2022 年第三季度报告 证券代码：603600 证券简称：永艺股份 永艺家具股份有限公司 2022 年第三季度报告 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法律责任。 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 信息的真实、准确、完整。 第三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 | 年初至报告期末 | 年初至报告 期末比上年 | | --- | --- | --- | --- | --- | | | | 期增减变 | | 同期增减变 | | | | 动幅度(%) | | 动幅度(%) | | 营业收入 | 977,337,450.19 | -7.06 | 3,188,010,571.13 | -7.74 | | ...

Financial Performance - The company's operating revenue for the first half of 2022 was approximately CNY 2.21 billion, a decrease of 8.04% compared to the same period last year[21]. - The net profit attributable to shareholders for the first half of 2022 was approximately CNY 136.42 million, an increase of 19.67% year-on-year[21]. - The basic earnings per share for the first half of 2022 was CNY 0.45, representing an increase of 18.42% year-on-year[22]. - The company achieved operating revenue of CNY 2.21 billion, a year-on-year decrease of 8.04%[68]. - The net profit attributable to shareholders reached CNY 136 million, an increase of 19.67% year-on-year[68]. - The company reported a total comprehensive income of CNY 159,228,008.84, compared to CNY 112,909,037.01 in the same period last year, marking a significant increase[146]. - The net profit for the first half of 2022 was CNY 106,730,884.40, an increase from CNY 78,930,795.86 in the same period of 2021, representing a growth of approximately 35.3%[149]. - Operating profit for the first half of 2022 reached CNY 112,771,071.41, compared to CNY 84,592,696.67 in the previous year, indicating a year-on-year increase of about 33.3%[149]. Cash Flow and Assets - The net cash flow from operating activities increased significantly by 262.15% to approximately CNY 315.51 million compared to the previous year[21]. - The total assets at the end of the reporting period were approximately CNY 3.06 billion, a decrease of 4.94% from the end of the previous year[21]. - The company reported a significant increase in cash flow from operating activities, generating a net amount of CNY 315,511,860.73, significantly up from CNY 87,120,903.73 in the first half of 2021, marking a growth of approximately 262.5%[151]. - The cash flow from investing activities showed a net outflow of CNY 112,907,847.58, worsening from a net outflow of CNY 74,240,259.01 in the first half of 2021[152]. - The total cash and cash equivalents at the end of the period stood at CNY 369,837,158.41, down from CNY 578,039,362.80 at the end of the first half of 2021[152]. - The company reported a decrease in cash received from sales and services, totaling CNY 2,483,016,120.00, compared to CNY 2,689,848,119.38 in the previous year, a decline of approximately 7.7%[151]. Research and Development - The company invests over 3% of its sales revenue annually in R&D, collaborating with top experts and institutions globally to innovate in ergonomic technologies[58]. - R&D expenses amounted to CNY 70.49 million, with 138 patents applied for during the reporting period[69]. - Research and development expenses rose to CNY 70,486,927.56, an increase of 17.06% from CNY 60,127,382.02 in the first half of 2021[144]. Market and Industry Trends - The company focuses on the research, design, and manufacturing of health furniture, aiming to become a global leader in health seating systems[29]. - The furniture industry in China is transitioning towards high-quality development, focusing on green, intelligent, and environmentally friendly products[39]. - The domestic office chair market is projected to grow from 28.1 billion RMB in 2021 to 37.6 billion RMB by 2026, indicating significant market potential[46]. - The penetration rate of functional sofas in the domestic market is only about 14%, indicating substantial growth potential in this segment[54]. - The global massage equipment market size was $17.3 billion in 2021, with a projected CAGR of approximately 9% from 2021 to 2026[55]. Strategic Initiatives - The company has established long-term strategic partnerships with well-known domestic and international retailers and brands, emphasizing the development of its own brand business[33]. - The company has implemented a smart manufacturing vision, optimizing internal operations through various management systems, including BLM and SAP[33]. - The company is expanding its international market presence through ODM models, targeting regions such as North America, Europe, and Australia[37]. - The company has adopted a centralized procurement strategy, optimizing its supply chain and reducing procurement risks[35]. Risks and Challenges - The company faces risks from international macroeconomic downturns, trade frictions, and raw material price fluctuations, which could impact business growth[83][84][86]. - The company is exposed to foreign exchange risks due to significant foreign currency settlements, with potential impacts from fluctuations in the RMB/USD exchange rate and changes in export tax rebate policies[87]. Corporate Governance and Compliance - The company has committed to not transferring or entrusting the management of its shares for 36 months post-IPO, with a two-year lock-up period after that[104]. - The company has established a compensation fund to protect the interests of small and medium investors[106]. - The company has not reported any major litigation or arbitration matters during the reporting period, indicating a stable legal standing[112]. - The company has maintained a good integrity status, with no significant debts or court judgments outstanding during the reporting period[112]. Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period is 15,382[124]. - The largest shareholder, Yongyi Holdings Co., Ltd., holds 25.72% of the shares, totaling 77,812,500 shares[126]. - The company did not complete the public issuance of convertible bonds within the approval period, which has now expired without significant impact on operations[119].

