Financial Performance - In 2020, the company achieved a net profit attributable to shareholders of CNY 40,679,550.90, a decrease of 40.90% compared to CNY 68,836,354.95 in 2019[5]. - The company's operating revenue for 2020 was CNY 689,892,417.47, reflecting a decline of 12.30% from CNY 786,665,000.92 in the previous year[22]. - The basic earnings per share decreased by 39.29% to CNY 0.17 in 2020, down from CNY 0.28 in 2019[24]. - The total assets of the company at the end of 2020 were CNY 1,470,600,963.82, a decrease of 5.74% from CNY 1,560,150,282.55 at the end of 2019[22]. - The cash flow from operating activities for 2020 was CNY 1,712,356.67, a significant decline of 98.77% compared to CNY 139,744,659.70 in 2019[22]. - The company's net assets attributable to shareholders decreased by 6.85% to CNY 1,282,924,769.48 at the end of 2020[22]. - The company reported a decrease in the weighted average return on equity to 3.10%, down from 5.09% in the previous year[24]. - The company achieved operating revenue of ¥689,892,417.47, a decrease of 12.30% compared to ¥786,665,000.92 in the previous year[45]. - Gross profit for the period was ¥195,773,003.03, down 14.59% from ¥229,211,354.52 year-on-year, resulting in a gross margin of 28.38%, a decline of 0.76 percentage points[45]. - Operating costs decreased by 11.36% to ¥494,119,414.44 from ¥557,453,646.40 in the previous year[47]. Dividend and Profit Distribution - The company plans to distribute a cash dividend of CNY 1.50 per 10 shares to all shareholders, totaling CNY 137,044,218.97 available for distribution[5]. - The proposed cash dividend for 2020 is 1.50 CNY per 10 shares (including tax), with a total distributable profit of 137,044,218.97 CNY at year-end[107]. - The cash dividend distribution plan for 2020 has been approved by the board and will be submitted for shareholder approval[107]. - The company has maintained a clear cash dividend policy in accordance with regulations, ensuring the protection of minority investors' rights[106]. - The company commits to distributing at least 20% of the annual distributable profits in cash to shareholders, as per the three-year dividend plan approved in 2017[120]. Market and Sales Strategy - The company maintained a consistent focus on the research, development, and sales of daily plastic products, with over 1,000 product variants in its portfolio[31]. - The sales model includes a mix of provincial and local distributors, with a focus on exclusive sales agreements to enhance market penetration[32]. - The company has established direct sales channels with major supermarkets like Walmart and Yonghui, facilitating unified distribution management[33]. - The e-commerce strategy involves selling products through major platforms such as Tmall, Taobao, and JD.com, enhancing online market presence[33]. - Revenue from direct supermarkets increased by 46.38%, while revenue from distributors decreased by 31.43%[87]. - The company actively explored new sales models, including live streaming and community group buying, to adapt to changing consumer behaviors[41]. Research and Development - The company invested 10.21 million yuan in R&D, accounting for 1.48% of operating revenue[42]. - The company has focused its R&D spending on developing new products, with significant expenditures on personnel, equipment depreciation, and materials[60]. - The company has established a comprehensive R&D system and emphasizes user experience in product design, ensuring alignment with consumer needs[75]. - The company launched antibacterial products certified by both the China Antibacterial Association and the International Antibacterial Council[42]. - The company is committed to developing biodegradable products using materials like PLA and PBAT, aiming for significant production capacity in 2021[99]. Operational Challenges - The company faced challenges due to the pandemic, which impacted sales and led to a decrease in net profit[24]. - The production volume of plastic products was 30,596.75 tons, a decrease of 5.68%, while sales volume dropped by 11.57% to 28,401.59 tons[52]. - The company recognizes the risk of raw material price fluctuations and plans to optimize its supply chain to mitigate these challenges[102]. Corporate Governance and Management - The company has established a strong governance structure with independent directors to ensure compliance and strategic oversight[180]. - The management team includes individuals with extensive experience in various sectors, enhancing strategic decision-making capabilities[187]. - The company has a structured compensation system based on job complexity and internal assessment criteria[186]. - The board of directors consists of 9 members, including 3 independent directors, ensuring compliance with legal requirements[198]. - The company has implemented a long-term mechanism to prevent actual controllers from infringing on the company's interests[197]. Social Responsibility - The company donated RMB 50,000 to support impoverished college students in Gansu Province[144]. - A total of 158 registered impoverished individuals were helped to escape poverty in 2020[145]. - The company invested RMB 50,000 in educational support for impoverished students[146]. - The company plans to continue implementing the "13th Five-Year Plan" for poverty alleviation and will carefully select projects to ensure efficient use of resources[147]. - The company strictly adheres to environmental protection laws and has not faced any administrative penalties for violations[150].

