Financial Performance - The company's operating revenue for Q3 2021 was ¥131,398,893.11, representing a year-on-year increase of 491.26%[5] - Net profit attributable to shareholders for the same period was ¥46,391,088.98, an increase of 844.84% compared to the previous year[5] - The basic earnings per share for Q3 2021 was ¥0.63, reflecting a significant increase of 730.00% year-on-year[6] - The net profit for the year-to-date reached ¥146,916,713.10, marking a substantial increase of 313.17% compared to the same period last year[5] - The net profit for Q3 2021 was CNY 146,916,713.10, a significant increase from CNY 35,558,232.96 in Q3 2020, representing a growth of approximately 313%[24] - The total profit for Q3 2021 was CNY 163,246,404.90, compared to CNY 37,851,949.25 in Q3 2020, representing an increase of about 331%[24] - The basic and diluted earnings per share for Q3 2021 were both CNY 2.01, compared to CNY 0.63 in Q3 2020, marking an increase of approximately 219%[25] Revenue and Costs - The company experienced a 119.40% increase in operating revenue year-to-date, driven by significant sales growth in organic light-emitting materials and evaporation source equipment[11] - Total operating revenue for the first three quarters of 2021 reached ¥382,309,307.34, a significant increase from ¥174,252,184.94 in the same period of 2020, representing a growth of approximately 119.9%[23] - Total operating costs for the first three quarters of 2021 were ¥250,336,017.71, compared to ¥142,172,103.28 in 2020, indicating an increase of about 76.3%[23] - Operating income from sales and services reached 52.28 million, reflecting a substantial increase in sales revenue[12] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,071,705,438.45, showing a growth of 2.28% from the end of the previous year[6] - The company's total equity as of September 30, 2021, was ¥1,663,926,805.23, compared to ¥1,583,306,725.19 at the end of 2020, indicating an increase of about 5.1%[23] - Total liabilities decreased to ¥407,778,633.22 as of September 30, 2021, from ¥442,165,759.64 at the end of 2020, reflecting a reduction of approximately 7.8%[22] - The company’s total liabilities increased, with accounts payable rising by 65.65% due to increased procurement[11] Cash Flow - The company reported a cash flow from operating activities of ¥45,102,315.98 for the year-to-date, an increase of 31.70%[6] - The net cash flow from operating activities for the first three quarters of 2021 was CNY 45,102,315.98, up from CNY 34,247,199.89 in the previous year, reflecting a growth of approximately 31%[28] - The company incurred a total operating cash outflow of CNY 306,912,860.92 in the first three quarters of 2021, compared to CNY 210,928,472.73 in the same period of 2020[28] - The company reported a total cash inflow from investment activities of CNY 1,600,516,898.24, with a net cash flow from investment activities of CNY 438,927,852.50 for the first three quarters of 2021[29] - The company reported a total cash inflow from financing activities of CNY 5,078,332.05 in Q3 2021, a decrease from CNY 1,120,376,306.68 in the same quarter of the previous year[29] Research and Development - Research and development expenses totaled ¥20,651,730.08, which is 15.72% of operating revenue, a decrease of 46.45% compared to the previous year[6] - Research and development expenses for the first three quarters of 2021 amounted to ¥40,319,037.97, up from ¥31,193,093.98 in 2020, reflecting a growth of approximately 29.2%[23] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 4,492[14] - The largest shareholder, Xuan Jingquan, holds 15,925,800 shares, representing 21.78% of total shares[15] - The second-largest shareholder, Xuan Lingyi, owns 7,119,285 shares, accounting for 9.73%[15] Other Income and Expenses - Financial expenses increased to 232.86 million due to higher interest income[12] - Other income rose to 147.26 million primarily from increased government subsidies[12] - Credit impairment losses amounted to 781.96 million due to significant provisions for bad debts[12] - Cash paid for purchasing fixed assets and intangible assets was 98.15 million, indicating increased procurement[12] - Cash dividends distributed to shareholders totaled 6,575.66 million during the reporting period[12] Inventory and Accounts Receivable - Accounts receivable increased to ¥134,880,168.34 as of September 30, 2021, from ¥62,437,150.12 at the end of 2020, representing a growth of approximately 116.2%[20] - Inventory as of September 30, 2021, was ¥177,116,835.64, down from ¥190,764,933.53 at the end of 2020, showing a decrease of approximately 7.2%[21] - The company's cash and cash equivalents as of September 30, 2021, were ¥713,379,691.53, compared to ¥324,087,225.53 at the end of 2020, showing an increase of about 120.2%[20]

