Financial Performance - The company has not yet achieved profitability since its listing [4]. - The company reported a total revenue of RMB 1.2 billion for the fiscal year 2021, representing a year-on-year growth of 15% [13]. - The company achieved a sales revenue of RMB 2.54 billion in 2021, an increase of RMB 617 million, representing a growth of 32.08% compared to 2020 [24]. - The net profit attributable to shareholders decreased to RMB 83.08 million, down 47.67% from the previous year, primarily due to significant increases in raw material prices [24]. - The cash flow from operating activities was RMB 42.44 million, a decline of 35.99% compared to 2020, mainly due to tight supply and prepayments for materials [24]. - Basic and diluted earnings per share fell by 59.91% to RMB 0.91, largely due to the substantial drop in net profit and dilution from new shares issued [25]. - The company reported a quarterly revenue of RMB 719.81 million in Q4 2021, with a net profit of RMB 14.56 million for the same period [28]. - The company achieved operating revenue of 2.542 billion yuan, a year-on-year increase of 32.08% [33]. - The net profit attributable to the parent company was 83.08 million yuan, a decline of 47.67% compared to the previous year [33]. - The company reported a total revenue of 1.2 billion RMB for the fiscal year, representing a year-over-year increase of 15% [197]. Research and Development - Research and development expenses increased by 10% to RMB 100 million, emphasizing the company's commitment to innovation [18]. - The research and development expenditure accounted for 3.83% of operating revenue, an increase of 0.74 percentage points from the previous year [25]. - R&D investment increased by 62.96% year-on-year, totaling ¥97,274,036.23, which represents 3.83% of operating revenue [68]. - The company holds a total of 234 authorized patents, including 125 domestic invention patents and 9 overseas invention patents [66]. - The company has established a research platform for high-value new materials, focusing on polyimide raw materials and medical degradable materials [66]. - The R&D department has successfully developed new technologies that improve product efficiency by 10% [197]. - The company has allocated 200 million RMB for research and development in the upcoming year, focusing on sustainable materials [198]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a revenue contribution of 20% from this region by 2023 [16]. - The company is actively expanding its market presence in Africa for hygiene products such as diapers and sanitary napkins through acquisitions [35]. - The company is exploring partnerships with international firms to leverage advanced technologies in production processes [21]. - The company plans to enter three new international markets, projected to increase market share by 10% [194]. - A strategic acquisition of a local competitor is anticipated to enhance market share and operational efficiency, expected to close in Q3 2022 [20]. - The company is considering strategic acquisitions to bolster its product portfolio, with a budget of $30 million allocated for potential targets [194]. Operational Efficiency and Cost Management - The gross profit margin improved to 30%, up from 28% in the previous year, indicating better cost management and pricing strategies [14]. - The company aims to enhance its supply chain control by extending upstream and reducing the impact of raw material price fluctuations on product costs [83]. - The company is focusing on creating a complete industrial chain from upstream chemical raw materials to biodegradable plastic products [174]. - The company plans to actively respond to raw material price fluctuations and enhance cost control through futures derivatives and centralized procurement strategies [177]. Corporate Governance and Compliance - The board of directors has confirmed the authenticity and completeness of the annual report [5]. - There are no non-operating fund occupations by controlling shareholders or related parties [8]. - There are no violations of decision-making procedures regarding external guarantees [9]. - The company maintains independence from its controlling shareholder, ensuring autonomous operational capabilities [183]. - The company prioritizes investor relations through various communication channels to enhance transparency and protect investor rights [184]. Financial Position and Assets - The total assets of the company reached RMB 3.59 billion, reflecting a growth of 113.56% compared to the previous year [24]. - The company's net assets attributable to shareholders increased by 129.14% to RMB 1.50 billion, primarily due to funds raised from the public offering [24]. - The company's total liabilities increased to 173,035,534.06 RMB, a rise of 57.79% compared to the previous year [127]. - The company's overseas assets amounted to 179,234,000.17 RMB, accounting for 5.00% of total assets [128]. Future Outlook - The overall market outlook remains positive, with projected industry growth of 8% annually over the next five years [22]. - The company has set a performance guidance of 10% revenue growth for 2022, aiming for a total revenue of RMB 1.32 billion [19]. - Future outlook includes strategic investments in new product development and technology innovation to drive growth [193]. - The company is focused on enhancing its core technology capabilities to support future growth initiatives [193]. Risk Management - The company faces risks related to raw material price fluctuations, which could significantly impact profit margins due to the high proportion of raw material costs in production [88]. - The company is exposed to foreign exchange risks, with 40.29% of its products sold overseas, primarily priced and settled in USD, making it vulnerable to RMB fluctuations [96]. - The company has identified management risks associated with its expansion, necessitating improvements in management efficiency and systems to cope with increased scale [89].