Financial Performance - In 2021, the company reported a total revenue of ¥798,787,754.62, representing a year-on-year increase of 15.78% compared to ¥689,892,417.47 in 2020[21]. - The net profit attributable to shareholders was a loss of ¥20,455,463.48 in 2021, a significant decline from a profit of ¥40,679,550.90 in 2020[21]. - The company's cash flow from operating activities was negative at ¥-7,448,299.96, compared to a positive cash flow of ¥1,712,356.67 in the previous year[21]. - The total assets decreased by 5.10% to ¥1,395,532,531.01 at the end of 2021, down from ¥1,470,600,963.82 at the end of 2020[21]. - The basic earnings per share for 2021 was ¥-0.08, a decrease from ¥0.17 in 2020[22]. - The weighted average return on equity dropped to -1.63% in 2021, down from 3.10% in 2020, reflecting a decrease of 4.73 percentage points[22]. - The gross profit for the period was CNY 172,605,429.10, down 11.83% from CNY 195,773,003.03 year-on-year, resulting in a gross margin of 21.61%, a decrease of 6.77 percentage points from 28.38%[42]. - The company's operating costs rose to CNY 626,182,325.52, a 26.73% increase from CNY 494,119,414.44, primarily due to rising raw material prices[45]. - Sales expenses increased by 64.37% to CNY 114,879,427.28, attributed to the expansion of the marketing team and increased e-commerce expenses[43]. Assets and Liabilities - The company's net assets attributable to shareholders decreased by 4.64% to ¥1,223,333,965.99 at the end of 2021[21]. - Cash and cash equivalents decreased by 34.20% to ¥284.59 million, primarily due to payments for project costs and cash dividends[61]. - Accounts receivable increased by 7.73% to ¥122.48 million, indicating improved collection efficiency[61]. - Inventory rose by 13.68% to ¥239.13 million, reflecting increased production and stock levels[61]. - Long-term equity investments surged by 69.14% to ¥2.10 million, attributed to increased investment income recognized under the equity method[61]. - Contract liabilities grew by 33.01% to ¥12.02 million, indicating an increase in advance payments for signed contracts[62]. - The company reported a 39.42% decrease in accounts payable to ¥50.36 million, primarily due to reduced project payments[62]. Market and Product Development - The company acquired 100% equity of Wuhan Chahua and established a regional sales team to enhance market control[31]. - The company formed a partnership with Yonghui Supermarket to build a Chahua brand store in Yonghui's warehouse supermarkets[31]. - The company is focusing on expanding its online brand marketing and optimizing its marketing channels[31]. - The company has developed new product lines, including coffee cups and thermos flasks, and received dual certifications for its antibacterial product series[32]. - The company is actively exploring new sales models, including live streaming and community group buying, to enhance its e-commerce presence[38]. - E-commerce sales increased by 18.88%, while direct supermarket sales surged by 62.89% compared to the previous year[84]. Research and Development - R&D investment for the year reached CNY 10.1089 million, accounting for 1.27% of revenue, focusing on new product development in water and household cleaning categories[32]. - The company has established a strong R&D team and a complete feedback loop for product development, enhancing its market responsiveness[39]. - The company holds 1 utility model patent and 18 design patents, showcasing its commitment to innovation and product development[75]. Governance and Management - The company has established a robust corporate governance structure, including rules for shareholder meetings and board operations, ensuring effective decision-making and compliance with legal requirements[104]. - The board of directors consists of nine members, including three independent directors, and has established various committees to enhance governance effectiveness[107]. - The company has a dedicated investor relations program to maintain communication with shareholders and stakeholders, ensuring their rights are protected[108]. - The company held three shareholder meetings during the reporting period, all of which were conducted in compliance with legal regulations[109]. - The company has implemented measures to ensure independence from its actual controllers, maintaining a clear separation in operations and decision-making[108]. Strategic Initiatives - The company plans to invest CNY 35 million in a biodegradable plastic production base, responding to increasing market demand for eco-friendly products[33]. - The company aims to achieve a sales target of 960 million yuan in 2022, focusing on improving governance and decision-making mechanisms[95]. - The company plans to enhance its product development capabilities by investing in new materials and expanding its product categories, particularly in antibacterial and biodegradable products[96][97]. - The company will implement a "Tea Flower Home Flagship Store" model to enhance offline distribution capabilities and improve product exposure, aiming to establish at least 200 flagship stores in major cities within two years[100]. Risks and Challenges - The company faces risks from fluctuations in raw material prices, primarily PP and other petrochemical commodities, which are influenced by unpredictable international oil prices[101]. - To mitigate raw material price risks, the company plans to optimize procurement methods and improve production organization to lower costs[102]. - The daily plastic products industry is highly competitive, with many domestic manufacturers and low industry concentration, necessitating continuous product development and cost reduction strategies[102]. Employee and Compensation - The total number of employees in the company and its main subsidiaries is 1,365, with 433 in the parent company and 932 in subsidiaries[137]. - The company has a structured salary system that emphasizes fairness internally and competitiveness externally, based on performance and job value[139]. - The total remuneration for all directors, supervisors, and senior management at the end of the reporting period amounted to CNY 6,490,318.17[122]. Shareholder Information - The actual controllers of the company hold a combined 91.74% of the shares, with commitments to maintain long-term holdings and not to reduce their stakes within three years post-IPO[160]. - The company does not have a controlling shareholder, as no single shareholder has significant voting power over the board decisions[197]. - The shareholders listed are all natural persons and are related, indicating a family-controlled structure[196].

