading days[99]. Future Outlook - The company provided an optimistic outlook for the second half of 2021, projecting a revenue increase of 20%[106]. - New product launches are expected to contribute an additional $50 million in revenue by the end of the fiscal year[105]. - The company is considering strategic acquisitions to enhance its product offerings, with a budget of $100 million for potential deals[106]. - The company plans to expand its market presence and invest in new product development, aiming for a growth rate of 25% in the next fiscal year[171]. - The company aims to improve operational efficiency and reduce costs in the upcoming quarters to enhance profitability[179].

Financial Performance - Net profit attributable to shareholders was CNY 39,717,856.11, a significant recovery from a loss of CNY 44,672,876.62 in the same period last year[5] - Operating revenue increased by 249.61% to CNY 224,171,973.73 compared to CNY 64,120,587.03 in the previous year[5] - The net cash flow from operating activities was CNY 78,547,881.36, a turnaround from a negative cash flow of CNY 59,886,922.59 in the same period last year[5] - Basic and diluted earnings per share improved to CNY 0.07 from a loss of CNY 0.08 in the previous year[5] - Operating profit for Q1 2021 was CNY 24,515,096.15, compared to a loss of CNY 73,592,268.81 in the same period last year, indicating a turnaround in profitability[41] - Net profit for Q1 2021 amounted to CNY 35,156,826.69, a substantial recovery from a net loss of CNY 46,944,057.03 in Q1 2020[43] - The company reported a total comprehensive income of CNY 35,156,826.69 for Q1 2021, compared to a comprehensive loss of CNY 46,944,057.03 in the same quarter last year[43] Assets and Liabilities - Total assets decreased by 5.12% to CNY 4,427,079,449.20 compared to the end of the previous year[5] - Cash and cash equivalents decreased by 45.65% to RMB 319,023,455.26 from RMB 586,926,420.05, mainly due to stock buybacks during Q1[14] - The company's total assets decreased to CNY 4,054,207,265.76 in Q1 2021 from CNY 4,223,228,322.68 in Q1 2020, reflecting a decline of approximately 4%[39] - The total liabilities of the company as of March 31, 2021, were CNY 2.0563 billion, down from CNY 2.1131 billion at the end of 2020[36] - Total liabilities increased slightly to CNY 1,462,346,015.61 in Q1 2021 from CNY 1,449,941,775.16 in Q1 2020, showing a growth of about 0.2%[39] Shareholder Information - The total number of shareholders reached 11,140, indicating a stable shareholder base[10] - The largest shareholder, Dongfang Shifang Investment Co., Ltd., holds 31.31% of the shares, with 100,580,000 shares pledged[11] - The company has pledged 30% of its shares to ensure profit distribution, which may be affected if obligations are not met[30] Government Support and Other Income - The company received government subsidies amounting to CNY 30,412,295.74, contributing to its financial performance[8] - Non-recurring gains and losses totaled CNY 28,458,805.30, reflecting various adjustments and income sources[9] - Other income surged by 576.25% to RMB 7,438,385.55 from RMB 1,099,939.00, largely due to VAT exemptions related to the pandemic[17] Legal and Litigation Matters - The company faced ongoing litigation related to a loan guarantee, with potential financial implications if the judgment is enforced[19] - The ongoing litigation and its outcomes are expected to have no negative impact on the company's current or future profits[24] - The original shareholders are obligated to compensate the company for any losses incurred due to pre-existing conditions or events related to the equity transfer[22] Investment and Acquisitions - The company plans to issue non-public A-shares, with the proposal approved by the board and shareholders, pending approval from the China Securities Regulatory Commission[25] - The acquisition of 60% of Gao'an Oriental Fashion Driving Training Co., Ltd. was completed for 90 million RMB, with a commitment to distribute at least 70% of the annual net profit to shareholders[28] Cash Flow and Financing Activities - The cash outflow from financing activities in Q1 2021 was ¥537,915,689.31, significantly higher than ¥226,536,855.49 in Q1 2020, reflecting increased debt repayment[50] - The company incurred a net cash outflow from financing activities of ¥240,890,247.90, compared to a smaller outflow of ¥25,894,830.62 in the previous year[53] - Total cash inflow from operating activities reached ¥222,332,803.07, compared to ¥169,538,376.02 in the same period last year, marking an increase of approximately 31%[52] Research and Development - Research and development expenses for Q1 2021 were CNY 6,076,855.37, up from CNY 3,921,788.36 in Q1 2020, indicating an increase of about 55%[41] - The company is focused on expanding its market presence and enhancing its product offerings, although specific new products or technologies were not detailed in the report[61]

