Financial Performance - Operating revenue for the reporting period was approximately CNY 77.92 million, down 38.92% year-on-year[4]. - Net profit attributable to shareholders of the listed company was a loss of approximately CNY 3.36 million, a decrease of 127.16% compared to the previous year[4]. - Basic earnings per share were -CNY 0.01, a decrease of 120.00% year-on-year[4]. - The weighted average return on net assets was -0.40%, down 1.88 percentage points from the previous year[4]. - Total operating revenue for Q1 2020 was 77,918,476.05, a decrease of 39.1% compared to 127,574,298.10 in Q1 2019[21]. - Net profit for Q1 2020 was -3,190,192.64, compared to a net profit of 11,146,123.72 in Q1 2019, indicating a significant decline[22]. - The company reported a total comprehensive income of -9,418,782.05 for Q1 2020, down from 10,469,395.78 in Q1 2019[22]. - Basic earnings per share for Q1 2020 were -0.01, compared to 0.05 in Q1 2019, showing a negative shift[22]. Assets and Liabilities - Total assets at the end of the reporting period were approximately CNY 1.42 billion, a slight increase of 0.02% compared to the end of the previous year[4]. - Total current assets as of March 31, 2020, amounted to ¥994,730,067.16, a slight increase from ¥984,884,544.32 in the previous year[15]. - Total non-current assets decreased to ¥429,518,829.81 from ¥439,023,160.42, a decline of approximately 2.3%[16]. - Total liabilities increased to ¥567,807,243.08 from ¥546,047,268.80, marking an increase of about 4%[17]. - Total equity decreased to ¥856,441,653.89 from ¥877,860,435.94, a decline of approximately 2.4%[17]. - Total liabilities increased to 549,348,451.53 in Q1 2020 from 528,112,285.21 in Q1 2019, representing a rise of 4.6%[20]. - Total equity decreased to 846,797,548.07 in Q1 2020 from 859,076,791.08 in Q1 2019, reflecting a decline of 1.4%[20]. Cash Flow - Net cash flow from operating activities was negative at approximately CNY 13.54 million, a decline of 161.20% compared to the same period last year[4]. - Cash flow from operating activities in Q1 2020 was a net outflow of approximately ¥13.54 million, down from a net inflow of ¥22.12 million in Q1 2019[27]. - The total cash inflow from operating activities in Q1 2020 was approximately ¥100.82 million, down from ¥181.64 million in Q1 2019[26]. - The net cash flow from financing activities in Q1 2020 was approximately ¥37.74 million, compared to ¥3.67 million in Q1 2019, indicating improved financing conditions[28]. - The net increase in cash and cash equivalents for Q1 2020 was 17,903,177.91 RMB, up from 6,327,126.28 RMB in Q1 2019, reflecting improved liquidity management[30]. Shareholder Information - The top ten shareholders held a total of 243,000,000 shares, accounting for 99.99% of the total shares[7]. - Sichuan Hebang Investment Group Co., Ltd. held 43.87% of the shares, with 60,097,674 shares pledged[7]. Expenses - Management expenses increased by 30.28% to ¥4,547,250.28 due to higher audit consulting fees and other costs[11]. - Financial expenses rose by 39.33% to ¥2,370,791.58, primarily due to new bank loans[11]. - The company incurred financial expenses of 2,370,791.58 in Q1 2020, up from 1,701,575.12 in Q1 2019, an increase of 39.4%[21]. - Research and development expenses for Q1 2020 were 876,442.96, slightly higher than 805,228.71 in Q1 2019, indicating a 8.8% increase[21]. Government Support - The company reported government subsidies of CNY 327,023.77 related to normal business operations[5].