Financial Performance - The company reported a total revenue of 1.2 billion RMB for the first half of 2021, representing a year-on-year increase of 15%[19]. - The company's operating revenue for the first half of 2021 was ¥250,910,414.23, representing a 65.04% increase compared to ¥152,028,550.25 in the same period last year[20]. - Net profit attributable to shareholders increased to ¥100,525,624.12, a year-on-year growth of 140.57% from ¥41,786,549.19[22]. - Basic and diluted earnings per share rose by 80.43% to ¥1.3745, compared to ¥0.7618 in the previous year[21]. - The net cash flow from operating activities was ¥11,732,561.19, a significant improvement of 243.94% from a negative cash flow of ¥8,150,793.61 in the same period last year[20]. - The company's net assets attributable to shareholders increased by 1.95% to ¥1,614,163,647.32 from ¥1,583,306,725.19 at the end of the previous year[20]. - The net profit after deducting non-recurring gains and losses was 80.73 million yuan, reflecting a growth of 119.04% year-on-year[70]. - The company reported a substantial increase in other income, which rose by 240.10% to 13.88 million yuan, mainly from government subsidies[72]. Research and Development - The company is investing 200 million RMB in R&D for new technologies aimed at enhancing product performance and reducing production costs[19]. - Research and development expenses accounted for 15.10% of operating revenue, up from 14.82% in the previous year, indicating a focus on innovation[21]. - The company achieved a total R&D investment of ¥37,889,117.11, representing a significant increase of 68.21% compared to the previous year[43]. - The company synthesized and developed nearly 250 material structures, completing over 150 samples and recommending 24 materials to downstream manufacturers[41]. - The company filed 62 new invention patent applications and obtained 8 new patents during the reporting period, bringing the total to 517 applications and 147 granted patents[41]. - The company has developed high-performance light-emitting materials with improved thermal stability and film-forming properties[39]. - The company’s R&D investment in the current period was ¥25,955,922.74, which is a 15.23% increase from the previous period[43]. Market Expansion and Strategy - Future guidance indicates an expected revenue growth of 10-15% for the second half of 2021, driven by new product launches and market expansion strategies[19]. - Market expansion efforts include entering two new international markets, which are projected to contribute an additional 5% to overall revenue by the end of 2021[19]. - The company has no plans for mergers or acquisitions in the near term, focusing instead on organic growth and product development[19]. - The company aims to continuously enhance its R&D capabilities and expand its product offerings to ensure sustainable growth[55]. Operational Efficiency - The company has implemented new strategies to enhance operational efficiency, aiming for a 10% reduction in operational costs by the end of 2021[19]. - The company has established a comprehensive quality control system, ensuring high product quality and customer satisfaction without any quality disputes reported[56]. - The company has implemented a production model based on "sales-driven production + safety stock," ensuring alignment with market demand and customer orders[35]. Risks and Challenges - The management highlighted potential risks including supply chain disruptions and fluctuating raw material prices, which could impact future performance[4]. - The company is facing increased competition in the organic light-emitting materials industry due to the expiration of core patents and rising market demand[69]. Environmental Compliance - The company has adhered to environmental regulations, with no incidents of pollution or administrative penalties reported during the reporting period[99]. - Wastewater from the company meets the Class III discharge standards as per national regulations, minimizing environmental impact[100]. - The company has achieved a 70% treatment efficiency for organic waste gas through activated carbon adsorption devices[100]. - Solid waste generated is classified and treated according to hazardous waste regulations, ensuring minimal environmental impact[101]. Shareholder and Governance - The company held four shareholder meetings during the reporting period, with all proposed resolutions being approved without any rejections[91]. - The company has initiated a stock incentive plan, with the first proposal approved on March 14, 2021, aimed at enhancing employee motivation and retention[94]. - The company’s board of directors underwent changes, with several new non-independent directors elected to enhance governance[93]. - The company has established a long-term effective strategy for managing shareholding and related transactions[119]. Financial Management - The company aims to enhance the efficiency of raised fund usage and reduce financial costs to improve profitability and protect shareholder interests[163]. - The total amount used for share repurchase by the controlling shareholder in a single accounting year shall not exceed 30% of the last cash dividend received[136]. - The company will ensure compliance with all relevant laws and regulations regarding share transfers and reductions[131].

