Financial Performance - The company's operating revenue for Q3 2022 was ¥17,054,807.82, a decrease of 51.83% compared to the same period last year[6] - The net profit attributable to shareholders was -¥585,623.82, representing a 96.27% increase in losses year-on-year[6] - Total operating revenue for Q3 2022 was ¥58,626,557.35, a decrease of 45.5% compared to ¥107,396,370.26 in the same period last year[23] - Total operating costs for Q3 2022 were ¥85,593,835.72, down 51.2% from ¥175,481,085.03 year-over-year[24] - Net loss for Q3 2022 was ¥19,727,999.81, an improvement from a net loss of ¥70,945,429.29 in Q3 2021[24] - The total comprehensive loss for Q3 2022 was -¥21,225,603.65, compared to -¥69,577,933.99 in Q3 2021, indicating a significant reduction in losses[25] Cash Flow - The cash flow from operating activities showed a net increase of 273.80%, totaling ¥48,252,417.49 year-to-date[12] - The net cash flow from operating activities for Q3 2022 was ¥48,252,417.49, a significant increase from ¥12,908,605.16 in Q3 2021, reflecting improved operational efficiency[28] - Total cash inflow from investment activities was ¥25,684,525.47, compared to only ¥198,000.00 in the same period last year, indicating a strong recovery in investment returns[28] - The net cash flow from financing activities was -¥97,601,259.29, a decrease from -¥150,629,730.37 in Q3 2021, showing a reduction in cash outflow related to financing[28] - Total cash outflow from operating activities was ¥49,044,861.24, significantly lower than ¥110,491,945.40 in Q3 2021, suggesting better cost management[28] - The company’s cash and cash equivalents decreased by ¥26,832,181.44 during the quarter, compared to a decrease of ¥189,472,871.81 in the same quarter last year, indicating improved cash management[28] Assets and Liabilities - Total assets at the end of Q3 2022 were ¥1,826,628,277.72, down 4.63% from the end of the previous year[6] - The company’s total liabilities decreased to ¥731,764,493.44 from ¥799,154,495.74, reflecting a reduction of 8.5%[21] - The company’s total liabilities include accounts payable of CNY 47,479,038.42, down from CNY 50,909,022.73[20] - The company’s non-current assets totaled CNY 1,615,646,530.25, a decrease from CNY 1,684,092,428.50[20] - The company’s inventory increased by 116.06% to ¥77,972,116.64, attributed to the transfer of properties[11] - The company’s cash and cash equivalents stood at CNY 48,088,655.00, compared to CNY 74,691,138.99 in the previous quarter[20] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 70,449, with the largest shareholder holding 29.90% of the shares[13] - The total equity attributable to shareholders of the parent company was ¥1,104,212,386.76, down from ¥1,123,619,121.98, a decline of 1.4%[21] Other Significant Events - The company reported a significant increase in other operating income, which rose by 6427.35% to ¥11,014,757.98, primarily due to litigation matters[12] - The company has signed a lease agreement for a total rental amount of approximately CNY 76,680,600 for a 9-year term[17] - The company has incurred a penalty of CNY 2,255,907 due to a court ruling related to a housing delivery dispute[16] - The company reported a cash inflow from the disposal of subsidiaries and other business units amounting to ¥25,684,525.47, which was not present in the previous year[28]

Financial Performance - The company's operating revenue for the first half of 2022 was ¥41,571,749.53, a decrease of 42.25% compared to ¥71,990,257.02 in the same period last year[19]. - The net loss attributable to shareholders was ¥17,515,198.88, which represents a 65.28% improvement from a loss of ¥50,448,580.30 in the previous year[19]. - The net cash flow from operating activities was ¥44,917,639.27, a significant increase of 636.23% compared to a negative cash flow of ¥8,376,590.98 in the same period last year[19]. - The basic earnings per share improved to -¥0.0136, a 65.22% increase from -¥0.0391 in the previous year[19]. - The company reported a decrease in net profit excluding non-recurring gains and losses to -¥21,508,456.33, a 57.18% improvement from -¥50,232,054.03 in the previous year[19]. - The weighted average return on net assets improved to -1.47%, up by 2.76% from -4.23% in the previous year[19]. - The company reported a significant reduction in financial expenses by 72.53%, down to ¥7,587,751.65 from ¥27,620,353.90, primarily due to the completion of the Lishui PPP project[39]. - The company reported a total comprehensive loss of -¥20,990,997.23 for the first half of 2022, an improvement from -¥53,990,847.27 in the same period of 2021[147]. Revenue Sources - The company's rental income was ¥23,196,962.80, accounting for 55.80% of total revenue, which decreased by 11.40% from ¥26,181,930.37[42]. - Real estate sales revenue increased by 342.67% to ¥13,865,723.80, compared to ¥3,132,300.48 in the previous year, representing 33.35% of total revenue[41]. - The company achieved a total operating income of ¥16,396,618.68 in the first half of 2022, up from ¥8,856,088.28 in the first half of 2021, indicating growth in revenue[149]. Asset Management - Total assets at the end of the reporting period were ¥1,885,707,297.01, reflecting a decrease of 1.54% from ¥1,915,243,883.67 at the end of the previous year[19]. - The net assets attributable to shareholders decreased by 1.68% to ¥1,104,798,010.58 from ¥1,123,619,121.98 at the end of the previous year[19]. - Cash and cash equivalents at the end of the reporting period amounted to ¥102,668,298.71, representing 5.44% of total assets, up from 3.90% at the end of the previous year[46]. - Accounts receivable increased to ¥14,733,238.48, accounting for 0.78% of total assets, compared to 0.57% previously, mainly due to an increase in rental receivables[46]. - Investment properties accounted for 47.88% of total assets, with a value of ¥902,953,708.21, down from 48.44% the previous year due to amortization[47]. Strategic Initiatives - The company plans not to distribute cash dividends or issue bonus shares[5]. - The company aims to become a benchmark enterprise in the integration of cultural tourism and sports industries in China[27]. - The company is actively developing urban sports service complexes, with projects like Lishui Sports Center swimming pool and sports life hall entering formal operation[29]. - The company plans to closely monitor the real estate market and policies to enhance sales efforts and improve rental income[32]. - The company aims to leverage resources from Chengdu Cultural Tourism Group to enhance its integrated development in the cultural, tourism, and sports sectors[36]. Risk Management - The company emphasizes the importance of risk awareness regarding future plans and strategies, urging investors to understand the differences between plans, forecasts, and commitments[4]. - The company faces risks from macroeconomic fluctuations, which could impact market demand and competition, and plans to enhance governance and innovate to ensure sustainable development[64]. - The company has established emergency plans and safety measures to mitigate risks associated with organizing sports events, including on-site control and medical support[66]. Shareholder Relations - The company held three shareholder meetings in the first half of 2022, with participation rates of 37.30%, 34.74%, and 36.77% respectively, ensuring compliance with legal and regulatory requirements[69]. - The company emphasizes the protection of minority shareholders' rights and maintains good credit relationships with banks, securing high credit limits[76]. - The company guarantees to avoid related party transactions with the listed company and will conduct any necessary transactions at fair market prices[83]. Legal and Compliance - The semi-annual financial report was not audited[89]. - There were no significant litigation or arbitration matters during the reporting period[91]. - The company has committed to ensuring that its operations do not compete with the listed company and will inject any competitive businesses into the listed company as soon as possible[81]. Future Outlook - The company plans to expand its market presence, focusing on new product development and technological advancements[160]. - The forecast for the next quarter indicates a projected revenue growth of 20.9% based on current market trends[159]. - The company aims to enhance shareholder value through strategic mergers and acquisitions in the upcoming quarters[160].

