Financial Performance - The company's operating revenue for Q3 2021 reached ¥137,240,656.10, representing a significant increase of 1,746.48% compared to the same period last year[3]. - Net profit attributable to shareholders was ¥17,339,539.82, marking a year-on-year increase of 132.96%[3]. - The basic earnings per share for the period was ¥0.0242, up 132.93% from the previous year[4]. - Total revenue for the third quarter of 2021 reached ¥158,806,312.79, a significant increase from ¥13,081,064.68 in the same period last year, representing a growth of approximately 1,115%[20]. - The company reported a net loss of ¥35,918,058.52 for the current period, an improvement from a loss of ¥121,635,421.56 in the previous year[20]. - The total comprehensive income for the quarter was -16,281,363.22, compared to -119,118,467.13 in the previous year, showing a significant reduction in losses[21]. - The net profit for the quarter was -29,983,574.27, an improvement from -119,118,467.13 in the same period last year, showing a reduction in losses[21]. - The basic and diluted earnings per share were both -0.0387, compared to -0.1633 in the previous year, reflecting a positive trend in earnings[22]. Assets and Liabilities - Total assets at the end of the reporting period were ¥4,000,315,347.66, a decrease of 11.87% from the end of the previous year[4]. - Total assets as of September 30, 2021, amounted to ¥4,000,315,347.66, down from ¥4,539,096,381.47 at the end of 2020, indicating a decrease of about 11.85%[17]. - Current assets totaled ¥2,467,415,828.58, a decline of 17.5% compared to ¥2,991,120,153.04 at the end of 2020[17]. - The total liabilities decreased to ¥2,309,559,720.56 from ¥2,835,809,391.15, reflecting a reduction of approximately 18.5%[18]. - Cash and cash equivalents were reported at ¥34,963,053.06, down from ¥55,892,674.12, a decrease of about 37.4%[16]. - Accounts receivable decreased to ¥410,513,349.82 from ¥645,877,215.16, a decline of approximately 36.4%[16]. - Inventory levels dropped significantly to ¥273,206,988.46 from ¥589,324,315.73, representing a decrease of about 53.7%[16]. - The company’s total equity as of September 30, 2021, was ¥1,690,755,627.10, slightly down from ¥1,703,286,990.32[18]. Cash Flow - The company reported a cash flow from operating activities of ¥194,781,384.62, an increase of 249.20% year-on-year[6]. - Cash flow from operating activities generated a net amount of 194,781,384.62, a turnaround from -130,546,954.70 in the previous year[23]. - Investment activities resulted in a net cash outflow of -16,000,000.00, compared to -437,118,949.10 in the previous year, indicating improved cash management[24]. - Financing activities led to a net cash outflow of -199,711,005.68, a decrease from a net inflow of 455,549,373.66 in the same period last year[24]. Film Projects and Investments - The increase in operating revenue was attributed to the success of films such as "Hi, Mom" and "The King of Bath," which contributed significantly to income[6]. - The company has received a total of 5.5 billion RMB from the transfer of 25% shares for each of the three films in the "Fengshen Trilogy," with a total contract amount of 600 million RMB[12]. - The first film of the "Fengshen Trilogy" has completed post-production and is in the promotional phase, with the release date to be announced[12]. - The company is currently preparing for the production of multiple projects, including "Dongji Island" and "Let Me Stay By Your Side," which are in the planning stage[14]. - The company has signed investment agreements for the "Fengshen Trilogy" with a total investment of 600 million RMB, aimed at diversifying investment risks[12]. - The company is actively developing new film projects, with several titles in various stages of production, including "749 Bureau" and "White Snake Prequel" which are in post-production[14]. - The company has established partnerships with multiple production companies for the "Fengshen Trilogy," enhancing collaboration in film development[11]. - The company is focusing on expanding its film portfolio, with several projects expected to be released in the coming years[14]. Regulatory and Compliance - The company has ongoing investigations by the China Securities Regulatory Commission regarding information disclosure violations, with potential administrative penalties pending[13]. - The company is committed to timely information disclosure regarding its ongoing projects and regulatory investigations[14]. - The company has adjusted its financial statements to comply with new leasing standards, impacting the balance sheet[25]. - The company has implemented new leasing standards starting from 2021, with no retrospective adjustments made[29]. - The company has not undergone an audit for the third quarter report[29]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 44,712[9]. - The company has a total of 84,854,419 ordinary shares held by its largest shareholder, Qingdao West Coast Holdings Development Co., Ltd.[10]. - The total equity attributable to shareholders of the parent company was CNY 1,712,944,410.29[28].