Financial Performance - Net profit attributable to shareholders was CNY 48,001,486.92, an increase of 3.76% year-on-year[6]. - Operating revenue for the first nine months was CNY 477,156,244.97, showing a slight increase of 0.12% compared to the same period last year[6]. - Total operating revenue for Q3 2018 was CNY 162,815,429.61, a decrease of 4.7% compared to CNY 170,795,744.38 in Q3 2017[24]. - Net profit for Q3 2018 was CNY 20,850,901.36, slightly down from CNY 20,969,611.77 in Q3 2017, representing a decrease of 0.6%[25]. - The company reported a total comprehensive income for Q3 2018 of CNY 22,015,555.79, compared to CNY 20,958,695.62 in Q3 2017, an increase of 5.0%[26]. - The company’s total operating revenue for the first nine months of 2018 was CNY 477,156,244.97, slightly up from CNY 476,571,328.72 in the same period of 2017[24]. - The company reported a net cash outflow from financing activities of ¥107.32 million in the first nine months of 2018, compared to an outflow of ¥7.36 million in the same period of 2017[32]. - The company’s total comprehensive income for Q3 2018 was ¥17.53 million, compared to ¥19.07 million in Q3 2017, indicating a decrease of 8.06%[29]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,355,019,070.50, a decrease of 0.77% compared to the end of the previous year[6]. - The total liabilities of the company were CNY 505,591,227.14, down from CNY 554,262,531.88, indicating a decrease of approximately 8.8%[18]. - The company’s current assets totaled CNY 956,194,522.38, down from CNY 991,824,374.22 at the beginning of the year, indicating a decline of approximately 3.6%[17]. - Total liabilities increased by 33.56% to ¥206,673,189.42, driven by extended payment terms and increased bill issuance[13]. - The company reported a cash balance of CNY 290,319,507.24, down from CNY 462,679,027.81 at the beginning of the year, a decline of approximately 37.1%[16]. - The ending cash and cash equivalents balance was $262,881,449.89, down from $55,244,469.00 year-over-year[36]. Shareholder Information - The total number of shareholders at the end of the reporting period was 22,006[11]. - The largest shareholder, Sichuan Hebang Investment Group Co., Ltd., held 43.87% of the shares, amounting to 105,290,000 shares[11]. Cash Flow - The net cash flow from operating activities was negative CNY 1,927,587.18, a decrease of 103.92% compared to the previous year[6]. - Cash flow from operating activities for the first nine months of 2018 was negative at -¥1.93 million, compared to positive cash flow of ¥49.20 million in the same period of 2017[31]. - Cash outflow from investing activities totaled $75,769,732.33, significantly higher than $34,987,974.78 in the previous year, resulting in a net cash outflow of $75,532,356.33[36]. - Net cash flow from financing activities was -$118,854,788.80, compared to -$2,184,688.69 in the same period last year, indicating increased cash outflows[36]. Expenses - Research and development expenses rose by 38.65% to ¥2,468,520.51, reflecting increased investment in new product development[14]. - Financial expenses decreased by 38.44% to ¥6,973,281.52, attributed to reduced loans and government interest subsidies received[14]. - Cash paid for employee compensation was $53,075,452.39, slightly up from $50,445,844.97 in the previous year[35]. - Cash paid for taxes increased significantly to $43,149,335.24 from $15,831,507.67 year-over-year[35].

Financial Performance - The company's operating revenue for the first half of 2018 was CNY 314,340,815.36, representing a 2.80% increase compared to CNY 305,775,584.34 in the same period last year[18]. - The net profit attributable to shareholders of the listed company was CNY 27,970,238.58, up 6.15% from CNY 26,350,666.25 in the previous year[18]. - The net cash flow from operating activities reached CNY 34,879,600.58, a significant increase from CNY 174,070.08 in the same period last year[18]. - The total assets at the end of the reporting period were CNY 1,311,439,217.20, a decrease of 3.96% from CNY 1,365,501,919.09 at the end of the previous year[18]. - The net assets attributable to shareholders of the listed company were CNY 800,652,951.28, reflecting a slight increase of 0.24% from CNY 798,721,784.38 at the end of the previous year[18]. - Basic earnings per share decreased by 20.00% to CNY 0.12 compared to the same period last year[19]. - Diluted earnings per share also decreased by 20.00% to CNY 0.12 compared to the same period last year[19]. - The weighted average return on equity fell by 2.47 percentage points to 3.45% from 5.92% in the previous year[19]. - The company's total comprehensive income for the first half of 