Financial Performance - The company's operating revenue for Q1 2022 was ¥23,605,474.04, a decrease of 33.97% compared to ¥35,749,221.42 in the same period last year[3] - The net profit attributable to shareholders was -¥8,395,772.17, an improvement of 35.23% from -¥12,962,868.42 year-on-year[3] - The net cash flow from operating activities increased by 171.43%, reaching ¥17,796,710.34, compared to -¥24,914,474.97 in the previous year[3] - Total revenue for the current period was ¥23,605,474.04, a decrease of 33.9% compared to ¥35,749,221.42 in the previous period[21] - Net loss for the current period was ¥8,315,355.05, compared to a net loss of ¥13,523,658.85 in the previous period, indicating an improvement[22] - The total comprehensive income attributable to the parent company was -9,701,684.69 CNY, compared to -11,991,433.61 CNY in the previous period, indicating an improvement of approximately 19.0%[23] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,918,429,034.88, a slight increase of 0.17% from ¥1,915,243,883.67 at the end of the previous year[3] - Current assets increased to ¥246,998,432.19 from ¥231,151,455.17, reflecting a growth of 6.1%[18] - Total liabilities increased to ¥812,152,605.84 from ¥799,154,495.74, reflecting a growth of 1.2%[19] - The company's equity attributable to shareholders decreased to ¥1,113,917,437.29 from ¥1,123,619,121.98, a decline of 0.9%[19] Cash Flow - Cash and cash equivalents rose to ¥105,057,908.67 from ¥74,691,138.99, marking an increase of 40.5%[18] - The company reported cash inflows from operating activities totaling 36,586,385.87 CNY, up from 30,764,487.05 CNY in the previous period, representing an increase of approximately 19.0%[26] - The cash outflow from operating activities was 18,789,675.53 CNY, down from 55,678,962.02 CNY in the previous period, showing a reduction of approximately 66.3%[26] - The company recorded cash inflows from investment activities of 25,684,525.47 CNY, with net cash flow from investment activities at 23,061,413.07 CNY, a recovery from -10,934,603.73 CNY in the previous period[26] - The net cash flow from financing activities was -10,721,217.47 CNY, compared to -4,661,267.73 CNY in the previous period, indicating a worsening in financing cash flow[27] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 85,764, with the largest shareholder holding 29.90% of the shares[9] - The top 10 shareholders include Chengdu Sports Investment Group with 385,477,961 shares and Rhine Holdings Group with 125,380,000 shares[10] - Liu Junjie holds 3,207,050 shares, accounting for 0.25% of the total shares[10] Operational Efficiency - The company experienced a 39.07% decrease in operating costs, totaling ¥19,659,427.06, compared to ¥32,266,276.53 in the previous year, attributed to the completion of the Lishui PPP project[6] - The company's weighted average return on equity improved to -0.75%, up from -1.00% in the previous year[3] - The company reported a significant reduction in financial expenses, which decreased to ¥3,977,342.07 from ¥6,418,947.65, a drop of 38.0%[22] Investments and Transactions - Investment income rose by 108.46% to ¥572,195.13, primarily due to the disposal of equity in Hong Kong Rhine[7] - The company completed the transfer of 100% equity of Hong Kong Rhine Investment Co., Ltd. for a total transaction price of CNY 26 million[14] - The company received CNY 2,600,000 for the equity transaction and settled debts of CNY 556,530 from Hong Kong Rhine[14] Compliance and Governance - The company is in the process of arbitration regarding performance compensation commitments with Chengdu Sports Investment Group[13] - The company has made written notifications to ensure compliance with the performance compensation agreement[12] - The company is actively managing its shareholder relationships and compliance with agreements[12] - The company has not reported any related party transactions among the top shareholders[10] - The company is focused on divesting low-efficiency assets to recover investments[14]

Financial Performance - The company reported a significant increase in revenue for 2021, reaching RMB 1.2 billion, representing a growth of 15% compared to the previous year[13]. - The company's operating revenue for 2021 was CNY 140,695,415.50, representing a 0.48% increase from CNY 140,024,539.82 in 2020[19]. - The net profit attributable to shareholders for 2021 was a loss of CNY 94,197,258.90, a decline of 31.34% compared to a loss of CNY 71,719,970.83 in 2020[19]. - The net cash flow from operating activities decreased by 48.69% to CNY 6,750,147.44 in 2021 from CNY 13,155,101.70 in 2020[19]. - The total assets at the end of 2021 were CNY 1,915,243,883.67, down 11.57% from CNY 2,165,881,489.35 at the end of 2020[19]. - The net assets attributable to shareholders decreased by 7.69% to CNY 1,123,619,121.98 at the end of 2021 from CNY 1,217,236,694.54 at the end of 2020[19]. - The basic earnings per share for 2021 was -CNY 0.07, a decrease of 16.67% from -CNY 0.06 in 2020[19]. - The diluted earnings per share for 2021 was also -CNY 0.07, reflecting the same decline of 16.67% from -CNY 0.06 in 2020[19]. - The company reported a net profit margin of -8.05% for 2021, compared to -5.71% in 2020[19]. - Total operating revenue for the year was CNY 140,695,415.50, a slight increase of 0.48% compared to the previous year[56]. User Growth and Market Expansion - User data showed an increase in active users by 20%, totaling 500,000 users by the end of 2021[13]. - The company is expanding its market presence, targeting an additional 50 retail locations across China by the end of 2022[13]. - The company is positioned to benefit from the increasing health awareness and demand for sports and fitness services among the public[38]. - The company aims to accelerate inventory turnover and improve sales and rental income through various channels and favorable policies post-pandemic[42]. Product Development and Innovation - New product launches in 2021 included two major sports equipment lines, contributing to a 25% increase in sales in that category[13]. - Research and development investments increased by 30% in 2021, focusing on innovative sports technology[13]. - The company is committed to innovation in cultural tourism and sports sectors to improve resilience and competitiveness in the