Financial Performance - In 2021, the company reported a total revenue of ¥798,787,754.62, representing a year-on-year increase of 15.78% compared to ¥689,892,417.47 in 2020[21] - The net profit attributable to shareholders was -¥19,666,904.31 in 2021, a significant decline from a profit of ¥37,049,149.45 in 2020[21] - The basic earnings per share for 2021 was -¥0.08, compared to ¥0.15 in 2020, indicating a substantial drop in profitability[22] - The weighted average return on equity decreased to -1.57% in 2021, down from 2.82% in 2020, reflecting a decline of 4.39 percentage points[22] - Gross profit for the period was ¥172,605,429.10, down 11.83% from ¥195,773,003.03 in the previous year, resulting in a gross margin of 21.61%, a decrease of 6.77 percentage points from 28.38%[42] - Operating costs rose to ¥626,182,325.52, a 26.73% increase from ¥494,119,414.44, primarily due to rising raw material prices[43] - The company reported a net profit attributable to shareholders of -19,666,904.31 CNY for the year 2021, and a net profit of -25,816,045.31 CNY for the parent company[142] Cash Flow and Assets - The company's total assets decreased by 5.06% to ¥1,392,690,688.73 at the end of 2021, down from ¥1,466,970,562.37 in 2020[21] - The cash flow from operating activities was -¥7,448,299.96 in 2021, a stark contrast to a positive cash flow of ¥1,712,356.67 in 2020[21] - The net cash flow from operating activities was -CNY 7,448,299.96, a decrease of CNY 9,160,656.63 compared to CNY 1,712,356.67 in the previous year[59] - Cash and cash equivalents decreased by 34.2% to CNY 284.59 million, primarily due to payments for project costs and cash dividends[61] - Accounts receivable increased by 7.73% to CNY 122.48 million, reflecting improved collection efforts[61] - Inventory rose by 13.68% to CNY 239.13 million, indicating increased production and stock levels[61] Operational Challenges and Strategies - The company faced challenges due to rising raw material prices and increased sales expenses, which contributed to the decline in net profit[22] - The company is actively exploring new development strategies amid complex external environments and rising costs[30] - The company is focusing on expanding online brand marketing and optimizing sales channels[31] - The company is actively exploring new sales models, including live streaming and community group buying, to enhance its e-commerce presence[38] - The company has relocated its production lines to optimize supply chain efficiency and reduce operational costs[32] Research and Development - R&D investment for the year reached CNY 10.1089 million, accounting for 1.27% of revenue, focusing on new product development in water and household cleaning categories[32] - The company has established a comprehensive R&D system and obtained 1 utility model patent and 18 design patents during the reporting period[75] - The company is focused on expanding its product offerings in the water and household cleaning categories, including new products like coffee cups and thermos bottles[75] Market Position and Competition - The company operates in a competitive market for household plastic products, with high-end products primarily dominated by foreign brands, while domestic brands occupy the mid-range market[91] - The mid-range market is expected to grow due to the increasing number of middle-income consumers, requiring strong cost control and brand recognition from manufacturers[92] - The company is committed to increasing its market share in the home plastic products industry as urbanization progresses and consumer spending rises[93] Corporate Governance - The company has established a robust corporate governance structure, including rules for shareholder meetings and board operations, ensuring effective decision-making and protection of shareholder rights[104] - The company held three shareholder meetings during the reporting period, all resolutions were passed[109] - The board of directors consists of nine members, including three independent directors, and has established various committees to enhance governance and oversight[107] Shareholder Relations and Remuneration - The total remuneration for all directors and senior management during the reporting period was 649,030 RMB[112] - The company has a clear cash dividend policy, which states that dividends will only be distributed if the company is profitable and has positive retained earnings[143] - The company has implemented an employee stock ownership plan and related incentive measures, with details disclosed in previous announcements[145] Future Outlook - In 2022, the company aims to achieve a sales target of 960 million yuan, focusing on improving governance and decision-making mechanisms[95] - The company plans to raise up to RMB 400 million through a non-public offering of A-shares, with a maximum of 72,942,000 shares to be issued, representing up to 30% of the total share capital prior to the offering[182] - The company anticipates that the business with related parties will see substantial development in the upcoming year[175]

2021 年第三季度报告 证券代码：603615 证券简称：茶花股份 茶花现代家居用品股份有限公司 2021 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 上年同期增 | 年初至报告期末 | 年初至报告期 末比上年同期 | | --- | --- | --- | --- | --- | | | | 减变动幅度 | | 增减变动幅度 | | | | (%) | | (%) | | 营业收入 | 202,739,170.10 | 12.55 | 599,288,463.93 | 27 ...