Financial Performance - The company achieved operating revenue of CNY 4.66 billion in 2021, a year-on-year increase of 35.67%[20]. - The net profit attributable to shareholders was CNY 181.33 million, a decrease of 22.01% compared to 2020[20]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 139.11 million, down 29.73% year-on-year[20]. - The company's total assets at the end of 2021 were CNY 3.22 billion, an increase of 0.84% from the previous year[20]. - The company's net cash flow from operating activities was CNY 150.46 million, a decrease of 10.14% from 2020[20]. - The company's total operating costs increased by 43.78% to CNY 3,817,529,365.29, with material costs constituting 77.85% of total costs[95]. - The company's revenue from the furniture manufacturing industry was CNY 4,601,340,474.60, with a gross margin of 17.32%, reflecting a decrease of 4.44 percentage points compared to the previous year[91]. - The revenue from office chairs amounted to CNY 3,135,661,248.10, with a gross margin of 18.42%, down by 4.76 percentage points year-on-year[91]. - The company's sales expenses rose by 62.78% to RMB 161 million, driven by growth in cross-border e-commerce business[87]. - The company reported a significant increase in tax refunds received, which rose by 62.15% year-on-year to 309,886,918.23 CNY, linked to higher export volumes[101]. Governance and Compliance - The company has received a standard unqualified audit report from Tianjian Accounting Firm, ensuring the authenticity and completeness of the financial report[4]. - The company has confirmed that all board members attended the board meeting, ensuring governance transparency[4]. - The financial report is prepared in accordance with the Company Law and Securities Law of the People's Republic of China, ensuring legal compliance[11]. - The company has not faced any situations where more than half of the directors cannot guarantee the authenticity of the annual report[7]. - The company’s governance practices comply with relevant laws and regulations, ensuring transparency in decision-making[157]. - The company has established a relatively sound modern enterprise system and a complete corporate governance structure without major defects or irregularities during the self-inspection of governance issues for the years 2018, 2019, and 2020[196]. Risk Management - The report includes a risk statement, highlighting potential risks that investors should be aware of regarding future plans and strategies[6]. - The company is addressing the impact of rising raw material prices and currency appreciation through centralized procurement and hedging strategies[34]. - The company has not violated decision-making procedures for external guarantees, indicating compliance with regulations[7]. Research and Development - The company invested CNY 159.53 million in R&D during the reporting period, applying for 201 patents[28]. - The company invests over 3% of its sales revenue annually in research and development, focusing on ergonomic design and health-oriented technology[76]. - The company’s R&D expenses increased by 38.04% to RMB 159 million, reflecting a commitment to enhancing product development capabilities[88]. - The number of R&D personnel was 515, representing 6.47% of the total workforce[100]. Market Expansion and Strategy - The company is actively developing cross-border e-commerce, contributing to the overall growth of its sales revenue[32]. - The company is optimizing its global layout and expanding overseas production capacity, with a focus on localizing supply chains and reducing procurement costs[33]. - The company is committed to expanding its overseas production capacity, particularly in Vietnam and Romania, to mitigate international trade risks and enhance market share[141]. - The company aims to achieve a "number one or two" position in major markets by deepening customer relationships and expanding its sales team[141]. - The company plans to enhance its domestic market strategy by increasing brand investment and optimizing online and offline channels to capture consumer mindshare[140]. Environmental and Social Responsibility - The company has a strong commitment to environmental and social responsibility, as outlined in the report[5]. - The company is recognized as a national green supply chain management enterprise, emphasizing its commitment to sustainable practices[83]. - The company strictly complies with various environmental protection laws and regulations, ensuring that pollution control facilities operate normally and meet discharge standards[199]. - The company has developed green low-carbon design specifications for major components and structures, utilizing lightweight, modular, integrated, and intelligent design technologies[200]. Shareholder and Management Information - The company plans to distribute a cash dividend of RMB 2.20 per 10 shares based on the profit distribution plan for the year 2021, subject to approval at the annual shareholders' meeting[5]. - The total remuneration for the chairman and general manager, Zhang Jiayong, was 1.67 million CNY[159]. - The company’s independent directors received a total remuneration of 8.51 million CNY each[159]. - The company held four shareholder meetings in 2021, all resolutions were approved without any dissenting opinions[155]. Product Development and Innovation - The company has established a comprehensive supply chain management system, enhancing procurement efficiency and reducing risks through strategic partnerships with suppliers[71]. - The company is focusing on green and low-carbon transformation in line with national policies to optimize industrial structure and improve resource efficiency[109]. - The company aims to become a global leader in the "sitting health" system market, focusing on high-quality development and expanding its product categories in health furniture[136]. - The company plans to implement lean production and local supply chain development to optimize costs and enhance manufacturing capabilities[141].

