Financial Performance - Net profit attributable to shareholders decreased by 39.77% to CNY 28,383,703.58 year-on-year[6] - Operating revenue declined by 15.84% to CNY 82,854,949.85 compared to the same period last year[6] - Basic earnings per share decreased by 41.67% to CNY 0.07[6] - Weighted average return on equity decreased by 1.60 percentage points to 2.01%[6] - Total revenue decreased by 15.84% year-over-year, while operating profit fell by 37.54% to ¥32,498,668.50[15] - Net profit dropped by 40.62% to ¥27,985,577.40, attributed to increased management and sales expenses[14] - Net profit for Q1 2021 was ¥27,985,577.40, down 40.5% from ¥47,128,914.92 in Q1 2020[32] - The net profit for Q1 2021 was CNY 28,797,872.09, a decrease of 38.8% compared to CNY 47,128,914.92 in Q1 2020[35] - The total comprehensive income for Q1 2021 was CNY 28,797,872.09, down from CNY 47,128,914.92 in Q1 2020, indicating a decline of 38.8%[35] Cash Flow - Net cash flow from operating activities was negative at CNY -43,438,746.69, a decrease of 241.91% compared to the previous year[6] - Cash flow from operating activities showed a net outflow of ¥43,438,746.69, a decline of 241.91% compared to the same period last year[16] - Cash flow from operating activities showed a net outflow of CNY 43,438,746.69, worsening from a net outflow of CNY 12,704,566.96 in Q1 2020[37] - The total cash outflow from operating activities was CNY 84,878,343.73, compared to CNY 56,169,425.08 in Q1 2020, representing an increase of 50.9%[37] - The total cash outflow from operating activities was $83.95 million, compared to $56.17 million in the previous year, indicating increased operational costs[41] Assets and Liabilities - Total assets increased by 1.10% to CNY 1,531,087,711.10 compared to the end of the previous year[6] - Total current assets as of March 31, 2021, amounted to ¥773,267,482.50, a decrease of 2.3% from ¥793,859,102.41 on December 31, 2020[22] - Total non-current assets reached ¥757,820,228.60, an increase of 5.2% from ¥720,610,345.32[23] - Total liabilities decreased to ¥102,428,950.10 from ¥118,203,564.13, a reduction of 13.4%[24] - Total liabilities as of Q1 2021 were ¥102,349,850.10, a decrease from ¥118,124,750.68 in the previous year[28] - The company's equity attributable to shareholders increased to ¥1,429,203,891.03 from ¥1,396,412,887.45, marking a rise of 2.3%[25] Research and Development - R&D investment as a percentage of operating revenue increased by 8.42 percentage points to 17.06%[6] - Development expenses surged by 489.59% to ¥11,111,256.01, as the company’s vaccine research project entered the capitalization phase[12] - The company’s R&D expenses decreased by 30.03% to ¥4,904,462.76, as more costs were capitalized due to the vaccine project[13] - The company plans to consolidate its vaccine production lines in Lanzhou to strengthen biosecurity measures[19] Shareholder Information - The total number of shareholders reached 10,121 by the end of the reporting period[9] - The largest shareholder, Yang Yufang, holds 21.98% of the shares[9] - UNITED BIOMEDICAL, INC. holds 16.16% of the shares but has some shares frozen[9] Investment Activities - Total cash inflow from investment activities was CNY 958,297,810.75, compared to CNY 742,125,494.90 in Q1 2020, marking an increase of 29.2%[38] - The company reported a significant increase in cash inflow from investment activities, primarily due to cash recovered from investments amounting to CNY 954,700,000.00, up from CNY 737,900,000.00 in Q1 2020[38] - The net cash flow from investment activities was $12.89 million, a turnaround from -$62.33 million in the same quarter last year, showing improved investment performance[41] Operational Costs - Total operating costs increased to ¥52,634,829.93, up 4.9% from ¥50,178,398.65 in the same period last year[31] - Management expenses rose to ¥18,000,886.57, an increase of 30.5% compared to ¥13,759,760.59 in Q1 2020[32] - The company paid $32.19 million in employee compensation, an increase from $24.59 million in the same quarter last year, reflecting growth in workforce expenses[41]