Financial Performance - The company's operating revenue for the first half of 2021 was approximately ¥396.55 million, representing a 36.71% increase compared to ¥290.06 million in the same period last year[19]. - The net profit attributable to shareholders for the first half of 2021 was approximately ¥7.34 million, a decrease of 61.09% from ¥18.87 million in the previous year[19]. - The basic earnings per share decreased by 62.50%, from ¥0.08 to ¥0.03, primarily due to rising raw material costs and increased sales expenses[19]. - The net cash flow from operating activities was negative at approximately -¥32.76 million, compared to a positive cash flow of ¥11.33 million in the same period last year[19]. - The total assets at the end of the reporting period were approximately ¥1.40 billion, down 4.64% from ¥1.47 billion at the end of the previous year[19]. - The net profit after deducting non-recurring gains and losses was approximately ¥5.60 million, down 67.14% from ¥17.03 million in the same period last year[19]. - The company's operating revenue for the first half of 2021 reached CNY 396.55 million, representing a year-on-year increase of 36.71%[34]. - The net profit attributable to shareholders was CNY 7.34 million, a decline of 61.09% compared to the previous year[32]. - The total profit for the first half of 2021 was CNY 9,098,340.71, down from CNY 24,881,086.34 in the first half of 2020, a decrease of approximately 63.4%[105]. - The total comprehensive income for the first half of 2021 was CNY 7,053,912.90, down from CNY 18,871,836.71 in the same period of 2020[103]. Assets and Liabilities - The total assets at the end of the reporting period amounted to CNY 1.40 billion, down 4.64% year-on-year[32]. - The company's cash and cash equivalents decreased by 33.38% from the previous year, totaling ¥288,137,536.01, which represents 20.57% of total assets[36]. - Inventory increased by 21.61% year-on-year, reaching ¥255,805,221.55, accounting for 18.27% of total assets[36]. - The total liabilities of the company were ¥144,600,766.48, down from ¥185,401,937.78, representing a decrease of approximately 22.0%[94]. - The company's current assets totaled ¥693,355,600.79, down from ¥779,782,220.08 at the end of 2020, indicating a decline of approximately 11.06%[93]. - The total equity at the end of the reporting period was approximately ¥1,254.36 million, which includes various components such as capital reserves and undistributed profits[117]. Research and Development - R&D expenses increased by 8.25% to CNY 5.26 million, driven by higher employee compensation and material consumption related to R&D[35]. - The company has established a strong R&D team and a comprehensive quality control system, being one of the early adopters of ISO9001 certification in the industry[29]. - The company's research and development expenses for the first half of 2021 were CNY 5,260,059.69, compared to ¥4,859,098.18 in the same period of 2020, an increase of 8.2%[101]. Sales and Marketing - The company focuses on the research, production, and sales of daily plastic products, with over 1,000 SKUs in its product line[24]. - The sales model includes provincial and regional distributors, direct sales to large supermarkets, and e-commerce platforms[25]. - The company has a strong marketing channel advantage, covering all provinces and major supermarket systems in China[28]. - The "Tea Flower Home Living Museum" model enhances brand visibility and facilitates quicker product launches[28]. - The company is actively exploring new sales models, including live streaming and community group buying[28]. - The company is actively expanding its e-commerce channels, achieving significant growth in sales across major platforms like Tmall, JD.com, and Pinduoduo[33]. Operational Risks and Management - The company did not report any significant operational risks that could materially affect its production and operations during the reporting period[7]. - The company faces risks from raw material price fluctuations, particularly in petrochemical products like PP, which are influenced by unpredictable oil prices[42]. - To mitigate raw material cost risks, the company plans to optimize supply chain management and improve product design to enhance value[42]. - Product quality is a critical concern, especially for food container products, and the company has implemented a comprehensive quality management system[43]. Shareholder and Equity Information - The company commits to distributing at least 20% of the annual distributable profits to shareholders in cash, as per the plan approved in the 2017 annual general meeting[64]. - The actual controllers and major shareholders hold a combined 91.74% of the company's shares, with intentions to maintain long-term holdings[62]. - The company has committed to not reducing shareholdings for three years post-IPO and to limit any reductions thereafter to 20% of their holdings per year[63]. - The total number of shares decreased from 244,550,000 to 243,140,000 after the cancellation of 1.41 million restricted shares[78]. - The top shareholder, Chen Guanyu, holds 61,062,111 shares, accounting for 24.97% of total shares[81]. Environmental Compliance - The company has complied with environmental regulations and has not faced any administrative penalties related to environmental issues during the reporting period[57]. - The company and its subsidiaries produce plastic products using physical processing methods, resulting in minimal pollution[57]. - The company has established strict environmental operational standards and measures to manage pollution sources[57]. Accounting Policies and Financial Reporting - The company’s accounting policies are based on the actual transactions and events, adhering to the relevant accounting standards[130]. - The company recognizes deferred tax assets and liabilities based on current tax regulations, considering the potential need for adjustments due to uncertainties in tax treatments[135]. - The company applies a consolidated financial statement preparation method, including all subsidiaries under its control in the consolidated financial statements[144]. - The company recognizes impairment losses or gains in the current profit or loss based on changes in credit loss provisions[171].

