Business Focus and Operations - The company reported a significant focus on the coal industry, which remains the primary source of revenue, despite previous expansions into the beef food industry[19]. - The company has undergone several changes in its main business focus, transitioning from motorcycle manufacturing to coal production and later to food processing[19]. - The coal production capacity of the company's subsidiary, Wujing Group, is 3 million tons per year, with each of its two main mines having a capacity of 1.5 million tons[41]. - Wujing Group's coal products are primarily long flame coal, used for power generation, heating, and as chemical raw materials[41]. - The company is focusing on cost reduction and efficiency improvements in its beef business to counteract financial challenges and supply shortages[37]. - The company aims to enhance its beef supply chain by improving storage quality and ensuring transparency in product flow to maintain food safety[37]. - The company is exploring new retail channels and marketing strategies, including live streaming and point-based sales platforms, to enhance product promotion[63]. Financial Performance - The company's operating revenue for 2022 was ¥1,316,816,250.62, representing a 10.89% increase compared to ¥1,187,477,405.42 in 2021[21]. - The net loss attributable to shareholders decreased by 74.45% to ¥37,679,046.11 in 2022 from ¥147,479,252.42 in 2021[21]. - The net cash flow from operating activities increased by 25.50% to ¥434,141,761.86 in 2022, up from ¥345,933,704.44 in 2021[21]. - The basic earnings per share improved to -¥0.0463 in 2022 from -¥0.1812 in 2021, reflecting a 74.45% reduction in losses[21]. - The company's net assets attributable to shareholders decreased by 8.85% to ¥369,684,692.82 at the end of 2022 from ¥405,558,021.66 at the end of 2021[21]. - The company reported a total of ¥95,873,933.80 in non-main business revenue for 2022, compared to ¥81,007,562.91 in 2021[21]. - The coal business produced 2.73 million tons of raw coal and sold 2.60 million tons, with sales revenue reaching CNY 1,174.76 million, an increase of 18.76% year-on-year[59]. - The food processing and sales segment reported revenue of CNY 131.93 million, a decrease of 29.77% from CNY 187.86 million in 2021, contributing to a net loss of CNY 106.45 million[65][66]. Shareholder and Governance - No cash dividends, bonus shares, or capital reserve transfers will be distributed to shareholders for the year[4]. - The company’s main shareholder has changed multiple times, with the current control held by Wang Wenfeng since September 2020[19]. - The company has established a governance structure that includes a board of directors and a supervisory board to ensure accountability and transparency[129]. - The board of directors approved a new compensation structure for executives, aligning performance metrics with company growth targets[148]. - The company is committed to enhancing safety and environmental management practices to mitigate risks associated with the coal industry[121]. Risks and Challenges - The company continues to face uncertainty regarding its ability to continue as a going concern, as indicated by the negative net profits over the last three years[21]. - The company is facing financial risks, including overdue debts and tax payments, leading to the freezing of some bank accounts and assets[122]. - The beef business is under significant financial pressure due to limited financing channels and high operational costs[112]. - The company is actively monitoring market fluctuations in the beef industry, particularly the rising costs of live cattle and beef products, to mitigate risks[121]. Environmental and Safety Management - The company has implemented a dual supervision system for safety management, enhancing the effectiveness of safety oversight in mining operations[181]. - The company has maintained a focus on social responsibility, emphasizing safety production and environmental protection in its operations[181]. - The company achieved compliance with national standards for major pollutants, including sulfur dioxide, nitrogen oxides, and particulate matter, through effective pollution control measures[177]. - The company has established environmental protection offices across production units, employing specialized personnel to manage environmental work[184]. Future Outlook and Strategic Plans - The company plans to enhance its international market presence, particularly in Europe and Asia-Pacific, to mitigate risks[115]. - The company aims to improve operational efficiency and reduce costs in the next financial period[196]. - The company is focusing on research and development of new technologies to drive future growth[196]. - The company plans to upgrade its food division management system and expand into markets in Europe, the Middle East, and the U.S.[198]. Internal Control and Compliance - The company has established a comprehensive internal control system that has been effectively implemented, with no significant deficiencies reported during the period[166]. - The internal control audit report concluded that the company maintained effective financial reporting internal controls as of December 31, 2022[170]. - The company is committed to ongoing improvements in corporate governance following past issues identified in internal control audits[171]. Employee and Management - The total number of employees at the end of the reporting period was 2,877, with 2,851 from major subsidiaries and 26 from the parent company[159]. - The company emphasizes a performance-based salary policy for management, linking compensation to annual operational goals[160]. - The employee training program includes both internal and external training to support employee development and long-term corporate growth[161].

