证券代码：000055、200055 证券简称：方大集团、方大B 公告编号：2022-33 方大集团股份有限公司 关于参加深圳辖区上市公司2022年投资者 网上集体接待日活动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 为进一步加强与投资者的互动交流，方大集团股份有限公司（以下简称"公司"） 将参加由深圳证监局指导、深圳上市公司协会与深圳市全景网络有限公司联合举办的 "2022年深圳辖区上市公司投资者集体接待日活动"，现将相关事项公告如下： 本 次 活 动 将 采 用 网 络 远 程 的 方 式 举 行 ， 投 资 者 可 登 录 " 全景路演 " 网 站 （http://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP,参与本次 互动交流，活动时间为 2022年11月9日（周三）16:30-17:30。届时公司高管将在线就公 司业绩、公司治理、发展战略、经营状况和可持续发展等投资者关心的问题，与投资者 进行沟通与交流，欢迎广大投资者踊跃参与！ 特此公告！ 方大集团股份有限公司 董事会 2022年11月7日 ...

方大集团股份有限公司投资者关系活动 记录表 编号：2022-01 | --- | --- | --- | |-----------------------|--------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Financial Performance - The company's operating revenue for 2021 was CNY 3,557,724,397, representing an increase of 18.58% compared to CNY 3,000,191,773 in 2020[20]. - The net profit attributable to shareholders of the listed company decreased by 42.94% to CNY 222,168,142.53 from CNY 382,051,466.98 in the previous year[20]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 167,650,395.54, down 55.53% from CNY 376,968,729.62 in 2020[20]. - The net cash flow from operating activities was negative at CNY -63,425,296.29, a decline of 111.43% compared to CNY 548,709,785.90 in the previous year[20]. - Basic earnings per share decreased by 40.00% to CNY 0.21 from CNY 0.35 in 2020[20]. - The company achieved operating revenue of CNY 3,557.72 million in 2021, an increase of 18.58% compared to the previous year[32]. - Net profit attributable to shareholders of the parent company was CNY 222.17 million, a decrease of 42.94% year-on-year, primarily due to accounting changes and tax settlements from the previous year[32]. - Excluding the aforementioned impacts, net profit increased by 17.99% year-on-year[32]. - The company's total assets at the end of 2021 were CNY 12,261.34 million, reflecting a growth of 3.11% from the previous year[21]. - The weighted average return on net assets was 4.09% for 2021, down from 7.26% in 2020[21]. Dividend and Shareholder Returns - The company plans to distribute a cash dividend of CNY 0.50 per 10 shares (including tax) based on a total share capital of 1,073,874,227 shares[6]. - The proposed cash dividend for 2021 is 0.50 RMB per 10 shares, totaling 53,693,711.35 RMB, with no stock dividends or capital reserve transfers planned[167]. - The company has maintained a consistent dividend policy, reflecting its commitment to shareholder returns[139]. Risk Management - The company has identified market risks, management risks, and operational risks in its annual report[6]. - The company emphasizes the importance of investor awareness regarding potential investment risks associated with forward-looking statements[6]. - The company faces risks from macroeconomic changes, which could impact demand in the public building curtain wall and rail transit equipment sectors, potentially affecting profitability[125]. - The company is addressing market competition risks by enhancing product competitiveness through technological innovation and expanding into international markets[126]. - The company is implementing measures to mitigate production risks related to raw material price fluctuations and labor costs, including futures contracts and improved production management[127]. Innovation and Product Development - The company has developed several innovative products, including smart curtain walls and solar photovoltaic curtain walls, and has been recognized as a manufacturing champion by the Ministry of Industry and Information Technology[31]. - The company is currently developing several new products, including a new generation of rail transit screen doors and a flexible production system for smart factories, aimed at enhancing market competitiveness and production efficiency[95]. - The company has received 14 patents during the reporting period, including modular frame curtain wall systems, enhancing production and installation