Financial Performance - Operating revenue for the reporting period was CNY 215,121,325.69, representing an increase of 85.28% year-on-year [5]. - Net profit attributable to shareholders of the listed company was CNY 7,953,956.32, up 14.49% from the same period last year [5]. - The net profit after deducting non-recurring gains and losses was CNY 8,084,687.38, an increase of 34.47% year-on-year [5]. - Basic and diluted earnings per share remained at CNY 0.03 [5]. - Total revenue for Q1 2021 reached CNY 215,121,325.69, an increase of 85.28% compared to CNY 116,108,307.88 in Q1 2020 [11]. - Net profit for Q1 2021 was ¥7,820,844.76, compared to ¥6,946,991.56 in Q1 2020, representing an increase of 12.5% [22]. - The total operating revenue for Q1 2021 was ¥242,460,111.94, a significant increase from ¥119,046,719.99 in Q1 2020, representing a growth of approximately 103.6% [23]. - The total comprehensive income for Q1 2021 was ¥7,820,844.76, up from ¥6,946,991.56 in Q1 2020 [23]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,452,978,886.94, a decrease of 0.95% compared to the end of the previous year [5]. - The total assets as of March 31, 2021, were CNY 1,452,978,886.94, a slight decrease from CNY 1,466,970,562.37 at the end of 2020 [15]. - Total liabilities decreased to CNY 163,191,889.26 from CNY 185,401,937.78, indicating improved financial stability [16]. - The company's total equity increased to CNY 1,289,786,997.68 from CNY 1,281,568,624.59, reflecting a positive trend in retained earnings [16]. - The total assets as of March 31, 2021, amounted to ¥1,184,127,537.17, slightly down from ¥1,186,651,019.05 at the end of 2020 [19]. - Current assets totaled ¥602,843,253.67, a marginal increase from ¥598,926,501.40 at the end of 2020 [19]. - Total liabilities decreased to ¥64,848,803.22 from ¥69,376,024.82 at the end of 2020, a reduction of 6.5% [19]. - The company's total equity increased to ¥1,119,278,733.95 from ¥1,117,274,994.23 at the end of 2020 [20]. Cash Flow - The company reported a net cash flow from operating activities of CNY -7,719,129.33, an improvement compared to CNY -16,274,781.43 in the same period last year [5]. - The net cash flow from operating activities improved to -CNY 7,719,129.33 in Q1 2021 from -CNY 16,274,781.43 in Q1 2020 [12]. - The total cash inflow from operating activities was $204.48 million in Q1 2021, compared to $129.35 million in Q1 2020, reflecting a 58% increase [29]. - Cash outflow from operating activities rose to $250.15 million in Q1 2021, up from $123.32 million in Q1 2020, representing a 103% increase [29]. - The total cash outflow from investing activities in Q1 2021 was ¥45,137,899.93, compared to ¥308,461,821.52 in Q1 2020, indicating a reduction in investment expenditures [26]. - The ending cash and cash equivalents balance decreased to $158.11 million in Q1 2021 from $418.29 million in Q1 2020, a decline of 62.3% [30]. Shareholder Information - The number of shareholders at the end of the reporting period was 16,513 [9]. - The largest shareholder, Chen Guanyu, held 24.97% of the shares, with 61,062,111 shares pledged [9]. Expenses - Operating costs for Q1 2021 were CNY 160,438,304.86, reflecting a 120.01% increase from CNY 72,923,358.08 in Q1 2020 [11]. - The company reported a significant increase in sales expenses by 81.50% to CNY 25,963,194.92, mainly due to the introduction of a new marketing team [12]. - The total operating costs for Q1 2021 were ¥209,559,048.83, compared to ¥86,550,835.91 in Q1 2020, marking an increase of approximately 142.5% [23]. - Research and development expenses for Q1 2021 were ¥2,631,182.07, compared to ¥2,372,809.16 in Q1 2020, reflecting an increase of 10.9% [21].

Financial Performance - In 2020, the company achieved a net profit attributable to shareholders of CNY 37,049,149.45, a decrease of 46.18% compared to CNY 68,836,354.95 in 2019[5]. - The company's operating revenue for 2020 was CNY 689,892,417.47, down 12.30% from CNY 786,665,000.92 in the previous year[22]. - The cash flow from operating activities was CNY 1,712,356.67, a significant decline of 98.77% compared to CNY 139,744,659.70 in 2019[22]. - The diluted earnings per share decreased by 46.43% to CNY 0.15 from CNY 0.28 in 2019[24]. - The company's total assets at the end of 2020 were CNY 1,466,970,562.37, a decrease of 5.97% from CNY 1,560,150,282.55 in 2019[22]. - The net assets attributable to shareholders decreased by 7.12% to CNY 1,279,294,368.03 from CNY 1,377,314,995.24 in 2019[22]. - The company reported a decrease in the weighted average return on net assets to 2.82%, down 2.27 percentage points from 5.09% in 2019[24]. - The company faced challenges due to the pandemic, leading to a 48.28% decrease in basic earnings per share[24]. Cash Dividend and Profit Distribution - The company plans to distribute a cash dividend of CNY 1.50 per 10 shares to shareholders, totaling CNY 137,044,218.97 available for distribution[5]. - The cash dividend payout ratio for 2020 is 99.01%, based on the net profit attributable to shareholders[110]. - The company has maintained a clear cash dividend policy as per its articles of association, ensuring transparency for minority investors[106]. - The company's profit distribution plan requires approval from the shareholders' meeting after being reviewed by the board of directors[108]. - The company commits to distributing at least 20% of the annual distributable profits in cash to shareholders, as per the three-year dividend plan approved in 2017[121]. Market and Competitive Landscape - The industry remains fragmented, with the company competing against both domestic brands and international players like Tupperware and Lock&Lock[33]. - The market for mid-range products is primarily occupied by domestic brands, benefiting from the expansion of the middle-income population and their upgrading consumption capabilities[95]. - The competitive landscape in the home plastic products industry is characterized by significant differentiation based on consumer income levels, affecting product positioning and market strategies[93]. Research and Development - The company invested 10.21 million yuan in R&D, accounting for 1.48% of operating revenue[42]. - The company’s focus on research and development in daily plastic products has strengthened its market position and brand operations[34]. - The company is recognized as an "Innovative Pilot