Financial Performance - The company's operating revenue for Q1 2022 was ¥1,008,252,443.09, representing a decrease of 5.46% compared to the same period last year[4] - The net profit attributable to shareholders was ¥47,256,583.39, down 13.55% year-on-year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥43,652,903.63, an increase of 2.96%[4] - The basic earnings per share were ¥0.16, reflecting an 11.11% decrease[4] - Net profit for Q1 2022 was CNY 48,031,916.46, a decline of 13.4% compared to CNY 55,406,868.58 in Q1 2021[16] - Earnings per share for Q1 2022 were CNY 0.16, down from CNY 0.18 in Q1 2021[17] - The weighted average return on equity was 3.21%, a decrease of 0.64 percentage points[4] Cash Flow - The net cash flow from operating activities increased significantly by 199.22%, amounting to ¥54,331,986.84[4] - Cash flow from operating activities in Q1 2022 was CNY 1,229,135,007.01, a decrease of 9.4% from CNY 1,357,254,096.69 in Q1 2021[18] - The net cash flow from operating activities was 54,331,986.84, an increase from 18,157,790.97 in the previous year[19] - The total cash outflow from operating activities amounted to 1,174,803,020.17, compared to 1,339,096,305.72 in the prior year[19] - The cash and cash equivalents at the end of the period were 281,321,107.67, down from 414,449,694.37 in the previous year[20] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,982,503,299.04, a decrease of 7.39% from the end of the previous year[5] - The company's current assets totaled RMB 1,712,175,031.86, down from RMB 1,959,745,797.24, indicating a decrease of about 12.61%[13] - The company's total liabilities were not explicitly stated, but current liabilities included accounts payable of RMB 572,914,145.87, down from RMB 789,649,885.27, a decrease of approximately 27.5%[13] - Total liabilities decreased to CNY 1,475,211,341.97 in Q1 2022 from CNY 1,763,143,231.55 in Q1 2021[14] - The company reported a total of 1,270,328,267.18 in non-current assets, slightly up from 1,260,794,532.75, indicating a marginal increase of about 0.6%[13] Shareholder Information - The equity attributable to shareholders increased by 3.40% to ¥1,495,699,819.68 compared to the end of the previous year[5] - The total number of ordinary shareholders at the end of the reporting period was 13,360[7] - The largest shareholder, Yongyi Holdings Co., Ltd., held 25.72% of the shares, with 29,385,000 shares pledged[8] - Total equity increased to CNY 1,507,291,957.07 in Q1 2022 from CNY 1,457,397,098.44 in Q1 2021[15] Operating Costs and Expenses - Total operating costs for Q1 2022 were CNY 965,498,827.26, down 5.9% from CNY 1,026,602,916.83 in Q1 2021[15] - The company reported a decrease in sales expenses to CNY 31,694,177.44 in Q1 2022, down from CNY 48,838,710.75 in Q1 2021[15] - Research and development expenses increased to CNY 36,405,635.24 in Q1 2022, up 51% from CNY 24,154,160.16 in Q1 2021[15] Investment Activities - The net cash flow from investing activities was -68,390,323.91, a decrease from 7,526,243.71 in the previous year[19] - The cash inflow from investment activities was 9,380,056.64, compared to 903,593,152.55 in the previous year[19] - The cash outflow for investment activities was 77,770,380.55, down from 896,066,908.84 in the prior year[19] Other Information - The company has not disclosed any new product developments or market expansion strategies during this reporting period[11] - There were no significant mergers or acquisitions reported in the current quarter[11] - The company experienced a foreign exchange loss of CNY 2,350,383.64 in Q1 2022 compared to a gain of CNY 1,619,608.53 in Q1 2021[17] - The company paid 182,756,166.47 in cash to employees, an increase from 168,690,481.27 in the previous year[19] - The total cash outflow for taxes was 12,942,714.46, significantly lower than 30,423,287.31 in the previous year[19]

Financial Performance - The company's operating revenue for Q3 2021 was ¥1,051,543,865.97, a decrease of 4.52% compared to the same period last year[6]. - The net profit attributable to shareholders for Q3 2021 was ¥46,642,195.27, down 54.31% year-on-year[6]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥38,228,788.64, a decline of 56.84% compared to the previous year[6]. - Basic and diluted earnings per share for Q3 2021 were both ¥0.15, representing a decrease of 55.88% year-on-year[7]. - Operating profit for the third quarter was ¥172,668,882.80, down from ¥242,908,228.79 in the previous year, indicating a decrease of about 29%[25]. - Net profit for the third quarter was ¥160,476,196.97, compared to ¥210,887,462.04 in the same quarter of 2020, reflecting a decline of approximately 24%[25]. - Earnings per share (EPS) for the third quarter was ¥0.53, down from ¥0.69 in the same period last year, a decrease of about 23%[26]. - The company reported a total comprehensive income of ¥165,707,926.57 for the third quarter, down from ¥209,008,256.16 in the previous year, a decline of about 21%[26]. Assets and Liabilities - Total assets at the end of Q3 2021 were ¥3,144,276,312.77, a decrease of 1.55% from the end of the previous year[7]. - As of September 30, 2021, the company's total assets amounted to RMB 3,144,276,312.77, a decrease from RMB 3,193,731,658.25 at the end of 2020, reflecting a decline of approximately 1.54%[19]. - The total liabilities