2018 was CNY 25,472,900.36, compared to CNY 28,004,236.00 in the same period last year, showing a decrease of about 5.46%[95]. Assets and Liabilities - Cash and cash equivalents decreased by 18.87% to ¥375,353,017.45, accounting for 28.62% of total assets[41]. - Accounts receivable increased by 19.06% to ¥189,369,069.35, representing 14.44% of total assets[41]. - Inventory remained relatively stable with a slight decrease of 0.43% to ¥331,182,196.89, making up 25.25% of total assets[41]. - Short-term borrowings decreased by 30.78% to ¥232,000,000.00, which accounted for 17.69% of total liabilities[43]. - Accounts payable increased by 13.65% to ¥175,852,686.80, representing 13.41% of total liabilities[43]. - The company reported a significant increase of 187.10% in taxes payable, reaching ¥12,175,692.16, which is 0.93% of total liabilities[43]. - The total assets of the company amounted to ¥1,291,442,997.25, a decrease from ¥1,368,694,813.17 at the beginning of the year[92]. - Total liabilities decreased to CNY 480,363,655.85 from CNY 561,266,898.27, representing a reduction of approximately 14.4%[92]. Operational Highlights - The company has established stable partnerships with major automotive manufacturers, including GAC Group and BYD, focusing on the automotive leather segment as a key growth area[26]. - The company has established three main product lines: automotive leather, shoe upper leather, and furniture leather, allowing for flexible production to meet market demands[32]. - The company has implemented a comprehensive ISO9001:2008 quality management system, ensuring high standards in product quality and consistency[33]. - The company has invested in advanced production equipment imported from Germany, Italy, and France, enhancing automation and processing precision[32]. - The company has achieved a higher proportion of high-end products in its furniture leather segment, leading to improved gross margins[37]. Market and Strategic Outlook - The company reported a significant increase in revenue, achieving a total of $500 million for the first half of 2018, representing a 20% growth compared to the same period last year[55]. - User data showed a growth in active users, reaching 2 million, which is a 15% increase year-over-year[55]. - The company provided a positive outlook for the next quarter, projecting a revenue increase of 25% based on current market trends and user engagement[55]. - New product launches are expected to contribute an additional $100 million in revenue, with a focus on innovative technology solutions[55]. - The company is expanding its market presence in Asia, targeting a 30% increase in market share by the end of 2019[55]. Environmental and Regulatory Compliance - The company emphasizes environmental protection and has obtained the BLC-LWG gold certificate, indicating compliance with international and domestic environmental standards[30]. - The company has established a comprehensive wastewater treatment system to handle various types of wastewater generated during leather processing, ensuring normal operation of all environmental protection facilities during the reporting period[69]. - The company has implemented strict pollution prevention measures, including the installation of CODcr and NH3-N online monitoring systems for real-time wastewater monitoring[72]. - The company has established emergency response plans for environmental incidents and hazardous waste, which have been registered with environmental protection authorities[71]. Shareholder and Governance Matters - The company did not propose any profit distribution plan or capital reserve transfer to increase share capital during the reporting period[4]. - There were no non-operating fund occupations by controlling shareholders or related parties reported[5]. - The company has committed to ensuring that it and its subsidiaries will not engage in any business activities that compete with the operations of Zhenjing Co., Ltd. within six months of the change in control[54]. - The company will allocate any business opportunities that may compete with Zhenjing Co., Ltd. to Zhenjing Co., Ltd. to avoid conflicts of interest[54]. - The company guarantees that any related transactions with Zhenjing Co., Ltd. will be conducted under fair and normal commercial terms[54]. Risk Factors - The company faces significant risks including market risk, exchange rate risk, and policy risk[5]. - The company faces market risks due to competition in the leather industry, which may affect sales and procurement[49]. - The company is exposed to foreign exchange risks as its overseas subsidiaries transact in AUD and USD, impacting financial performance[49].