efficiency[40]. - The company has established a comprehensive quality control system, being the first in the industry to obtain dual certifications for ISO9001 and ISO14001, ensuring strict quality management across all operational stages[43]. Market Presence and Expansion - The company has established a presence in countries and regions along the Belt and Road Initiative, including Singapore, India, Australia, and Bangladesh[31]. - The company operates seven national high-tech enterprises and has established multiple manufacturing bases across China[31]. - The company has expanded its overseas projects, with a total of 5 projects in regions such as Australia and the Middle East, amounting to a total contract value of ¥9,278.97 million[83]. - The company’s products cover 70% of the domestic subway operating cities and have been implemented in 43 cities globally, including significant projects in Southeast Asia[71]. Corporate Governance - The board of directors includes experienced professionals, with the chairman holding 3,060,600 shares, indicating strong insider confidence[138]. - The company has no changes in the board of directors, supervisors, or senior management during the reporting period, ensuring stability in leadership[142]. - The independent directors bring diverse expertise, including accounting and legal backgrounds, which strengthens corporate governance[141]. - The company held a total of 6 board meetings during the reporting period, with all directors present at least once[150]. Social Responsibility and Environmental Impact - The company actively fulfilled its social responsibilities, contributing to economic development and environmental protection[158]. - The company generated 19.598 million kWh of solar photovoltaic power, reducing carbon dioxide emissions by nearly 20,000 tons, contributing to carbon neutrality goals[177]. - The company has established an environmental management system, with multiple subsidiaries certified under ISO 14001[178]. - The company contributed a total of 3.3792 million yuan to social welfare activities during the reporting period, including a donation of 3 million yuan to Nanchang University for library renovation[180]. Internal Control and Compliance - The company maintained a robust internal control system, with no violations of laws or regulations reported by the supervisory board[157]. - The internal control self-evaluation report indicated that 91.35% of the total assets of the evaluated units were included in the company's consolidated financial statements[171]. - The company reported no significant internal control deficiencies in financial or non-financial reporting for the year 2021[172]. - The financial reports for 2021 were audited by Rongcheng Accounting Firm, which issued a standard unqualified opinion, reflecting the company's financial status accurately[157].

证券代码：000055，200055 证券简称：方大集团，方大B 公告编号：2021-32 方大集团股份有限公司 关于参加 2021 深圳辖区"沟通传递价值，交流创造良好生态" 上市公司投资者网上集体接待日活动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 为进一步加强与投资者的互动交流工作，方大集团股份有限公司（以下简称 "公司"）将参加由深圳上市公司协会、深圳市全景网络有限公司共同举办的"沟 通传递价值，交流创造良好生态"——2021 深圳辖区上市公司投资者网上集体 接待日活动，现将有关事项公告如下： 本次集体接待日活动将在深圳市全景网络有限公司提供的网上平台，采取网 络远程的方式举行，投资者可以登录"全景•路演天下"网站（http://rs.p5w.net/） 或关注微信公众号：全景财经，参与公司本次投资者集体接待日活动，活动时间 为 2021 年 11 月 30 日 14:00 至 17:00。 届时公司董事会秘书、财务负责人将通过网络文字交流形式与投资者进行沟 通，欢迎广大投资者积极参与。 特此公告。 方大集团股份有限公司董事会 2021 年 ...

方大集团股份有限公司 2021 年第三季度报告 证券代码：000055、200055 证券简称：方大集团、方大 B 公告编号：2021-29 方大集团股份有限公司 2021 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重 大遗漏。 重要内容提示: 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、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。 2.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)声明：保证季度报告中财务信息的真实、准确、完整。 3.第三季度报告是否经过审计 1 方大集团股份有限公司 2021 年第三季度报告 | （元/股） | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 加权平均净资产 | 1.18% | 1.32% | 1.34% -0.16 | | 3.22% 4.13% | | 4.16% | -0.94% | | 收益率 | | | | % | | | | | | | ...