decreased to RMB 1,698,763,066.83 from RMB 1,793,708,824.78, showing a reduction of approximately 5.3%[21]. - The total cash and cash equivalents at the end of Q3 2021 reached CNY 553,883,000.74, compared to CNY 408,307,179.40 at the end of Q3 2020, marking an increase of approximately 35.7%[30]. - The total liabilities as of Q3 2021 were CNY 1,000,000,000.00, reflecting a stable position compared to previous quarters[33]. - The total liabilities amounted to approximately $1.79 billion, with current liabilities at $1.78 billion and non-current liabilities at approximately $11.57 million[34]. - The total equity attributable to shareholders was approximately $1.39 billion, with retained earnings of approximately $484.78 million[35]. - The total equity, including minority interests, was approximately $1.40 billion[35]. Cash Flow - The net cash flow from operating activities for the year-to-date was ¥126,352,420.70, down 42.11% year-on-year[7]. - Operating cash inflow for Q3 2021 was CNY 4,117,007,570.01, up from CNY 2,332,828,068.26 in Q3 2020, representing an increase of approximately 76.5%[29]. - Net cash flow from operating activities decreased to CNY 126,352,420.70 in Q3 2021 from CNY 218,254,306.70 in Q3 2020, a decline of about 42.1%[29]. - Cash outflow from investing activities totaled CNY 2,064,043,411.45 in Q3 2021, compared to CNY 1,959,137,084.85 in Q3 2020, indicating an increase of approximately 5.4%[30]. - Net cash flow from financing activities increased to CNY 225,941,691.12 in Q3 2021 from CNY 174,517,423.49 in Q3 2020, reflecting a growth of about 29.4%[30]. Shareholder Information - The company reported a total of 15,311 ordinary shareholders at the end of the reporting period[13]. - The company repurchased a total of 4,294,606 shares, accounting for 1.42% of the total share capital, with an average repurchase price of RMB 10.48 per share[17]. - The highest repurchase price during the buyback was RMB 10.97 per share, while the lowest was RMB 9.82 per share[17]. - The company plans to use the repurchased shares for an employee stock ownership plan[17]. Market and Operational Insights - The decline in net profit was primarily due to rising raw material prices and the impact of the pandemic on operations in Vietnam[11]. - The company achieved a year-to-date operating revenue increase of 48.78%, attributed to improved market share and increased demand for home office products due to the pandemic[12]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[30]. Research and Development - Research and development expenses for the first three quarters were ¥93,421,357.06, an increase from ¥58,431,193.60 in the same period of 2020, representing a growth of approximately 60%[23].

Financial Performance - The company's operating revenue for the first half of 2021 reached approximately RMB 2.40 billion, representing a 96.86% increase compared to RMB 1.22 billion in the same period last year[22]. - Net profit attributable to shareholders of the listed company was approximately RMB 114 million, an increase of 8.46% from RMB 105 million in the previous year[22]. - The basic earnings per share increased by 8.57% to RMB 0.38 from RMB 0.35 in the same period last year[22]. - The weighted average return on net assets decreased by 0.27 percentage points to 7.95% compared to 8.22% in the previous year[22]. - The net cash flow from operating activities decreased by 48.16% to approximately RMB 87 million from RMB 168 million in the previous year[22]. - Total assets increased by 12.13% to approximately RMB 3.58 billion from RMB 3.19 billion at the end of the previous year[22]. - The net assets attributable to shareholders of the listed company increased by 2.71% to approximately RMB 1.43 billion from RMB 1.39 billion at the end of the previous year[22]. Market Trends and Growth Drivers - The company attributed revenue growth to increased market share in mainstream markets and a surge in demand for home office products due to the pandemic[22]. - In the first half of 2021, the furniture manufacturing industry in China achieved total operating revenue of CNY 364.08 billion, a year-on-year increase of 29.3%, and total profit of CNY 17.04 billion, up 27.9%[38]. - Zhejiang province's major furniture enterprises reported main business income of CNY 59.559 billion in the first half of 2021, representing a year-on-year growth of 41.3%, with export delivery value reaching CNY 30.018 billion, an increase of 29.06%[39]. - The global furniture market size was approximately $477 billion in 2019, with China and the U.S. accounting for 28% and 21% of global consumption, respectively[36]. Research and Development - The company has invested over 3% of its sales revenue annually in R&D, resulting in 509 patents as of June 30, 2021, including 44 invention patents[63]. - The company emphasizes a market-driven R&D design mechanism, collaborating with domestic and international design teams to innovate and optimize product offerings[33]. - Research and development expenses increased by 74.99% to ¥60,127,382.02, up from ¥34,360,899.81, indicating a strong commitment to innovation[78]. Operational Efficiency and Management - The company has implemented a comprehensive management system, including BLM strategic management and SAP, to improve operational efficiency[33]. - The company has established a comprehensive