Financial Performance - The company's operating revenue for the first half of 2022 was ¥340,479,588.33, representing a 43.24% increase compared to ¥237,706,818.02 in the same period last year[21]. - The net profit attributable to shareholders of the listed company decreased by 48.10% to ¥14,714,218.70 from ¥28,351,413.82 in the previous year[21]. - The net profit attributable to shareholders after deducting non-recurring gains and losses fell by 59.04% to ¥11,194,536.21 from ¥27,327,751.70 year-on-year[21]. - The net cash flow from operating activities was negative at -¥126,502,557.99, compared to -¥24,242,135.28 in the same period last year, indicating a significant decline[21]. - Basic earnings per share decreased by 50.00% to CNY 0.11 from CNY 0.22 in the same period last year[22]. - The operating costs increased by 52.00%, amounting to ¥251,639,152.17, up from ¥165,557,271.44, primarily due to increased sales volume and rising raw material prices[33]. - Research and development expenses rose by 75.90% to ¥15,821,621.92, compared to ¥8,994,478.13, reflecting the company's commitment to enhancing R&D capabilities[35]. - The company reported a significant increase in prepayments, which rose by 417.95% to ¥2,005,383.45 from ¥387,176.62, indicating growing customer deposits[38]. - The company reported a total current assets of ¥980,436,595.16 as of June 30, 2022, an increase from ¥947,725,380.53 at the beginning of the period, reflecting a growth of approximately 3.5%[99]. - The company's cash and cash equivalents decreased to ¥516,438,049.85 from ¥696,046,520.96, representing a decline of about 26%[99]. - The total liabilities increased to ¥502,619,051.65 from ¥443,618,983.23, indicating a rise of approximately 13.3%[101]. - The company's inventory rose to ¥159,065,193.41 from ¥115,825,831.64, marking an increase of about 37.4%[99]. - The total assets amounted to ¥1,293,518,702.64, up from ¥1,252,237,243.49, which is an increase of approximately 3.3%[101]. - The company's accounts receivable increased to ¥118,091,297.31 from ¥57,780,824.15, showing a significant growth of about 104.5%[99]. - The company reported a decrease in total equity to ¥790,899,650.99 from ¥808,618,260.26, reflecting a decline of approximately 2.4%[101]. Market Strategy and Operations - The company has focused on market expansion and performance management to mitigate the impact of COVID-19 and raw material price fluctuations[29]. - The company has established a nationwide sales network with over 15 distributors, covering major cities and some county-level cities[30]. - The number of dealers in third and fourth-tier cities exceeded 1,200, which strengthens the company's market presence and resilience against real estate regulation risks[32]. - The company has implemented a brand marketing strategy focusing on a youthful and fashionable image, enhancing brand awareness through digital media[45]. - The integrated ceiling industry is experiencing intensified market competition, which may lead to a decline in average profit margins, impacting the company's operations negatively[44]. - The company has established a comprehensive supplier management system to mitigate risks associated with raw material price volatility[45]. Financing and Shareholder Commitments - The company successfully entered the capital market, ensuring smooth financing channels to support sales channel improvement, R&D enhancement, and capacity expansion[32]. - The company's short-term borrowings increased by 67.92% to ¥150,256,043.80 from ¥89,481,952.16, indicating a rise in financing activities[37]. - The company has committed to a share lock-up period of 36 months from the date of listing for major shareholders and actual controllers[60]. - The company has fulfilled all commitments made by shareholders and actual controllers within the specified time frame[60]. - The company has a long-term commitment from shareholders holding more than 5% of shares, ensuring stability in ownership[60]. - The company will extend the lock-up period by at least six months if the stock price falls below the issue price for 20 consecutive trading days within six months post-listing[65]. - Shareholders are restricted from transferring or managing their shares during the lock-up period, ensuring alignment with company interests[66]. - The company has established a clear policy for share reduction post-lock-up, ensuring that any sales do not occur below the initial public offering price[66]. - The commitments made by the controlling shareholders and board members are aimed at maintaining investor confidence and market stability[60]. - The company will implement a stock price stabilization plan if the stock price falls below the audited net asset value per share for 20 consecutive trading days within three years post-listing[68]. - The stock price stabilization measures include share buybacks and increases in shareholding by controlling shareholders and senior management[69]. Governance and Compliance - There are no significant lawsuits or arbitration matters reported during the reporting period[81]. - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties during the reporting period[80]. - The company has not disclosed any major related party transactions during the reporting period[82]. - The company has committed to not interfere with management activities or harm company interests, and will adjust commitments according to regulatory requirements if necessary[79]. - The company will not increase compensation for directors and senior management until all negative impacts from unfulfilled commitments are eliminated[79]. - The company has no significant changes in the audit opinion from the previous annual report[81]. - The company has not reported any violations or penalties against its board, supervisors, senior management, or controlling shareholders during the reporting period[81]. - The company will ensure that any new directors and senior management sign commitments related to stabilizing stock prices[76]. Accounting and Financial Management - The company has established specific accounting policies for financial instruments, fixed asset depreciation, and revenue recognition, reflecting a robust financial management framework[145]. - The company applies the equity method for joint ventures, recognizing its share of assets, liabilities, and income from joint operations[152]. - Financial assets are classified into three categories upon initial recognition: measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in profit or loss[155]. - The company recognizes goodwill when the acquisition cost exceeds the fair value of identifiable net assets acquired in a business combination[150]. - The company utilizes a perpetual inventory system for inventory management[170]. - The company recognizes contract assets and liabilities based on the relationship between performance obligations and customer payments, netting them in the balance sheet[173]. - The company applies equity-settled share-based payments, recognizing costs based on the fair value of equity instruments at grant date[197]. - The company follows specific accounting treatments for post-employment benefits, including defined contribution and defined benefit plans, ensuring obligations are measured and recognized appropriately[193].