Financial Performance - The company's operating revenue for Q1 2023 was ¥304,724,253.96, a decrease of 14.69% compared to ¥357,208,115.79 in Q1 2022[5] - The net profit attributable to shareholders was -¥19,624,163.07, representing a decline of 155.70% from ¥35,230,690.52 in the same period last year[5] - The net cash flow from operating activities decreased by 32.78% to ¥123,720,475.48 from ¥184,065,476.09 in Q1 2022[12] - The weighted average return on net assets was -5.38%, down from 8.29% in the previous year[5] - Operating income for the first quarter was 3,676,301.78, a significant increase of 2658.95% compared to 133,250.00 from the previous year[15] - The net loss attributable to the parent company for Q1 2023 was CNY -1,242,490,466.03, compared to CNY -1,222,866,302.96 in the previous year, indicating a slight increase in losses[27] - The net profit for Q1 2023 was CNY 5,303,259.66, a significant decrease compared to CNY 96,889,238.32 in the same period last year, reflecting a decline of approximately 94.5%[30] - The total comprehensive income for the period was CNY 10,995,263.13, down from CNY 95,651,063.99, reflecting a decrease of about 88.5%[31] - The operating profit for Q1 2023 was CNY 20,919,492.96, down from CNY 98,921,167.01, reflecting a decrease of about 78.8% year-over-year[30] Assets and Liabilities - The total assets at the end of the reporting period increased by 2.64% to ¥3,053,350,238.91 from ¥2,974,831,866.60 at the end of the previous year[5] - The total liabilities increased to CNY 2,014,814,814.92 from CNY 1,963,363,576.74, reflecting a rise in financial obligations[27] - The cash and cash equivalents at the end of Q1 2023 were CNY 465,024,469.51, an increase from CNY 364,796,681.99 at the beginning of the year[25] - The cash and cash equivalents at the end of the period amounted to CNY 464,000,210.13, an increase from CNY 313,225,794.37 year-over-year, showing a growth of approximately 48.2%[32] Revenue and Costs - The total operating revenue for Q1 2023 was CNY 304,724,253.96, a decrease of approximately 14.7% compared to CNY 357,208,115.79 in the same period last year[28] - The total operating costs for Q1 2023 were CNY 280,716,538.89, an increase of about 8.9% from CNY 257,642,390.34 in the previous year[28] - The total revenue from operating activities was CNY 394,520,992.38, down from CNY 502,586,922.74, indicating a decrease of about 21.5% year-over-year[31] Cash Flow - The cash flow from operating activities showed a net inflow of CNY 123,720,475.48, compared to CNY 184,065,476.09 in the previous year, representing a decline of approximately 32.6%[32] - The cash flow from investing activities showed a net outflow of CNY 19,152,722.00, compared to a net outflow of CNY 10,515,194.63 in the same period last year, indicating increased investment activity[32] Shareholder Information - The company's total number of ordinary shareholders reached 50,342, with no preferred shareholders having restored voting rights[17] - The largest shareholder, Dalian Hesheng Holdings Group, holds 13.25% of shares, with 107,847,136 shares frozen[17] Legal and Operational Issues - The company is involved in a legal dispute regarding the acquisition of a 40% stake in Yancheng Niu Yuan Wai Enterprise Management Center, with a total payment of 54,172,000 planned[21] - The company’s subsidiary, Wujin Group, was ordered to suspend operations from March 28 to March 30, 2023, due to safety violations[22] Strategic Initiatives - The company established a strategic restructuring task force for the beef industry, led by director Sun Luning, to enhance operational efficiency[23] - The company plans to focus on market expansion and new product development as part of its strategic initiatives moving forward[23] Other Financial Metrics - Financial expenses increased by 52.04% to ¥19,756,502.39, mainly due to exchange losses from overseas investments[14] - Tax expenses surged by 13432.59% to 16,564,072.81, primarily due to increased tax liabilities from the previous year[15] - The company reported a significant increase in other receivables, which rose to CNY 46,710,313.09 from CNY 24,583,942.21, indicating improved collection efforts[25] - The company’s inventory decreased to CNY 34,622,085.61 from CNY 37,785,847.28, suggesting better inventory management practices[25] - The company incurred a credit impairment loss of CNY 4,047.01, compared to CNY 1,806,427.82 in the previous year, indicating a significant reduction in credit losses[30] - Minority shareholder losses decreased by 59.57% to 24,927,422.73, reflecting a reduction in recognized minority losses[15]

Financial Performance - The company's operating revenue for Q3 2022 was ¥304,788,187.72, a decrease of 23.17% compared to the same period last year[5] - The net profit attributable to shareholders was -¥233,749.78, reflecting a significant increase in loss of 95.00% year-on-year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥1,999,286.35, down 47.87% year-on-year[5] - The company reported a cumulative operating revenue of ¥1,051,764,862.35 for the first nine months of 2022, representing a 29.70% increase year-on-year[9] - The cumulative net profit attributable to shareholders for the first nine months was ¥75,903,224.13, a turnaround from a loss of ¥65,894,506.99 in the same period last year, marking a 215.19% increase[9] - The operating revenue for Q3 2022 was CNY 1,051,764,862.35, an increase of 29.70% compared to CNY 810,911,234.81 in the same period last year, primarily driven by coal sales from Wujin Group[14] - Total operating revenue for Q3 2022 reached ¥1,051,764,862.35, an increase of 29.6% compared to ¥810,911,234.81 in the same period last year[28] - Net profit for Q3 2022 was ¥239,548,656.06, a significant recovery from a net loss of ¥20,220,404.12 in Q3 2021[29] - The total comprehensive income for the period was CNY 214,536,011.93, compared to a loss of CNY 26,779,103.99 in the previous period[30] Assets and Liabilities - The total assets at the end of the reporting period were ¥3,113,750,640.93, an increase of 11.07% compared to the end of the previous year[5] - The company's total assets increased to ¥3,113,750,640.93, up from ¥2,803,302,733.07, reflecting a growth of 11.0%[27] - Current assets rose to ¥663,293,439.22, compared to ¥388,842,502.55, marking a substantial increase of 70.5%[27] - Total liabilities amounted to ¥1,988,049,814.39, an increase from ¥1,923,701,204.39, indicating a rise of 3.4%[27] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥497,943,790.86, an increase of 73.71% year-on-year[12] - The net cash flow from operating activities increased to CNY 497,943,790.86, up from CNY 286,658,822.61 in the same period last year, representing a growth of approximately 73.5%[32] - The cash inflow from sales of goods and services reached CNY 1,243,752,234.47, compared to CNY 1,010,300,593.58 in the previous year, indicating a year-over-year increase of about 23.1%[31] - The total cash outflow from operating activities was CNY 965,988,912.24, slightly up from CNY 937,882,044.91 in the previous year[32] - The cash and cash equivalents at the end of the period totaled CNY 480,244,307.01, significantly higher than CNY 236,107,775.62 at the end of the previous year[32] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 50,609, with no preferred shareholders[17] - The top ten shareholders held a combined 43.73% of the shares, with Dalian Hesheng Holding Group owning 13.25%[17] - The company has a significant shareholder structure, with the top ten shareholders holding a total of 107,847,136 shares, representing a substantial portion of the equity[18] Legal and Regulatory Issues - The company faced 158 lawsuits related to false information, with a total claim