方大集团股份有限公司 2021 年半年度报告全文 方大集团股份有限公司 2021 年半年度报告 2021 年 08 月 1 方大集团股份有限公司 2021 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的 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。 公司负责人熊建明、主管会计工作负责人林克槟及会计机构负责人(会计主 管人员)吴博华声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 本半年度报告中涉及未来计划等前瞻性陈述，不构成公司对投资者的实质 承诺，敬请投资者注意投资风险。 公司已在本报告中描述存在的市场风险、管理风险及生产经营风险，敬请 查阅"第三节管理层讨论与分析"中"十、公司面临的风险和应对措施"内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | | | | 第一节 | 重要提示、目录和释义 2 | | --- | --- | | 第二节 | 公司简介和主要财务指标 7 | | 第三节 | 管理层讨论与分析 10 | | 第四节 ...

证券代码：000055，200055 证券简称：方大集团，方大B 公告编号：2020-55 方大集团股份有限公司 关于参加 2020 深圳辖区"诚实守信，做受尊重的上市公司" 上市公司投资者网上集体接待日活动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 为进一步加强与投资者的互动交流工作，方大集团股份有限公司（以下简称 "公司"）将参加由深圳上市公司协会、深圳市全景网络有限公司共同举办的"诚 实守信，做受尊重的上市公司"——2020 深圳辖区上市公司投资者网上集体接 待日活动，现将有关事项公告如下： 本次集体接待日活动将在深圳市全景网络有限公司提供的网上平台，采取网 络远程的方式举行，投资者可以登录"全景•路演天下"网站（http://rs.p5w.net/） 或关注微信公众号：全景财经，参与公司本次投资者集体接待日活动，活动时间 为 2020 年 12 月 8 日 9:00 至 17:00。 届时公司董事会秘书、财务负责人将通过网络文字交流形式与投资者进行沟 通，欢迎广大投资者积极参与。 特此公告。 方大集团股份有限公司董事会 2020 年 12 ...

Financial Performance - Operating revenue for the reporting period was ¥793,250,321.93, representing a year-on-year increase of 21.47%[8] - Net profit attributable to shareholders was ¥91,338,344.89, a decrease of 31.44% compared to the same period last year[8] - Basic earnings per share were ¥0.08, down 27.27% year-on-year[8] - The weighted average return on net assets was 2.77%, a decrease of 50.54% compared to the previous year[8] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥85,861,046.88, down 32.65% year-on-year[8] - The total profit for the current period was ¥112,508,842.39, compared to ¥133,229,920.85 in the previous period, indicating a decline of 15.5%[50] - The company reported a significant increase in interest expenses, which rose to ¥25,702,800.18 from ¥15,564,921.17, reflecting a year-over-year increase of 65.5%[48] - The company recorded an investment income of ¥31,632,282.15, significantly higher than ¥3,981,131.60 in the previous period[50] - The company experienced a loss in fair value changes amounting to CNY 34,326,342.25, contrasting with a gain of CNY 2,973,747.00 in the previous year[58] Assets and Liabilities - Total assets at the end of the reporting period reached ¥7,654,060,898.26, an increase of 0.38% compared to the end of the previous year[8] - Total current assets decreased from CNY 4,515,493,739.13 to CNY 4,373,600,172.85, a decline of approximately 3.14%[41] - Total non-current assets increased from CNY 3,109,928,949.50 to CNY 3,280,460,725.41, an increase of about 5.48%[42] - Total liabilities decreased from CNY 4,386,483,486.45 to CNY 4,372,125,435.31, a decrease of approximately 0.32%[43] - Total equity attributable to shareholders increased from CNY 3,238,939,202.18 to CNY 3,281,935,462.95, an increase of approximately 1.33%[43] Cash Flow - Cash flow from operating activities decreased by 71.44% year-to-date, totaling ¥112,612,558.74[8] - Cash flow from operating activities generated a net amount of CNY 112,612,558.74, significantly lower than CNY 394,243,084.96 in the same period last year, representing a decline of 71.5%[63] - The net cash flow from investment activities was 91,103,672.34 CNY, compared to a negative cash flow of -70,604,674.36 CNY in the previous period[65] - The net cash flow from financing activities was -431,042,206.35 CNY, a decrease from a positive cash flow of 233,964,693.21 CNY in the previous period[65] - Cash inflow from operating activities totaled 1,563,325,171.67 CNY, while cash outflow was 1,715,540,718.10 CNY[68] Shareholder Information - The company reported a total of 62,786 common shareholders at the end of the reporting period[12] - The largest shareholder, Shenzhen Banglin Technology Development Co., Ltd., held 9.80% of the shares[12] - The company did not engage in any repurchase transactions during the reporting period[14] - The company repurchased 28,160,568 B shares for a total of HKD 114,478,923.89, reducing total share capital from 1,183,642,254 shares to 1,155,481,686 shares[18] Projects and Investments - The Shenzhen Fangda City project achieved a sales area of 11,462.10 square meters in the first three quarters, with a cumulative sales area of 82,023.18 square meters[20] - The Nanchang Phoenix Island project, covering approximately 17,000 square meters, is expected to be completed and presold by the end of 2019[20] - The company is progressing with several urban renewal projects in Shenzhen, which are expected to contribute to future profits from real estate sales and property rentals[21] - Long-term equity investments increased by 104.65% to ¥69,871,054.85 as a result of increased investments in joint ventures[17] Financial Management and Compliance - The company has established internal controls and risk management systems for commodity futures hedging to mitigate risks associated with raw material price fluctuations[28] - The company reported no violations regarding external guarantees during the reporting period, reflecting compliance with regulations[31] - The company has no non-operating fund occupation by controlling shareholders or related parties, ensuring financial integrity[32] Donations and Social Responsibility - The company donated a total of 680,000 yuan for poverty alleviation projects, including 500,000 yuan to support agricultural development in specific villages[33] - The company plans to donate an additional 2.7 million yuan for future poverty alleviation efforts, including 1.2 million yuan for educational infrastructure improvements[34] Miscellaneous - The company did not undergo an audit for the third quarter report[70] - The report was released on October 18, 2018, by the legal representative, Xiong Jianming[71]

Financial Performance - The company's operating revenue for the first half of 2018 was CNY 1,442,050,896.53, representing a 3.02% increase compared to CNY 1,399,710,941.29 in the same period last year[16]. - The net profit attributable to shareholders of the listed company was CNY 230,131,663.19, a 0.93% increase from CNY 228,003,319.43 year-on-year[16]. - The net profit attributable to shareholders after deducting non-recurring gains and losses decreased by 4.02% to CNY 209,705,118.34 from CNY 218,498,976.52 in the previous year[16]. - The net cash flow from operating activities was CNY -31,426,267.64, a significant decline of 114.60% compared to CNY 215,263,207.38 in the same period last year[16]. - The total assets at the end of the reporting period were CNY 7,892,969,369.92, an increase of 3.51% from CNY 7,625,422,688.63 at the end of the previous year[16]. - The net assets attributable to shareholders of the listed company were CNY 3,289,644,771.10, reflecting a 1.57% increase from CNY 3,238,939,202.18 at the end of the previous year[16]. - The basic earnings per share for the reporting period was CNY 0.1944, up 0.93% from CNY 0.1926 in the same period last year[16]. - The weighted average return on net assets decreased to 6.99% from 9.37% in the previous year, a decline of 2.38%[16]. - The company reported a total profit for the first half of 2018 was CNY 293,177,843.14, a slight decrease from CNY 295,286,347.88 in the same period of 2017, representing a decline of about 0.7%[136]. - The company reported a decrease in tax expenses to CNY 63,046,179.95 from CNY 67,768,104.52, a reduction of approximately 7.0%[136]. Business Operations - The company operates in the curtain wall system and materials industry, focusing on energy-saving curtain walls, photovoltaic curtain walls, and LED display curtain walls, with significant applications in high-rise buildings and public structures[24]. - The company has a total of 422 patents in the curtain wall industry, including 36 invention patents, and has been recognized as one of the top 10 in China's curtain wall industry for many years[28]. - The company’s rail transit equipment segment has a market coverage of over 60% in domestic cities with operational subways, and its products are used in over 30 cities globally[29]. - The company’s solar photovoltaic power generation projects have met expected targets for power generation, sales revenue, and operating