Financial Performance - In 2020, the company's operating revenue was CNY 283.54 million, a decrease of 5.70% compared to 2019[23]. - The net profit attributable to shareholders was CNY 71.92 million, down 33.82% from the previous year[23]. - The basic earnings per share decreased by 44.08% to CNY 1.18[24]. - The gross profit margin for 2020 was 55.50%, a decrease of 5.89 percentage points from 2019[33]. - The company achieved a main business revenue of 282.62 million RMB, a decrease of 5.70% compared to the previous year[116]. - The main business cost was 126.17 million RMB, an increase of 8.69% year-on-year[116]. - The gross profit margin for organic light-emitting materials was 30.10%, down 19.40 percentage points from the previous year[117]. - Revenue from organic light-emitting materials decreased by 26.27% due to delays in new product market introduction and declining prices of existing products[118]. - The company reported a net profit attributable to shareholders of 36,358,175.71 RMB in Q4 2020, following a loss in Q2 and Q3[47]. R&D and Innovation - Research and development expenses accounted for 18.29% of operating revenue, an increase of 6.26 percentage points from 2019[25]. - The company has invested significantly in R&D, establishing a comprehensive R&D system and collaborating with research institutions and industry peers to enhance innovation capabilities[53][55]. - The company increased its R&D investment to CNY 51,854,838.88, a significant rise of 43.34% compared to the previous year[79]. - Total R&D expenditure accounted for 18.29% of the company's revenue, up from 12.03% in the previous year, indicating a strategic focus on innovation[79]. - The company applied for 148 new patents during the reporting period, including 137 invention patents, enhancing its intellectual property portfolio[76]. - The company completed over 400 material structure design projects and synthesized more than 300 samples in 2020[39]. - The company has made significant advancements in organic material uniformity and evaporation control technologies, improving production efficiency[75]. - The company is developing next-generation light-emitting materials and key polymer functional materials to adapt to future market trends[152]. Market Position and Strategy - The company specializes in the research, manufacturing, and sales of organic light-emitting materials and evaporation source equipment, crucial for OLED panel production[52]. - The OLED industry in China is rapidly developing, with domestic manufacturers gaining competitive strength and a supply chain system being established[63]. - The company has established stable partnerships with major OLED panel manufacturers, including Visionox, BOE, and TCL, due to its high-quality products[52]. - The OLED product structure is diversifying, with major smartphone brands adopting OLED screens as mainstream models, leading to rapid market penetration[148]. - The company aims to enhance product quality and diversify its product range through continuous R&D investment[52]. - The company is committed to becoming an internationally recognized R&D and manufacturing enterprise in the OLED materials and equipment sector[52]. Financial Management and Investments - The total expenses for the period increased by 15.83% to 9,361.10 million RMB[42]. - Financial expenses decreased significantly by 311.94% to -363.91 million RMB, primarily due to increased interest income from idle funds[36]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion in 2020, representing a year-over-year growth of 25%[172]. - The company plans to implement stock repurchase measures to stabilize its stock price, including repurchasing shares, increasing holdings by controlling shareholders, and increasing holdings by directors and senior management[180]. - The total amount used for stock repurchase in a single accounting year should not exceed 30% of the audited net profit attributable to the parent company's shareholders from the previous year[181]. Risk Management - The company reported no significant risks during the reporting period, ensuring a stable operational environment[4]. - The company faced risks related to the concentration of customers and potential declines in demand for evaporator products post-2024[109]. - The company emphasizes that forward-looking statements in the report are subject to various uncertainties and may differ from actual results[8]. - The company faced risks from intensified competition in the OLED industry and potential impacts from the ongoing COVID-19 pandemic[112][113]. Corporate Governance and Compliance - The board of directors and senior management have confirmed the accuracy and completeness of the annual report[4]. - The company has received a standard unqualified audit report from Da Xin Accounting Firm[5]. - The company has not violated any decision-making procedures regarding external guarantees[9]. - The company will ensure that any share reduction plans are made cautiously to maintain stable operations[165]. - The company has established a framework to ensure compliance with share transfer regulations during the holding period[169].