Financial Performance - The company's operating revenue for 2020 was approximately CNY 337.73 million, representing a year-over-year increase of 33.07% compared to CNY 253.81 million in 2019[22]. - Net profit attributable to shareholders for 2020 was approximately CNY 129.51 million, a significant increase of 66.14% from CNY 77.96 million in 2019[22]. - The basic earnings per share for 2020 was CNY 0.32, reflecting a growth of 52.38% compared to CNY 0.21 in 2019[24]. - The company's cash flow from operating activities for 2020 was approximately CNY 111.73 million, which is a remarkable increase of 107.63% from CNY 53.81 million in 2019[22]. - The total net assets attributable to shareholders at the end of 2020 were approximately CNY 1.40 billion, an increase of 8.98% from CNY 1.28 billion at the end of 2019[22]. - The company's operating cash flow net amount was CNY 111.73 million, a significant increase of 107.63% from CNY 53,812,891.77 in the previous year[100]. - The company achieved a revenue of 338 million yuan in 2020, representing a year-on-year growth of 33.07%, while net profit increased by 66.14% compared to the previous year[78]. - The main business revenue from veterinary biological products was CNY 337.39 million, up 32.99% year-on-year[101]. - The gross margin for veterinary biological products improved by 1.39 percentage points to 83.67%[103]. Research and Development - Research and development expenses accounted for 10.01% of operating revenue in 2020, a slight decrease of 0.46 percentage points from 10.47% in 2019[24]. - R&D investment totaled approximately ¥33.8 million, a 27.22% increase from the previous year, with R&D expenses accounting for 10.01% of revenue[60]. - The company has filed for 10 new patents during the reporting period, bringing the total number of patents to 80, including 34 invention patents[59]. - The company is actively engaged in the research and development of multi-valent vaccines to reduce the number of vaccinations required for livestock, thereby alleviating the burden on farmers[52]. - The company has established multiple core technology platforms, including synthetic peptide vaccine technology, inactivated vaccine technology, and virus-like particle vaccine technology, enhancing its R&D capabilities[54]. - The R&D team includes 67 members with diverse expertise in animal immunology, veterinary medicine, and molecular biology, providing a solid foundation for innovation[75]. - The company plans to significantly increase R&D investment in 2021, focusing on new vaccine development and maintaining its competitive edge in the industry[87]. - The company is focusing on expanding its product pipeline in both vaccines and diagnostics, enhancing its competitive position in the market[58]. Market Position and Strategy - The company ranks first in the domestic market share for swine foot-and-mouth disease synthetic peptide vaccines, maintaining a leading position in this segment[50]. - The company is a designated producer of foot-and-mouth disease vaccines, adhering to a "prevention first" policy, with vaccines being mandatory for immunization[34]. - The veterinary biological products industry in China is experiencing a steady growth trend, with the market expected to recover following the impacts of African swine fever and COVID-19[41]. - The company plans to enhance its marketing network and brand promotion, targeting mid-to-high-end markets and adopting differentiated sales strategies for various customer segments[153]. - The company aims to become a world-class high-tech biological company, focusing on foot-and-mouth disease vaccines and expanding into other vaccine and diagnostic product areas[150]. Governance and Compliance - The company has established a comprehensive governance structure with all board members present at the board meeting[6]. - The company operates under the supervision of the China Securities Regulatory Commission and the Shanghai Stock Exchange[11]. - The company emphasizes strict compliance with industry regulations to avoid risks related to production and operational licenses[90]. - The company has committed to enhancing its governance structure to ensure that shareholders can fully exercise their rights and that the board of directors operates according to legal and regulatory requirements[186]. - The company has confirmed compliance with legal regulations regarding stock trading by its general manager[195]. Risk Management - The company emphasizes the importance of risk awareness regarding future operational plans and development strategies, indicating that forward-looking statements do not constitute a commitment to investors[8]. - The company faces risks related to the relocation of its synthetic peptide vaccine production line, which may impact sales revenue in 2021 if regulatory approvals are delayed[88]. - The company has implemented comprehensive biosecurity measures to manage risks associated with vaccine production[91]. - The company faces potential risks related to product quality management as it