Financial Performance - The company's operating revenue for Q1 2023 was ¥94,604,953.91, representing a decrease of 19.50% compared to the same period last year[5]. - The net profit attributable to shareholders was ¥2,010,936.22, down 63.01% year-on-year[5]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥698,907.81, a decline of 80.62% compared to the previous year[5]. - Basic earnings per share were ¥0.02, down 50.00% from the same period last year[6]. - The net profit for Q1 2023 was CNY 2,010,936.22, a decrease of 63.96% compared to CNY 5,436,358.01 in Q1 2022[22]. - Operating profit for Q1 2023 was CNY 2,013,577.49, down 68.25% from CNY 6,329,901.49 in the same period last year[22]. - The total comprehensive income for Q1 2023 was CNY 2,010,936.22, a decrease of 63.96% compared to CNY 5,436,358.01 in Q1 2022[23]. Cash Flow and Assets - The net cash flow from operating activities was ¥26,340,868.29, reflecting a significant decrease of 126.45% year-on-year[5]. - Cash and cash equivalents decreased to RMB 469,646,805.68 as of March 31, 2023, from RMB 596,615,690.78 at the end of 2022, a decline of 21.4%[17]. - The net cash flow from operating activities in Q1 2023 was CNY 26,340,868.29, a significant improvement from a negative CNY 99,571,696.75 in Q1 2022[26]. - Cash and cash equivalents at the end of Q1 2023 stood at CNY 252,571,815.64, down from CNY 446,860,611.76 at the end of Q1 2022[27]. - Investment activities resulted in a net cash outflow of CNY 120,468,040.85 in Q1 2023, compared to a net outflow of CNY 139,591,338.53 in Q1 2022[27]. - Financing activities generated a net cash outflow of CNY 12,142,014.94 in Q1 2023, contrasting with a net inflow of CNY 207,630,779.90 in Q1 2022[27]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 7,417[13]. - The largest shareholder, 法狮龙投资控股有限公司, held 55.7% of the shares, totaling 72,000,000 shares[13]. Assets and Liabilities - Total assets at the end of the reporting period were ¥1,206,385,663.60, a slight increase of 0.09% from the end of the previous year[6]. - Total assets amounted to RMB 1,206,385,663.60 as of March 31, 2023, slightly up from RMB 1,205,295,260.83 at the end of 2022[19]. - Total liabilities decreased to RMB 418,835,172.50 as of March 31, 2023, from RMB 421,278,034.65 at the end of 2022, a reduction of 0.6%[19]. - The company's equity attributable to shareholders increased to RMB 787,550,491.10 as of March 31, 2023, compared to RMB 784,017,226.18 at the end of 2022, an increase of 0.3%[19]. Operating Costs and Profitability - Total operating revenue for Q1 2023 was RMB 94,604,953.91, a decrease of 19.5% compared to RMB 117,522,851.89 in Q1 2022[21]. - Total operating costs for Q1 2023 were RMB 94,232,715.26, down from RMB 113,488,361.83 in Q1 2022, reflecting a reduction of 17.0%[21]. - The company reported a gross profit margin of approximately 0.39% for Q1 2023, down from 0.25% in Q1 2022[21]. Research and Development - Research and development expenses for Q1 2023 were CNY 4,705,735.41, a decrease of 20.86% from CNY 5,942,612.84 in Q1 2022[22]. - The company has not disclosed any new product launches or technological advancements during this reporting period[15]. Mergers and Acquisitions - There are no significant mergers or acquisitions reported in the current quarter[15].