Financial Performance - The company reported a distributable profit of RMB 1,075,499,007.29 as of December 31, 2020, with a proposed cash dividend of RMB 0.85 per 10 shares, totaling RMB 51,296,169.16, which accounts for 31.85% of the net profit attributable to shareholders for the year [5]. - In 2020, the company's operating revenue was CNY 848,134,248.37, a decrease of 23.88% compared to CNY 1,114,188,921.19 in 2019 [21]. - The net profit attributable to shareholders was CNY 161,059,744.20, down 34.07% from CNY 244,294,668.63 in the previous year [21]. - Basic earnings per share decreased to CNY 0.28, down 33.33% from CNY 0.42 in 2019 [22]. - The weighted average return on equity was 8.23%, a decrease of 5.79 percentage points from 14.02% in 2019 [22]. - The company reported a net profit of CNY 77,704,938.80 in Q4 2020, showing a recovery from a loss of CNY 44,672,876.62 in Q1 2020 [23]. - The company experienced a 23.88% decline in consolidated revenue, totaling CNY 848.13 million [55]. - Operating profit was 105.31 million yuan, down 59.56% year-on-year [64]. - Net profit attributable to shareholders increased by 34.07% to 161.06 million yuan [64]. Assets and Liabilities - The total assets at the end of 2020 were CNY 4,666,217,577.57, reflecting a 4.61% increase from CNY 4,460,510,115.65 in 2019 [21]. - The company's total assets as of December 31, 2020, were CNY 4,666.22 million, an increase of 4.61% year-on-year [55]. - The total liabilities increased, with accounts payable rising by 75.72% to ¥382,285,150.34, mainly due to increased project and equipment payments [81]. - The company reported a net cash outflow from investing activities of ¥492,530,352.79, which was a 16.37% increase in outflow compared to the previous year [77]. - Cash and cash equivalents increased by 59.48% to ¥586,926,420.05, up from ¥368,017,574.59 [79]. Shareholder Returns and Dividends - The company proposed a cash dividend of CNY 0.85 per 10 shares (before tax) for the year 2020, with a total cash distribution amounting to CNY 51,296,169.16, representing 31.85% of the net profit attributable to ordinary shareholders [150]. - In 2019, the company distributed no cash dividends but issued 2 bonus shares for every 10 shares held, with a total distribution of CNY 115,186,635.80, which accounted for 47.15% of the net profit [150]. - The company has a cash dividend policy in place, adhering to the shareholder return plan for 2019-2021 [148]. Operational Developments - The company operates multiple driving training subsidiaries across various regions, enhancing its market presence [12]. - The company is transitioning from a labor-intensive model to a technology-driven approach in the driver training industry [29]. - The company aims to enhance its market position through innovation and expansion of smart driving training projects [29]. - The company is actively promoting the application of VR and AI technologies in the driving training industry and exploring the research and industrialization of new energy intelligent training vehicles [30]. - The company aims to improve customer experience through a comprehensive service model, including a network appointment system and convenient transportation for students [32]. Market Trends and Challenges - The driving training market is expected to see significant growth in second and third-tier cities, driven by rising disposable incomes and demand for quality training services [129]. - The company recognizes the risk of declining performance due to the COVID-19 pandemic, which has significantly reduced the number of driving students [139]. - The number of new registered drivers in 2020 was 22.31 million, which accounted for 4.90% of the total number of