profit in the first half of 2018[31]. - The company is actively developing three real estate projects in Shenzhen and Nanchang, which are expected to contribute to future profits[32]. - The company has maintained a stable business model in its curtain wall and rail transit equipment segments, relying on bidding for contracts and a complete industry chain from design to installation[25][29]. - The company has positioned itself in the high-end market for energy-saving curtain walls, focusing on projects that require advanced technology and management[34]. - The company has established a comprehensive industrial layout across various regions in China, enhancing its market share and competitive strength[35]. - The company achieved a revenue of 1,442.05 million yuan in the first half of 2018, representing a year-on-year growth of 3.02%[43]. - The company has a backlog of orders amounting to 4.476 billion yuan (excluding real estate sales) as of the end of the reporting period[43]. Research and Development - The company applied for 27 new patents during the reporting period, including 9 invention patents and 18 utility model patents, bringing the total to 785 patents[51]. - Research and development investment amounted to CNY 42.08 million, a decrease of 25.12% compared to the previous year[55]. - The company has developed 226 patents related to subway screen doors, with 47 of them being invention patents, holding over 50% of the domestic market share[36]. Financial Position - Cash and cash equivalents at the end of the reporting period amounted to ¥1,199,195,175, representing 15.19% of total assets, an increase of 0.96% compared to the previous year[60]. - Accounts receivable reached ¥2,776,178,891.7, accounting for 31.75% of total assets, a decrease of 5.43% year-over-year[60]. - Inventory decreased to ¥726,389,203.3, which is 9.2% of total assets, down 21.26% from the previous year due to sales realization from the Fangda City project[60]. - Investment properties increased to ¥2,332,213,399, representing 29.55% of total assets, up 24.26% year-over-year due to the inclusion of construction costs for properties reaching usable status[60]. - Long-term equity investments rose to ¥69,871,054.85, accounting for 0.89% of total assets, an increase of 0.71% compared to the previous year[60]. - The total liabilities increased to CNY 4,603,324,598.82 from CNY 4,386,483,486.45, representing an increase of approximately 5%[128]. - The company’s non-current assets totaled CNY 3,236,883,626.20, up from CNY 3,109,928,949.50, indicating a growth of about 4.1%[129]. - The company’s retained earnings increased to CNY 1,915,776,543.67 from CNY 1,863,191,218.58, reflecting a growth of approximately 2.4%[129]. Corporate Governance and Compliance - The company has established a governance structure including a shareholders' meeting, board of directors, and supervisory board to enhance corporate governance[162]. - The company has no significant litigation or arbitration matters during the reporting period[82]. - The company has not engaged in any major related party transactions during the reporting period[84]. - The financial statements comply with the accounting standards set by the Ministry of Finance and reflect the group's financial position as of June 30, 2018[169]. - The company has not distributed cash dividends or bonus shares for the reporting period[77]. Market and Competition - The company faces market competition risks due to increasing design standards and construction quality in the building curtain wall industry, leading to intensified regional competition[72]. - The company is actively expanding its overseas market presence, particularly in countries along the "Belt and Road" initiative[36]. Social Responsibility - The company donated approximately CNY 150,000 for a photovoltaic poverty alleviation power station in Dongshui Village, Guangdong Province[101]. - The company plans to donate a total of CNY 2.03 million for poverty alleviation in the second half of 2018, including CNY 1 million to Shenzhen and CNY 1 million to Jiangxi Province[103].