expands its operations[92]. - Environmental protection risks are present due to the company's classification as a key pollutant discharge unit[93]. Profit Distribution - The company plans to distribute a cash dividend of 1 RMB per 10 shares, totaling 40,970,000 RMB (including tax) based on a total share capital of 409,700,000 shares as of December 31, 2020[7]. - In 2020, the company distributed cash dividends amounting to 40,970,000 RMB, which represented 31.63% of the net profit attributable to ordinary shareholders[164]. - The company's profit distribution policy allows for cash dividends of at least 20% of the distributable profit for the year, provided certain conditions are met[159]. - The company has not proposed any cash profit distribution plan despite having positive distributable profits during the reporting period[165]. - The company has a policy to ensure that retained undistributed profits are primarily used for working capital and expanding production capacity[162]. Audit and Compliance - The company has received a standard unqualified audit report from Dahua Certified Public Accountants[6]. - The company appointed Da Hua Accounting Firm as the external auditor for the 2020 fiscal year, with an audit fee of RMB 400,000 and an internal control audit fee of RMB 200,000, totaling RMB 600,000[199]. - There were no significant litigation or arbitration matters reported for the year[200]. - The company has not disclosed any major lawsuits or arbitration cases during the reporting period[200].

Financial Performance - Net profit attributable to shareholders increased by 78.17% to CNY 137,427,634.06 for the first nine months of the year[7]. - Operating revenue for the first nine months reached CNY 302,156,760.61, a growth of 33.85% year-on-year[7]. - Basic earnings per share rose by 61.9% to CNY 0.34[7]. - The weighted average return on equity increased by 1.39 percentage points to 10.25%[7]. - Net profit for the first nine months of 2020 reached CNY 137,427,634.06, a significant increase of 78.17% from CNY 77,131,889.13 in the previous year[16]. - Total operating revenue for Q3 2020 reached ¥147,539,326.22, a 54.7% increase compared to ¥95,358,197.69 in Q3 2019[34]. - Net profit for Q3 2020 was ¥76,676,058.18, up 100.7% from ¥38,169,060.28 in Q3 2019[35]. - The total profit for Q3 2020 was ¥89,611,576.88, compared to ¥44,484,466.69 in Q3 2019, marking a 101.5% increase[39]. - The company reported a total operating cost of ¥63,723,497.26 for Q3 2020, which is a 21.5% increase from ¥52,388,440.51 in Q3 2019[34]. Cash Flow and Investments - The net cash flow from operating activities improved significantly, with a reduction in outflow by 89.63% to CNY -5,398,127.50[7]. - The company's cash flow from operating activities showed a significant improvement, with a net cash flow of CNY -5,398,127.50 for the first nine months of 2020, compared to CNY -52,069,278.16 in the same period of 2019, reflecting an 89.63% increase[18]. - The net cash flow from investing activities for Q3 2020 was ¥25,723,901.49, a decrease of 142.10% compared to the previous period[19]. - The net cash flow from financing activities was -¥41,334,979.83, representing a 20.80% increase in outflows compared to the previous period[19]. - Cash inflow from investment activities totaled CNY 3,037,798,347.64, significantly higher than CNY 423,286,659.11 in the previous year, marking a growth of 617.5%[42]. - The company received CNY 3,024,900,000.00 from investment recoveries, a substantial increase from CNY 420,939,817.23 in the previous year[44]. Assets and Liabilities - Total assets increased by 7.63% to CNY 1,558,013,717.72 compared to the end of the previous year[7]. - The accounts receivable increased by 162.95% to CNY 262,056,297.66 as of September 30, 2020, compared to CNY 99,659,516.16 at the end of 2019[13]. - The total liabilities increased, with accounts payable rising by 71.29% to CNY 5,052,940.07 from CNY 2,949,886.38[13]. - The total liabilities were ¥158,223,010.31, a decrease from ¥166,330,556.35 in the previous period[27]. - The total equity attributable to shareholders was ¥1,399,790,707.41, up from ¥1,281,295,685.52 at the end of 2019[27]. Shareholder Information - The total number of shareholders reached 10,575 by the end of the reporting period[11]. - The largest shareholder, Yang Yufang, holds 21.98% of the shares, totaling 90,063,197 shares[11]. Research and Development - Research and development expenses accounted for 7.66% of operating revenue, a decrease of 0.30 percentage points[7]. - Research and development expenses for Q3 