Enterprise" and a "Technology-based Enterprise" in Fujian Province, highlighting its focus on research and development[76]. - The company plans to enhance its product development capabilities by focusing on new materials and product categories, particularly in antibacterial materials and water bottle products[99]. - The company will initiate R&D projects for hotel supplies to create new revenue growth points[99]. Operational Performance - The production volume of plastic products was 30,596.75 tons, down 5.68%, while sales volume decreased by 11.57% to 28,401.59 tons[52]. - The company achieved a production capacity utilization rate of 68.54% at its main factory and 45.55% at its subsidiary factory during the reporting period[82]. - The company has established a robust supplier management system to ensure quality and timely delivery of raw materials, which is crucial for maintaining production stability[31]. - The company is enhancing production automation and capacity through the launch of new projects, which is expected to optimize its production layout and supply chain advantages[44]. Social Responsibility and Community Engagement - The company actively fulfills its social responsibility through various poverty alleviation initiatives[149]. - The company donated RMB 50,000 to support impoverished college students in Gansu Province[145]. - A total of 158 registered impoverished individuals were lifted out of poverty by the company in 2020[146]. - The company invested RMB 50,000 in educational support for impoverished students[147]. - The company plans to continue implementing the "13th Five-Year Plan" for poverty alleviation and will carefully select projects to ensure efficient use of resources[148]. Governance and Shareholder Structure - The company has established a policy to ensure that the actual controllers will not engage in competing businesses, thereby protecting the company's interests[124]. - The actual controllers have committed to not transferring their shares for 36 months post-IPO, ensuring stability in shareholding[112]. - The company has a strong governance structure with multiple independent directors overseeing operations[181]. - The board of directors consists of 9 members, including 3 independent directors, complying with legal requirements[199]. - The company emphasizes the protection of minority shareholders' rights and maintains effective communication channels with investors[198]. Future Outlook and Strategic Plans - The company aims for a revenue target of 1,315.42 million yuan and a net profit target of 102.83 million yuan for 2021[99]. - The company will strengthen its e-commerce strategy by leveraging platforms like Douyin and Kuaishou, and will explore community group buying[101]. - The company anticipates industry consolidation, with smaller enterprises being eliminated or acquired, benefiting larger firms with strong R&D capabilities[96]. - The company intends to expand its market share in disposable products, particularly through research on biodegradable materials for various applications[100].

Financial Performance - Net profit attributable to shareholders decreased by 51.28% to CNY 28,921,748.00 year-to-date[5] - Operating revenue declined by 19.06% to CNY 470,188,302.16 for the year-to-date period[5] - Basic earnings per share fell by 52.00% to CNY 0.12[5] - Operating profit decreased by 50.73% to RMB 38,449,620.77 from RMB 78,041,986.24 year-on-year[12] - The company reported a 44.96% decrease in investment income, which fell to RMB 2,647,370.70 from RMB 4,809,577.78[12] - Net profit for the first three quarters of 2020 was RMB 28,921,748.00, down 51.28% from RMB 59,359,050.30 in the same period of 2019[12] - The company reported a total comprehensive income for Q3 2020 of ¥10,049,911.29, reflecting a significant decrease from ¥23,905,682.54 in Q3 2019[25] - Net profit for Q3 2020 was ¥10,049,911.29, a decline of 58.0% from ¥23,905,682.54 in Q3 2019[24] - Total profit for Q3 2020 was ¥13,457,491.76, down 56.7% from ¥31,108,146.31 in Q3 2019[24] Cash Flow - Net cash flow from operating activities dropped by 92.20% to CNY 5,974,273.94 compared to the same period last year[5] - Cash flow from operating activities dropped significantly by 92.20% to RMB 5,974,273.94 compared to RMB 76,627,295.39 in the previous year[12] - The company’s cash flow from operating activities for the first nine months of 2020 was ¥5,974,273.94, a decrease of 92.2% from ¥76,627,295.39 in the same period last year[30] - Net cash flow from operating activities in Q3 2020 was CNY 20,529,374.33, down 77.73% from CNY 92,268,815.79 in Q3 2019[35] - Cash inflow from investment activities in Q3 2020 was CNY 152,913,158.90, down from CNY 227,307,335.97 in Q3 2019[35] - Cash outflow from investment activities in Q3 2020 totaled CNY 163,734,710.01, a decrease of 38.93% compared to CNY 267,651,496.86 in Q3 2019[35] Assets and Liabilities - Total assets decreased by 7.51% to CNY 1,443,051,594.27 compared to the end of the previous year[5] - Total assets as of September 30, 2020, amounted to RMB 1,443,051,594.27, down from RMB 1,560,150,282.55 at the end of 2019[17] - Total liabilities decreased to CNY 73,009,111.76 in Q3 2020 from CNY 91,872,400.15 in Q3 2019, a reduction of 20.5%[21] - Total liabilities amounted to CNY 182,835,287.31 as of September 30, 2020, remaining stable compared to the previous year[39] - The company reported a total equity of CNY 1,114,147,882.41 as of September 30, 2020, down from CNY 1,251,277,011.02 at the end of 2019, a decline of 10.9%[21] Shareholder Information - The total number of shareholders reached 17,729 by the end of the reporting period[9] - The largest shareholder, Chen Guanyu, holds 25.74% of the shares, with 62,956,789 shares pledged[9] Government Support - The company received government subsidies amounting to CNY 107,530.59 during the reporting period[7] Inventory and Other Assets - Inventory increased by 41.04% to RMB 203,850,681.32 compared to RMB 144,532,475.30, indicating a rise in stock levels[11] - Other receivables increased by 154.29% to RMB 4,012,814.18 from RMB 1,578,022.49, primarily due to an increase in deposits and petty cash[11] - The company recorded a significant increase of 212.96% in other current assets, reaching RMB 19,725,437.65 compared to RMB 6,302,849.86[11] Future Plans - The company plans to focus on market expansion and new product development in the upcoming quarters to drive growth[22] - The company has not reported any significant new product developments or market expansions during the reporting period[14] Accounting Changes - The company adopted new revenue recognition standards effective January 1, 2020, with no significant impact on financial reporting[44] - The company has adjusted its contract liabilities, reflecting a shift in accounting practices under the new standards[44] - The company is preparing to implement new lease accounting standards starting January 1, 2021[44]