operational management system, including BLM strategic management and ACE lean production management, to enhance efficiency and reduce costs[69]. - The company is focusing on developing new product categories, including health-oriented seating and gaming chairs, to meet market demands and customer pain points[72]. International Expansion and Market Penetration - The company is actively expanding its online and offline sales channels to increase its domestic market share through its OBM business[35]. - The company is actively pursuing overseas market expansion while addressing challenges posed by logistics and supply chain disruptions due to the pandemic[73]. - The company is focusing on expanding its production bases in Vietnam and Romania to avoid trade friction risks and enhance market penetration[89]. Environmental and Social Responsibility - The company strictly complies with environmental protection laws and regulations, ensuring normal operation of pollution control facilities and meeting emission standards[101]. - There are no administrative penalties related to environmental issues during the reporting period[101]. - The company has committed to ensuring that all employees are covered by social insurance, including pension and medical insurance, and will bear any penalties for non-compliance[106]. Financial Position and Capital Structure - The company's total assets as of the end of the first half of 2021 amounted to CNY 3,201,426,728.86, up from CNY 2,919,035,349.29 at the end of the first half of 2020, indicating a growth of approximately 9.7%[144]. - The total liabilities increased to CNY 2,092,024,021.73 in the first half of 2021, compared to CNY 1,813,470,174.52 in the same period of 2020, marking an increase of about 15.4%[144]. - The company's total equity attributable to shareholders was RMB 1,428,066,411.86 as of June 30, 2021, compared to RMB 1,390,321,346.57 at the end of 2020, indicating an increase of approximately 2.71%[140]. Shareholder and Investor Relations - The company has not proposed any profit distribution or capital reserve increase plans for the first half of 2021[98]. - The company will propose a share buyback plan if any false statements or omissions are found in the IPO prospectus[104]. - The company has established commitments to protect investor rights in case of losses due to misleading information[104]. Challenges and Risks - The company is facing risks from rising raw material prices, which have significantly increased production costs since February 2021[90]. - The company plans to strengthen its supply chain and improve negotiation capabilities with suppliers to mitigate raw material cost pressures[90]. - The company is closely monitoring changes in shipping logistics and adjusting production and procurement plans accordingly[88].

Financial Performance - Operating revenue surged by 148.25% to CNY 1,066,451,457.76 year-on-year[5] - Net profit attributable to shareholders rose by 90.46% to CNY 54,664,352.08 compared to the same period last year[5] - Basic and diluted earnings per share both increased by 80.00% to CNY 0.18[5] - The company's operating revenue for Q1 2021 reached RMB 1,066,451,457.76, representing a 148.25% increase compared to RMB 429,584,549.01 in Q1 2020[13] - The net profit for Q1 2021 was significantly impacted by a 319.34% increase in financial expenses, totaling RMB 3,875,101.91, compared to a negative RMB 1,766,726.73 in Q1 2020[13] - The company's net profit for the first quarter is projected to be significantly impacted, with no specific figures provided for potential losses or changes compared to the previous year[17] - The company's total profit for Q1 2021 was CNY 43.34 million, an increase of 90.1% from CNY 22.44 million in Q1 2020[32] Assets and Liabilities - Total assets increased by 1.93% to CNY 3,255,438,751.94 compared to the end of the previous year[5] - The total assets of the company reached ¥3,255,438,751.94, an increase from ¥3,193,731,658.25, reflecting a growth of 1.94%[21] - The total liabilities amounted to ¥1,798,341,489.66, slightly up from ¥1,793,708,824.78, indicating a marginal increase of 0.15%[21] - Total liabilities for Q1 2021 were CNY 1,820,822,732.06, a marginal increase from CNY 1,813,470,174.52 in Q1 2020, indicating a growth of approximately 0.2%[25] - Total liabilities rose to 1,831,006,558.15 RMB from 1,793,708,824.78 RMB, indicating an increase of 2.07%[42] Cash Flow - Net cash flow from operating activities decreased by 9.50% to CNY 18,157,790.97[5] - Cash flow from operating activities rose by 113.08% to RMB 1,256,807,212.07 in Q1 2021, driven by increased cash receipts from sales[15] - The net cash flow from operating activities was -65,006,971.58 RMB, a decrease compared to 26,632,114.81 RMB in the previous year[38] - Cash inflow from operating activities was CNY 1.36 billion, compared to CNY 632.26 million in Q1 2020, marking a 115.5% increase[34] Shareholder Information - The total number of shareholders reached 15,205 by the end of the reporting period[8] - The largest shareholder, Yongyi Holdings Co., Ltd., holds 25.72% of the shares, amounting to 77,812,500 shares[9] Research and Development - Research and development expenses increased by 58.39% to RMB 24,154,160.16 in Q1 2021, reflecting the company's commitment to enhancing its R&D capabilities[13] - Research and development expenses for Q1 2021 were CNY 24,154,160.16, compared to CNY 15,249,547.42 in Q1 2020, representing an increase of approximately 58.5%[29] Other Financial Metrics - The weighted average return on equity increased by 1.55 percentage points to 3.85%[5] - The company reported a gross profit of CNY 39,848,540.93 for Q1 2021, compared to CNY 23,712,435.28 in Q1 2020, indicating a growth of about 68.1%[30] - The company received tax refunds amounting to CNY 79.43 million in Q1 2021, compared to CNY 33.13 million in Q1 2020[34] - The company reported a 94.81% increase in income tax expenses, amounting to RMB 7,335,607.30, due to higher profitability[14] Future Plans - The company plans to continue expanding its market presence and developing new products and technologies[5]