Financial Performance - The company's operating revenue for Q1 2018 was ¥650,032,997.33, representing a 13.34% increase compared to ¥573,546,634.49 in the same period last year[8] - Net profit attributable to shareholders for Q1 2018 was ¥98,377,550.44, a significant increase of 45.19% from ¥67,759,233.14 in the previous year[8] - The net profit after deducting non-recurring gains and losses was ¥88,737,051.63, up 38.54% from ¥64,053,467.14 year-on-year[8] - Basic earnings per share increased to ¥0.080, reflecting a growth of 33.33% from ¥0.060 in the previous year[8] - The total operating revenue for the first quarter of 2018 was CNY 650,032,997.33, an increase of 13.38% compared to CNY 573,546,634.49 in the same period last year[36] - The total profit for Q1 2018 was CNY 131,878,648.33, up from CNY 88,363,313.13 in the previous year, reflecting a growth of approximately 49.2%[37] - The company's operating profit for Q1 2018 was CNY 130,304,590.32, compared to CNY 86,814,249.97 in the same quarter last year, which is an increase of about 50.1%[37] Cash Flow - The net cash flow from operating activities was -¥40,623,633.07, showing a drastic decline of 766.89% compared to -¥4,846,476.55 in the same period last year[8] - The company's cash flow from operating activities included CNY 663,119,560.92 received from sales of goods and services[44] - The net cash flow from operating activities was -40,623,633.07 CNY, compared to -4,846,476.55 CNY in the previous period, indicating a decline in operational performance[45] - The total cash inflow from investment activities was 1,881,015,505.87 CNY, significantly higher than 850,115,342.67 CNY in the previous period[46] - The net cash flow from investment activities was -232,271,820.40 CNY, compared to -203,914,367.67 CNY in the previous period, reflecting increased investment outflows[46] - The cash inflow from financing activities was 148,000,000.00 CNY, down from 298,892,140.13 CNY in the previous period[46] - The net cash flow from financing activities was 29,253,596.52 CNY, a decrease from 89,189,306.07 CNY in the previous period[46] - The ending balance of cash and cash equivalents was 685,752,640.81 CNY, down from 816,133,499.28 CNY in the previous period[46] - The company experienced a net decrease in cash and cash equivalents of -245,532,894.74 CNY, compared to -119,691,076.12 CNY in the previous period[46] Assets and Liabilities - Total assets at the end of the reporting period were ¥7,562,522,369.52, a slight decrease of 0.82% from ¥7,625,422,688.63 at the end of the previous year[8] - Total liabilities decreased to CNY 4,231,804,479.26 from CNY 4,386,483,486.45, indicating a reduction of approximately 3.52%[30] - The total equity attributable to shareholders increased to CNY 3,330,717,890.26 from CNY 3,238,939,202.18, representing a growth of 2.84%[31] - The cash and cash equivalents decreased to CNY 216,380,065.17 from CNY 310,299,329.68, a decline of 30.24%[32] - The company's short-term borrowings decreased to CNY 574,000,000.00 from CNY 616,000,000.00, a reduction of 6.83%[30] Investments - Investment income surged by 598.59% to CNY 6,728,202.21 from CNY 963,118.22, mainly due to higher returns from purchased financial products[15] - Other current assets increased by 46.22% to CNY 643,201,146.13, primarily due to the purchase of financial products[15] - Cash paid for investments doubled, increasing by 104.24% to CNY 2,091,800,000.00 from CNY 1,024,200,000.00, mainly due to the acquisition of financial products during the reporting period[15] - Long-term investments rose to CNY 41,394,235.26 from CNY 34,142,055.62, marking an increase of 21.06%[30] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 63,651, indicating a stable shareholder base[11] - The company has no overdue commitments from controlling shareholders or related parties during the reporting period[16] Tax and Expenses - Taxes and surcharges increased by 55.51% to CNY 57,107,989.44, mainly due to tax provisions related to real estate sales[15] - The financial expenses for Q1 2018 were CNY 19,744,665.08, up from CNY 12,891,638.49 in Q1 2017, representing an increase of approximately 53.1%[37] - The tax expenses for Q1 2018 amounted to CNY 33,501,097.89, compared to CNY 20,846,618.03 in the previous year, indicating a rise of about 60.8%[37] Other Comprehensive Income - Other comprehensive income after tax for Q1 2018 was CNY -6,598,862.36, compared to CNY 924,176.32 in Q1 2017[38]