Financial Performance - The company's operating revenue for 2022 was ¥682,652,334, representing a year-on-year increase of 2.95% compared to ¥663,115,631 in 2021[22]. - The net profit attributable to shareholders for 2022 was ¥11,280,550, a significant decrease of 80.81% from ¥58,772,441 in 2021[24]. - Basic earnings per share for 2022 dropped to ¥0.09, down 80.43% from ¥0.46 in 2021[23]. - The weighted average return on equity decreased to 1.42%, down 5.41 percentage points from 6.83% in 2021[23]. - Total assets at the end of 2022 were ¥1,205,295,260, a decrease of 3.75% from ¥1,252,237,240 at the end of 2021[22]. - The net assets attributable to shareholders decreased by 3.04% to ¥784,017,226 from ¥808,618,260 in 2021[22]. - The gross profit margin for the integrated ceiling product decreased by 2.72 percentage points to 25.90%[51]. - The company reported a net profit margin of 12%, up from 10% in the previous year[93]. Cash Flow and Investments - The net cash flow from operating activities increased by 23.45% to ¥54,704,737, up from ¥44,313,914.5 in the previous year[24]. - The net cash flow from investing activities decreased significantly by 163.52% to -¥65,505,324.28, primarily due to increased investments in financial products[49]. - The net cash flow from financing activities increased by 471.34% to -¥68,751,276.73, mainly due to the repayment of part of the borrowings[49]. - Cash and cash equivalents as of December 31, 2022, amounted to RMB 596.62 million, a decrease from RMB 696.05 million as of December 31, 2021[197]. Shareholder Returns - The company plans to distribute a cash dividend of 3 RMB per 10 shares, totaling approximately 38.70 million RMB, which represents 343.03% of the net profit attributable to shareholders for 2022[6]. - The company maintains a cash dividend policy prioritizing cash distributions, with a minimum of 80% of profits distributed as cash dividends during mature phases without major capital expenditures[115]. - The company has established a shareholder return plan that is reviewed every three years, ensuring alignment with operational needs and shareholder interests[117]. - The company’s cash dividend amount for the last three years is at least 30% of the average distributable profit, with a minimum of 10% of the current year's distributable profit allocated to cash dividends[116]. Market Position and Strategy - The company is positioned in the integrated ceiling and wall panel market, which is closely tied to the real estate sector, making it susceptible to fluctuations in housing market dynamics[36]. - The company plans to continue expanding its market presence and increasing marketing investments despite the rise in expenses[24]. - The company has expanded its dealer network to 1,425 in lower-tier cities by the end of 2022, enhancing its market presence[44]. - The brand "FSILON 法狮龙" has become a recognized name in the integrated ceiling industry, being selected as the official ceiling supplier for the Hangzhou 2022 Asian Games[41]. Risks and Challenges - The company has detailed potential risks in its management discussion and analysis section, which investors should review[8]. - The company recognizes the risk of intensified competition in the integrated ceiling industry, which may lead to a decline in average industry profit margins[80]. - The company is exposed to macroeconomic risks, particularly related to the real estate sector, which could impact consumer demand for its products[80]. - The company faces risks from fluctuations in raw material prices, which could adversely affect production costs and profitability[80]. Governance and Compliance - The board of directors and senior management have confirmed the authenticity, accuracy, and completeness of the annual report[4]. - The company is committed to enhancing its corporate governance structure, ensuring compliance with legal regulations, and protecting shareholder interests[82]. - The company has established various committees within its board to provide professional opinions on strategic decisions and enhance risk management[84]. - The company ensured compliance with information disclosure obligations, maintaining accuracy and timeliness in reporting[85]. Research and Development - The company has a strong R&D capability with multiple specialized departments focusing on product innovation and design[43]. - R&D expenses totaled ¥26,493,859.65, accounting for 3.88% of total revenue, with no capitalized R&D expenditures[61]. - The company is investing $50 million in R&D for new technologies aimed at enhancing product efficiency[93]. Employee and Management Structure - The total number of employees in the parent company is 903, while the total number of employees in major subsidiaries is 27, resulting in a combined total of 930 employees[110]. - The company has 435 production personnel, 249 sales personnel, 138 technical personnel, 27 financial personnel, and 81 administrative personnel, totaling 930 employees[111]. - The company’s management team includes individuals with extensive experience in various sectors, enhancing its operational capabilities[96]. Audit and Financial Reporting - The company received a standard unqualified audit report from Tianjian Accounting Firm[5]. - The audit report indicates that the auditors obtained sufficient and appropriate audit evidence to provide a basis for their opinion on the financial statements[193]. - The company’s financial statements for the year ending December 31, 2022, were audited and found to fairly reflect its financial position[184].

证券代码：605318 证券简称：法狮龙 法狮龙家居建材股份有限公司投资者关系活动记录表 | --- | --- | --- | --- | |-------------------------|--------------------------|------------------------------------------|---------------------------------------------------------| | | | | | | 投资者关系活动类别 | | □特定对象调研 □分析师会议 | | | | | □媒体采访 ■业绩说明会 | | | | | □新闻发布会 □路演活动 | | | | | □现场参观□电话会议 | | | | □其他 | | （请文字说明其他活动内容） | | | | | | | 参与单位名称及人员姓名 | | 通过网络互动参与公司 | 2021 年度业绩说明会的投资者 | | 会议时间 2022 | 年 5 | | 月 12 日 13:00-15:00 | | 会议形式： 网络文字互动 | | | | | 上市公司接待人员姓名 | 董事长： ...