Financial Performance - The company's operating revenue for 2020 was CNY 3,433,721,545.55, representing a 40.12% increase compared to CNY 2,450,475,377.45 in 2019[19] - The net profit attributable to shareholders of the listed company was CNY 232,499,319.51, up 28.22% from CNY 181,330,430.63 in the previous year[19] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 197,961,504.39, reflecting a 36.74% increase from CNY 144,769,881.14 in 2019[19] - Basic earnings per share for 2020 increased by 28.33% to CNY 0.77 compared to CNY 0.60 in 2019[20] - The weighted average return on equity rose to 17.78%, an increase of 2.83 percentage points from 14.95% in 2019[20] - The net profit attributable to shareholders for Q4 2020 was CNY 2,532.65 million, with total annual revenue reaching CNY 343,372.14 million[23] - Operating profit for the year was 258 million RMB, an increase of 16.38% compared to the previous year[73] - The gross profit margin improved despite challenges such as significant fluctuations in exchange rates and rising raw material costs[75] - The sales revenue from office chairs was 2.358 billion RMB, accounting for 69.14% of total revenue, with a year-on-year growth of 49.91%[78] - The company’s overseas sales accounted for 78.67% of total sales, slightly higher than the previous year[79] Cash Flow and Assets - The net cash flow from operating activities was CNY 167,442,745.01, a decrease of 15.45% compared to CNY 198,034,336.58 in 2019[19] - The total assets at the end of 2020 reached CNY 3,193,731,658.25, marking a 67.57% increase from CNY 1,905,954,127.40 at the end of 2019[19] - The net assets attributable to shareholders of the listed company increased to CNY 1,390,321,346.57, a 12.51% rise from CNY 1,235,749,558.05 in 2019[19] - The company’s cash flow from operating activities was 167 million RMB, a decrease of 15.45% compared to the previous year[75] - Cash received from sales increased by 30.67% to 3,265.13 million yuan compared to the previous year[88] - Cash paid for purchasing goods and services rose by 30.85% to 2,513.29 million yuan, reflecting increased sales[89] Market and Industry Trends - The global furniture market size was approximately $477 billion in 2019, with China and the US accounting for 28% and 21% of global consumption, respectively[38] - In 2020, the revenue of China's furniture manufacturing industry decreased by 6% to ¥687.54 billion, while the total profit dropped by 11.1% to ¥41.77 billion[40] - The global office furniture market value was around $44.1 billion in 2020, reflecting a 17% decline year-on-year, with the Asia-Pacific region experiencing a 7% decrease[41] - The average per capita consumption of office furniture in the US, Germany, and Japan was $35.99, $24.41, and $23.91, respectively, in 2020, while China's per capita consumption remained low[43] - The market for health seating products, including office chairs and sofas, is expected to grow due to increasing demand driven by improved living standards and health awareness[112] Strategic Initiatives - The company aims to enhance its position as a leading provider of health furniture, focusing on innovation and design excellence[29] - The company is actively involved in expanding its market presence and developing new products in the health furniture sector[29] - The company has established a strategic procurement center to enhance supply chain cost advantages and reduce procurement risks through vertical integration[36] - The company has implemented a dual production model of MTO (Make to Order) and MTS (Make to Stock) to meet diverse customer demands[37] - The company is focusing on health furniture development and has established long-term strategic partnerships with well-known domestic and international brands[35] - The company is advancing its digital transformation initiatives, including the implementation of SAP systems and a product lifecycle management system to enhance operational efficiency[70] Research and Development - As of December 31, 2020, the company held 594 patents, including 45 invention patents, with a focus on continuous R&D investment of over 3% of sales revenue annually[57] - The company invested 115.57 million RMB in R&D, which is a 28.12% increase from the previous year[75] - The number of R&D personnel was 510, accounting for 6.27% of the total workforce[86] Corporate Governance and Compliance - The company has received a standard unqualified audit report from Tianjian Accounting Firm[7] - The company has maintained a good integrity status, with no significant debts or court