Financial Performance - Operating revenue for the period was CNY 129,375,153.61, representing a year-on-year increase of 9.42%[5] - Net profit attributable to shareholders was CNY 42,386,916.08, a decrease of 2.34% compared to the same period last year[5] - Basic and diluted earnings per share were CNY 0.7125, down 13.22% from CNY 0.8210 in the previous year[5] - The company reported non-recurring gains of CNY 9,719,974.10 for the period[9] - Total operating revenue for Q1 2021 was CNY 129,375,153.61, an increase of 9.57% compared to CNY 118,242,523.67 in Q1 2020[24] - Net profit for Q1 2021 reached CNY 52,106,890.18, representing a 15.1% increase from CNY 45,031,666.91 in Q1 2020[25] - Earnings per share for Q1 2021 were CNY 0.7125, down from CNY 0.8210 in Q1 2020[25] - The total comprehensive income for Q1 2021 was 7,375,104.07 CNY, compared to a loss of 7,655,206.78 CNY in Q1 2020[28] - Basic and diluted earnings per share for Q1 2021 were 0.1008 CNY, an improvement from a loss of 0.1396 CNY per share in Q1 2020[28] Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,987,084,584.45, a decrease of 1.90% compared to the end of the previous year[5] - Current assets totaled CNY 1,375,003,980.88, down from CNY 1,450,436,926.48, indicating a decrease of about 5.2%[16] - Cash and cash equivalents decreased to CNY 233,155,643.08 from CNY 324,087,225.53, reflecting a decline of approximately 28.1%[16] - Total liabilities decreased to CNY 351,670,969.08 from CNY 442,165,759.64, representing a decline of about 20.5%[18] - The total liabilities as of Q1 2021 amounted to CNY 142,886,975.66, a decrease from CNY 178,392,994.86 in the previous year[22] Cash Flow - The net cash flow from operating activities was CNY -68,351,254.98, a decline of 8.17% compared to the previous year[5] - Cash inflows from operating activities totaled 22,998,534.18 CNY in Q1 2021, slightly up from 22,402,253.92 CNY in Q1 2020[30] - Cash outflows from operating activities increased to 91,349,789.16 CNY in Q1 2021, compared to 85,593,664.50 CNY in Q1 2020[30] - Cash inflows from investing activities were 574,935,658.56 CNY in Q1 2021, with cash outflows of 597,207,183.61 CNY, resulting in a net cash flow of -22,271,525.05 CNY[30] - The net cash flow from financing activities was 18,894,750.00 CNY in Q1 2021, with no cash inflows from new borrowings reported[31] Shareholder Information - The total number of shareholders at the end of the reporting period was 5,172[10] - The largest shareholder, Xuan Jingquan, held 21.78% of the shares, totaling 15,925,800 shares[10] Research and Development - Research and development expenses accounted for 13.40% of operating revenue, an increase of 3.79 percentage points year-on-year[7] - Research and development expenses for Q1 2021 were CNY 11,200,063.09, slightly down from CNY 11,359,896.31 in Q1 2020[24] Other Financial Metrics - The weighted average return on equity decreased to 3.24%, down 6.27 percentage points from the previous year[5] - Financial expenses showed a dramatic change, with a decrease of 559.85% to -CNY 1,440,375.02 from CNY 313,225.28, due to increased interest income[15] - Other income surged by 307.88% to CNY 7,684,472.42 from CNY 1,884,023.22, primarily due to government subsidies received[15] - The company reported a significant increase in accounts payable, rising to CNY 46,913,034.77 from CNY 32,696,500.71, an increase of approximately 43.5%[17]

Financial Performance - The company's operating revenue for 2020 was CNY 283,535,702.06, a decrease of 5.70% compared to CNY 300,664,702.66 in 2019[23]. - The net profit attributable to shareholders for 2020 was CNY 71,916,408.67, down 33.82% from CNY 108,668,488.09 in 2019[23]. - The net cash flow from operating activities was CNY 120,457,669.42, a decrease of 14.62% compared to CNY 141,089,906.40 in 2019[23]. - The basic earnings per share for 2020 was CNY 1.18, a decline of 44.08% from CNY 2.11 in 2019[24]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 54,520,527.89, down 38.70% from CNY 88,938,945.40 in 2019[23]. - The company's total assets increased by 145.51% to CNY 2,025,472,484.83 at the end of 2020, compared to CNY 824,999,713.35 at the end of 2019[23]. - The company's net assets attributable to shareholders increased by 250.95% to CNY 1,583,306,725.19 at the end of 2020, compared to CNY 451,151,916.15 at the end of 2019[23]. - The company reported a total asset increase of 145.51%, reaching approximately ¥2,025.47 million, compared to ¥824.99 million at the beginning of the period[77]. - The net assets attributable to shareholders increased by 250.95%, amounting to ¥1,583.31 million, up from ¥451.15 million, primarily due to the funds raised from the initial public offering[77]. - The company achieved a main business revenue of 282.54 million RMB, a decrease of 5.70% compared to the previous year[100]. R&D and Innovation - Research and development expenses accounted for 18.29% of operating revenue in 2020, an increase of 6.26 percentage points from 12.03% in 2019[25]. - The company has invested significantly in R&D, establishing a comprehensive R&D system and focusing on independent innovation and collaboration with research institutions and industry peers[36]. - The company increased its R&D investment by 43.34% year-on-year, totaling approximately ¥51.85 million, which represents 18.29% of its operating revenue[62]. - During the reporting period, the company filed 148 new patent applications and obtained 28 new authorized patents, bringing the total to 497 applications and 148 authorized patents[60]. - The company successfully developed over 400 material structures and synthesized