Financial Performance - The company's operating revenue for Q3 2022 was ¥150,616,906.22, a decrease of 24.49% compared to the same period last year[5] - The net profit attributable to shareholders for Q3 2022 was ¥1,212,621.51, down 89.92% year-on-year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥862,127.16, a decline of 107.55% compared to the previous year[5] - The basic earnings per share for Q3 2022 was ¥0.01, representing an 88.89% decrease from the same period last year[6] - The diluted earnings per share for Q3 2022 was also ¥0.01, down 88.89% year-on-year[6] - The weighted average return on equity was 0.18%, a decrease of 1.24 percentage points compared to the previous year[6] - Net profit for the third quarter of 2022 was ¥15,926,840.21, a decrease of 60.6% from ¥40,377,192.84 in the same quarter of 2021[20] - The total equity attributable to shareholders was ¥796,831,044.28, a decrease of 1.0% from ¥808,618,260.26 in the previous year[20] Assets and Liabilities - The total assets at the end of the reporting period were ¥1,293,991,544.61, an increase of 3.33% from the end of the previous year[6] - The equity attributable to shareholders was ¥796,831,044.28, a decrease of 1.46% compared to the end of the previous year[6] - Total assets as of September 30, 2022, amounted to CNY 1,293,991,544.61, an increase from CNY 1,252,237,243.49 at the end of 2021[15] - Current assets totaled CNY 978,021,781.11, compared to CNY 947,725,380.53 at the end of 2021, reflecting a growth of approximately 3.5%[15] - The total liabilities as of September 30, 2022, were CNY 495,962,792.39, indicating a significant increase compared to previous periods[16] - The total liabilities as of the end of the third quarter of 2022 were ¥497,160,500.33, compared to ¥443,618,983.23 at the end of the same quarter in 2021, reflecting an increase of 12.1%[20] Cash Flow - The cash flow from operating activities was -¥77,040,977.87 for the year-to-date, indicating a significant cash outflow[6] - The net cash flow from operating activities for the first three quarters of 2022 was -¥77,040,977.87, compared to a positive cash flow of ¥7,655,788.43 in the same period of 2021[24] - The company reported a total cash inflow from operating activities of ¥575,607,793.69 for the first three quarters of 2022, compared to ¥524,488,940.23 in the same period of 2021[24] - The company reported a net increase in cash and cash equivalents of ¥826,133.50, down from ¥63,970,295.14 year-over-year[25] - The ending balance of cash and cash equivalents was ¥439,219,000.64, compared to ¥366,957,410.51 at the end of the previous year[25] Investment and Financing Activities - The total cash outflow from investment activities amounted to ¥349,422,622.62, compared to ¥162,147,487.33 in the previous year, reflecting a significant increase[25] - The net cash flow generated from investment activities was ¥14,739,318.30, down from ¥35,863,968.73 year-over-year[25] - Cash inflow from financing activities totaled ¥245,438,275.95, an increase from ¥120,173,817.65 in the same period last year[25] - The net cash flow from financing activities was ¥63,127,793.07, compared to ¥20,450,537.98 in the previous year, indicating strong financing performance[25] - The company obtained loans amounting to ¥209,900,000.00, significantly higher than the previous year's ¥90,000,000.00[25] - Cash paid for debt repayment was ¥80,000,000.00, compared to ¥60,259,697.86 in the previous year, indicating increased debt management efforts[25] - Cash paid for dividends and interest was ¥41,241,618.87, slightly up from ¥39,463,581.81 year-over-year[25] Research and Development - Research and development expenses for the third quarter of 2022 amounted to ¥24,358,150.37, an increase of 46.5% from ¥16,619,429.70 in the same quarter of 2021[20] - The company plans to continue investing in new product development and market expansion strategies to enhance future growth prospects[19] Shareholder Information - The company has a total of 6,893 common shareholders at the end of the reporting period[12]