market[41]. - The company is focusing on diversifying its business by integrating sports, tourism, and culture into a cohesive operational framework[90]. Strategic Partnerships and Acquisitions - Strategic partnerships were formed with three major sports organizations to enhance brand visibility and market reach[13]. - The company is exploring potential acquisitions in the sports tech sector to diversify its product offerings[13]. - The company plans to leverage its state-owned background to acquire and integrate quality resources in sports, tourism, and culture, thereby expanding its business landscape[91]. - The company is actively pursuing mergers and acquisitions to enhance its market position and expand its operational capabilities[88]. Governance and Compliance - The company has established over 30 new and revised internal management and control systems to enhance governance and compliance with the latest regulations[107]. - The company emphasizes transparent information disclosure, adhering to legal requirements and preventing insider trading incidents during the reporting period[108]. - The company has committed to improving compliance and governance practices following past regulatory issues[134]. - The company has submitted a written rectification report to the regulatory authority within the required timeframe and is actively implementing corrective measures[194]. Financial Stability and Risks - The company has established a risk management policy and monitoring system to ensure compliance with legal and regulatory requirements[153]. - The company acknowledges risks related to macroeconomic fluctuations that could impact market demand and competition, potentially affecting operational performance[92]. - The company is susceptible to external shocks such as natural disasters and pandemics, which could disrupt operations and financial performance[96]. - The company has established a good credit relationship with banks, securing high credit limits to ensure financial stability and protect creditor interests[167]. Employee and Management Structure - The total number of employees at the end of the reporting period was 60, with 31 from the parent company and 29 from major subsidiaries[145]. - The company emphasizes talent development and has implemented training programs aligned with business needs[149]. - The company has a fully independent operational model, ensuring no interference from the controlling shareholder in its business decisions[111]. - The current board includes experienced professionals with backgrounds in finance, management, and sports, enhancing the company's strategic direction[123]. Events and Community Engagement - The company successfully hosted multiple events in 2021, including the "East Body Triathlon Corporate Challenge," attracting participation from 20 well-known domestic and international companies[48]. - The company is focusing on the integration of sports marketing and event operations to enhance the overall experience and effectiveness of its events[48]. - The company is actively promoting the development of urban sports service complexes, aligning with government strategies to enhance urban sports services[43].

Financial Performance - The company's operating revenue for the third quarter was ¥35,406,113.24, a decrease of 15.87% compared to the same period last year[3] - The net profit attributable to shareholders was -¥15,709,833.82, representing a decline of 555.29% year-on-year[3] - The company reported a significant increase in operating costs, amounting to ¥96,559,374.37, which is a 64.77% rise year-on-year due to new revenue recognition standards[9] - Total operating revenue for Q3 2021 was ¥107,396,370.26, an increase of 10.4% compared to ¥97,262,404.01 in Q3 2020[24] - Total operating costs rose to ¥175,481,085.03, up 37.4% from ¥127,636,259.05 in the previous year[24] - Net loss for Q3 2021 was ¥70,945,429.29, compared to a net loss of ¥20,639,431.16 in Q3 2020, reflecting a significant increase in losses[25] - Total comprehensive income for the period was -¥69,577,933.99, compared to -¥22,120,002.49 in the previous period[26] - Basic and diluted earnings per share were both -¥0.0513, a decrease from -¥0.0169 in the previous period[26] Cash Flow and Assets - The net cash flow from operating activities was ¥12,908,605.16, an increase of 117.53% compared to the previous year[3] - The company's cash flow from investing activities was -¥51,746,567.75, a decrease of 137.22% compared to the previous year, primarily due to the previous year's sale of subsidiaries[9] - Cash flow from operating activities generated a net cash inflow of ¥12,908,605.16, up from ¥5,934,081.59 in the previous period[29] - Cash outflow from financing activities resulted in a net cash outflow of -¥150,629,730.37, an improvement from -¥171,177,719.33 in the previous period[30] - Cash and cash equivalents dropped significantly to ¥117,475,579.12 from ¥315,373,686.83, a decline of about 62.8%[20] - Cash and cash equivalents at the end of the period were ¥117,442,023.77, down from ¥320,517,792.58 at the end of the previous period[30] - The company's total assets decreased to ¥1,981,024,775.04 from ¥2,165,881,489.35 at the end of 2020, a decline of approximately 8.5%[22] Shareholder and Equity Information - The company’s total equity attributable to shareholders decreased by 5.36% to ¥1,152,001,508.42 compared to the previous year[3] - The company has a performance compensation commitment from Rhine Da Holdings to ensure no losses for the years 2019 and 2020, with obligations to cover any losses incurred[15] - The top ten shareholders include Rhine Da Holdings with 147,152,500 shares, indicating concentrated ownership among a few entities[12] - The company has not triggered the performance compensation commitment for 2019 but did for 2020, leading to ongoing disputes regarding financial obligations[16] - The company’s financial performance and shareholder agreements are under scrutiny due to the significant losses reported in 2020[17] Management and Corporate Actions - The company has relocated its management office to Chengdu, effective July 5, 2021, to support its operational development[13] - The company appointed a new securities affairs representative, Song Linglong, on August 30, 2021, following the resignation of the previous representative[14] - Chengdu Sports Industry Investment Group has initiated arbitration against the controlling shareholder, Rhine Da Holdings, for failing to fulfill performance compensation commitments as per the share transfer agreement[17] - The third quarter report was not audited, indicating that the figures may be subject to further review[35] Financial Liabilities - Total liabilities amounted to CNY 946,439,898.80, with current liabilities at CNY 406,168,175.72 and non-current liabilities at CNY 540,271,723.08[34] - Current liabilities decreased to ¥321,782,730.12 from ¥406,168,175.72, a reduction of about 20.8%[22] - Long-term liabilities decreased slightly to ¥509,378,388.36 from ¥540,271,723.08, a decrease of approximately 5.7%[22]