amount of RMB 15,655,400, of which 146 cases resulted in a judgment requiring the company to pay RMB 2,946,900[21] - The company is currently involved in multiple legal disputes, including a significant case with 恒旺管理咨询, which was dismissed in the second instance[19] Operational Highlights - The coal sales revenue from Wujia Group increased significantly, contributing to the overall revenue growth despite a decrease in production and sales volume[9] - The food business reported a cumulative loss of ¥40,436,300, although this represented an improvement of 8.09% compared to the previous year[10] - The company’s subsidiary, 22 Factory, temporarily halted production due to customs issues but resumed operations on October 12, 2022, after the import ban was lifted[22] Financial Management - Financial expenses decreased by 80.35% to CNY 8,976,408.09, attributed to increased exchange gains and reduced interest expenses from Wujin Group[14] - The company reported a decrease in cash paid to employees, totaling CNY 239,494,690.68, down from CNY 257,486,237.36 in the previous year[32] - The company experienced a foreign exchange gain of CNY 2,474,377.79, contrasting with a loss of CNY -730,807.01 in the previous period[32] Investment and Development - The company reported an investment loss of CNY -14,217,297.87, a 41.34% increase compared to the previous year, mainly due to losses recognized from joint ventures[14] - Other non-current assets increased by 199.10% to CNY 128,528,010.78, primarily due to the acquisition of a 50% stake in the Uruguay 224 plant[15] - Research and development expenses were not detailed but are critical for future product development and market expansion[29] Taxation - Tax and additional fees rose to CNY 115,693,786.28, reflecting a 48.98% increase year-on-year due to higher coal sales revenue from Wujin Group[14] - The company has outstanding tax liabilities totaling RMB 76,024,484.91, which includes overdue tax and penalties[23]

Financial Performance - The company's operating revenue for the first half of 2022 was approximately ¥746.98 million, representing an increase of 80.33% compared to ¥414.23 million in the same period last year[21]. - The net profit attributable to shareholders of the listed company reached approximately ¥76.14 million, a significant turnaround from a loss of ¥61.22 million in the previous year, marking a growth of 224.36%[21]. - The net profit after deducting non-recurring gains and losses was approximately ¥86.32 million, compared to a loss of ¥62.24 million in the same period last year, reflecting a growth of 238.69%[21]. - The net cash flow from operating activities was approximately ¥399.94 million, an increase of 262.09% from ¥110.45 million in the previous year[21]. - The basic earnings per share were ¥0.0935, compared to a loss of ¥0.0752 per share in the same period last year, indicating a growth of 224.34%[21]. - Total assets at the end of the reporting period were approximately ¥3.06 billion, an increase of 9.19% from ¥2.80 billion at the end of the previous year[21]. - The net assets attributable to shareholders of the listed company were approximately ¥477.72 million, up 17.79% from ¥405.56 million at the end of the previous year[21]. - The weighted average return on equity was 17.24%, a significant improvement from -13.15% in the previous year[21]. Coal Industry Performance - The coal industry produced 1.3768 million tons of raw coal and sold 1.3455 million tons, representing increases of 2.39% and 0.35% year-on-year, respectively[31]. - The coal segment generated operating revenue of 677 million CNY, a year-on-year increase of 101.46%, and net profit of 274 million CNY, up 877.36% year-on-year[31]. - The coal industry is expected to continue benefiting from rising international coal prices and increased domestic production capacity, with a reported 2.19 billion tons of raw coal produced in China in the first half of 2022, a year-on-year increase of 11%[34]. - The company's coal production capacity is set at 3 million tons per year, with a focus on safety and efficiency improvements in operations[38]. - Five Nine Group's remaining coal reserves include 182 million tons at Shengli Mine and 23.88 million tons at Yaxing subsidiary, with remaining recoverable reserves of 107.1 million tons and 10.98 million tons respectively[40]. Food Segment Performance - The food segment reported a net loss of 26.058 million CNY, a reduction in loss of 15.15% year-on-year, primarily due to improved performance from subsidiaries[32]. - The company’s overseas food operations incurred a loss of 16.264 million CNY, an increase in loss of 185.95% year-on-year, attributed to insufficient production and rising beef prices[32]. - The company’s overall loss from other businesses was 37.5603 million CNY, a reduction in loss of 725.16 million CNY year-on-year, mainly due to increased exchange gains[33]. - The wholesale segment of the food business generated revenue of ¥65,347,067.92 in the first half of 2022, a decrease of 14.46% year-on-year, while the retail segment saw a drastic decline of 90.62%[50]. Legal and Compliance Issues - The company is currently involved in multiple legal disputes, including a case where it is required to assume joint liability for debts amounting to RMB 14 million[122]. - The company has been ordered to bear the litigation costs associated with the ongoing legal cases[122]. - The company is facing a civil judgment that requires it to fulfill certain financial obligations to various parties involved in the disputes[122]. - The company has initiated criminal reporting measures due to suspected fraudulent loan claims, currently under investigation by the Shanghai Public Security Bureau[123]. - The company has faced penalties and legal actions that could affect its future operations and market position[138]. Environmental Compliance - Five Nine Group's total sulfur dioxide emissions were 17.87 tons, well below the approved limit of 91.8 tons per year[103]. - Nitrogen oxides emissions from Five Nine Group were recorded at 15.02 tons, significantly lower than the annual limit of 184.47 tons[103]. - Particulate matter emissions from Five Nine Group were 3.17 tons, which is below the approved limit of 18.69 tons per year[103]. - The company has implemented a comprehensive environmental monitoring plan, combining automatic and manual monitoring methods[105]. - Five Nine Group has not faced any administrative penalties related to environmental issues during the reporting period[106]. Strategic Initiatives - The company plans to maintain stable coal quality and complete annual cost reduction and efficiency improvement plans to mitigate risks from price controls[93]. - The company is focusing on improving liquidity and capital structure by disposing of non-core assets and securing funding for operational needs[117]. - The company aims to enhance the coal industry business scale and profitability by expanding the capacity of Wujiao Coal Group and integrating resources[116]. - The company plans to adjust the management system of its food division and upgrade overseas factories to expand into markets in Europe, America, and the Middle East[116]. Shareholder and Equity Information - The total number of ordinary shareholders at the end of the reporting period is 50,092[182]. - The largest shareholder, Dalian Hesheng Holdings Group Co., Ltd., holds 13.25% of the shares, totaling 107,847,136 ordinary shares[182]. - The total number of shares outstanding is 814,064,000, with 814,036,325 being unrestricted shares[180]. - The company has no preferred shares in existence during the reporting period[188]. - The top ten shareholders did not engage in any repurchase transactions during the reporting period[183].