Financial Performance - The company's operating revenue for the first half of 2020 was CNY 290,061,947.70, a decrease of 22.09% compared to CNY 372,310,067.70 in the same period last year[16]. - The net profit attributable to shareholders of the listed company was CNY 18,871,836.71, down 46.77% from CNY 35,453,367.76 in the previous year[16]. - The net cash flow from operating activities was CNY 11,327,833.95, representing a decline of 54.95% compared to CNY 25,146,603.15 in the same period last year[16]. - The total assets at the end of the reporting period were CNY 1,422,888,505.68, down 8.80% from CNY 1,560,150,282.55 at the end of the previous year[16]. - The net assets attributable to shareholders of the listed company decreased by 8.87% to CNY 1,255,175,221.12 from CNY 1,377,314,995.24 at the end of the previous year[16]. - Basic earnings per share for the first half of 2020 were CNY 0.08, a decrease of 46.67% from CNY 0.15 in the same period last year[17]. - The weighted average return on net assets was 1.38%, down 1.25 percentage points from 2.63% in the previous year[17]. - The company reported a significant decrease in operating profit, which was CNY 24,944,480.02 for the first half of 2020, down from CNY 46,692,058.71 in the same period of 2019[112]. - The total profit for the first half of 2020 was CNY 24,881,086.34, a decrease of 46.8% from CNY 46,756,292.61 in the first half of 2019[112]. Market Impact - The company faced a significant impact on sales due to the pandemic, leading to a decrease in revenue, costs, and net profit[17]. - The household plastic products industry is fragmented, with limited market share for individual companies, highlighting the competitive landscape[25]. - The company acknowledges market competition risks in the daily plastic products industry and plans to adjust strategies and enhance product value to maintain competitiveness[43]. Operational Strategy - The company focuses on the research, production, and sales of daily plastic household products, with over 1,000 SKUs in its product line[23]. - The company has established a comprehensive supplier management mechanism to ensure the quality and delivery of raw materials[24]. - The marketing network covers all provinces in China, with a focus on provincial distributors and direct sales to major supermarkets[27]. - The company has implemented a strategy to strengthen offline channels and enhance market share through refined marketing and regional market cultivation[31]. - Online sales have been boosted by the establishment of a live streaming studio in May 2020, enhancing brand outreach to younger consumers[32]. Financial Management - The company has implemented a unique provincial distributor exclusive model to enhance sales efficiency and create competitive barriers[27]. - The company is advancing its fundraising projects, including the "Tea Flower Home Products Manufacturing Center Project," which is expected to expand production capacity in the East China region[33]. - The company has a commitment to maintain a sustainable profit distribution policy while ensuring reasonable returns to investors[56]. - The company will notify at least five trading days in advance before any significant share reduction by shareholders holding over 5%[55]. Shareholder Relations - The actual controllers and shareholders committed to not transferring or entrusting their shares for 36 months post-IPO, with a reduction price not lower than the IPO price if sold within two years after the lock-up period[49]. - The actual controllers hold a combined 91.74% of the shares, with intentions to maintain long-term holdings and not reduce shares within three years post-IPO[55]. - The company plans to repurchase shares if the stock price falls below the latest audited net asset value for 20 consecutive trading days, with a repurchase fund not less than 20% of the previous year's net profit[51][52]. Corporate Governance - The company held one shareholders' meeting during the reporting period, with all resolutions passed in compliance with legal requirements[46]. - The board of directors and senior management are restricted to transferring no more than 25% of their shares annually during their tenure[50]. - The company has not changed its accounting firm during the reporting period, continuing to employ Da Hua Accounting Firm for the 2020 financial and internal control audit[61]. Social Responsibility - The company has actively engaged in poverty alleviation efforts, including a donation of 50,000 RMB to support impoverished college students in Gansu Province[71]. - The company has helped 95 impoverished individuals achieve poverty alleviation[71]. - The company will continue to fulfill its social responsibilities in poverty alleviation according to government guidelines[76]. Risk Management - The company faces risks from raw material price fluctuations, particularly for petrochemical products, and plans to optimize supply chain and procurement strategies to mitigate these risks[42]. - The ongoing COVID-19 pandemic poses significant risks to the company's operations and financial results, with the company actively monitoring the situation[44]. Accounting Policies - 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[144]. - The company includes all subsidiaries in its consolidated financial statements, treating the entire corporate group as a single accounting entity[152]. - The company recognizes income, expenses, and profits from subsidiaries or businesses disposed of from the beginning of the period to the disposal date in the consolidated income statement[156]. Environmental Compliance - The company has implemented strict environmental operational standards and measures to manage pollution during production[79]. - The company has not faced any environmental violations or penalties during the reporting period[79].