drivers, a decrease of 712,000 or 24.19% compared to 2019 due to the impact of the COVID-19 pandemic [41]. Legal and Compliance Issues - The company has not violated decision-making procedures for providing guarantees to external parties [8]. - The company has committed to not engaging in related party transactions unless absolutely necessary, and will ensure that such transactions are conducted under normal commercial conditions [159]. - The company is exposed to potential legal risks from ongoing litigation involving one of its subsidiaries, which could result in significant financial liabilities [143]. Equity and Subsidiary Management - The company has engaged in various equity transfers and acquisitions to consolidate its ownership in subsidiaries, enhancing its market position [96][98][99]. - The company completed the transfer of 100% equity in its subsidiary Jinzhong Dongfang Shishang for a consideration of RMB 30 million on January 15, 2020 [96]. - The company agreed to acquire 45% equity in its subsidiary Jinzhong Dongfang Shishang from Beichen Zhifang for a consideration of RMB 67.5 million, resulting in 100% ownership after the transfer [98]. Research and Development - The total R&D expenditure for 2020 was ¥15,785,466.05, accounting for 1.86% of total revenue [75]. - The number of R&D personnel was 238, representing 5.96% of the total workforce [75]. - Research and development expenses decreased by 46.34% to 15.79 million yuan, indicating a focus on cost management [65]. Strategic Initiatives - The company plans to promote its intelligent driving training system nationwide, enhancing operational efficiency and reducing costs for regional subsidiaries [62]. - The company aims to deliver qualified drivers as its core mission, focusing on customer satisfaction as the primary standard for all operations [132]. - The company intends to build a complete industry chain by expanding into related fields such as driving practice, car sales and rentals, automotive maintenance, and automotive finance [138].

Financial Performance - The company's operating revenue for the first half of 2020 was RMB 239,620,153.04, a decrease of 53.92% compared to RMB 520,036,901.80 in the same period last year[19]. - The net profit attributable to shareholders for the first half of 2020 was RMB 19,518,208.65, down 80.74% from RMB 101,352,146.56 in the previous year[19]. - The net cash flow from operating activities was negative RMB 26,221,670.04, a decline of 108.42% compared to RMB 311,240,244.51 in the same period last year[20]. - The total assets at the end of the reporting period were RMB 4,442,960,098.27, a slight decrease of 0.39% from RMB 4,460,510,115.65 at the end of the previous year[20]. - The net assets attributable to shareholders increased by 2.84% to RMB 1,814,259,911.29 from RMB 1,764,125,349.24 at the end of the previous year[20]. - Basic earnings per share for the first half of 2020 were RMB 0.03, down 82.35% from RMB 0.17 in the same period last year[21]. - The weighted average return on net assets decreased by 4.63 percentage points to 1.10% from 5.73% in the previous year[21]. - The company reported a total profit of CNY 11,570,374.62 for the first half of 2020, a decrease of 92.3% from CNY 150,212,923.32 in the same period of 2019[142]. - The company's total liabilities increased to CNY 1,536,945,319.90 in the first half of 2020, compared to CNY 1,261,421,504.65 in the previous year, reflecting a growth of 21.8%[139]. - The total equity of the company as of the first half of 2020 was CNY 2,268,225,695.34, slightly down from CNY 2,286,135,000.58 in the same period of 2019[139]. Operational Changes and Strategies - The company is transitioning from a traditional labor-intensive model to a new generation of intelligent driving training projects, leveraging technology such as VR and AI[26]. - The company has established a 24-hour intelligent driving training demonstration base, integrating modern technology into the training process[36]. - The company has diversified its enrollment channels, including direct sales, agency recruitment, and online platforms, enhancing customer reach[27]. - The company aims to create a digital, intelligent, and standardized driving training system, promoting safety and efficiency in the training process[36]. - The company has implemented a comprehensive