Financial Performance - The company's operating revenue for the first half of 2022 was ¥340,479,588.33, representing a 43.24% increase compared to ¥237,706,818.02 in the same period last year[22]. - The net profit attributable to shareholders decreased by 48.10% to ¥14,714,218.70 from ¥28,351,413.82 year-on-year[22]. - The net cash flow from operating activities was negative at -¥126,502,557.99, a significant decline from ¥15,757,864.72 in the previous year, marking a 902.79% decrease[22]. - Basic earnings per share dropped by 50.00% to ¥0.11 from ¥0.22 in the same period last year[23]. - Diluted earnings per share also fell by 50.00% to ¥0.11 compared to ¥0.22 in the previous year[23]. - The net profit after deducting non-recurring gains and losses decreased by 59.04% to ¥11,194,536.21 from ¥27,327,751.70 year-on-year[22]. - Operating costs increased by 52.00% to ¥251,639,152.17 from ¥165,557,271.44, primarily due to increased sales volume and rising raw material prices[35]. - The company reported a net loss of ¥2,180,653.91 from fair value changes of financial assets and liabilities[27]. Assets and Liabilities - The total assets increased by 3.30% to ¥1,293,518,702.64 compared to ¥1,252,237,243.49 at the end of the previous year[22]. - The total liabilities increased to ¥495,921,618.88 from ¥432,170,800.95, reflecting a growth of 14.7%[100]. - The equity attributable to shareholders decreased to CNY 790,899,650.99 from CNY 808,618,260.26, a decline of about 2.4%[95]. - The company's total liabilities reached CNY 502,619,051.65, compared to CNY 443,618,983.23 at the beginning of the period, showing an increase of approximately 13.3%[95]. - The company's cash and cash equivalents decreased to CNY 516,438,049.85 from CNY 696,046,520.96, representing a decline of about 26%[93]. Cash Flow - The net cash flow from operating activities decreased significantly by 902.79%, resulting in a net outflow of ¥126,502,557.99 compared to a net inflow of ¥15,757,864.72 in the previous year[35]. - Cash flow from operating activities showed a net outflow of CNY -126,502,557.99, contrasting with a net inflow of CNY 15,757,864.72 in the same period last year[110]. - Cash inflow from financing activities reached ¥235,538,275.95, significantly higher than ¥60,000,000.00 in the prior period[115]. - The net cash flow from financing activities was positive at ¥55,638,615.16, a turnaround from a negative cash flow of ¥547,541.12 in the previous period[115]. Research and Development - Research and development expenses rose by 75.90% to ¥15,821,621.92, reflecting the company's commitment to enhancing its R&D capabilities[35]. - The company has been recognized as a high-tech enterprise and has a dedicated R&D center for continuous innovation in product design[32]. Market Strategy and Operations - The company has established a sales network covering over 1,200 distributors in third and fourth-tier cities by June 30, 2022[32]. - The company aims to enhance its core competitiveness through strategic upgrades in culture, branding, and operational capabilities[30]. - The company has actively expanded its market presence and optimized performance management to cope with challenges from the COVID-19 pandemic and raw material price fluctuations[29]. Shareholder Commitments and Governance - The actual controller and shareholders have committed to a 36-month lock-up period for their shares starting from the date of the IPO[57]. - The company has confirmed that all commitments made by shareholders and related parties have been fulfilled in a timely manner[59]. - The company will publicly disclose reasons for any unfulfilled commitments and apologize to shareholders and investors[73]. Social Responsibility - In the first half of 2022, the company donated RMB 60,000 in vouchers to frontline medical staff as a gesture of appreciation for their efforts during the pandemic[54]. - The company donated a rescue vehicle worth RMB 150,000 to the Blue Sky Rescue Team to support their operations[54]. - The company will continue to support public welfare activities and projects to spread positive energy to society[55]. Financial Instruments and Accounting Policies - Financial assets are classified into three categories upon initial recognition: measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in profit or loss[152]. - The company recognizes financial assets when it becomes a party to the financial instrument contract[155]. - The company assesses credit risk for financial instruments at each balance sheet date to determine if there has been a significant increase in credit risk since initial recognition[160].

2022 年第一季度报告 证券代码：605318 证券简称：法狮龙 法狮龙家居建材股份有限公司 2022 年第一季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 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报表 信息的真实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一)主要会计数据和财务指标 单位：元 币种：人民币 | 项目 | 本报告期 | 本报告期比上年同期增减 变动幅度(%) | | --- | --- | --- | | 营业收入 | 117,522,851.89 | 66.92 | | 归属于上市公司股东的净利润 | 5,436,358.01 | -46.42 | | 归属于上市公司股东的扣除非经常性 | 3,605,469.30 | -63.40 | | 损益的净利润 | ...