Financial Performance - The company reported a total revenue of 814,064,000 RMB for the year, with no cash dividends distributed to shareholders[5]. - The company's operating revenue for 2021 was CNY 1,187,477,405.42, representing a 20.06% increase compared to CNY 989,107,970.40 in 2020[21]. - The net profit attributable to shareholders was a loss of CNY 147,479,252.42, an improvement of 55.64% from a loss of CNY 332,497,276.67 in 2020[21]. - The net cash flow from operating activities increased by 151.83% to CNY 345,933,704.44 from CNY 137,367,956.25 in the previous year[21]. - The basic earnings per share improved to -CNY 0.1812 from -CNY 0.4084, reflecting a 55.63% reduction in losses[21]. - The company reported a significant reduction in non-recurring losses, with total non-recurring losses amounting to CNY -49,446,871.56 in 2021 compared to CNY -115,445,315.74 in 2020[27]. - The company achieved operating revenue of 49,518.82 million yuan in 2021, with a net profit of 392.35 million yuan, reflecting a decrease of 1.13% compared to the previous year[95]. - The proposed profit distribution plan for 2021 is to not distribute dividends or increase capital reserves, primarily due to operating losses and tight cash flow[177]. - The total cash dividend amount for 2021 is 0 CNY, representing 0% of the total profit distribution[176]. Business Segments - The company has faced significant challenges in its food industry segment due to funding issues, the pandemic, and production halts, leading to a decrease in food industry revenue[19]. - The company’s main business revenue is primarily from the coal industry, with food industry revenues being impacted in 2020-2021[19]. - The coal industry remains a strategic sector, with national coal production reaching 4.07 billion tons in 2021, a 4.7% increase year-on-year[30]. - The beef food industry is expected to grow due to rising demand for high-protein, low-fat meat, with increasing consumer preference for quality-certified products[31]. - The coal business produced 2.89 million tons and sold 2.83 million tons of raw coal, with operating revenue reaching 989.18 million yuan, a 50.02% increase year-on-year[59]. - The food business achieved a revenue of CNY 187.86 million in 2021, a year-on-year increase of 50.12%[61]. - The coal mining segment generated revenue of CNY 918.61 million, accounting for 77.36% of total revenue, with a year-on-year growth of 39.58%[66]. Operational Challenges - The company has undergone several changes in its main business focus, transitioning from motorcycle manufacturing to coal and food industries over the years[19]. - The company’s beef processing facilities in Uruguay are limited to a slaughter capacity of 250 heads per day due to funding shortages and environmental constraints[39]. - The beef business in Uruguay has been impacted by the suspension of imports from the 22 plant since October 1, 2021, due to discrepancies found by customs[42]. - The company faced challenges in the beef trade due to overseas production capacity issues, resulting in a 65.18% decrease in revenue for Ningbo Hengyang[62]. - The company is addressing financial risks due to tight cash flow, including overdue debts and tax payments, and is negotiating extensions and asset disposals to resolve these issues[127]. Strategic Initiatives - The company plans to enhance operational management in 2022, focusing on cost reduction and efficiency improvements[36]. - The company aims to establish a complete supply chain from overseas beef sourcing to domestic processing, although it currently faces challenges in market price fluctuations[117]. - The company is focused on enhancing safety, green practices, and technological advancements in its coal mining operations, while also pursuing asset restructuring for sustainable growth[118]. - The company plans to leverage external partnerships to stabilize operations and improve profitability in its beef business[118]. - The company is committed to technological innovation and management efficiency to lower production costs in the coal sector[121]. Governance and Management - The company’s financial report has been audited by Da Hua Accounting Firm, which issued an unqualified opinion with emphasis on going concern uncertainties[5]. - The company has established a comprehensive internal control system, improving governance and operational efficiency[136]. - The board of directors convened 16 meetings, maintaining accurate records and enhancing decision-making transparency[134]. - The company has a structured remuneration decision-making process based on performance evaluations and shareholder approvals[157]. - The company has maintained a stable management team, with key executives continuing in their roles, ensuring continuity in leadership[146]. Market Trends and Future Outlook - The coal industry is expected to undergo a transformation towards low-carbon and high-quality development, driven by national policies and the need for intelligent mining technology[115]. - The beef market is experiencing price increases, with international live cattle prices exceeding historical highs, impacting profitability but maintaining market credibility[126]. - The company provided a positive outlook for the next quarter, projecting a revenue growth of 10% to 12%[150]. - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by the end of 2024[152]. - Research and development investments increased by 30%, focusing on innovative technologies and product enhancements[153]. Environmental and Safety Measures - The company is classified as a key pollutant discharge unit, with emissions of sulfur dioxide and nitrogen oxides reported below regulatory limits[191]. - The company has implemented pollution control facilities, including an electric bag composite dust collector and a calcium injection system for desulfurization, both operating normally[191]. - The company emphasizes the importance of safety production and has implemented a comprehensive safety management approach[199]. - The company has developed an emergency response plan to address potential environmental pollution incidents[192]. - The company is committed to sustainable development and actively promotes environmental protection and resource conservation[200].