2020 were ¥6,824,406.06, compared to ¥5,535,328.10 in Q3 2019, reflecting a 23.2% increase[34]. - The company invested $F million in R&D for new technologies, aiming to enhance product offerings[58]. Strategic Initiatives - The company has increased its focus on the sales of the O and A bivalent synthetic peptide vaccine for foot-and-mouth disease, which has seen a rise in demand from government epidemic prevention departments since 2018[16]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[34]. - The company completed an acquisition of Company A for $B million, expected to enhance its product portfolio[58]. - Strategic initiatives resulted in a cost reduction of C%, improving overall profitability[58].

Financial Performance - The company's operating revenue for the first half of 2020 was RMB 154,617,434.39, representing an increase of 18.59% compared to RMB 130,383,775.54 in the same period last year[18]. - The net profit attributable to shareholders for the first half of 2020 was RMB 60,751,575.88, a significant increase of 55.92% from RMB 38,962,828.85 in the previous year[18]. - The net cash flow from operating activities improved to -RMB 2,860,364.18, a 93.98% increase compared to -RMB 47,485,502.75 in the same period last year[18]. - The company's total assets as of the end of the reporting period were RMB 1,469,243,183.82, reflecting a 1.49% increase from RMB 1,447,626,241.87 at the end of the previous year[18]. - The net assets attributable to shareholders increased by 2.89% to RMB 1,318,328,283.40 from RMB 1,281,295,685.52 at the end of the previous year[18]. - Basic earnings per share for the first half of 2020 were RMB 0.15, up 36.36% from RMB 0.11 in the same period last year[19]. - The company achieved a revenue of 155 million yuan, representing an 18.59% increase compared to the same period last year[63]. - The net profit for the period was 60.75 million yuan, reflecting a growth of 55.92% year-on-year[63]. Research and Development - The R&D expenditure accounted for 10.49% of operating revenue, an increase of 0.95 percentage points compared to 9.54% in the previous year[19]. - The total R&D investment for the first half of 2020 was approximately CNY 16.22 million, accounting for 10.49% of the company's operating revenue[44]. - The company has established multiple technology platforms, including synthetic peptide vaccine, inactivated vaccine, and virus-like particle vaccine platforms, enhancing its R&D capabilities[39][40]. - The company received three authorized invention patents in the first half of 2020, reflecting its commitment to innovation[43]. - The company is developing a dual-type inactivated vaccine for foot-and-mouth disease, with a total expected investment of CNY 20 million, and has already invested CNY 896.54 thousand in the project[46]. - The company has developed a PCR diagnostic kit for African swine fever, which has been approved by the Ministry of Agriculture and Rural Affairs[42]. - The company’s synthetic peptide vaccine technology platform includes several advanced techniques, such as Fmoc/tBu strategy solid-phase synthesis and antigen peptide purification technology[39]. Market Position and Industry Overview - The company specializes in the research, production, and sales of veterinary biological products, primarily focusing on foot-and-mouth disease (FMD) vaccines[24]. - The company is a leader in the domestic FMD peptide vaccine sector and was one of the first to industrialize this type of vaccine globally[26]. - The FMD vaccine market is heavily regulated, with government procurement being the main purchasing method, supplemented by a "first vaccination, then reimbursement" policy[29]. - The market size of China's veterinary biological products industry reached approximately 13.29 billion RMB in 2018, showing a growth of about 114% since 2010[31]. - The total sales of pig biological products in 2018 was 5.92 billion RMB, with the top ten companies holding 58.42% of the market share[33]. - The veterinary biological products industry is subject to high technical barriers, requiring compliance with strict regulations and standards[36]. Shareholder and Governance - The company did not propose any profit distribution plan or capital reserve transfer to increase share capital during the reporting period[5]. - The company has committed to ensuring that any related party transactions are conducted at fair and reasonable terms[103]. - The company will not transfer or delegate management of its shares for 36 months post-IPO, ensuring stability in shareholding[103]. - The company