Financial Performance - The company's operating revenue for 2021 was CNY 663,115,631.65, an increase of 47.97% compared to CNY 448,148,002.13 in 2020[21]. - The net profit attributable to shareholders for 2021 was CNY 58,772,441.05, a decrease of 8.45% from CNY 64,193,711.08 in 2020[21]. - The net cash flow from operating activities decreased by 31.96% to CNY 84,313,914.55 in 2021 from CNY 123,920,360.48 in 2020[21]. - The basic earnings per share for 2021 was CNY 0.46, down 23.33% from CNY 0.60 in 2020[22]. - The weighted average return on equity for 2021 was 6.83%, a decrease of 4.31 percentage points from 11.14% in 2020[23]. - The total assets at the end of 2021 were CNY 1,252,237,243.49, an increase of 11.71% from CNY 1,120,948,095.20 at the end of 2020[21]. Shareholder Returns - The company plans to distribute a cash dividend of 3 RMB per 10 shares, totaling approximately 38.70 million RMB, which represents 170.86% of the net profit attributable to shareholders for 2021[7]. - The company aims to maintain a cash distribution policy where the cumulative cash dividends over the last three years are no less than 30% of the average distributable profit[116]. - The cash dividend proportion for mature companies without major capital expenditures should be at least 80%[115]. - The company will prioritize cash dividends when conditions permit, ensuring consistency and stability in its dividend policy[114]. Market Strategy and Operations - The company focused on market expansion and increased marketing investments, contributing to revenue growth[23]. - The company plans to enhance its R&D capabilities and optimize performance management to adapt to market opportunities[32]. - The company aims to maintain stable and efficient operations through internal organizational optimization and team training[32]. - The company is actively expanding its marketing network in lower-tier cities, capitalizing on the growing consumer spending power in these regions[46]. - The company plans to expand its retail business in first and second-tier cities while enhancing high-end retail in third and fourth-tier cities[72]. Research and Development - Research and development expenses rose by 47.25% to ¥26,558,382.63, reflecting increased investment in new product development[49]. - The number of R&D personnel was 105, representing 12.8% of the total workforce[59]. - The company emphasizes consumer preferences for personalized and comfortable living environments, driving the demand for integrated ceiling solutions[34]. - The company is investing 50 million yuan in R&D for innovative home improvement technologies over the next year[92]. Corporate Governance - The board of directors and supervisory board members have confirmed the authenticity and completeness of the annual report[4]. - The company adheres to strict information disclosure practices, ensuring transparency and timely communication with shareholders[83]. - The board of directors has held 9 meetings during the reporting period, focusing on strategic decision-making and risk management[82]. - The supervisory board conducted 7 meetings to oversee financial operations and major business decisions, ensuring effective governance[83]. Risk Management - The company is proactively addressing risks related to real estate policy uncertainties by promoting brand-oriented operations and expanding its product offerings to enhance customer value[76]. - Fluctuations in raw material prices, particularly for aluminum, electrical components, and hardware, could adversely affect the company's operating costs[78]. - The company has established a comprehensive supplier management system to mitigate risks associated with raw material price volatility and ensure stable supply[78]. Social Responsibility - The company donated CNY 40,000 to support local livelihood projects in Sichuan Ping Shan County during the reporting period[126]. - The company established a "school-enterprise cooperation" mechanism to provide internship opportunities for college students, addressing employment challenges due to lack of practical skills[126]. - The company is committed to enhancing its social responsibility by increasing public welfare investments and supporting community development initiatives[126]. Share Structure and Ownership - The total number of ordinary shares is 129,171,152, with 90,000,000 shares (69.67%) under lock-up conditions and 39,171,152 shares (30.33%) freely tradable[167]. - The top shareholder, Lawson Investment Holdings Co., Ltd., holds 72,000,000 shares, representing 55.74% of total shares[170]. - The company has a total of 13,175 ordinary shareholders as of the end of the reporting period, up from 9,423 at the end of the previous month[168]. - The company has not disclosed any significant related party transactions or major contracts during the reporting period[154]. Audit and Compliance - The company has received a standard unqualified audit report from Tianjian Accounting Firm[6]. - The company’s board of directors has not issued a non-standard audit opinion report[149]. - The company has no record of penalties from securities regulatory agencies in the past three years[99]. - The company has not faced any delisting risk or bankruptcy reorganization issues during the reporting period[150].