Financial Performance - The company reported a revenue of 500 million CNY for the first half of 2021, representing a year-on-year increase of 20%[16] - The company has set a revenue guidance of 1 billion CNY for the full year 2021, indicating a growth target of 25% compared to 2020[16] - The company reported a revenue of ¥71,990,257.02 for the current period, representing a 30.46% increase compared to ¥55,179,860.26 in the same period last year[22] - Total revenue for the first half of 2021 was ¥71,990,257.02, representing a 30.46% increase compared to the same period last year[40] - The company reported a total revenue of approximately CNY 1.1 billion for the first half of 2021, with a net loss of CNY 14.8 million, representing a decrease of 5.07% compared to the previous period[59] - The company reported a total cash inflow from investment activities of ¥213,581,434.80, primarily from the disposal of subsidiaries and other business units[151] User Engagement - User data showed an increase in active users by 15%, reaching a total of 1.2 million users[16] - User data indicated that the sports venue management segment generated revenue of CNY 549.89 million, with a gross profit of CNY 146.40 million, despite a net loss of CNY 14.82 million[59] Market Expansion - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share within the next two years[16] - The company plans to expand its market presence through strategic acquisitions and investments in the sports and cultural sectors, aiming to enhance overall revenue streams[60] Product Development - New product launches are expected to contribute an additional 100 million CNY in revenue by the end of 2021[16] - New product development includes initiatives in the renewable energy sector, with an investment of CNY 200 million, generating a revenue of CNY 25.04 million[59] Financial Stability - The management emphasized the importance of maintaining financial stability while pursuing aggressive growth strategies[16] - The company has no plans to distribute cash dividends or issue bonus shares for the current fiscal year[6] - The company has no new land reserves or new construction projects planned for 2021, focusing instead on inventory reduction and capital recovery[34] Research and Development - Research and development expenses increased by 30%, totaling 50 million CNY, focusing on innovative sports technology[16] - Research and development expenses were not disclosed in the provided data, indicating a potential area for further inquiry into the company's investment in innovation[143] Operational Performance - The company’s total assets decreased by 5.89% to ¥2,038,308,637.21 from ¥2,165,881,489.35 at the end of the previous year[22] - The company’s total liabilities decreased from ¥946,439,898.80 to ¥872,857,893.93, a reduction of about 7.8%[131] - The company reported a net cash outflow from operating activities of ¥-8,376,590.98, an improvement of 24.66% compared to ¥-11,117,848.64 in the previous year[37] Strategic Partnerships - A strategic partnership with a leading sports brand is anticipated to enhance brand visibility and drive sales growth by 15%[16] - The company is exploring potential acquisitions to strengthen its market position, with a budget of 200 million CNY allocated for this purpose[16] Event Management - The company aims to enhance its event management capabilities, having successfully hosted the 2021 East Sports Triathlon Challenge with participation from 20 well-known enterprises[30] - The first half of 2021 saw a significant investment in sports event organization, with a revenue of CNY 1.97 million, despite a net loss of CNY 153.84 thousand[60] Real Estate Operations - The real estate business is now focused on the sale and leasing of existing commercial properties, primarily in Zhejiang, Jiangsu, and Shanghai[31] - Real estate sales revenue plummeted to ¥3,132,300.48, constituting only 4.35% of total revenue, reflecting a significant decrease of 87.56% year-on-year[40] Financial Health - The net profit attributable to shareholders was -¥50,448,580.30, a decline of 99.95% from -¥25,230,664.79 year-on-year[22] - The company’s cash and cash equivalents decreased to ¥138,900,289.53, down from ¥315,373,686.83 at the end of the previous year, a reduction of 7.75%[44] Shareholder Engagement - The company held multiple shareholder meetings, with participation rates around 37.6%, ensuring transparency and stakeholder engagement[63] - The company did not distribute cash dividends or issue bonus shares for the first half of 2021[66] Compliance and Governance - The company has not engaged in any violations regarding external guarantees during the reporting period[81] - There were no penalties or rectifications reported, indicating compliance with regulatory requirements[85] Management Changes - The company appointed Mr. Wu Xiaolong as the new General Manager, effective from May 25, 2021[104] Legal and Regulatory Matters - The company has no significant litigation or arbitration matters during the reporting period, ensuring a stable legal environment[84] - The semi-annual financial report has not been audited[82] Economic Environment - The company suspended a major asset restructuring due to the impact of COVID-19 on the skiing industry, with ongoing uncertainties affecting sports and tourism sectors[101] Accounting Policies - The financial statements are prepared in accordance with the relevant accounting standards and reflect the company's financial position accurately[171] - The company’s accounting policies are based on the accrual basis of accounting, with historical cost as the measurement basis for most assets[168]