Financial Performance - The company's operating revenue for Q1 2022 was ¥357,208,115.79, representing a 173.64% increase compared to ¥130,540,616.89 in the same period last year[3]. - The net profit attributable to shareholders for Q1 2022 was ¥35,230,690.52, a significant turnaround from a loss of ¥33,581,075.29 in Q1 2021, marking a 204.91% increase[3]. - The company's operating revenue for Q1 2022 reached RMB 357,208,115.79, a significant increase of 173.64% compared to RMB 130,540,616.89 in Q1 2021, primarily driven by increased coal sales from Wujia Group[12]. - The company reported a net profit attributable to minority shareholders of RMB 61,658,547.80, a 625.85% increase from a loss of RMB 11,725,574.44 in Q1 2021, indicating improved profitability[12]. - The company reported a basic and diluted earnings per share of CNY 0.0433, recovering from a loss of CNY 0.0413 per share in the same quarter last year[28]. - The total comprehensive income for the first quarter was CNY 95,651,063.99, compared to a loss of CNY 50,829,170.41 in the previous year[28]. - The company reported a total profit of CNY 97,011,639.64, recovering from a loss of CNY 45,322,374.29 in the same quarter last year[27]. Cash Flow and Liquidity - The net cash flow from operating activities reached ¥184,065,476.09, a remarkable increase of 1,054.75% from ¥15,939,917.35 in the previous year[10]. - The net increase in cash and cash equivalents was ¥152,858,875.06, a 362.72% increase from a decrease of -¥58,182,859.03 in the same period last year[10]. - Cash and cash equivalents at the end of the period amounted to RMB 314,305,098.37, a 94.68% increase from RMB 161,445,223.31 at the beginning of the year, mainly due to cash received from coal sales[12]. - The company’s cash and cash equivalents increased to ¥314,305,098.37 from ¥161,445,223.31, showing a growth of approximately 94.5%[22]. - The cash flow from operating activities showed a net increase of CNY 184,065,476.09, a substantial improvement from CNY 15,939,917.35 in the prior year[31]. - The cash and cash equivalents at the end of the period amounted to CNY 313,225,794.37, up from CNY 33,957,269.28 at the end of the previous year[32]. Operating Costs and Expenses - Operating costs rose to RMB 155,840,739.99, reflecting a 19.93% increase from RMB 129,939,601.33 in the same period last year[12]. - Total operating costs for the first quarter were ¥257,642,390.34, compared to ¥188,774,457.69 in the same period last year, indicating an increase of about 36.5%[25]. - The company incurred a total operating expense of CNY 318,521,446.65, which increased from CNY 185,618,395.77 in the same quarter last year[31]. - Tax and additional charges surged by 181.62% to RMB 38,043,121.62, attributed to the rise in coal sales revenue[12]. - The company experienced a tax expense of CNY 122,401.32, compared to a tax benefit of CNY 15,724.56 in the previous year[27]. Assets and Liabilities - The total assets at the end of Q1 2022 were ¥2,975,922,387.53, up 6.16% from ¥2,803,302,733.07 at the end of the previous year[3]. - Total liabilities reached ¥1,987,009,730.12, up from ¥1,923,701,204.39 in the previous year, reflecting a rise of approximately 3.3%[23]. - The company’s total equity as of March 31, 2022, was ¥988,912,657.41, compared to ¥879,601,528.68 in the previous year, indicating an increase of about 12.4%[24]. - The company has outstanding tax liabilities totaling RMB 72,379,307.50, which includes overdue taxes and penalties, impacting its financial position[15]. Investment Activities - The investment activities generated a net cash flow of -¥10,515,194.63, which is an improvement of 69.26% compared to -¥34,204,100.77 in the previous year[10]. - The company’s investment loss decreased by 42.51% to RMB 2,730,423.64, compared to RMB 4,749,233.34 in the previous year, indicating improved performance from joint ventures[12]. - Investment activities resulted in a net cash outflow of CNY 10,515,194.63, an improvement from a net outflow of CNY 34,204,100.77 in the previous year[31]. Other Financial Information - The company recorded a significant decrease in other income, down 95.64% to RMB 133,250.00, compared to RMB 3,053,644.86 in the previous year, due to the absence of mining rights income[12]. - Financial expenses increased by 69.41% to RMB 12,994,343.85, primarily due to foreign exchange losses from subsidiaries[12]. - The company has settled a debt dispute with Manuel Pereira, agreeing to pay a total of $406,000 by October 5, 2022, to resolve the litigation[17]. - The company is involved in 149 securities false information disputes, with a total claimed compensation amounting to ¥14,291,000, of which 113 cases have been adjudicated[19].