Financial Performance - Operating income increased by 3.02% to CNY 124,789,575.86 year-on-year[6] - Net profit attributable to shareholders increased by 10.15% to CNY 12,229,812.43 compared to the same period last year[6] - Basic earnings per share decreased by 16.67% to CNY 0.05 compared to CNY 0.06 in the same period last year[6] - Total operating revenue for Q1 2018 was CNY 124,789,575.86, an increase of 2.74% compared to CNY 121,128,627.18 in the previous period[22] - Net profit for Q1 2018 reached CNY 10,661,640.19, slightly higher than CNY 10,574,845.60 in the same period last year, indicating a growth of 0.82%[23] - The company's total comprehensive income for the current period was ¥9,704,843.61, down from ¥11,025,929.69 in the previous period[28] Cash Flow - The net cash flow from operating activities was CNY 37,945,003.19, a significant improvement from a loss of CNY 8,874,304.70 in the previous year[6] - Operating cash flow net amount was ¥37,945,003.19, a significant improvement from a negative cash flow of -¥8,874,304.70 in the previous period[31] - The company generated ¥151,743,781.07 in cash inflows from operating activities, compared to ¥144,263,722.60 in the previous period[31] - Cash flow from financing activities decreased by 364.39% to -¥92,451,545 from ¥34,968,424, mainly due to repayment of bank loans[12] - The company incurred cash payments of $80,000,000.00 for debt repayment during the financing activities[35] Assets and Liabilities - Total assets decreased by 6.77% to CNY 1,273,103,645.71 compared to the end of the previous year[6] - Total liabilities decreased to ¥454,264,049 from ¥554,262,532, indicating a reduction in short-term borrowings[16] - Current assets totaled CNY 884,083,777.80, down from CNY 990,395,819.85, representing a decrease of 10.73%[19] - The company's cash and cash equivalents decreased to CNY 386,705,599.41 from CNY 457,172,921.47, a decline of 15.43%[19] Shareholder Information - The number of shareholders reached 25,816 by the end of the reporting period[9] - Sichuan Hebang Investment Group holds 43.87% of the shares, making it the largest shareholder[9] Other Financial Metrics - The weighted average return on equity decreased by 1.01 percentage points to 1.52%[6] - The company reported a non-recurring gain of CNY 145,674.81 during the period[10] - Total comprehensive income decreased by 43.73% to ¥7,600,210 from ¥13,506,224, primarily due to significant foreign exchange rate changes[12] Changes in Receivables and Payables - Accounts receivable decreased by 70.83% to ¥9,913,616 from ¥33,988,814 due to a reduction in accepted bills and payments made with accepted bills[11] - Prepayments increased by 396.21% to ¥5,339,827 from ¥1,076,116 primarily due to increased advance payments for cowhide[11] - Other receivables rose by 342.39% to ¥699,007 from ¥158,005, mainly due to an increase in employee petty cash[11] - Other current assets increased by 84.05% to ¥4,184,182 from ¥2,273,439, attributed to an increase in prepaid taxes[11] - Tax payable increased by 41.20% to ¥5,988,046 from ¥4,240,900, mainly due to an increase in income tax and value-added tax[11] Future Plans - The company has not disclosed any new product developments or market expansion strategies in this report[6] - The company plans to focus on market expansion and new product development in the upcoming quarters[27]

Financial Performance - The company's operating revenue for 2017 was ¥655.49 million, representing a year-on-year increase of 10.79% compared to ¥591.65 million in 2016[21]. - Net profit attributable to shareholders for 2017 was ¥62.49 million, up 7.23% from ¥58.28 million in 2016[21]. - The cash flow from operating activities improved significantly to ¥78.59 million in 2017, compared to a negative cash flow of ¥18.86 million in 2016, marking a 516.71% increase[21]. - The total assets of the company reached ¥1.37 billion at the end of 2017, a 59.90% increase from ¥853.97 million at the end of 2016[21]. - Basic earnings per share for 2017 were ¥0.35, reflecting a 9.37% increase from ¥0.32 in 2016[22]. - The weighted average return on equity decreased to 13.48% in 2017 from 14.55% in 2016, a decline of 1.07 percentage points[22]. - The company achieved a total revenue of CNY 655.49 million in 2017, representing a year-on-year growth of 10.79%[44]. - The company's net profit for the year was CNY 62.51 million, reflecting a year-on-year growth of 7.35%[44]. - The gross profit margin for the main business was 18.85%, a decrease of 0.55 percentage points compared to the previous year[46]. Dividend and Share Capital - The company plans to distribute a cash dividend of 1.00 RMB per 10 shares based on a total share capital of 240,000,000 shares as of December 31, 2017[5]. - The company proposes a cash dividend of 1.00 RMB per 10 shares, amounting to a total of 24,000,000 RMB, representing 38.47% of the net profit attributable to ordinary shareholders[76]. - The company issued 60 million shares, increasing its total share capital from 180 million