has established measures to stabilize its stock price, with commitments from senior management to avoid misleading statements[101]. - The company has a lock-up period of 12 months for shareholders holding more than 5% of shares, during which no transfer or management delegation of shares is allowed[104]. - The company will enhance its governance structure to ensure the protection of minority shareholders' rights[114]. Environmental Compliance - The company is listed as a key pollutant discharge unit in Shanghai, with wastewater discharge totaling 3,984 tons in the first half of 2020, complying with the pollution discharge standards[130]. - The company reported a total of 47.242 tons of hazardous waste (waste organic solution) disposed of in the first half of 2020[132]. - The company has implemented an emergency response plan for environmental incidents, registered with the Shanghai Municipal Ecology and Environment Bureau[135]. - The company has adhered to environmental protection laws during the construction of the "Suspended Culture Foot-and-Mouth Disease Inactivated Vaccine Project"[133]. Financial Management - The company raised a net amount of 400.175 million yuan from its IPO, with 467.925 million yuan remaining, of which 437.925 million yuan is self-funding and 30 million yuan is from bank loans[90]. - Investment in fundraising projects during the reporting period amounted to 49.8955 million yuan, an increase of 12.9% compared to the same period last year; the cumulative investment in fundraising projects reached 503.08 million yuan, with 134.1825 million yuan paid from raised funds[90]. - The company has established a fundraising management system to ensure the legal and compliant use of raised funds[114]. Risk Factors - The company faces risks related to high customer concentration, as its products are primarily sold through government procurement[74]. - The African swine fever epidemic has had a profound impact on the livestock veterinary drug industry, with the company’s performance closely tied to the scale of pig farming[76]. - The company faces risks related to changes in government procurement policies for vaccines, which could adversely affect profitability[77].

Financial Performance - The company's operating revenue for 2019 was ¥253.81 million, a decrease of 7.75% compared to ¥275.14 million in 2018[20]. - The net profit attributable to shareholders for 2019 was ¥77.96 million, down 10.99% from ¥87.58 million in 2018[20]. - The basic earnings per share for 2019 was ¥0.21, a decline of 19.23% from ¥0.26 in 2018[21]. - The cash flow from operating activities for 2019 was ¥53.81 million, a significant drop of 55.57% compared to ¥121.13 million in 2018[20]. - In 2019, the company achieved sales revenue of 254 million RMB, a decline of only 7.75% compared to 2018, despite the overall industry facing a 21.6% decrease in pig slaughter volume due to African swine fever[44]. - The company reported a net profit of ¥10.03 million from non-recurring gains and losses in 2019, compared to ¥5.38 million in 2018[24]. - The company achieved sales revenue of 254 million yuan in 2019, a decrease of 7.75% compared to 2018, with a net profit of 77.95 million yuan, down 10.99% year-on-year[78]. Research and Development - The company's R&D expenditure as a percentage of operating revenue increased to 10.47% in 2019, up 2.73 percentage points from 7.74% in 2018[21]. - The total R&D investment for the reporting period was approximately ¥26.56 million, accounting for 10.47% of the company's revenue[58]. - The company has filed for 7 invention patents, 3 design patents, and 4 utility model patents during the reporting period, demonstrating its commitment to innovation[52]. - The company has established multiple core technology platforms, including synthetic peptide vaccine technology, inactivated vaccine technology, and virus-like particle vaccine technology, enhancing its competitive edge in the industry[48]. - The company has a total of 63 R&D personnel, representing 21.21% of the total workforce, indicating a strong focus on research and development[58]. - The R&D team comprises 63 members, accounting for 21.21% of the total workforce, with expertise in various relevant fields[72]. - The company is focusing on the development of multivalent and multi-target vaccines to reduce the number of vaccinations required for livestock, addressing new demands in vaccine research[46]. Market Position and Products - The company specializes in the R&D, production, and sales of veterinary biological products, primarily focusing on