Financial Performance - The company's operating revenue for Q3 2021 was ¥396,679,442.30, representing a 61.86% increase year-over-year[3] - The net profit attributable to shareholders was -¥4,671,879.64, an 88.55% decrease compared to the same period last year[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥3,835,407.75, showing a 107.05% increase year-over-year[3] - Total operating revenue for the third quarter of 2021 was CNY 810,911,234.81, a decrease of 0.1% compared to CNY 817,760,025.44 in the same period of 2020[28] - The net profit for the third quarter of 2021 was a loss of CNY 20,220,404.12, an improvement from a loss of CNY 43,095,365.43 in the previous year[29] - Total comprehensive income attributable to the parent company was -72,453,206.86 CNY, compared to -32,081,870.79 CNY in the previous period[30] - The basic and diluted earnings per share were both -0.0809 CNY, an improvement from -0.1111 CNY in the previous period[30] Cash Flow and Liquidity - The net cash flow from operating activities for the year-to-date was ¥286,658,822.61, a significant increase of 2,269.65%[3] - The company reported a net increase in cash and cash equivalents due to increased cash flow from operating activities[10] - Total cash and cash equivalents increased by 219.30% year-on-year to ¥143,967,647.31, reflecting better liquidity management[12] - Cash and cash equivalents at the end of the period increased to 236,107,775.62 CNY from 46,763,169.52 CNY in the previous period[34] - The total cash inflow from operating activities was 1,224,540,867.52 CNY, compared to 915,054,897.32 CNY in the previous period[33] Assets and Liabilities - The total assets at the end of the reporting period were ¥2,920,065,909.71, a decrease of 0.37% from the end of the previous year[3] - The total assets as of September 30, 2021, were CNY 2,920,065,909.71, slightly down from CNY 2,931,012,359.75 at the end of 2020[26] - The company's total liabilities decreased to CNY 1,981,701,252.68 from CNY 1,987,761,424.70, showing a slight reduction of about 0.3%[26] - The company has outstanding tax liabilities totaling 43,338,004.41 RMB related to income tax from 2017, which has resulted in the freezing of its bank accounts and assets[21] Operational Efficiency - Sales expenses decreased by 52.47% year-on-year to ¥19,032,830.15, primarily due to the reduction of consolidated expenses from the newly merged company[11] - Financial expenses decreased by 54.42% year-on-year to ¥45,671,640.17, mainly due to a reduction in interest expenses from long-term loans[11] - Other income increased by 259.43% year-on-year to ¥17,153,055.69, primarily due to compensation received for mining rights[11] - Net cash flow from operating activities increased by 2269.65% year-on-year to ¥286,658,822.61, indicating significant improvement in operational efficiency[12] Production and Sales - The cumulative production of raw coal by the company’s subsidiary was 2,190,100 tons, a decrease of 3.76% year-over-year, while sales were 2,166,500 tons, down 3.94%[8] - The food trading business contributed a net profit of -¥43,994,300, reducing losses by 8.55% year-over-year[8] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 51,346, with no preferred shareholders[14] - The largest shareholder, Dalian He Sheng Holdings Group Co., Ltd., holds 13.25% of shares, with 64,200,000 shares pledged[14] - The top ten shareholders hold a combined total of 336,000,000 RMB ordinary shares, with the largest shareholder holding 107,847,136 shares[15] Legal and Regulatory Issues - The company has 83 ongoing litigation cases related to false information disclosure, with a total claim amount of 11,395,900 RMB, of which 1,402,600 RMB has been ordered to be paid by the company[20] - The company announced the transfer of 100% equity in Inner Mongolia New Dazhou Energy Technology Co., Ltd. to Yibin Mingxi Investment Co., Ltd., but the deal was terminated due to non-payment by the buyer[16] Strategic Initiatives - The company has initiated a non-public offering of A-shares, which was approved by the board and shareholders[19] - The company is actively pursuing new strategies, including a stock incentive plan approved by the board and shareholders[19] - The company has experienced a change in leadership, with Han Dongfeng elected as the new chairman following the resignation of Wang Lei[17] Inventory Management - Inventory increased by 108.24% year-on-year to ¥61,790,360.19, attributed to the recovery of production capacity at the Uruguay plant[11] - The company reported a decrease in inventory to CNY 61,790,360.19 from CNY 29,673,266.16, indicating an increase of approximately 108.3%[25]

Financial Performance - The company's operating revenue for the reporting period was ¥414,231,792.51, a decrease of 27.67% compared to ¥572,690,958.00 in the same period last year[19]. - The net profit attributable to shareholders of the listed company was a loss of ¥61,222,627.35, worsening by 23.34% from a loss of ¥49,636,131.72 in the previous year[19]. - The basic earnings per share were reported at -¥0.0752, a decline of 23.28% from -¥0.0610 in the same period last year[19]. - The weighted average return on net assets was -13.15%, a decrease of 5.92% compared to -7.23% in the previous year[19]. - The company's operating costs decreased by 15.70% year-on-year, amounting to approximately CNY 300.80 million[41]. - The net profit for the first half of 2021 was a loss of CNY 48,472,456.15, compared to a loss of CNY 24,444,196.09 in the same period of 2020[165]. - The company reported a comprehensive income total of -32,057,779.22 CNY for the current period, indicating a decrease in overall profitability[193]. Cash Flow and Liquidity - The net cash flow from operating activities significantly increased to ¥110,452,086.75, representing a 1,932.06% increase from ¥5,435,481.01 in the same period last year[19]. - The company's cash flow from operating activities increased by 1,932.06% year-on-year, reaching approximately CNY 110.45 million[41]. - The total cash and cash equivalents at the end of the first half of 2021 was 100,117,182.75, up from 66,469,193.27 at the end of the first half of 2020[174]. - The company's cash and cash equivalents were reported at 3,759,444.06 yuan, which is subject to restrictions due to bank account freezes[55]. - The company has unpaid income tax from the sale of shares in 2017, totaling 51.01 million yuan, with 43.34 million yuan still outstanding[106]. Assets and Liabilities - The total assets at the end of the reporting period were ¥2,783,626,554.29, down 5.03% from ¥2,931,012,359.75 at the end of the previous year[19]. - The total liabilities decreased from CNY 1,987,761,424.70 to CNY 1,879,202,141.44, indicating a decline of approximately 5.5%[158]. - The total equity attributable to the parent company decreased from CNY 494,568,627.20 to CNY 436,449,846.04, a decline of approximately 11.7%[158]. - The company has a total of 1,025,538,277.30 yuan in restricted assets, primarily due to bank account freezes and collateral for loans[55]. - The company reported a total liability of 84 million yuan as of March 11, 2019, with a provision for bad debts of 12,203.33 million yuan[93]. Business Segments - The coal business generated revenue of 335.9843 million yuan, a decrease of 12.28% year-on-year, with a net profit of 28.0377 million yuan, down 36.61% year-on-year[28]. - The beef business in