Financial Performance - The company's operating revenue for Q1 2022 was ¥943,789,396.16, representing a year-on-year increase of 65.32%[5] - The net profit attributable to shareholders decreased by 35.53% to ¥16,950,318.51, while the net profit after deducting non-recurring gains and losses fell by 54.20% to ¥11,665,106.89[5] - The company reported a significant increase in inventory, which rose to approximately ¥540.23 million from ¥457.17 million[18] - Total operating revenue for Q1 2022 reached CNY 943.79 million, a significant increase of 65% compared to CNY 570.88 million in Q1 2021[20] - Net profit for Q1 2022 was CNY 25.46 million, a decrease of 21.5% from CNY 32.48 million in Q1 2021[21] - The company reported a total comprehensive income of CNY 27.72 million for Q1 2022, down from CNY 32.60 million in Q1 2021[22] Cash Flow - The net cash flow from operating activities was negative at -¥122,660,184.94, indicating a cash outflow during the quarter[6] - Cash inflow from operating activities in Q1 2022 was CNY 822.53 million, compared to CNY 423.42 million in Q1 2021, representing a 94% increase[23] - The net cash flow from operating activities was -$122.66 million, compared to -$95.53 million in the previous year, indicating a decline in operational cash generation[25] - Total cash outflow from operating activities amounted to $945.20 million, up from $518.95 million year-over-year[25] - The ending cash and cash equivalents balance was $323.47 million, down from $750.35 million at the end of the previous year[26] Expenses and Costs - The company reported a 77.83% increase in operating costs, primarily due to the increase in operating revenue[10] - Research and development expenses totaled ¥29,526,204.70, which is an increase of 50.99% compared to the previous year, accounting for 3.13% of operating revenue[6] - Research and development expenses for Q1 2022 were CNY 29.53 million, up from CNY 19.55 million in Q1 2021, indicating a focus on innovation[20] - The company paid $67.83 million in employee compensation, an increase from $42.93 million in the previous year[25] Assets and Liabilities - Total assets increased by 7.99% to ¥3,872,399,614.46 compared to the end of the previous year[6] - The company's total liabilities as of Q1 2022 amounted to CNY 2.16 billion, an increase from CNY 1.91 billion in the previous year[20] - Total current assets amounted to approximately ¥2.49 billion, compared to ¥2.25 billion at the end of 2021, reflecting a growth of about 10.6%[18] - Total assets reached approximately ¥3.87 billion, up from ¥3.59 billion at the end of 2021, indicating an increase of about 8%[18] Shareholder Information - The total number of common shareholders at the end of the reporting period was 6,214[13] - The largest shareholder, Guangzhou Shishan Investment Management Co., Ltd., holds 36,800,000 shares, representing 39.43% of total shares[13] Financial Ratios - The weighted average return on equity decreased to 1.50%, down by 0.75 percentage points compared to the previous year[6] - Earnings per share for Q1 2022 were CNY 0.27, down from CNY 0.36 in Q1 2021[22] Other Financial Activities - The net cash flow from investing activities was -$72.54 million, slightly worse than -$71.99 million in the same quarter last year[25] - Cash inflow from financing activities was $398.72 million, a significant decrease from $936.10 million in the previous year[26] - The net cash flow from financing activities was $119.16 million, down from $778.94 million year-over-year[26] - Total cash outflow related to financing activities was $279.56 million, compared to $157.15 million in the previous year[26] - The impact of exchange rate changes on cash and cash equivalents was -$0.58 million, contrasting with a positive impact of $2.99 million in the previous year[26]

Financial Performance - The company's operating revenue for Q3 2021 was ¥638,629,725.11, representing a year-on-year increase of 20.36%[5] - The net profit attributable to shareholders decreased by 72.02% to ¥13,867,436.58 for the same period[5] - The company's revenue for Q3 2021 reached 39.76 million, driven by increased demand for modified plastic particles and products, as well as a larger scale of raw material trading[12] - The net profit for Q3 2021 was CNY 72,523,501.97, a decrease from CNY 159,002,373.77 in Q3 2020, representing a decline of approximately 54.4%[26] - Operating profit for Q3 2021 was CNY 76,436,104.34, down from CNY 200,230,006.18 in the same period last year, indicating a decrease of about 61.9%[29] - Total revenue from sales and services for the first nine months of 2021 reached CNY 1,502,321,381.19, compared to CNY 1,047,823,416.46 in the same period of 2020, reflecting an increase of approximately 43.3%[29] - The company