Financial Performance - The company's operating revenue for Q1 2021 was CNY 15,611,176.70, representing a significant increase of 1,225.63% compared to CNY 1,177,642.84 in the same period last year[8]. - The net profit attributable to shareholders of the listed company was a loss of CNY 26,886,172.10, which is a deterioration of 39.77% from a loss of CNY 19,235,504.69 in the previous year[8]. - The basic and diluted earnings per share were both CNY -0.0376, reflecting a decline of 39.78% compared to CNY -0.0269 in the same period last year[8]. - The net loss for Q1 2021 was CNY 26,890,141.41, compared to a net loss of CNY 19,236,809.36 in Q1 2020, reflecting a deterioration of approximately 40%[48]. - The total comprehensive income for the period was reported as -¥15,717,505.54, compared to -¥16,595,331.93 in the previous period[54]. Cash Flow - The net cash flow from operating activities improved to CNY 707,935,778.05, a remarkable increase of 640.53% compared to a negative cash flow of CNY 130,970,217.82 in the same period last year[8]. - The company reported a cash flow from operating activities of ¥707,935,778.05, a 640.53% increase from -¥130,970,217.82 in the previous year, driven by higher receipts from film project investments and revenue sharing[15]. - Total cash inflow from operating activities reached ¥790,356,130.01, up from ¥398,711,493.72 year-on-year, indicating a growth of approximately 98.2%[54]. - The company incurred cash outflows of ¥82,420,351.96 in operating activities, down from ¥529,681,711.54 in the previous period, reflecting a decrease of about 84.4%[54]. - Investment activities generated a net cash flow of ¥6,500,000.00, compared to a net outflow of ¥461,003,280.00 in the previous period, marking a substantial turnaround[55]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 4,447,797,725.16, a decrease of 2.01% from CNY 4,539,096,381.47 at the end of the previous year[8]. - The company's total liabilities as of the end of Q1 2021 were CNY 3,031,077,189.18, a decrease from CNY 3,095,233,528.63 at the end of the previous period[49]. - The total liabilities of the company were CNY 2,771,400,876.25, down from CNY 2,835,809,391.15, reflecting a decrease of approximately 2.27%[41]. - The company's total equity as of March 31, 2021, was CNY 1,676,396,848.91, a decrease from CNY 1,703,286,990.32, indicating a decline of about 1.57%[42]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 71,588[11]. - The largest shareholder, Fude Life Insurance Co., Ltd., held 15.60% of the shares, amounting to 111,649,909 shares[11]. - The company reported no significant changes in shareholder agreements or repurchase transactions during the reporting period[12]. Project Developments - The company has signed a cooperation framework agreement for the film project "The Investiture of the Gods Trilogy," with an investment ratio of 70% for the company and 30% for its partners[16]. - As of the report date, the filming of the "Investiture of the Gods Trilogy" has been completed, and the project is currently in post-production[19]. - The company has received ¥5.5 billion from the transfer of investment shares in the "Investiture of the Gods Trilogy," with a total contract amount of ¥6 billion[19]. - The company is actively preparing for new projects, including "Let Me Stay By Your Side," which is currently in the preparatory stage[24]. - The company has several film projects in various stages, including "Hello, Li Huanying," which was released on February 12, 2021, and "The 749 Bureau," currently in post-production[24]. Operational Challenges - The company has indicated that its operational plans do not guarantee profitability for 2021, as outcomes depend on market conditions[26]. - Management expenses increased by 26.23% to ¥27,333,639.69 from ¥21,653,440.62, mainly due to the amortization of intangible assets from the acquisition of Dongfang Shanshui[15]. - The company reported a significant increase in financial expenses, totaling CNY 9,143,330.55 in Q1 2021, compared to CNY 4,974,334.96 in Q1 2020, marking an increase of approximately 84%[47]. Miscellaneous - The company has not yet audited the first quarter report, indicating that the figures are preliminary[59]. - The company has no reported securities or derivative investments during the reporting period[30][31]. - The company has not engaged in any entrusted financial management during the reporting period[32]. - There are no reported violations regarding external guarantees during the reporting period[34]. - The company has confirmed that there are no non-operating fund occupations by controlling shareholders or related parties during the reporting period[35].