more than 300 samples, with nearly 10 materials performing equally or better than foreign counterparts[59]. - The company has established a comprehensive R&D mechanism and a stable R&D team, focusing on the development of OLED organic light-emitting materials since its establishment in 2005[56]. - The company’s core technologies, including high-efficiency electronic materials and high-stability hole transport materials, are all independently developed and have been widely applied in mass production[56]. - The company has made significant advancements in core technologies, including high migration rate electron transport materials and high-efficiency deep red light materials[57]. - The company is actively exploring new product categories and enhancing its R&D strength to meet market demands and improve its competitive position[55]. Market Position and Strategy - The company has established itself as a key player in the OLED industry, focusing on the research, manufacturing, and sales of organic light-emitting materials and evaporation source equipment[34]. - The company has established stable partnerships with major clients such as Chengdu BOE and Wuhan Huaxing, providing evaporation source equipment with good operational status[35]. - The domestic OLED industry is rapidly developing, providing significant growth opportunities for upstream material and equipment manufacturers as production capacity shifts to China[45]. - The company aims to enhance product quality and diversify its offerings through continuous R&D investment, aspiring to become a globally recognized player in the OLED materials and equipment sector[35]. - The OLED materials market is characterized by high technical barriers, with increasing competition as domestic manufacturers strive to close the technology gap with established foreign firms[46]. - The company has become one of the few domestic manufacturers capable of independently producing organic light-emitting materials, establishing itself as a technologically advanced OLED organic materials manufacturer in China[50]. - The company has successfully broken foreign monopolies in the linear evaporation source market, becoming the only domestic enterprise capable of independent research, development, and industrialization of this core component[49]. - The company is focusing on enhancing collaboration with clients and maintaining R&D investments to accelerate product upgrades and expand market share[48]. - The company is committed to expanding its market presence by leveraging hard technology and products, ensuring stable market development[133]. Corporate Governance and Compliance - The company has received a standard unqualified audit report from Da Xin Certified Public Accountants[5]. - The board of directors and supervisory board members have confirmed the accuracy and completeness of the annual report[4]. - The company has a commitment to transparency and has designated multiple media outlets for information disclosure[18]. - The company emphasizes that forward-looking statements in the report are subject to various uncertainties and may differ from actual results[8]. - The company has not violated any decision-making procedures regarding external guarantees[9]. - The company guarantees that any share reduction within two years post-lock-up will not be below the IPO price, with adjustments for any corporate actions affecting share price[142]. - The company will comply with all relevant regulations regarding shareholding and transfer restrictions, ensuring stable operations and capital management[145]. - The company has committed to fair trading practices and will not use related party transactions to transfer benefits improperly[182]. - The company will ensure that the proposed stock incentive plan is linked to the execution of compensation measures[172]. Shareholder Returns and Dividends - In 2020, the company plans to distribute a cash dividend of RMB 10 per 10 shares, totaling RMB 73,136,700, which accounts for 101.70% of the net profit attributable to shareholders[6]. - Shareholder returns are prioritized, with a planned dividend payout of $0.50 per share, reflecting a 10% increase from the previous year[157]. - The company plans to implement stock repurchase measures to stabilize its stock price, including repurchasing shares, increasing holdings by controlling shareholders, and increasing holdings by directors and senior management[163]. Risks and Challenges - The company reported no significant risks during the reporting period, ensuring a stable operational environment[4]. - The company faces intensified competition in the OLED industry due to the entry of new domestic players and the expiration of key patents[95]. - The company has a high concentration of customers in the evaporator business, which poses risks if major clients face operational difficulties[93]. - The company relies on imported materials for some core components of its evaporator products, which poses risks if supply chains are disrupted[94]. Future Outlook - The company is focusing on enhancing its quality control systems to ensure scientific and standardized management, reinforcing the concept that "quality is life"[133]. - The company is committed to sustainability initiatives, aiming to reduce carbon emissions by 25% over the next five years[156]. - The company is considering strategic acquisitions to bolster its market position, with a budget of $100 million earmarked for potential targets[161]. - The company provided guidance for the next quarter, expecting revenue to be between $400 million and $450 million, indicating a potential growth of 10% to 12%[157].