[Main Financial Data](index=1&type=section&id=Item%20I.%20Main%20Financial%20Data) [Key Accounting Data and Financial Indicators](index=1&type=section&id=Item%20(I)%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In Q3 and the first three quarters of 2021, the company achieved significant year-on-year growth in revenue and net profit, despite a substantial decrease in net cash flow from operating activities Core Income Statement Indicators for Q3 and YTD 2021 | Indicator | Current Period (Q3) (RMB) | Year-on-Year Growth (%) | Year-to-Date (Q1-Q3) (RMB) | Year-on-Year Growth (%) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 199,469,300.49 | 76.93 | 437,176,118.51 | 61.53 | | Net Profit Attributable to Shareholders | 12,025,779.02 | 71.09 | 40,377,192.84 | 35.99 | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 11,413,918.25 | 100.14 | 38,741,669.95 | 56.08 | | Basic Earnings Per Share (RMB/share) | 0.09 | 28.57 | 0.31 | 6.90 | Key Balance Sheet and Cash Flow Indicators at Period End | Indicator | Period-End Value (RMB) | Growth from Previous Year-End (%) | | :--- | :--- | :--- | | Total Assets | 1,223,578,284.06 | 9.16 | | Owners' Equity Attributable to Shareholders | 851,945,295.05 | 0.19 | | Net Cash Flow from Operating Activities (YTD) | 7,655,788.43 | -76.73 | [Non-recurring Gains and Losses Items and Amounts](index=2&type=section&id=Item%20(II)%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) Non-recurring gains and losses positively impacted net profit, totaling **1.64 million RMB** year-to-date, primarily from government subsidies and financial asset gains Major Non-recurring Gains and Losses Items YTD | Item | Amount (RMB) | | :--- | :--- | | Government Subsidies Included in Current Profit/Loss | 1,214,783.13 | | Gains/Losses from Financial Assets | 1,974,470.30 | | Gains/Losses from Disposal of Non-current Assets | -844,029.20 | | Other Non-operating Income and Expenses | -231,313.33 | | Income Tax Impact | -478,388.01 | | **Total** | **1,635,522.89** | [Analysis of Major Financial Indicator Changes](index=4&type=section&id=Item%20(III)%20Analysis%20of%20Major%20Financial%20Indicator%20Changes) Strong revenue and profit growth are attributed to increased sales volume, while a significant decline in operating cash flow is due to higher raw material and payroll expenses - Growth in operating revenue, net profit attributable to shareholders, and non-recurring net profit is primarily due to **increased sales volume**[10](index=10&type=chunk) - Net cash flow from operating activities decreased by **76.73%** year-on-year, mainly due to **increased payments for raw materials and employee salaries**[10](index=10&type=chunk) [Shareholder Information](index=4&type=section&id=Item%20II.%20Shareholder%20Information) [Shareholding Structure](index=4&type=section&id=Item%20(I)%20Shareholding%20Structure) The company has **10,758 shareholders**, with highly concentrated ownership where the controlling shareholder and related parties hold a dominant stake - Total number of common shareholders at the end of the reporting period was **10,758**[12](index=12&type=chunk) Top Three Shareholders' Holdings | Shareholder Name | Number of Shares Held | Shareholding Ratio (%) | | :--- | :--- | :--- | | FaShilong Investment Holding Co., Ltd. | 72,000,000 | 55.74 | | Shen Zhenghua | 11,520,000 | 8.92 | | Wang Xuejuan | 4,500,000 | 3.48 | - FaShilong Investment Holding Co., Ltd., Shen Zhenghua, Wang Xuejuan, Wang Xuehua, and Shen Zhengming form a **concerted action group**, further consolidating control[14](index=14&type=chunk) [Quarterly Financial Statements](index=6&type=section&id=Item%20IV.%20Quarterly%20Financial%20Statements) [Consolidated Balance Sheet](index=6&type=section&id=Consolidated%20Balance%20Sheet) As of September 30, 2021, total assets increased by **9.16%** to **1.22 billion RMB**, driven by inventory and fixed assets, while total liabilities rose significantly by **37.32%** Major Balance Sheet Item Changes | Item | September 30, 2021 (RMB) | December 31, 2020 (RMB) | Change Rate (%) | | :--- | :--- | :--- | :--- | | Total Assets | 1,223,578,284.06 | 1,120,948,095.20 | 9.16 | | Total Liabilities | 371,632,989.01 | 270,628,647.39 | 37.32 | | Owners' Equity Attributable to Parent Company | 851,945,295.05 | 850,319,447.81 | 0.19 | - Current liabilities grew significantly, with **short-term borrowings increasing from 0.1 million RMB to 30.1 million RMB**, and **notes payable from 72.31 million RMB to 147 million RMB**[16](index=16&type=chunk)[17](index=17&type=chunk) [Consolidated Income Statement](index=9&type=section&id=Consolidated%20Income%20Statement) For the first three quarters of 2021, total operating revenue grew by **61.53%** to **437.18 million RMB**, and net profit attributable to shareholders increased by **35.99%** to **40.38 million RMB**, reflecting increased investment in sales and R&D Core Income Statement Data for Q1-Q3 2021 | Item | January-September 2021 (RMB) | January-September 2020 (RMB) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 437,176,118.51 | 270,645,182.15 | 61.53 | | Total Operating Costs | 390,294,099.78 | 238,507,874.78 | 63.64 | | Operating Profit | 48,021,017.51 | 32,878,813.73 | 46.06 | | Net Profit Attributable to Parent Company Shareholders | 40,377,192.84 | 29,690,647.62 | 35.99 | - Increased expense investment: **selling expenses rose from 20.67 million RMB to 40.51 million RMB**, and **R&D expenses from 10.22 million RMB to 16.62 million RMB**[19](index=19&type=chunk) [Consolidated Cash Flow Statement](index=11&type=section&id=Consolidated%20Cash%20Flow%20Statement) Net cash flow from operating activities for the first three quarters of 2021 significantly decreased by **76.73%** to **7.66 million RMB** due to higher expenditures, while investment activities turned positive and financing activities included new borrowings Consolidated Cash Flow Statement Overview for Q1-Q3 2021 | Item | January-September 2021 (RMB) | January-September 2020 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 7,655,788.43 | 32,905,900.84 | | Net Cash Flow from Investing Activities | 35,863,968.73 | -139,265,712.75 | | Net Cash Flow from Financing Activities | 20,450,537.98 | 362,525,816.47 | | Net Increase in Cash and Cash Equivalents | 63,970,295.14 | 256,166,004.56 | - Operating cash inflow (cash received from sales) was **502 million RMB**, a **126.3% year-on-year increase**, but outflows (payments for goods, employee compensation) grew faster, leading to a net decrease[23](index=23&type=chunk)[24](index=24&type=chunk) - The company obtained **90 million RMB in new borrowings** and repaid **60.26 million RMB in debt** during the period, indicating active debt financing[25](index=25&type=chunk)