Financial Performance - The company's operating revenue for 2020 was ¥425,779,609.11, a decrease of 50.22% compared to ¥855,335,357.54 in 2019[21]. - The net profit attributable to shareholders for 2020 was -¥767,373,478.71, an improvement of 66.72% from -¥2,305,834,809.46 in 2019[22]. - The net cash flow from operating activities was ¥18,481,529.33, a significant increase of 103.50% compared to -¥528,199,247.16 in 2019[21]. - The total assets at the end of 2020 were ¥4,539,096,381.47, a slight decrease of 0.83% from ¥4,577,226,290.13 at the end of 2019[22]. - The net assets attributable to shareholders decreased by 31.48% to ¥1,712,944,410.29 at the end of 2020 from ¥2,499,863,271.97 at the end of 2019[22]. - The basic and diluted earnings per share for 2020 were both -¥1.0719, showing a 66.72% improvement from -¥3.2209 in 2019[22]. - The company reported a total of ¥22,969,195.86 in non-recurring gains and losses for 2020, compared to -¥23,985,472.81 in 2019[26]. - The company reported a net loss of approximately 767.37 million yuan for 2020, with a net profit margin of 0.00%[86]. Dividend Policy - The company plans not to distribute cash dividends or issue bonus shares for the year[9]. - The company did not distribute profits for the years 2019 and 2020 due to negative retained earnings and significant financial pressure, aiming to maintain stable development[84][86]. - The company has maintained a consistent policy of not distributing dividends in the last three years due to financial constraints[84][85]. - The company’s cash dividend policy is compliant with its articles of association and shareholder resolutions, ensuring transparency and protection of minority shareholders' rights[84]. Strategic Transformation - The company has undergone a transformation from tourism to a full-spectrum cultural group, focusing on film, television, and new media[20]. - The company plans to focus on film business development and explore tourism culture integration through the construction of the Miyun Oriental Mountain Water International Film and Tourism Town project[29]. - The company aims to enhance its investment, production, marketing, and distribution capabilities in the film industry while leveraging big data and internet marketing[29]. - The company is currently undergoing a strategic transformation towards the film and cultural industry, necessitating funding to support new profit growth points[66]. Risk Management - The company faced major internal control deficiencies, as highlighted in the internal control self-assessment report[6]. - The company is exposed to various risks, including regulatory policy risks and market competition, which could affect its future performance[8]. - The company’s management emphasized the importance of risk awareness among investors regarding future plans and forecasts[8]. - The company acknowledges potential disruptions to operations due to public health emergencies, although it maintains long-term profitability[78]. - The company is actively managing production costs to mitigate the impact of rising expenses associated with high-quality content creation[78]. Market and Industry Context - In 2020, the company achieved total revenue of 425.78 million yuan, a year-on-year decrease of 50.22% due to the impact of the COVID-19 pandemic and the high box office revenue from the previous year's film "The Wandering Earth"[36]. - The film "My People, My Homeland" grossed over 2.8 billion yuan, making it the second highest-grossing film globally in 2020[36]. - In 2020, China's total box office reached 20.417 billion yuan, making it the world's largest film market, with domestic films accounting for 83.72% of the total at 17.093 billion yuan[71]. - The number of cinema-goers in urban theaters was 548 million, with a total of 75,581 screens nationwide after adding 5,794 new screens[71]. Corporate Governance - The company has committed to ensuring that its operations do not harm the interests of its shareholders, particularly minority investors, during related party transactions[89]. - The company has ongoing commitments to avoid conflicts of interest and ensure independent operations following acquisitions[89]. - The company operates independently from its largest shareholder, with no business, personnel, or financial dependencies, ensuring complete operational autonomy[200]. - The governance structure aligns with the requirements set forth by the China Securities Regulatory Commission, with no significant discrepancies[199]. Management and Leadership - The company experienced a leadership transition with multiple appointments and resignations among senior management throughout 2020[178]. - The company appointed Yan Xuefeng as the new President on December 23, 2020, following the adjustment of Song Ge's position[178]. - The company experienced a change in financial leadership, with Zhang Xue appointed as the new CFO on December 23, 2020, after the departure of Jia Yuanbo[178]. - The company has a total of 6 independent directors, with no changes in their shareholdings during the reporting period, with all maintaining zero shares[175]. Investment and Acquisitions - The company acquired 100% equity of Beijing Dongfang Shanshui Resort for CNY 84 million, aiming to develop a comprehensive cultural tourism project in Beijing[146]. - The company has paid CNY 600 million of the transaction price for the acquisition of Dongfang Shanshui, with project design plans underway despite delays due to the pandemic[148]. - The company has decided to transfer 100% equity of its subsidiary Century Partners for CNY 48 million to mitigate losses from significant impairment of goodwill and assets[149]. Financial Reporting and Audit - The company’s independent auditor issued a qualified opinion on the financial statements due to significant uncertainties[6]. - The company received a qualified audit opinion from Suya Jin Cheng Accounting Firm, which highlighted risks related to the disposal of a subsidiary and ongoing investigations into fund misappropriation[94][95]. - The company reported a significant adjustment in its financial statements due to the implementation of the new revenue recognition standards, resulting in a decrease of ¥117,239,097.36 in advance receipts and an increase in contract liabilities[98]. Employee and Talent Management - The company employed a total of 80 staff members, including 62 in the parent company and 18 in major subsidiaries[192]. - The company implemented measures such as reducing staff and adjusting salaries to cope with the impact of the pandemic in 2020[193]. - The company plans to attract and motivate talent while controlling labor costs as the film industry gradually recovers in 2021[193]. - The company shifted its training methods from traditional offline to online formats due to the pandemic, with plans to gradually resume offline training[194].