Uruguay achieved a slaughter of 10,071 cattle and 7,942 sheep, reaching 83% of its production capacity by the end of the reporting period[32]. - The revenue from the Uruguay subsidiary was 51.6731 million yuan, an increase of 231.25% year-on-year, while the net profit was a loss of 12.9436 million yuan, a reduction in loss of 28.55% year-on-year[32]. - The company implemented a network auction sales model for coal, generating an additional revenue of 10.56 million yuan through the auction of 150,000 tons of coal[29]. Risk Management - The company faced various risks as outlined in the management discussion and analysis section, with corresponding measures to mitigate these risks[5]. - The company is facing risks from economic fluctuations, safety and environmental regulations, and market volatility, particularly in the beef market due to rising prices and supply chain challenges[67][68]. - The company has implemented measures to address financial risks, including asset disposals and debt restructuring to manage overdue debts and tax obligations[68]. Environmental Compliance - The company is classified as a key pollutant discharge unit, with sulfur dioxide emissions at 221.8 mg/m³, below the standard of 400 mg/m³[76]. - Nitrogen oxide emissions are recorded at 205.3 mg/m³, also below the standard of 400 mg/m³[76]. - The total emissions of particulate matter are 4.05 tons, with a concentration of 35.2 mg/m³, which is below the standard of 80 mg/m³[76]. - The company has established pollution prevention facilities, including a dust removal system and desulfurization facilities, both operating normally[76]. - No administrative penalties were imposed on the company during the reporting period due to environmental issues[78]. Legal and Regulatory Issues - The company is involved in multiple arbitration cases regarding performance compensation and overdue payment penalties[92]. - The company has been listed as a dishonest debtor due to ongoing litigation, which may affect its reputation and operations[94]. - The company is currently appealing a judgment that requires it to pay 1.96555 million yuan, with the case still in execution[94]. - The company has faced legal challenges that have resulted in its bank accounts being frozen, affecting its liquidity[94]. - The company has reported a total litigation amount of 3,203 million yuan, with a judgment requiring the company to pay the plaintiff 30 million yuan in principal and interest[94]. Shareholder Information - The total number of shares outstanding is 814,064,000, with 99.08% being unrestricted shares[136]. - The largest shareholder, Dalian He Sheng Holdings, holds 107,847,136 shares, representing 13.25% of total shares[140]. - The company has no reported related party transactions among the top shareholders[142]. - The report indicates that there were no changes in the number of shares held by major shareholders during the reporting period[141]. Future Outlook - The company plans to continue focusing on the recovery of its operations in Uruguay, which saw a revenue increase of 196.23% due to resumed production[47]. - The company is actively managing its financial liabilities through negotiations and potential restructuring efforts[92]. - The company has not provided updated performance guidance for the upcoming quarters[100].

Financial Performance - The company's operating revenue for Q1 2021 was ¥130,540,616.89, a decrease of 43.23% compared to ¥229,944,749.26 in the same period last year[8] - The net profit attributable to shareholders was a loss of ¥33,581,075.29, showing a 5.00% improvement from a loss of ¥35,348,530.54 in Q1 2020[8] - The net profit attributable to shareholders decreased by 2,476.73 million RMB year-on-year, primarily due to reduced losses from the Uruguay Rondatel A.S. operations and lower interest expenses from long-term loans[17] - The operating revenue for Wujin Group in the first quarter was 103.95 million RMB, a decrease of 18.08% compared to the same period last year, leading to a net profit of -23.49 million RMB[17] - The net loss for the quarter was CNY 45,306,649.73, compared to a net loss of CNY 33,056,889.03 in the same period last year[56] - The company's operating revenue for the current period is 0.00, compared to 1,489,978.29 in the previous period, indicating a significant decline[58] - The net profit for the current period is -8,476,137.07, an improvement from -17,678,720.26 in the previous period, reflecting a reduction in losses by approximately 52%[60] Cash Flow and Liquidity - The net cash flow from operating activities decreased by 67.75%, amounting to ¥15,939,917.35 compared to ¥49,426,083.93 in the previous year[8] - The cash flow from operating activities decreased by 67.75% year-on-year, amounting to 15.94 million RMB, primarily due to reduced cash receipts from sales[19] - The cash and cash equivalents decreased by 1103.00% year-on-year, totaling -58.18 million RMB, mainly due to declines in operating and investment cash flows[19] - The company's cash reserves decreased by 59.84% from the beginning of the year, totaling 39.04 million RMB, primarily due to debt repayments and mining rights payments[23] - The total cash and cash equivalents at the end of the period is 33,957,269.28, a decrease from 173,237,422.71 in the previous period, representing a decline of approximately 80.4%[64] - The net cash flow from financing activities is -39,357,573.70, an improvement from -42,738,849.11 in the previous period, reflecting a reduction in cash outflows by approximately 7.5%[64] Assets and Liabilities - The total assets at the end of the reporting period were ¥2,818,997,792.47, down 3.82% from ¥2,966,281,131.44 at the end of the previous year[8] - The company's total equity decreased to CNY 898,017,260.55 from CNY 943,250,935.05, a decline of approximately 4.8%[48] - The total liabilities of the company were CNY 1,920,980,531.92, down from CNY 1,987,761,424.70, indicating a decrease of approximately 3.36%[47] - The company's current assets decreased to CNY 364,445,126.02 from CNY 439,505,230.32, reflecting a reduction of about 17.0%[45] - Accounts receivable decreased to CNY 12,114,823.40 from CNY 14,423,245.54, showing a reduction of approximately 15.99%[45] - Inventory increased to CNY 34,333,332.14 from CNY 29,673,266.16, marking an increase of about 15.0%[45] Operational Challenges - The company reported a significant decrease in revenue due to the disposal of Shanghai Xindazhou Logistics Co., which affected consolidated revenue, and a decline in coal quality and prices from the coal business[16] - The company has a total overdue external loan principal amounting to CNY 134.66 million as of the report date[28] - The company received multiple tax enforcement measures from the Haikou Guilin Yang Economic Development Zone Tax Bureau, including freezing deposits and seizing equity investments[25] - The company has been listed as a dishonest executor due to unresolved court judgments related to disputes[27] - The company is actively pursuing debt collection against Heilongjiang Hengyang Beef Industry Co., Ltd., which has applied for bankruptcy reorganization[29] Government Support and Subsidies - The company received government subsidies amounting to ¥17,262,121.31 during the reporting period, primarily related to mining rights payments[9] Shareholder Information - The total number of shareholders at the end of the reporting