reported a total comprehensive income of CNY 72,572,808.64 for Q3 2021, down from CNY 158,614,708.37 in Q3 2020, a decrease of approximately 54.3%[27] Research and Development - The R&D investment totaled ¥25,208,258.78, an increase of 52.81% compared to the previous year, accounting for 3.95% of operating revenue[6] - Research and development expenses increased to 81.48 million, indicating a strengthened focus on R&D efforts during the period[12] - Research and development expenses increased by 81.48% year-on-year, reflecting the company's commitment to innovation and environmental projects[17] - Research and development expenses increased to CNY 73,110,976.92 in Q3 2021, up from CNY 40,286,362.59 in Q3 2020, marking an increase of about 81.5%[29] Assets and Liabilities - Total assets increased by 93.34% to ¥3,247,799,832.61 compared to the end of the previous year[6] - Total assets as of September 30, 2021, were RMB 3,247,799,832.61, compared to RMB 1,679,027,793.46 at the end of 2020, reflecting significant growth[22] - Total current assets amounted to ¥1,160,003,212.97 as of December 31, 2020[31] - Total non-current assets increased to ¥540,851,175.74, reflecting an increase of ¥21,826,595.25[32] - Total liabilities amounted to ¥955,084,083.74, reflecting an increase of ¥21,826,595.25[33] - Total current liabilities were ¥834,917,961.91, an increase of ¥6,892,021.65 compared to the previous period[32] Cash Flow - Cash flow from operating activities showed a negative net amount of ¥170,497,210.06, indicating a decline of 337.24%[6] - The net cash flow from operating activities for Q3 2021 was negative at CNY -170,497,210.06, contrasting with a positive cash flow of CNY 71,867,185.16 in Q3 2020[29] - The company’s cash flow from financing activities showed a net outflow of 4,111.32 million, primarily due to increased bank borrowings and fundraising activities[12] - Cash and cash equivalents as of September 30, 2021, amounted to RMB 504,764,677.33, a substantial increase from RMB 169,871,974.86 at the end of 2020[20] - Cash and cash equivalents at the end of Q3 2021 amounted to CNY 454,924,418.09, significantly higher than CNY 61,265,279.76 at the end of Q3 2020[30] Inventory and Receivables - The company reported a significant increase in inventory by 59.65%, attributed to sustained business growth[10] - Accounts receivable rose to RMB 717,059,102.39 from RMB 540,664,809.45, indicating increased sales activity[20] - Inventory levels increased to RMB 350,181,086.17, up from RMB 219,337,168.81, suggesting a buildup in stock[20] - Inventory was valued at ¥219,337,168.81, maintaining a consistent level[31] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 6,795[14] - Shareholders' equity totaled ¥745,770,304.97, with the equity attributable to the parent company at ¥653,122,455.04[33]

Financial Performance - The company's operating revenue increased by 52.58%, primarily driven by growth in raw material trading, modified plastic particles, and diffusion board businesses[19]. - Basic earnings per share decreased by 50.62% to CNY 0.60 compared to CNY 1.22 in the same period last year[20]. - The weighted average return on net assets dropped by 11.56 percentage points to 4.07% from 15.63% year-on-year[20]. - The net profit attributable to shareholders decreased by 37.03% year-on-year, primarily due to rising raw material costs and a profit surge in meltblown PP, non-woven fabrics, and breathable membranes during the same period last year[21]. - The net cash flow from operating activities decreased by 225.04% year-on-year, mainly due to an increase in accounts receivable and prepayments[21]. - Operating revenue for the reporting period was approximately RMB 1.225 billion, representing a 52.58% increase compared to the same period last year[21]. - The net assets attributable to shareholders increased by 124.16% compared to the end of the previous year, reaching approximately RMB 1.464 billion[21]. - Total assets increased by 74.45% compared to the end of the previous year, amounting to approximately RMB 2.929 billion[21]. - The company reported a total revenue of 7,657 million RMB for the first half of 2021, with a net profit of 1,820.1 million RMB, representing a significant increase compared to the previous period[55]. - The company reported a total profit of CNY 66,451,572.64 for the first half of 2021, compared to CNY 117,365,220.32 in the first half of 2020, a decrease of 43.4%[189]. Research and Development - Research and development expenditure accounted for 3.91% of operating revenue, an increase of 0.95 percentage points compared to the previous year[20]. - Research and development (R&D) expenses reached approximately ¥47.90 million, a 101.35% increase compared to ¥23.79 million in the previous period, representing 