Financial Performance - The company's operating revenue for the first half of 2021 was ¥237,706,818.02, representing a 50.53% increase compared to ¥157,909,108.14 in the same period last year[20]. - The net profit attributable to shareholders for the first half of 2021 was ¥28,351,413.82, which is a 25.11% increase from ¥22,661,630.45 in the previous year[20]. - The net profit after deducting non-recurring gains and losses was ¥27,327,751.70, up 42.93% from ¥19,119,286.20 in the same period last year[21]. - The total revenue for the first half of 2021 reached ¥237,706,818.02, a 50.5% increase compared to ¥157,909,108.14 in the same period of 2020[108]. - Operating profit for the first half of 2021 was ¥32,104,523.77, up 33.1% from ¥24,117,293.29 in the first half of 2020[109]. - The net profit for the first half of 2021 was ¥28,351,413.82, representing a 25.5% increase from ¥22,661,630.45 in the same period of 2020[109]. - The company’s total comprehensive income for the first half of 2021 was CNY 29,237,865.51, consistent with the net profit reported[112]. - The total comprehensive income for the first half of 2021 was ¥28,351,413.82[123]. Cash Flow and Assets - The net cash flow from operating activities decreased by 29.60%, amounting to ¥15,757,864.72 compared to ¥22,384,800.98 in the previous year[21]. - Cash and cash equivalents at the end of the reporting period amounted to 241.79 million, with restrictions due to guarantees and pledges[47]. - The company reported a significant increase in contract liabilities to CNY 41,643,483.53 from CNY 33,013,031.34, representing a growth of approximately 26.2%[103]. - The company’s cash flow from operating activities decreased by 29.60% to ¥15,757,864.72, primarily due to increased payments for raw materials and employee wages[42]. - The total amount used for share repurchase should not exceed 30% of the net profit attributable to the parent company's shareholders from the previous fiscal year[79]. - The ending balance of cash and cash equivalents as of June 30, 2021, was ¥368,458,785.86, up from ¥170,635,493.56 at the end of the previous year[120]. Market and Business Operations - The company attributed the increase in operating revenue to growth in sales volume[22]. - The main business involves the research, production, and sales of integrated ceilings and walls, with no significant changes since establishment[28]. - The integrated ceiling industry is transitioning to a "top-wall integration" era, expanding product lines to include living room and bedroom applications[35]. - The company has expanded its market from residential to commercial sectors, including hotels and office buildings[35]. - The company operates under a "sales-driven production" model, adjusting production plans based on sales forecasts and historical data[31]. - The company has established a comprehensive procurement, research, production, and sales system to enhance operational efficiency[31]. Research and Development - Research and development expenses increased by 64.60% to ¥8,994,478.13, indicating a focus on innovation[42]. - The company has been recognized as a high-tech enterprise and has a dedicated R&D center for product innovation[38]. Shareholder and Governance - The company appointed a new financial officer, Chen Zhenhua, on June 23, 2021, after the resignation of Wang Qinfeng[59]. - The company did not propose any profit distribution or capital reserve transfer plans for the first half of 2021[60]. - The company has undergone changes in its board of directors, with the election of Zhu Lixiang as an independent director on June 19, 2021[59]. - The total number of ordinary shareholders at the end of the reporting period was 12,524[93]. Social Responsibility - The company has contributed to social employment by hiring over 300 individuals from January to June 2021[62]. - The company donated 200,000 yuan to support local cultural initiatives in Jiaxing on June 1, 2021[63]. - The company has maintained its commitment to social responsibility by donating 20,000 yuan to the Red Cross for assistance programs on May 28, 2021[63]. Risks and Challenges - The company faces risks from intensified market competition and potential declines in profit margins[53]. - The company is focusing on brand marketing and expanding product categories to mitigate risks from the real estate sector[53]. Financial Position - The total assets at the end of the reporting period were ¥1,174,630,790.43, reflecting a 4.79% increase from ¥1,120,948,095.20 at the end of the previous year[21]. - The net assets attributable to shareholders decreased by 1.22%, totaling ¥839,919,516.03 compared to ¥850,319,447.81 at the end of the previous year[21]. - The gross profit margin was impacted by a 53.51% increase in operating costs, which reached ¥165,557,271.44[41]. - The company’s equity decreased slightly to ¥828,775,634.76 from ¥838,289,114.85, a decline of 1.5%[106]. Compliance and Regulations - The company voluntarily accepts supervision from regulatory authorities and the public, committing to legal responsibilities for any violations[85]. - The company has not reported any significant litigation or arbitration matters during the reporting period[86]. - The company has not faced any adverse integrity issues related to its controlling shareholders or actual controllers[86]. Accounting Policies - The company adheres to the accounting standards for enterprises, ensuring that its financial statements reflect a true and complete picture of its financial status and operating results[145]. - The company’s financial statements are prepared based on the assumption of going concern, with no significant doubts regarding its ability to continue operations for the next 12 months[143]. - Revenue is recognized based on the transfer of control of goods or services to customers, either over time or at a point in time[194].