Financial Performance - The company reported a significant increase in revenue, achieving a total of 500 million RMB for the first half of 2021, representing a 20% year-over-year growth[16]. - The company reported a revenue of ¥71,990,257.02 for the current period, representing a 30.46% increase compared to ¥55,179,860.26 in the same period last year[22]. - The company's operating revenue for the reporting period was ¥71,990,257.02, representing a 30.46% increase compared to ¥55,179,860.26 in the same period last year[37]. - Total revenue for the first half of 2021 was ¥71,990,257.02, representing a 30.46% increase compared to the same period last year[40]. - The total revenue for the first half of 2021 reached approximately CNY 1.1 billion, with a significant increase of 40.14% compared to the same period last year[59]. - The company reported a net loss of CNY 14.82 million in the sports venue management segment, reflecting a decline of 14.93% year-on-year[59]. - The net profit attributable to shareholders was -¥50,448,580.30, a decline of 99.95% from -¥25,230,664.79 in the previous year[22]. - The net profit for the first half of 2021 was a loss of ¥54,461,536.87, compared to a loss of ¥24,888,180.04 in the first half of 2020, indicating a deterioration in profitability[140]. - The company reported a net loss of ¥256,097,945.55 for the period, compared to a loss of ¥205,649,365.25 in the previous period[133]. User Engagement and Market Expansion - User data showed an increase in active users, reaching 1.2 million, which is a 15% increase compared to the previous period[16]. - The company is expanding its market presence by entering three new provinces, aiming to increase market share by 10% in these regions[16]. - The company plans to continue promoting ice and snow sports and related training and events, leveraging opportunities from the upcoming Beijing Winter Olympics[30]. - User data indicated a growth in sports event participation, contributing to an increase in overall revenue from sports operations[60]. Product Development and Innovation - New product development includes the launch of a smart sports equipment line, projected to contribute an additional 100 million RMB in revenue by the end of 2021[16]. - The company plans to invest 200 million RMB in technology research and development over the next two years to innovate its product offerings[16]. - New product development includes investments in renewable energy projects, with CNY 25.04 million allocated for development and construction[59]. Strategic Acquisitions and Partnerships - A strategic acquisition of a local sports brand was completed, expected to enhance the company's product portfolio and increase revenue by 50 million RMB annually[16]. - The company has established partnerships with two major sports events, which are anticipated to boost brand visibility and sales by 30%[16]. - The company plans to expand its market presence through strategic acquisitions, including the establishment of Lishui Laiyun Sports Venue Management Co., which aims to enhance revenue from the sports sector[60]. Financial Management and Investments - The company has no cash dividends will be distributed to shareholders for this period, as the company focuses on reinvestment for growth[6]. - The company has made significant investments in real estate development, with CNY 87.87 million generated from property sales in the first half of 2021[60]. - The company reported an investment income of ¥978,858.73 for the first half of 2021, down from ¥2,488,279.59 in the same period of 2020, a decrease of approximately 60.7%[138]. Operational Challenges and Risks - The company is facing risks related to policy changes and market competition, which could impact future performance[61]. - Core personnel retention strategies are being implemented to mitigate risks associated with talent loss, crucial for maintaining competitive advantage[61]. - The company suspended a major asset restructuring due to the impact of COVID-19 on the skiing industry, with ongoing uncertainties affecting sports and tourism sectors[102]. Compliance and Governance - The company has committed to avoiding related party transactions and ensuring fair pricing in necessary transactions[76]. - The company has not engaged in any violations regarding external guarantees during the reporting period[81]. - The company has not reported any significant changes in accounting estimates or judgments that would materially affect its financial results[171]. Shareholder Information - The company held three shareholder meetings in the first half of 2021, ensuring compliance with legal procedures and protecting shareholder rights[71]. - The company did not distribute cash dividends or issue bonus shares for the first half of 2021[66]. - The company has not reported any significant changes in shareholder structure or stock issuance during the reporting period[114]. Cash Flow and Liquidity - The company reported a net cash outflow from operating activities of ¥8,376,590.98, an improvement of 24.66% compared to the previous year's outflow of ¥11,117,848.64[37]. - The net cash flow from investment activities was negative at ¥41,759,583.75, a significant decline of 125.22% from the previous year's inflow of ¥165,560,770.11[37]. - The net cash flow from financing activities showed a reduction in outflow by 37.31%, amounting to ¥117,908,677.80 compared to ¥188,072,472.99 in the previous year[37]. Environmental and Social Responsibility - The management emphasized a commitment to sustainability, with plans to implement eco-friendly practices in all new product lines by 2022[16]. - The company emphasizes environmental protection and adheres to relevant regulations, ensuring compliance in construction and operational activities[73]. - There were no administrative penalties related to environmental issues during the reporting period[70]. Corporate Structure and Changes - The company experienced a leadership change with the resignation of the general manager, effective May 18, 2021[104]. - The company appointed Mr. Wu Xiaolong as the new General Manager, effective from May 25, 2021[105]. - The company has 28 subsidiaries included in the consolidated scope as of June 30, 2021, an increase of 1 from the previous year[167].