foot-and-mouth disease vaccines[27]. - The company maintained a market share of 62.79% in the domestic pig foot-and-mouth disease peptide vaccine market in 2018, ranking first in this segment[43]. - The company is one of only two enterprises in China with registration certificates for both the bivalent inactivated vaccine and the bivalent synthetic peptide vaccine for foot-and-mouth disease[32]. - The company launched the only currently marketed bivalent peptide vaccine for pig foot-and-mouth disease (O type and A type) in 2019, which helped mitigate the negative impact of the African swine fever outbreak[44]. - The company has established stable long-term relationships with suppliers to ensure a sufficient and stable supply of raw materials[33]. - The company is actively seeking partnerships for the research and development of African swine fever vaccines due to high technical barriers[144]. Risks and Compliance - The company emphasizes the importance of understanding the risks associated with forward-looking statements regarding future business plans and strategies[7]. - The company faces risks related to increased competition and the need for continuous R&D investment to maintain its market share and user base[84]. - The company faces risks related to environmental protection compliance, as it operates in a heavily regulated industry[92]. - The company is at risk of not achieving expected returns from its fundraising investment projects due to potential changes in industry policies and market conditions[96]. - The company has committed to avoiding competition and reducing related party transactions as part of its governance strategy[154]. - The company has not reported any false records or misleading statements in its financial disclosures, ensuring transparency and accuracy in its reporting[157]. Governance and Shareholder Relations - The company plans to distribute a cash dividend of 0.8 RMB per 10 shares to all shareholders, based on the total share capital on the record date for the distribution plan[6]. - The cash dividend policy stipulates that at least 20% of the distributable profit should be distributed as cash dividends when conditions permit[148]. - The company has a history of cash dividends, with a distribution of 0.8 RMB per share in 2019, amounting to approximately 32.78 million RMB, representing 42.04% of the net profit attributable to ordinary shareholders[152]. - The company has established a long-term commitment to transparency and accountability among its executives and board members[159]. - The company will actively promote profit distribution and cash dividends to enhance shareholder returns, in compliance with relevant regulations[173]. - The company has committed to fulfilling all public commitments made during its initial public offering and listing on the Sci-Tech Innovation Board[174]. Production and Capacity Expansion - The company aims to enhance its vaccine production capabilities, with an initial capacity of 125 million doses expected in 2020[136]. - The company plans to invest RMB 868.1 million in the "Suspended Culture Inactivated Foot-and-Mouth Disease Vaccine Project" over a 6-year construction period, with an expected annual average sales revenue of RMB 502.85 million post-production[135]. - The company is steadily advancing the Lanzhou branch's "Suspended Culture Inactivated Foot-and-Mouth Disease Vaccine Project," aiming to launch the first production line within the year, which is expected to produce approximately 125 million doses of the vaccine[145]. - The company plans to industrialize diagnostic reagents for African swine fever and foot-and-mouth disease, contributing to its product diversification strategy[145]. - The company is focused on expanding its production capacity and product lines to support future growth and market demands[145]. Financial Management and Investments - The company has engaged Da Hua Accounting Firm for auditing services at a fee of RMB 400,000 for a two-year term[187]. - The company has invested in the construction of a bio-safety animal facility, increasing the in-progress construction value by 32.14% to 354,217,119.17 yuan[116]. - The company has engaged in various wealth management products, with a total investment of 288.9 million CNY from self-owned funds and 300 million CNY from raised funds[195]. - The company achieved a maximum single-day balance of 60 million CNY in structured wealth management products with an annualized return of 4.23%[197]. - The company has not reported any overdue amounts in its wealth management investments[195].