3.91% of operating revenue[49]. - The increase in R&D investment is attributed to the expansion of application scenarios for flame retardants and modified plastic particles, as well as an increase in R&D personnel and salary adjustments[50]. - The company has established a comprehensive R&D model focusing on the "modified plastic additives + modified plastic particles + modified plastic products" industry chain, emphasizing both independent and collaborative innovation[36]. - The company has established a research platform through collaboration with domestic universities and research institutes, enhancing its R&D capabilities[59]. Market and Product Development - The company has initiated the construction of a new chemical materials production base in Chizhou, expected to achieve a production capacity of 50,000 tons of halogen-free flame retardants within three years[29]. - The company is actively developing new products in response to the increasing demand for environmentally friendly materials, adhering to the 4R1D principles of plastic sustainability[40]. - The company is developing new products, including halogen-free flame retardants and modified polyethylene materials, with a total investment of ¥1.30 billion for the halogen-free flame retardant project[52]. - The company aims to achieve a production scale of 240 tons per year for laundry capsule packaging film, with an investment of ¥800 million in the project[52]. - The company is also working on biodegradable materials, with an investment of ¥675 million aimed at developing industrialized PLA materials for various applications[52]. Risk Management - The company has outlined various risk factors and corresponding countermeasures in the report[4]. - The company faces a risk of core technology infringement, which could impact its competitive advantage in the modified plastics industry[70]. - The gross margin for flame retardants and modified plastic products is expected to decline by approximately 3-4 percentage points with a 5% increase in raw material prices[70]. - The company's foreign sales accounted for 43.11% of its main business revenue, exposing it to exchange rate fluctuation risks[74]. - The optical products business, particularly PS diffusion boards, has a high customer concentration risk, with major clients contributing significantly to revenue[71]. Environmental and Compliance - The company has implemented measures to control noise pollution from production equipment, ensuring compliance with industrial noise emission standards[105]. - The company has committed to not transferring or managing shares for 36 months post-IPO, ensuring stability in shareholding[112]. - The company has publicly disclosed important production and treatment facility information on the national pollutant discharge permit management information platform[108]. - The company has adhered to national policies on environmental protection and is advancing green production initiatives[109]. - The company received environmental impact assessment approval for the expansion project of producing 2.48 million pieces of PHC honeycomb boards and 8,000 tons of GMT boards on February 10, 2021[106]. Shareholder and Governance - The company has undergone changes in its board of directors, with new appointments including Meng Yuezhong as an independent director and Mei Jing as the board secretary[94]. - The company has held three shareholder meetings during the reporting period, ensuring compliance with legal and regulatory requirements[93]. - The largest shareholder, Guangzhou Shipan Stone Investment Management Co., Ltd., holds 36,800,000 shares, accounting for 39.43% of the total shares[166]. - The company has established a consensus action agreement among its major shareholders, enhancing governance stability[170]. - The company will not reduce its holdings during the lock-up period and will follow the conditions set in the IPO prospectus[120]. Financial Position - Cash and cash equivalents at the end of the period reached ¥750,806,554.41, accounting for 25.63% of total assets, a significant increase of 341.98% compared to the previous year[78]. - Accounts receivable amounted to ¥741,843,219.17, representing 25.33% of total assets, with a year-on-year increase of 37.21% due to revenue growth[78]. - Inventory increased to ¥292,143,508.38, which is 9.97% of total assets, reflecting a 33.19% rise from the previous year due to higher stock levels of products and semi-finished goods[78]. - Total liabilities increased, with short-term borrowings at ¥469,177,849.03, accounting for 16.02% of total assets, up 27.80% from the previous year[78]. - The company's total assets as of June 30, 2021, were CNY 2,301,012,433.38, an increase from CNY 1,253,044,374.39 at the end of 2020[182].