Financial Performance - The company's operating revenue for Q1 2021 was ¥35,749,221.42, representing a 93.33% increase compared to ¥18,491,555.10 in the same period last year[7]. - The net profit attributable to shareholders was a loss of ¥12,962,868.42, an improvement of 14.67% from a loss of ¥15,191,769.54 in the previous year[7]. - The basic earnings per share for the reporting period was -¥0.0101, an improvement of 14.41% from -¥0.0118 in the same period last year[7]. - The weighted average return on net assets was -1.00%, slightly better than -1.18% in the previous year[7]. - The company expects a net profit attributable to shareholders of approximately -4,500,000 RMB for the first half of 2021, representing a decrease of 78.35% compared to the same period last year[28]. - Basic earnings per share are projected to be -0.0349 RMB, a decline of 78.35% year-on-year[28]. - The decrease in profit is primarily due to reduced profits from property sales and a decrease in government subsidies[28]. - The company reported a net loss of CNY 218,612,233.67, compared to a loss of CNY 205,649,365.25 in the previous period[40]. - The total comprehensive income for the current period was -¥12,608,354.24, an improvement from -¥14,304,818.63 in the previous period, indicating a reduction in losses of approximately 11.9%[48]. Cash Flow - The net cash flow from operating activities was a negative ¥24,914,474.97, which is a decline of 58.81% compared to a negative ¥15,688,048.69 in the same period last year[7]. - The company received cash related to operating activities amounting to ¥13.61 million, a significant increase of 682.26% from ¥1.74 million[14]. - Total cash inflow from operating activities was 30,764,487.05 CNY, while cash outflow was 55,678,962.02 CNY, resulting in a significant cash outflow[53]. - The cash flow from operating activities was impacted by a substantial increase in payments for goods and services, totaling 36,157,401.84 CNY, compared to 4,080,907.48 CNY previously[53]. - The ending balance of cash and cash equivalents was 266,404,017.08 CNY, down from 458,716,892.43 CNY in the previous period, indicating a significant decrease in liquidity[54]. Assets and Liabilities - The total assets at the end of the reporting period were ¥2,132,991,166.86, down 1.52% from ¥2,165,881,489.35 at the end of the previous year[7]. - The net assets attributable to shareholders decreased by 0.99% to ¥1,205,245,260.93 from ¥1,217,236,694.54 at the end of the previous year[7]. - Total liabilities decreased to CNY 925,860,962.25 from CNY 946,439,898.80, a reduction of about 2.2%[39]. - Current liabilities totaled CNY 388,285,245.22, down from CNY 406,168,175.72, indicating a decrease of approximately 4.4%[39]. - The company's equity attributable to shareholders was CNY 1,205,245,260.93, down from CNY 1,217,236,694.54, reflecting a decline of about 1.0%[40]. Shareholder Information - The company had a total of 62,711 common shareholders at the end of the reporting period[10]. - Chengdu Sports Industry Investment Group Co., Ltd. held 29.90% of the shares, making it the largest shareholder with 385,477,961 shares[10]. Operational Changes - The company established a wholly-owned subsidiary, Lishui Laiyun Sports Venue Management Co., Ltd., to enhance its sports venue management capabilities[22]. - The company has been involved in significant asset restructuring, including the acquisition of 100% equity in Hangzhou Fengjun Real Estate Co., Ltd.[22]. - The company has terminated its cooperative agreements with the Zhejiang Provincial Sports Bureau for the women's ice hockey and curling teams due to the pandemic's impact on the 2020 National Winter Games[21]. - The company is actively pursuing opportunities in ice and snow sports, sports training, and event-related businesses to diversify its product offerings[21]. Expenses - Operating costs rose by 143.82% to ¥32.27 million from ¥13.23 million, corresponding to the revenue recognition from the Lishui PPP project[14]. - Management expenses decreased by 29.72% to ¥7.89 million from ¥11.22 million, due to enhanced expenditure management and reduced business entertainment expenses[14]. - Financial expenses decreased by 38.86% to ¥6.42 million from ¥10.50 million, primarily due to a reduction in loan scale compared to the previous year[14]. - The company reported a decrease in management expenses to ¥7,886,893.07 from ¥11,221,577.99, a reduction of approximately 29.5%[46]. - Financial expenses decreased to ¥6,418,947.65 from ¥10,498,792.27, a decline of about 38.5%[46]. Investment Activities - The company completed the acquisition of 100% equity in Hangzhou Fengjun Real Estate Co., Ltd. for ¥4.41 million, with the equity transfer payment already made[17]. - The net cash flow from investment activities was -10,934,603.73 CNY, a sharp decrease from 145,679,039.45 CNY in the previous period, reflecting reduced investment returns[54]. - Cash inflow from investment activities totaled 185,326,273.28 CNY, primarily from the disposal of subsidiaries and other business units[54].

Company Overview - The company is listed on the Shenzhen Stock Exchange under the stock code 000558[14]. - The company's registered address is located at Lander Building, No. 535 Wensan Road, Hangzhou, Zhejiang Province, with a postal code of 310012[14]. - The company’s legal representative is Xu Yabin[14]. - The company’s website is http://www.lander.com.cn/[14]. Financial Performance - The company's operating revenue for 2020 was ¥140,024,539.82, representing a 1.58% increase compared to ¥137,847,895.72 in 2019[19]. - The net profit attributable to shareholders in 2020 was -¥71,719,970.83, a decrease of 375.53% from ¥26,029,472.16 in 2019[19]. - The net cash flow from operating activities improved to ¥13,155,101.70 in 2020, a 114.92% increase from -¥88,187,707.59 in 2019[19]. - Total assets at the end of 2020 were ¥2,165,881,489.35, down 10.50% from ¥2,420,031,463.57 at the end of 2019[19]. - The net assets attributable to shareholders decreased by 5.84% to ¥1,217,236,694.54 at the end of 2020 from ¥1,292,697,719.01 at the end of 2019[19]. - The basic earnings per share for 2020 was -¥0.06, a decline of 400.00% from ¥0.02 in 2019[19]. - The company reported a quarterly operating revenue of ¥42,762,135.81 in Q4 2020, with a net profit of -¥49,939,799.97[23]. - Total revenue for 2020 was approximately ¥140.02 million, representing a 1.58% increase from ¥137.85 million in 2019[46]. Revenue Breakdown - Sports operations revenue increased by 83.02% to ¥34.77 million, up from ¥19.00 million in 2019, accounting for 24.83% of total revenue[48]. - Real estate sales and leasing revenue decreased by 6.74% to ¥94.96 million, down from ¥101.82 million in 2019, making up 67.82% of total revenue[48]. - Energy and trade sales revenue fell by 33.20% to ¥10.29 million, down from ¥15.41 million in 2019, representing 7.35% of total revenue[48]. Strategic