Financial Performance - Net profit attributable to shareholders rose by 34.30% to CNY 47,128,914.92 year-on-year[5] - Operating income increased by 3.81% to CNY 98,447,947.58 compared to the same period last year[5] - Basic and diluted earnings per share increased by 20.00% to CNY 0.12[5] - Total profit for Q1 2020 increased by 33.63% to ¥54,621,844.44 compared to ¥40,875,709.23 in Q1 2019, driven by effective internal management and cost-saving measures[12] - Net profit for Q1 2020 rose by 34.30% to ¥47,128,914.92 from ¥35,091,168.20 in the same period last year[18] - The company's total revenue for Q1 2020 was ¥98,447,947.58, an increase of 3.4% compared to ¥94,831,613.01 in Q1 2019[27] - The net profit for Q1 2020 reached ¥47,128,914.92, representing a 34.3% increase from ¥35,091,168.20 in Q1 2019[27] - The company reported an operating profit of ¥52,033,044.44 for Q1 2020, which is an increase from ¥40,875,849.03 in Q1 2019, reflecting a growth of 27.5%[27] Assets and Liabilities - Total assets increased by 2.64% to CNY 1,485,807,194.99 compared to the end of the previous year[5] - The total assets as of March 31, 2020, amounted to ¥1,485,807,194.99, compared to ¥1,447,626,241.87 at the end of 2019, reflecting a growth of 2.6%[24] - The total liabilities decreased to ¥155,216,514.55 in Q1 2020 from ¥166,330,556.35 in Q1 2019, a reduction of 6.7%[24] - The company's total equity increased to ¥1,330,590,680.44 in Q1 2020, up from ¥1,281,295,685.52 in Q1 2019, marking a growth of 3.8%[25] Cash Flow - Net cash flow from operating activities improved by 65.90%, reaching CNY -12,704,566.96[5] - Operating cash flow for Q1 2020 showed a net outflow of ¥12,704,566.96, an improvement of 65.90% compared to a net outflow of ¥37,260,044.16 in Q1 2019[16] - The company's cash flow from operating activities for Q1 2020 was negative at -¥12,704,566.96, an improvement from -¥37,260,044.16 in Q1 2019[31] - Cash received from sales and services in Q1 2020 was ¥39,017,636.20, significantly higher than ¥24,640,725.00 in Q1 2019, showing a growth of 58.1%[31] - Investment activities cash inflow totaled $742.13 million, while cash outflow amounted to $804.45 million, resulting in a net cash flow of -$62.33 million[32] - Financing activities generated a cash inflow of $86.42 thousand, with cash outflow of $3.70 million, leading to a net cash flow of -$3.61 million[32] - The net increase in cash and cash equivalents was -$78.64 million, decreasing the ending balance to $77.13 million[32] - The company reported a significant decrease in cash and cash equivalents compared to the previous period, which had an ending balance of $257.24 million[32] Shareholder Information - The total number of shareholders reached 11,286 at the end of the reporting period[9] - The largest shareholder, Yang Yufang, holds 21.98% of the shares, totaling 90,063,197 shares[9] - UNITED BIOMEDICAL, INC. holds 16.65% of the shares, totaling 68,230,450 shares, with some shares frozen[9] Research and Development - R&D expenditure accounted for 8.64% of operating income, an increase of 2.69 percentage points from the previous year[5] - Research and development expenses for Q1 2020 were ¥7,009,053.43, up from ¥5,639,221.22 in Q1 2019, indicating a 24.3% increase[27] Tax and Donations - The company experienced a significant increase in tax payable, rising by 1,156.55% to ¥11,720,021.45, due to accrued taxes not yet paid[12] - The company donated ¥1,411,200 worth of disinfectant to support COVID-19 prevention efforts[15] Stock Options - The company plans to grant 4,488,000 restricted stocks at a price of ¥8.8 per share to 44 incentive targets, with a total estimated accounting cost of ¥49,906,600[19] Accounting Practices - The company did not apply new revenue and lease standards for the current year, indicating stability in accounting practices[32]