Financial Performance - Operating revenue rose by 78.62% to CNY 570,882,563.44 compared to the same period last year[5] - Net profit attributable to shareholders decreased by 8.8% to CNY 26,293,062.06 compared to the same period last year[5] - Basic earnings per share decreased by 12.20% to CNY 0.36 compared to the same period last year[7] - The company reported a net profit margin improvement, with retained earnings increasing to ¥435,476,421.53 from ¥409,183,359.47, a rise of approximately 6.4%[22] - Net profit for Q1 2021 was ¥32,478,120.46, a decrease of 8.4% from ¥35,390,970.77 in Q1 2020[29] - The net profit attributable to shareholders of the parent company was ¥26,293,062.06, down from ¥28,830,471.86 in the same period last year[30] - Earnings per share for Q1 2021 were ¥0.36, compared to ¥0.41 in Q1 2020[30] Assets and Liabilities - Total assets increased by 50.62% to CNY 2,528,915,340.79 compared to the end of the previous year[5] - Current assets rose to ¥1,945,473,564.93, compared to ¥1,160,003,212.97, marking an increase of about 67.5%[20] - Total liabilities reached ¥970,590,565.79, up from ¥933,257,488.49, indicating a growth of approximately 4.8%[21] - Total current assets reached CNY 1,160,003,212.97 as of Q1 2021, reflecting a significant asset base[45] - Total liabilities increased to CNY 955,084,083.74, with current liabilities accounting for CNY 834,917,961.91[46] Shareholder Information - Net assets attributable to shareholders increased by 123.41% to CNY 1,459,136,372.32 compared to the end of the previous year[5] - The total number of shareholders reached 9,402 by the end of the reporting period[11] - The top ten shareholders held a total of 39.43% of the shares, with the largest shareholder holding 36,800,000 shares[11] Cash Flow - Cash flow from operating activities showed a net outflow of CNY 95,527,522.36, a decrease of 2,245.74% compared to the same period last year[5] - Cash received from sales of goods and services increased by 59.62% year-on-year, attributed to revenue growth and improved customer collections[16] - Cash inflows from operating activities amounted to ¥423,421,914.82, up from ¥272,991,803.34 in the same period last year, representing an increase of about 55.2%[38] - The net cash flow from operating activities was negative at -¥95,527,522.36, a significant decline from a positive ¥4,451,967.87 in Q1 2020[38] - The company experienced a substantial increase in cash inflows from financing activities, totaling ¥936,097,933.16, compared to ¥87,938,719.45 in Q1 2020, marking an increase of approximately 964.5%[39] Research and Development - Research and development expenses accounted for 3.43% of operating revenue, a decrease of 0.07 percentage points[7] - Research and development expenses increased by 75% year-on-year, reflecting the company's intensified R&D efforts[16] - Research and development expenses increased to ¥19,554,786.86 in Q1 2021, up from ¥11,174,174.42 in Q1 2020, reflecting a focus on innovation[29] Operational Costs - Operating costs rose by 92.79% year-on-year, corresponding to the increase in operating revenue and rising raw material prices[16] - Total operating costs for Q1 2021 were ¥534,039,809.31, up 93.1% from ¥276,895,037.13 in Q1 2020[28] Future Plans - The company plans to expand its market presence and invest in new product development to drive future growth[20] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[29] - The company's management indicated a focus on expanding market presence and enhancing product development strategies in future quarters[35]

Financial Performance - The company's operating revenue for 2020 was CNY 1,924,446,040.90, representing a year-on-year increase of 30.53%[21]. - The net profit attributable to shareholders for 2020 was CNY 158,755,369.76, reflecting a year-on-year growth of 60.33%[21]. - The total assets increased by 31.76% year-on-year, reaching CNY 1,679,027,793.46 by the end of 2020[22]. - The basic earnings per share for 2020 was CNY 2.27, up 57.50% compared to 2019[23]. - The company's net cash flow from operating activities for 2020 was CNY 66,301,944.46, an increase of 5.10% from the previous year[22]. - The return on equity (ROE) increased to 27.34%, up 5.39 percentage points from 2019[23]. - The net profit margin for 2020 was 11.76%, down from 14.14% in 2019 and 15.96% in 2018[188]. - The total profit reached 238 million RMB, reflecting a growth of 74.59% year-on-year[98]. Dividend Distribution - The proposed profit distribution plan for 2020 is to distribute a cash dividend of 2 RMB per 10 shares, totaling 18,666,666.80 RMB, which accounts for 11.76% of the net profit attributable to shareholders[5]. - The company did not propose a cash profit distribution plan for ordinary shareholders despite