service model, ensuring a seamless experience for students throughout the training and examination phases[28]. - The company is actively exploring new energy intelligent training vehicles and fully automated driving training solutions[26]. - The company plans to enhance its market expansion strategies and invest in new product development to drive future growth[163]. - The company is focusing on improving operational efficiency and exploring potential mergers and acquisitions to strengthen its market position[163]. Risk Factors and Legal Issues - The company has outlined potential risks in the report, advising investors to be cautious[5]. - The company faced significant operational risks due to the COVID-19 pandemic, leading to a temporary decrease in enrollment and cash flow, with a gradual resumption of operations starting in February 2020[79]. - The company is involved in a legal dispute where it may be liable for a total of 106.83 million yuan, including principal and interest, due to a loan guarantee[80]. - The company has recognized a goodwill impairment risk, with a current goodwill balance of 88.8661 million yuan, which may be subject to future impairment if the acquired companies' performance deteriorates[82]. - The company has reported a risk of operational performance decline due to regulatory changes in the driving training industry, which may increase training costs and duration[81]. Shareholder and Governance Matters - The company did not distribute profits or increase capital reserves during the reporting period[4]. - Actual controllers and shareholders committed to not transferring more than 25% of their shares during their tenure[87]. - If the company fails to fulfill commitments, controlling shareholders will face penalties including temporary withholding of dividends[88]. - The company held its annual general meeting on May 15, 2020, to elect new directors and supervisors[130]. - The company completed the election of its fourth board of directors and supervisory board on May 20, 2020[130]. - The company has not reported any penalties or corrective actions involving its directors, supervisors, senior management, or controlling shareholders during the reporting period[98]. Financial Instruments and Investments - The company issued convertible bonds totaling CNY 428 million, with a net fundraising amount of CNY 420.72 million after deducting issuance costs[112]. - The initial conversion price for the convertible bonds is set at CNY 14.56 per share, with the conversion period starting on October 15, 2020[113]. - The company has allocated CNY 119,967,260 for special reserves during the reporting period, reflecting its commitment to risk management and financial stability[169]. - The company has completed the purchase of 7,844,221 shares under the second employee stock ownership plan, accounting for 1.33% of the total share capital, with a transaction amount of 119,562,542.97 yuan (excluding commissions and transfer fees)[98]. Subsidiaries and Market Presence - The company has established several subsidiaries, including a driving training company in Inner Mongolia with a registered capital of 85.4758 million yuan, where it holds a 48% stake[18]. - The company has a 10% stake in Shenzhen Dongfang Shifang, a subsidiary with a registered capital of 60 million yuan, focusing on driver training services[18]. - The company has a total of 17 subsidiaries included in the consolidated financial statements, with ownership percentages ranging from 51% to 100%[178]. - The overall financial performance indicates a mix of operating losses and some profitable subsidiaries, highlighting the need for strategic adjustments in operations and market expansion[69][70][71][72][74][75]. Compliance and Regulatory Matters - The company complies with environmental regulations and has achieved standard pollutant emissions[119]. - The financial statements are prepared in accordance with the accounting standards issued by the Ministry of Finance, ensuring a true and complete reflection of the company's financial status and operating results[182]. - The company maintains a stable credit rating of "AA" for both its corporate credit and the convertible bonds[116]. - The company has not reported any significant changes in accounting policies or estimates during the reporting period[120].