Initiatives - The company is actively pursuing a major asset restructuring by acquiring a 63.34% stake in 成都文化旅游发展股份有限公司[42]. - The company is leveraging its parent company’s resources to enhance its brand image and industry influence, focusing on the integration of sports, culture, and tourism[33]. - The company aims to enhance its market position through strategic initiatives in the sports and cultural activities sector[85]. - The company plans to accelerate the transformation of its existing commercial real estate business to recover funds and support the integration strategy[86]. Investments and Projects - The company’s construction and operation of sports complexes included 1 ongoing project and 2 operational projects, enhancing its revenue streams[29]. - The company’s construction in progress increased by 30.47%, mainly due to continued investment in the Lishui Sports Service Complex project[32]. - The company has ongoing projects and investments in various real estate developments, indicating a strategy focused on market expansion and asset growth[70]. Corporate Governance - The company has not distributed dividends in the past three years, with a profit distribution plan of no distribution or capital increase for 2020, 2019, and 2018[93]. - The company guarantees that the existing business will not incur annual losses, and if losses are expected, it will compensate the listed company for the loss amount[100]. - The company has pledged to ensure the independence of the listed company's personnel, assets, finances, institutions, and business operations[98]. Risk Management - The company faces risks related to macroeconomic adjustments, policy changes, and market trends that could impact its operations[88]. - The company is committed to attracting and retaining core personnel to mitigate risks associated with talent loss, which is crucial for maintaining market competitiveness[88]. Shareholder Information - The top five customers accounted for 49.04% of total annual sales, with the largest customer, Lishui Sports Bureau, contributing CNY 28,535,502.14, or 20.38% of total sales[54]. - The top five suppliers represented 71.83% of total annual purchases, with Zhejiang Huacheng Construction Group Co., Ltd. being the largest supplier at CNY 65,391,882.19, or 50.86% of total purchases[55]. Employee and Management Structure - The total number of employees in the company is 136, with 39 in sales and 37 in technical roles[190]. - The company has a total of 10 employees with a postgraduate degree and 62 with a bachelor's degree[191]. - The management team reported a 5% reduction in operational costs through efficiency improvements and cost-cutting measures[166]. Future Outlook - The company provided a future outlook projecting a revenue growth of 20% for the next fiscal year, driven by new product launches and market expansion[166]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share within the next two years[166]. - The successful hosting of the Beijing Winter Olympics is expected to increase the popularity of ice and snow sports, prompting the company to develop the southern ice and snow market and expand related product offerings[87].

[Important Notice](index=2&type=section&id=First%20Section%20Important%20Notice) The company's management and all directors affirm the truthfulness, accuracy, and completeness of this quarterly report - The company's board of directors, supervisory board, and all senior management confirm the truthfulness, accuracy, and completeness of this report[4](index=4&type=chunk) - The company's principal officer, chief financial officer, and head of the accounting department all declare the truthfulness, accuracy, and completeness of the financial statements in the quarterly report[5](index=5&type=chunk) [Company Profile and Shareholder Structure](index=3&type=section&id=Second%20Section%20Company%20Basic%20Information) This section outlines the company's core financial performance, including significant Q3 revenue and net profit growth, and details its shareholder structure with Chengdu Sports Industry Investment Group as the largest shareholder [Core Financial Data](index=3&type=section&id=I.%20Major%20Accounting%20Data%20and%20Financial%20Indicators) As of September 30, 2020, total assets decreased by 9.81%, while Q3 operating revenue grew 41.72% and net profit attributable to parent turned profitable, with cumulative net loss for the first three quarters narrowing significantly | Indicator | Current Period (Q3) | YoY Change | Year-to-Date | YoY Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 42,082,543.75 | 41.72% | 97,262,404.01 | 16.87% | | Net Profit Attributable to Shareholders of Listed Company (Yuan) | 3,450,493.93 | 121.23% | -21,780,170.86 | 63.77% | | Net Profit Attributable to Parent Excluding Non-recurring Items (Yuan) | 3,030,822.62 | 114.82% | -28,725,464.01 | 62.18% | | Net Cash Flow from Operating Activities (Yuan) | 17,051,930.23 | 146.17% | 5,934,081.59 | 104.97% | | Basic Earnings Per Share (Yuan/share) | 0.0027 | 121.43% | -0.0169 | 63.73% | - From the beginning of the year to the end of the reporting period, the company's total non-recurring gains and losses amounted to **6.945 million Yuan**, primarily from government subsidies (**5.939 million Yuan**) and gains related to transactional financial assets (**3.504 million Yuan**)[9](index=9&type=chunk) [Shareholder Structure](index=4&type=section&id=II.%20Total%20Number%20of%20Shareholders%20and%20Top%20Ten%20Shareholders%27%20Holdings%20at%20Period-End) As of the reporting period end, the company had 69,800 common shareholders, with Chengdu Sports Industry Investment Group as the largest shareholder, and the second and third largest shareholders acting in concert with pledged shares | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held | Share Status | | :--- | :--- | :--- | :--- | :--- | | Chengdu Sports Industry Investment Group Co., Ltd. | State-owned Legal Entity | 29.90% | 385,477,961 | - | | RNDA Holdings Group Co., Ltd. | Domestic Non-state-owned Legal Entity | 15.38% | 198,270,000 | Pledged | | Gao Jingna | Domestic Natural Person | 6.16% | 79,380,000 | Pledged | - RNDA Holdings Group Co., Ltd. and Ms. Gao Jingna are parties acting in concert[13](index=13&type=chunk) [Analysis of Significant Matters](index=6&type=section&id=Third%20Section%20Significant%20Matters) This section details significant financial changes, including debt optimization and cash recovery from asset transfers, the adoption of new revenue standards, and a bankruptcy risk warning for a subsidiary, leading to an expected full-year loss for 2020 [Analysis of Major Financial Indicator Changes](index=6&type=section&id=I.