judgments unfulfilled during the reporting period[157] - The company has not faced any risks of suspension or termination of its listing during the reporting period[156] - The company has committed to measures to ensure that executive compensation is linked to the execution of return compensation measures[152] Social Responsibility and Sustainability - The company was recognized as a national-level green factory in November 2018 and was awarded the title of Industrial Product Green Design Demonstration Enterprise in November 2020[187] - The company donated a total of 1.0928 million yuan to support pandemic relief efforts, including 371,800 yuan from a canceled event and additional contributions from employees and the chairman[191] - The company emphasized the importance of protecting customer and supplier rights, ensuring timely delivery and competitive pricing while fostering fair supplier relationships[189] - The company actively engaged in updating environmental protection equipment and monitoring to contribute to sustainable development[188] Future Outlook - The company plans to distribute a cash dividend of 2.5 RMB per 10 shares (including tax) for the year 2020, pending approval at the shareholders' meeting[141] - The company aims to expand its production capacity in Vietnam to leverage zero-tariff advantages and increase market share in the U.S.[133] - The company is focusing on expanding its talent acquisition channels to recruit key personnel in sales, R&D, and operations to support business growth[130] - The company will continue to monitor international trade environments and adapt its strategies to mitigate risks from trade tensions, particularly between the U.S. and China[132]

Financial Performance - Net profit attributable to shareholders increased by 44.61% to CNY 207,172,776.28 for the first nine months of the year[5] - Operating revenue for the first nine months reached CNY 2,322,560,297.56, a 31.10% increase year-on-year[5] - Basic earnings per share rose by 43.75% to CNY 0.69[6] - The weighted average return on net assets increased by 4.04 percentage points to 15.80%[6] - The company's net profit for the first three quarters of 2020 was ¥179,479,957.99, compared to ¥101,409,357.92 in the same period of 2019, showing an increase of about 76.9%[27] - The total profit for Q3 2020 was ¥118,761,716.76, up from ¥64,027,953.66 in the same period last year, reflecting a growth of approximately 85%[30] - The company's net profit for Q3 2020 was CNY 62,615,616.79, an increase of 22% compared to CNY 51,317,769.48 in Q3 2019[33] Assets and Liabilities - Total assets increased by 47.62% to CNY 2,813,575,732.38 compared to the end of the previous year[5] - The company's total liabilities increased to ¥1,413,822,799.98 from ¥657,708,130.25, reflecting a growth of 114.66%[23] - The total assets as of Q3 2020 amounted to ¥2,612,493,677.27, compared to ¥1,766,053,371.23 in Q3 2019, marking an increase of about 48.0%[27] - Current liabilities totaled ¥1,520,912,914.51 in Q3 2020, up from ¥752,876,337.35 in Q3 2019, which is an increase of approximately 101.0%[27] - The total current assets were CNY 1,060,097,421.95, demonstrating a solid asset base[46] Cash Flow - Net cash flow from operating activities decreased by 3.38% to CNY 218,254,306.70 compared to the same period last year[5] - The company reported a net cash outflow from investing activities of CNY 213,441,702.88 for the first nine months of 2020, compared to a smaller outflow of CNY 47,296,717.70 in the same period of 2019[37] - The net cash flow from operating activities for the first nine months of 2020 was ¥185,448,094.51, a decrease of 21.6% compared to ¥236,639,067.86 in the same period of 2019[39] - Cash outflow from operating activities totaled ¥2,152,893,634.15, up 20.4% from ¥1,787,898,188.06 in 2019[39] Shareholder Information - The total number of shareholders reached 9,793 at the end of the reporting period[8] - The largest shareholder, Yongyi Holdings Co., Ltd., holds 25.72% of the shares, with 32,000,000 shares pledged[8] - The total equity attributable to shareholders increased to ¥1,380,824,484.31 from ¥1,235,749,558.05, reflecting an increase of 11.74%[23] Expenses and Costs - The financial expenses surged by 390.10% to RMB 41,194,212.33 from a negative RMB 14,200,035.87, mainly due to increased exchange losses and interest expenses[15] - Total operating costs for Q3 2020 were ¥989,401,315.08, compared to ¥564,608,179.88 in Q3 2019, indicating an increase of about 75.3%[29] - Research and development expenses for Q3 2020 were ¥24,070,293.79, compared to ¥18,601,978.19 in Q3 2019, reflecting an increase of approximately 29.5%[29] Revenue Recognition and Adjustments - The company adjusted "prepayments" to "contract liabilities" under the new revenue recognition standards[48] - The company's contract liabilities reached RMB 25,834,018.01, reflecting a reclassification from advance receipts due to new revenue recognition standards[13] Government Support - The company received government subsidies amounting to CNY 19,387,018.17 for the year-to-date[6] Future Outlook - The company plans to continue expanding its market presence and investing in new product development to sustain growth in the upcoming quarters[28]