Financial Performance - Operating revenue for the first nine months decreased by 31.79% to CNY 583,371,774.36 compared to CNY 855,264,978.15 in the same period last year[6]. - Net profit attributable to shareholders fell by 56.42% to CNY 83,354,805.40 from CNY 191,286,765.80 year-on-year[6]. - Basic and diluted earnings per share decreased by 57.58% to CNY 0.14 from CNY 0.33[6]. - The weighted average return on equity decreased by 6.20 percentage points to 4.62% from 10.82%[6]. - Total operating revenue for Q3 2020 was RMB 583,371,774.36, a decrease of 31.79% compared to RMB 855,264,978.15 in the same period last year due to pandemic-related disruptions[17]. - Net profit attributable to shareholders decreased by 56.42% to RMB 83,354,805.40 from RMB 191,286,765.80 year-on-year, primarily due to reduced revenue from the pandemic[18]. - The net profit for the first three quarters of 2020 was CNY 5,068,111.73, a decrease from CNY 2,241,063.07 in the same period of 2019[42]. - The net profit for Q3 2020 was ¥60,570,996.80, down from ¥93,407,891.99 in Q3 2019, representing a decline of 35.1%[44]. - The total profit for Q3 2020 was ¥86,140,811.36, compared to ¥129,295,519.43 in Q3 2019, reflecting a decrease of 33.4%[46]. - The company's operating profit for Q3 2020 was ¥61,184,742.68, a significant drop from ¥104,550,291.31 in Q3 2019, indicating a decline of 41.5%[46]. Assets and Liabilities - Total assets at the end of the reporting period reached CNY 4,548,952,780.05, an increase of 1.98% compared to the end of the previous year[6]. - The company's total liabilities included RMB 421,523,689.64 in bonds payable, marking a new issuance[16]. - The company's total liabilities as of September 30, 2020, were RMB 2,427,944,952.84, compared to RMB 2,307,877,167.88 at the end of 2019, reflecting an increase[37]. - The company's current assets totaled RMB 1,236,030,710.30 as of September 30, 2020, compared to RMB 1,391,059,844.61 at the end of 2019, indicating a decrease[35]. - The company's total liabilities were reported at CNY 2,307,877,167.88, remaining stable compared to the previous year[57]. - Total current assets amounted to approximately $1.45 billion as of Q3 2020[60]. - Total non-current assets reached approximately $2.10 billion, contributing to a total asset value of approximately $3.55 billion[61]. - Total liabilities were approximately $1.26 billion, with current liabilities accounting for about $1.15 billion[61]. Cash Flow - The net cash flow from operating activities decreased by 55.83% to CNY 189,480,535.23 compared to CNY 429,022,160.08 in the previous year[6]. - The net cash flow from financing activities increased to ¥236,446,360.40, a significant change from a negative cash flow of ¥224,360,578.14 in the previous period, indicating improved fundraising activities[19]. - Total cash inflow from financing activities for the first nine months of 2020 was approximately ¥904.49 million, an increase from ¥563.41 million in 2019[51]. - The net cash flow from operating activities for the first nine months of 2020 was ¥189.48 million, a decline of 55.8% compared to ¥429.02 million in 2019[50]. - The net cash flow from investment activities was negative at CNY -127,605,403.81, compared to a positive CNY 3,344,885.45 in Q3 2019, reflecting a shift in investment strategy[53]. - Cash and cash equivalents at the end of Q3 2020 totaled ¥536.67 million, an increase from ¥320.65 million at the end of Q3 2019[51]. Shareholder Information - The total number of shareholders at the end of the reporting period was 5,395[10]. - The largest shareholder, Dongfang Shifang Investment Co., Ltd., holds 32.50% of the shares, with 75,580,000 shares pledged[10]. - The company received government subsidies amounting to CNY 25,023,369.35 during the reporting period[8]. Legal and Compliance - The company has not recognized any expected liabilities related to the ongoing litigation, as it believes the lawsuit will not negatively impact its current or future profits[25]. - The company has secured guarantees from the original shareholders to cover any potential losses or penalties arising from the ongoing litigation involving Jingzhou Oriental Fashion[24]. - The company is currently involved in a legal dispute regarding a loan guarantee, with the total amount claimed including principal and interest reaching ¥10,619.26 million[22]. - The company has initiated a review process for the ongoing litigation, which is currently under re-examination by the Hubei Provincial High People's Court[23]. - The company expects that the execution of the lawsuit judgment will not lead to an outflow of economic benefits due to the original shareholders' ability to fulfill their compensation obligations[25]. Investment and Development - The company completed a capital increase for Dongfang Shishang (Xihua) Airport Co., Ltd., with total contributions amounting to RMB 22,000 million[33]. - The company has not completed the transfer of physical assets valued at RMB 147,192,547.38 related to the airport investment as of the report date[33]. - The company is focused on expanding its market presence and developing new products, although specific figures were not disclosed in the provided data[60].