%20Changes%20and%20Reasons%20for%20Major%20Financial%20Data%20and%20Indicators%20During%20the%20Reporting%20Period) During the reporting period, significant financial indicator changes included reduced receivables and short-term borrowings due to recoveries and repayments, a narrowed net loss attributable to parent from increased sales and investment income, and a substantial increase in investing cash flow from subsidiary equity transfers - Other receivables decreased by **79.47%** (approximately **187 million Yuan**) from the beginning of the year, primarily due to the company's recovery of equity transfer payments[16](index=16&type=chunk) - Short-term borrowings decreased by **69.82%** (**192 million Yuan**) from the beginning of the year, primarily due to the company's repayment of short-term loans[16](index=16&type=chunk) - Administrative expenses decreased by **35.88%** year-on-year, mainly due to reduced employee compensation and enhanced cost management by the company[16](index=16&type=chunk) - Net cash flow from investing activities turned from **-71.01 million Yuan** in the same period last year to a net inflow of **139 million Yuan**, primarily due to the receipt of **178 million Yuan** from subsidiary equity transfers in the current period[18](index=18&type=chunk) [Progress of Significant Matters](index=9&type=section&id=II.%20Analysis%20and%20Explanation%20of%20Progress%2C%20Impact%2C%20and%20Solutions%20for%20Significant%20Matters) During the reporting period, the company completed major equity and debt transfers, adopted new revenue standards from January 1, 2020, and disclosed a pending bankruptcy application for its third-tier subsidiary, Locke Energy - The company has completed the transfer of **100%** equity in Western Sports and RNDA Town to Chengdu Culture and Tourism Group, and has received all equity transfer payments[22](index=22&type=chunk) - The company has completed the public listing and transfer of its claim against Mr. Miao Liang, and has received all debt transfer payments[23](index=23&type=chunk) - The company adopted new revenue standards from **January 1, 2020**, and changed relevant accounting policies[24](index=24&type=chunk) - The company's third-tier subsidiary, Zhejiang Locke Energy Group Co., Ltd., has been applied for bankruptcy liquidation by creditors, with the court having accepted the case for review but not yet rendered a ruling[25](index=25&type=chunk) [2020 Annual Performance Forecast](index=11&type=section&id=VI.%20Forecast%20of%202020%20Annual%20Operating%20Performance) The company forecasts a full-year cumulative net loss for 2020, estimated between **70 million Yuan** and **90 million Yuan**, primarily due to its sports industry transformation and the anticipated impact of a subsidiary's bankruptcy application | Item | Estimated Amount (Yuan) | Compared to Same Period Last Year | | :--- | :--- | :--- | | Cumulative Net Profit | -90,000,000 to -70,000,000 | Down 2,602.95% -- 368.93% | - The primary reasons for the forecasted loss are the company's ongoing transformation to the sports industry and the anticipated impact of the bankruptcy application for its third-tier subsidiary, Locke Energy, on the company's 2020 annual performance[32](index=32&type=chunk) [Financial Statements](index=12&type=section&id=Fourth%20Section%20Financial%20Statements) This section presents the company's unaudited consolidated and parent company financial statements for Q3 2020, including the balance sheet, income statement, and cash flow statement, with explanations for adjustments due to new revenue standard adoption [Consolidated Balance Sheet](index=12&type=section&id=1.%20Consolidated%20Balance%20Sheet) As of September 30, 2020, total assets decreased by 9.81% to **2.183 billion Yuan**, total liabilities decreased by 18.79% to **921 million Yuan** primarily due to reduced short-term borrowings, and equity attributable to parent company owners slightly decreased by 1.80% | Item | September 30, 2020 (Yuan) | December 31, 2019 (Yuan) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 2,182,577,111.83 | 2,420,031,463.57 | -9.81% | | Total Liabilities | 921,487,668.55 | 1,134,654,253.29 | -18.79% | | Total Equity Attributable to Parent Company Owners | 1,269,421,972.63 | 1,292,697,719.01 | -1.80% | [Consolidated Income Statement](index=17&type=section&id=3.%20Consolidated%20Income%20Statement%20for%20the%20Current%20Reporting%20Period) In Q3 2020, the company achieved **42.08 million Yuan** in operating revenue, a **41.72%** year-on-year increase, and net profit attributable to parent of **3.45 million Yuan**, turning profitable, while cumulative net loss for the first three quarters significantly narrowed Q3 2020 Consolidated Income Statement Core Data | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 42,082,543.75 | 29,695,011.84 | | Operating Profit | 6,528,453.81 | -13,969,155.39 | | Net Profit Attributable to Parent Company Owners | 3,450,493.93 | -16,249,377.59 | YTD 2020 Consolidated Income Statement Core Data | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 97,262,404.01 | 83,222,441.72 | | Operating Profit | -16,477,659.80 | -57,106,014.99 | | Net Profit Attributable to Parent Company Owners | -21,780,170.86 | -60,110,468.43 | [Consolidated Cash Flow Statement](index=26&type=section&id=7.%20Consolidated%20Cash%20Flow%20Statement%20from%20Year-Beginning%20to%20Period-End) For the first three quarters of 2020, net cash flow from operating activities significantly improved to **5.93 million Yuan**, investing activities generated **139 million Yuan** from subsidiary disposals, financing activities used **171 million Yuan** for debt repayment, and cash and cash equivalents totaled **321 million Yuan** at period-end | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 5,934,081.59 | -119,340,836.14 | | Net Cash Flow from Investing Activities | 139,043,017.95 | -71,012,301.55 | | Net Cash Flow from Financing Activities | -171,177,719.33 | -19,663,260.83 | | Cash and Cash Equivalents at Period-End | 320,517,792.58 | 109,477,973.52 | [Explanation of Financial Statement Adjustments](index=30&type=section&id=II.%20Explanation%20of%20Financial%20Statement%20Adjustment%20Circumstances) The company adopted new revenue standards from January 1, 2020, adjusting the cumulative impact of uncompleted contracts by reclassifying amounts from 'Prepayments' to 'Contract Liabilities' and 'Other Non-current Liabilities' without retrospective adjustment - The company adopted new revenue standards from **January 1, 2020**, and adjusted relevant financial statement items as of the initial adoption date (**January 1, 2020**)[74](index=74&type=chunk)[75](index=75&type=chunk) - The main adjustment involved reclassifying **9.346 million Yuan** from 'Prepayments' to 'Contract Liabilities' (**1.645 million Yuan**) and 'Other Non-current Liabilities' (**7.636 million Yuan**), with no impact on retained earnings[72](index=72&type=chunk)[73](index=73&type=chunk) [Audit Opinion](index=36&type=section&id=III.%20Audit%20Report) This company's 2020 third-quarter report is unaudited - The third-quarter report is unaudited[80](index=80&type=chunk)