Financial Performance - The company's operating revenue for the first half of 2020 was CNY 1,221,190,059.25, representing a 7.02% increase compared to CNY 1,141,099,474.06 in the same period last year[21] - The net profit attributable to shareholders of the listed company was CNY 105,099,295.81, up 15.37% from CNY 91,095,813.14 in the previous year[21] - The net profit attributable to shareholders after deducting non-recurring gains and losses increased by 33.56%, reaching CNY 95,184,867.75 compared to CNY 71,269,920.99 in the same period last year[21] - Basic earnings per share for the first half of 2020 were CNY 0.35, a 16.67% increase from CNY 0.30 in the same period last year[22] - The weighted average return on net assets increased by 0.69 percentage points to 8.22% compared to 7.53% in the previous year[22] - The company achieved a net cash flow from operating activities of CNY 168,050,219.91, a slight decrease of 2.49% from CNY 172,338,204.87 in the same period last year[21] Assets and Liabilities - The company's total assets increased by 24.75% to CNY 2,377,644,745.02 from CNY 1,905,954,127.40 at the end of the previous year[21] - The net assets attributable to shareholders of the listed company rose by 3.63% to CNY 1,280,584,764.55 from CNY 1,235,749,558.05 at the end of the previous year[21] - Total current liabilities increased to CNY 1,072,909,282.46 from CNY 650,685,510.96, reflecting a growth of approximately 64.9%[132] - The company’s total liabilities reached CNY 1,079,365,481.64, compared to CNY 657,708,130.25 in the previous year, reflecting an increase of about 64.3%[132] Research and Development - The company invested 34.36 million RMB in R&D, with a focus on developing new products such as various series of gaming chairs and office chairs, and applied for 77 patents during the reporting period[60] - The company has established a robust R&D design mechanism, collaborating with domestic and international teams to continuously innovate and optimize product offerings[31] - The company has applied for a total of 962 patents, including 17 foreign patent applications, and holds 46 valid invention patents, leading the domestic seating industry in terms of invention patents[47] Market Position and Strategy - The company operates primarily in the health chair manufacturing sector, focusing on products such as office chairs, sofas, and massage chairs, aiming to become a global leader in this market[28] - The company aims to enhance its production efficiency through automation and smart manufacturing, having achieved ACE bronze certification and working towards silver certification[32] - The company is focusing on vertical integration by gradually producing key materials in-house, which helps to optimize the supply chain and reduce procurement costs[32] - The company has established long-term strategic partnerships with global brands such as HON (USA), AIS (USA), and IKEA, expanding its market presence to over 70 countries and regions[48] Challenges and Risks - The company faces risks from international economic downturns and trade frictions, which may adversely affect business growth due to decreased market demand[79] - Rising raw material prices, including iron, plastic, and fabric, could increase production costs, affecting profit margins in the short term[80] - The fluctuation of the RMB exchange rate and changes in export tax rebate policies could impact the company's operating performance, as a significant portion of sales is in foreign currencies[79] Corporate Governance and Compliance - The company has committed to not transferring or entrusting the management of its shares for 36 months post-IPO, with a lock-up period extending for an additional 2 years[94] - The company will implement share repurchase procedures according to relevant laws and regulations if necessary[96] - The company has appointed Tianjian Accounting Firm as the auditor for the 2020 fiscal year, with no non-standard audit reports issued[102] - There were no significant litigation or arbitration matters during the reporting period, indicating a stable legal environment for the company[102] Cash Flow and Financing - The company’s net cash flow from financing activities increased by 473.55% due to an increase in bank borrowings during the reporting period[68] - Cash inflow from financing activities reached CNY 369,026,956.40, significantly higher than CNY 110,000,000.00 in the previous year, marking an increase of approximately 235.5%[151] - The net cash flow from financing activities was CNY 178,147,221.01, compared to CNY 32,155,667.63, indicating a substantial increase of about 453.5%[151] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 16,555[116] - The largest shareholder, Yongyi Holdings Co., Ltd., holds 77,812,500 shares, representing 25.72% of the total shares[117] - The second-largest shareholder, Anji Shangcheng Yongsheng Equity Investment Management Co., Ltd., holds 49,218,750 shares, representing 16.27%[117] Environmental and Social Responsibility - The company complies with environmental protection laws and regulations, ensuring that pollution control facilities operate normally and meet discharge standards[110] - The company has not reported any major accounting errors that require retrospective restatement during the reporting period[112] - The company has not disclosed any information regarding its poverty alleviation efforts during the reporting period[110]