having positive distributable profits[189]. - The company’s retained earnings and their intended use have not been specified in the report[189]. Research and Development - Research and development expenses accounted for 3.10% of operating revenue in 2020, slightly up from 3.08% in 2019[24]. - The company has obtained a total of 31 invention patents related to flame retardants, indicating a strong commitment to research and development[36]. - R&D investment increased by 31.49% year-on-year, totaling CNY 59.69 million in 2020, which accounted for 3.10% of operating revenue[63]. - The number of R&D personnel increased to 196, accounting for 17% of the total workforce[73]. - The company has established a research and development team to develop fully biodegradable plastic products and recyclable packaging materials in response to the plastic ban policy[139]. Market Position and Strategy - The company has established strategic partnerships with numerous well-known domestic and international enterprises, enhancing its market position in high-performance plastics and resins[34]. - The company aims to lead in the new materials modification technology sector and actively participates in the global high-end manufacturing system[34]. - The company is actively involved in the international high-end supply chain, enhancing its market share and brand recognition[43]. - The company plans to continue expanding its market presence and investing in new product development to sustain growth[24]. - The company aims to expand its market share by actively developing new materials and applications[85]. Operational Efficiency - The company employs a "sales-driven production" model, aligning production schedules with customer orders to optimize efficiency[39]. - The company achieved a production efficiency improvement of over 30% by adopting a one-step method for synthesizing triazine organic compounds[58]. - The production capacity for halogen-free flame retardants is 11,000 tons with a utilization rate of 82.24%, while the modified plastic particles have a capacity of 66,000 tons and a utilization rate of 93.52%[156]. - The production capacity for diffusion boards increased from 11 to 16 production lines, raising annual capacity by 45% to 50,000 tons[157]. Risk Management - The company has outlined potential risks in its report, which investors should be aware of when considering future plans and strategies[6]. - The company faced a risk of core technology infringement, with 143 authorized patents related to flame retardants and modified plastics[90]. - The company has implemented strategies to mitigate foreign exchange risks through forward foreign exchange contracts[130]. Corporate Governance - The company has confirmed that there are no non-operating fund occupations by controlling shareholders or related parties[7]. - The company has not indicated any special arrangements for corporate governance or significant matters that would affect the report's accuracy[7]. - The company emphasizes the importance of accurate financial reporting and has made declarations to ensure the integrity of its financial statements[5]. Product Development - The company is focusing on the development of lightweight materials, as indicated by government policies promoting advancements in the automotive sector[137]. - The company is committed to the development of halogen-free flame retardants to reduce toxic gas emissions during material combustion[170]. - The company is focusing on the production of halogen-free flame retardants, with a project completion rate of 100% and customer recognition in the market[67]. - The company has developed a core technology system covering "modified additives + modified plastic particles + modified plastic products," enhancing its competitive edge in the market[57]. Investment and Expansion - The company has established production bases in multiple locations, including Guangdong, Anhui, Hunan, and Jiangsu, to enhance capacity and efficiency[86]. - The company is exploring upstream integration by acquiring raw material producers for flame retardants and establishing production bases for GPPS, MS, and EPS[176]. - The company plans to increase investment in biodegradable plastics, introducing PBAT and PLA, and establishing production bases overseas for lactic acid and polylactic acid[172]. Compliance and Regulations - The company commits to comply with regulations from the China Securities Regulatory Commission regarding share transfer restrictions[200]. - The lock-up period for major shareholders is set for 36 months from the date of listing, during which they cannot transfer or manage their shares[194]. - The company will ensure that any share transfers after the lock-up period will not be below the issue price[200].