to 240 million shares[109]. - The earnings per share (EPS) remained at CNY 0.35 after the share issuance, while the net asset value per share increased from CNY 2.75 to CNY 3.33[110]. Audit and Compliance - The company has received a standard unqualified audit report from Ruihua Certified Public Accountants[4]. - The company’s financial report is guaranteed to be true, accurate, and complete by its board of directors and management[8]. - The company has appointed Ruihua Certified Public Accountants as its auditing firm[19]. - The company engaged Ruihua Certified Public Accountants with an audit fee of CNY 450,000 for a two-year term[92]. - The company reported no significant changes in the integrity status of its controlling shareholders during the reporting period[93]. - There were no major litigation or arbitration matters reported for the year[93]. - The company did not have any significant asset or equity acquisitions or disposals during the reporting period[97]. Market and Industry Position - The company focuses on high-end natural leather production, with key product lines including automotive leather, shoe upper leather, and furniture leather[29]. - The company aims to expand its automotive leather business, establishing stable partnerships with major automotive manufacturers like GAC Group and BYD[30]. - The leather industry in China is undergoing consolidation and upgrading, providing new opportunities for compliant and large-scale enterprises[31]. - Sichuan Province, where the company is located, has a strong industrial base for leather production, supported by government initiatives to enhance the leather industry cluster[32]. - The company is actively expanding its market presence by maintaining stable partnerships with major automotive manufacturers like GAC Group and BYD[42]. Financial Position and Assets - The year-end balance of cash and cash equivalents increased by 751.28% to ¥462,679,027.81, primarily due to funds raised from the public offering of shares during the reporting period[33]. - The year-end balance of prepayments decreased by 94.61% to ¥1,076,116.29, mainly due to a reduction in advance payments for purchasing raw materials[33]. - The year-end balance of other receivables increased by 633.34% to ¥158,005.44, attributed to an increase in business reserve funds[33]. - The year-end balance of construction in progress rose by 124.50% to ¥176,375,995.86, due to additional investments in factory renovation and environmental projects[34]. - The company reported a total liability of ¥561,266,898.27, up from ¥402,640,348.94, reflecting an increase of about 39.4%[174]. - The total assets at the beginning of the reporting period were CNY 853,968,534, and at the end, they increased to CNY 1,365,501,919, reflecting a growth of approximately 60%[118]. Risk Factors - Major risks faced by the company include market risk, exchange rate risk, and policy risk[7]. - The company has no plans for bankruptcy reorganization or facing delisting risks[92][98]. Corporate Governance and Shareholder Relations - The company reported a commitment to avoid engaging in similar business activities as Zhenjing Co., ensuring no competition exists between them and their controlled subsidiaries[78]. - The company will take effective measures within six months after ceasing to be the controlling shareholder to prevent any competitive business activities in China or abroad[79]. - The company guarantees that it will not seek any benefits beyond the agreements established with Zhenjing Co., ensuring fair treatment in all related transactions[79]. - The company commits to adhering to market pricing principles for unavoidable related transactions, ensuring legal procedures are followed[80]. - The company will fulfill all related transaction agreements with Zhenjing Co. in a strict and good-faith manner[79]. Environmental and Social Responsibility - The company has achieved ISO14001:2004 certification for its environmental management system, demonstrating its commitment to environmental protection[35]. - The company implemented a comprehensive wastewater treatment system, utilizing a three-stage treatment technology to manage various types of wastewater[103]. - The company emphasizes a commitment to environmental protection, having established emergency response plans for environmental incidents[103]. - The company maintains a focus on employee welfare, providing health and skills training programs[100]. Future Outlook and Strategy - The company plans to focus on innovation and green development in the leather industry, aiming for structural optimization and quality improvement[67]. - The company aims to become one of the most competitive automotive leather manufacturers in China within the next 3-5 years, focusing on product quality and customer base expansion[69]. - The company plans to develop new product categories, including suede leather and lambskin leather, to meet market demand and enhance profitability[70]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[176].