Financial Performance - Operating revenue for the first quarter was CNY 116,108,307.88, representing a decline of 42.22% year-on-year[6] - Net profit attributable to shareholders was CNY 6,946,991.56, down 65.60% compared to the same period last year[6] - Basic and diluted earnings per share were both CNY 0.03, a decrease of 62.50% year-on-year[6] - Net profit for Q1 2020 decreased by 65.60% to ¥6,946,991.56 compared to ¥20,193,467.80 in Q1 2019[12] - Operating profit fell by 65.72% to ¥9,284,218.20 from ¥27,086,908.98 year-on-year[12] - Total revenue for Q1 2020 was CNY 116,108,307.88, a decrease of 42.3% compared to CNY 200,939,834.26 in Q1 2019[21] - Total operating costs for Q1 2020 were CNY 107,826,435.81, down 38.0% from CNY 174,082,831.10 in Q1 2019[21] - The company reported a total comprehensive income of ¥6,932,309.05 for Q1 2020, down 58.2% from ¥16,573,055.37 in Q1 2019[25] Cash Flow - The net cash flow from operating activities was negative CNY 16,274,781.43, compared to a positive CNY 27,877,552.55 in the same period last year[6] - Cash flow from operating activities turned negative at -¥16,274,781.43, a significant decline from ¥27,877,552.55 in the previous year[12] - In Q1 2020, the net cash flow from operating activities was ¥6,028,513.25, a decrease of 74.7% compared to ¥23,725,545.94 in Q1 2019[31] - Cash inflow from investment activities totaled ¥130,802,602.74, while cash outflow was ¥131,392,589.15, resulting in a net cash flow of -¥589,986.41, compared to -¥12,221,876.79 in Q1 2019[32] Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,553,561,163.20, a decrease of 0.42% compared to the end of the previous year[6] - Total liabilities as of March 31, 2020, were ¥165,654,057.65, down from ¥182,835,287.31 at the end of 2019[17] - Current liabilities decreased to ¥158,098,526.21 from ¥175,519,479.27, reflecting a reduction of 9.06%[17] - Total assets as of March 31, 2020, were CNY 1,344,332,529.79, slightly up from CNY 1,343,149,411.17 at the end of 2019[20] - Total liabilities decreased to CNY 82,478,090.97 in Q1 2020 from CNY 91,872,400.15 in Q1 2019, a reduction of 10.2%[20] Shareholder Information - The total number of shareholders was 18,536, with the top ten shareholders holding a significant portion of shares[10] - The total equity attributable to shareholders was ¥1,377,314,995.24, reflecting the company's financial stability[37] Expenses - The company reported a 90.09% increase in management expenses, primarily due to equity incentive plan allocations[12] - Financial expenses increased by 798.91% to -¥3,303,402.51, attributed to higher interest income from time deposits[12] - Total operating expenses for Q1 2020 were ¥112,083,929.99, compared to ¥174,626,801.63 in Q1 2019, reflecting a decrease of 35.8%[24] - Research and development expenses for Q1 2020 were ¥2,372,809.16, a decrease of 17.5% from ¥2,873,361.37 in Q1 2019[24] Inventory and Assets Management - Inventory impairment losses decreased by 91.18%, indicating improved inventory management[12] - Inventory decreased to CNY 47,306,741.70 in Q1 2020 from CNY 50,304,649.39 at the end of 2019, a decline of 5.9%[20] - The company’s inventory remained stable at ¥144,532,475.30 as of Q1 2020, indicating consistent stock management[35] Revenue Recognition and Standards - The company adopted the new revenue recognition standard effective January 1, 2020, with no significant impact on financial reporting[42] - The company reported a decrease in contract liabilities due to the reclassification of advance payments to contract liabilities[41] - The company is preparing to implement the new lease standard starting January 1, 2021, which may affect future financial statements[42]