Financial Performance - Revenue for the first nine months decreased by 3.83% year-on-year, totaling CNY 174,252,184.94[6] - Net profit attributable to shareholders decreased by 42.47% year-on-year, amounting to CNY 35,558,232.96[6] - Basic and diluted earnings per share decreased by 48.78% to CNY 0.63[7] - Total operating revenue for Q3 2020 was ¥22,223,634.69, a decrease of 10.8% compared to ¥24,924,774.07 in Q3 2019[27] - The company reported a net profit of ¥35,558,232.96 for the first three quarters of 2020, down from ¥61,807,381.20 in the same period of 2019, a decline of 42.3%[30] - The company reported a total comprehensive income for Q3 2020 of CNY 40,839,319.23, compared to a loss of CNY 4,687,334.27 in the same quarter last year[35] Assets and Liabilities - Total assets increased by 140.33% year-on-year, reaching CNY 1,982,740,693.45[6] - Net assets attributable to shareholders increased by 242.89% year-on-year, totaling CNY 1,546,948,549.48[6] - Current assets totaled CNY 1,519,465,301.63, up from CNY 444,263,645.88, indicating a growth of about 241% year-over-year[19] - Total liabilities amounted to CNY 435,792,143.97, compared to CNY 373,847,797.20, showing an increase of about 16.6%[20] - The company’s total liabilities decreased by 97.0% in tax payable, down to CNY 304,195.66, due to a reduction in corporate income tax[12] Cash Flow - Net cash flow from operating activities improved by 667.98% year-on-year, amounting to CNY 34,247,199.89[6] - The company achieved a net cash flow from operating activities of CNY 34,247,199.89, recovering from a net outflow of CNY 6,029,602.06 in the same period last year[38] - The net increase in cash and cash equivalents for the third quarter of 2020 was 989,404,615.57 RMB, a substantial rise from 7,286,009.15 RMB in the same quarter of 2019[41] - The company reported total financing cash inflows of CNY 1,120,376,306.68 in the first nine months of 2020, significantly higher than CNY 210,336,624.03 in the previous year[39] Shareholder Information - The total number of shareholders reached 7,023 by the end of the reporting period[10] - The largest shareholder, Xuan Jingquan, holds 21.78% of the shares, totaling 15,925,800 shares[10] Research and Development - R&D expenditure as a percentage of revenue increased by 3.25 percentage points to 17.90%[7] - Research and development expenses for Q3 2020 were ¥8,668,624.03, a decrease of 30.5% from ¥12,461,725.50 in Q3 2019[29] Government Support - The company received government subsidies amounting to CNY 7,540,272.14 for the year-to-date[8] Financial Adjustments - The company implemented the new revenue recognition standard, resulting in a decrease of accounts receivable by ¥10,039,220.00 and an increase in contract assets by the same amount[48] - The new standard also led to a reduction in advance receipts by ¥198,469,159.90 and an increase in contract liabilities by the same amount[48] - The company has adjusted its financial statements to reflect the cumulative impact of the new revenue recognition standard, affecting various balance sheet items[49]