period was 52,887, with the top ten shareholders holding a combined 50.46% of the shares[12] Legal and Compliance Issues - The company’s subsidiary, Tianjin Hengyang, and other related entities were involved in arbitration matters, with a ruling stating they are not liable for guarantee responsibilities[26] - The company has issued a written notice regarding compensation obligations to its counterparties, indicating ongoing financial commitments[31] - The company has reported a violation of external guarantees amounting to ¥12,153.91 million, which represents 24.57% of the latest audited net assets[37] Future Outlook and Strategic Initiatives - The company plans to accelerate the disposal of inefficient assets to recover cash for operations and to address debt and tax issues[28] - The company is considering a capital increase for its associate company LORSINAL S.A. as part of its strategic initiatives[29] - The company anticipates potential losses or significant changes in net profit for the first half of 2021 compared to the same period last year[35] Miscellaneous - The company has not engaged in any repurchase transactions during the reporting period[13] - The company has not made any commitments regarding entrusted financial management during the reporting period[35] - The company has not disclosed any major contracts affecting daily operations during the reporting period[35] - The company has not reported any progress on fundraising investment projects during the reporting period[35] - There were no research, communication, or interview activities conducted during the reporting period[40] - The first quarter report was not audited[70]

Revenue and Financial Performance - The company reported a significant decrease in revenue from the food industry due to the suspension of its Uruguay subsidiary, leading to a reliance on coal industry revenue as the main source of income[18]. - The company's operating revenue for 2020 was ¥989,107,970.40, a decrease of 31.27% compared to ¥1,439,198,672.23 in 2019[20]. - Total revenue decreased by 31.27% to ¥989,107,970.40 compared to the previous year[66]. - Revenue from the food processing sales industry dropped by 72.80% to ¥125,138,783.77, accounting for 12.65% of total revenue[66]. - Coal mining revenue was ¥658,126,858.73, representing 66.54% of total revenue, with a slight decrease of 5.26% year-over-year[66]. - The beef business generated revenue of 125.14 million RMB in 2020, a significant drop of 72.80%, contributing a net loss of 95.16 million RMB, which is a reduction in loss of 64.78% compared to the previous year[48]. - The company's logistics segment reported revenue of 250.65 million RMB from January to November 2020, a decline of 18.73% year-on-year, with net profit decreasing by 32.79%[51]. - The company's Uruguayan beef processing plants were shut down from February 2020 until January 2021 due to the pandemic, significantly impacting domestic and international sales[48]. Shareholder and Governance Changes - The company has undergone several changes in major shareholders, with the current largest shareholder being the He Sheng Group and its concerted actions since March 2020[18]. - The company’s governance structure has been updated with a new board and supervisory committee as of September 2020, reflecting changes in control[18]. - The company has not distributed cash dividends or increased share capital from capital reserves for the years 2018, 2019, and 2020 due to operating losses[128][130][132]. Strategic Focus and Business Realignment - The coal industry remains the primary revenue source, with the company having shifted its focus away from motorcycle manufacturing since 2017[18]. - The company has experienced a shift in its main business focus from motorcycles to coal and food industries over the years, reflecting strategic realignment[18]. - The company’s operational challenges in the food sector have impacted overall performance, necessitating a reevaluation of its business strategy[18]. - The company aims to establish a complete beef supply chain from overseas sourcing to domestic processing, although it currently faces challenges in achieving this strategy[112]. - The company’s overall strategy includes resource integration in the beef industry while fostering new industries for sustainable development[116]. Financial Health and Risks - The company is facing challenges with overdue debts and tax payments, impacting its financial stability[60]. - Financial risks include overdue debts and tax liabilities, with ongoing efforts to negotiate extensions and asset disposals to address these issues[123]. - The company has reported a significant amount of frozen assets, which may affect its liquidity and operational capabilities[153]. - The company is facing multiple lawsuits and arbitration cases, which may affect its operational stability and financial performance[151]. Cash Flow and Investment - The net cash flow from operating activities was ¥137,367,956.25, down 53.00% from ¥292,265,640.46 in 2019[20]. - The company’s cash dividend policy is compliant with its articles of association and has been transparent and stable, ensuring protection for minority shareholders[129]. - The company plans to accelerate the disposal of inefficient assets to recover cash for operations and debt resolution in 2021[60]. - The company has committed to investing at least 2 billion CNY in a large-scale coal chemical project, but has not fulfilled this commitment within the specified timeframe[134][135]. Legal and Compliance Issues - The company has been involved in multiple arbitration cases, including a significant case with a claim for performance compensation amounting to 11,582.45 CNY[147]. - The company is actively pursuing the recovery of non-operating funds and has initiated legal proceedings to address the outstanding compensation claims[137]. - The company faced penalties totaling ¥300,000 ($46,000) from the China Securities Regulatory Commission for failing to disclose certain guarantees and related party transactions[164]. - The company has reported a total of 18,506.9 CNY in liabilities related to loan agreements, showcasing its financial commitments[148]. Asset Management and Investments - The company completed the acquisition of a 40% stake in Dalian Taoyuan Mall Development Co., with an investment amount of approximately CNY 421.63 million[96]. - The company has a total of 52.71 million yuan in receivables from Taoyuan Rongsheng Market, which is classified as a related enterprise[182]. - The company has a total of 540 million CNY in receivables from Hainan New Dali Machinery Industry Co., Ltd.[183]. - The company has a guarantee amount of 10,200 million yuan for Wujing Group (Hebei Finance) with a guarantee type of joint liability[193]. Future Outlook and Plans - The company plans to dispose of non-core assets to recover cash for operational needs, with a total funding requirement of 780 million yuan for 2021[120]. - The coal production target for 2021 is set at 2.7 million tons, a decrease of 11.4% year-on-year, with sales target at 2.63 million tons, down 10.8% year-on-year[117]. - The company is focusing on expanding its market presence and enhancing its operational strategies to improve financial performance in the upcoming years[147]. - The company aims to enhance safety management and compliance, focusing on green development and technological innovation[63].