Financial Performance - Operating revenue for the reporting period was ¥7,432,553, a significant decrease of 98.84% year-on-year[7] - Net profit attributable to shareholders was -¥52,601,209, representing a decline of 130.49% compared to the same period last year[7] - Basic earnings per share were -¥0.0735, a decrease of 130.50% compared to the previous year[7] - The weighted average return on equity was -2.18%, down from 3.43% in the same period last year[7] - The net cash flow from operating activities was ¥50,419,493, down 65.27% year-on-year[7] - The company's revenue for the third quarter was CNY 13,081,064.68, a decrease of 98.15% compared to CNY 708,022,720.80 in the same period last year due to the impact of the pandemic[16] - The net loss for Q3 2020 was CNY 52,580,531.88, contrasting with a net profit of CNY 172,899,507.18 in Q3 2019, marking a shift of approximately 130.39%[54] - The total comprehensive income for the period was -52,580,531.88 CNY, compared to 172,899,507.18 CNY in the previous period[55] - The company's operating revenue for the current period was 6,237,881.27 CNY, a significant decrease from 604,041,360.54 CNY in the previous period[56] - The net profit for the current period was -31,758,753.81 CNY, down from 135,671,322.66 CNY in the same period last year[57] Assets and Liabilities - Total assets at the end of the reporting period reached ¥5,029,618,570.73, an increase of 9.88% compared to the previous year[7] - The company's total assets as of September 30, 2020, were CNY 5,246,555,310.21, an increase from CNY 4,448,912,214.90 at the end of 2019, reflecting a growth of about 17.94%[51] - The company's current assets totaled RMB 3,524,325,468.49, compared to RMB 3,327,942,920.00 at the end of 2019, reflecting a growth of approximately 5.9%[45] - The company's total liabilities rose to RMB 2,656,277,308.42 from RMB 2,084,766,560.69, marking an increase of about 27.3%[47] - Current liabilities rose to CNY 2,781,687,879.64 in Q3 2020, up from CNY 1,909,964,622.30 in the previous year, indicating an increase of approximately 45.67%[51] Cash Flow - The net cash flow from operating activities improved by 76.74%, reaching CNY -130,546,954.70 compared to CNY -561,207,121.38 in the previous year[16] - The net cash flow from investing activities decreased by 46.59% to CNY -437,118,949.10 from CNY -298,200,658.39, primarily due to payments for acquisitions totaling CNY 461 million[16] - The net cash flow from financing activities increased by 49.06% to CNY 455,549,373.66 from CNY 305,611,762.31, reflecting higher bank borrowings[16] - The total cash inflow from financing activities was 623,000,000.00, compared to 390,000,000.00 in the previous period[69] - The net cash flow from operating activities for the current period is -121,365,729.81 CNY, an improvement from -423,717,080.11 CNY in the previous period[70] Shareholder Information - The total number of shareholders at the end of the reporting period was 70,764[11] - The largest shareholder, Fude Life Insurance Co., Ltd., held 15.60% of the shares, totaling 111,649,909 shares[11] - As of the report date, the major shareholder, China Huali Holdings, held 54,036,681 shares, accounting for 7.55% of the total share capital, with 9,666,960 shares pledged[19] - The company is undergoing a share transfer agreement where Huali Holdings plans to transfer 108,510,309 shares, representing 15.16% of the total share capital[18] Investment Activities - The company invested 80 million RMB in the GaoLan Investment Fund to enhance investment capabilities and accelerate industrial upgrades[21] - The total scale of the Chongqing Kaisen North Culture Fund was increased from 707 million RMB to 2.701 billion RMB, with the company's contribution rising from 50 million RMB to 400 million RMB[25] - The investment business of the Chongqing Kaisen North Culture Fund was suspended, and the company returned the investment principal and profits to partners by December 31, 2019[26] - The Chongqing Kaisen North Culture Fund was terminated and deregistered on August 18, 2020, due to regulatory and market environment impacts[27] Future Outlook - Future outlook indicates a focus on expanding into international markets, with plans to enter at least three new countries by the end of 2021[31] - The company is investing heavily in new technology development, allocating 200 million RMB for R&D in the next fiscal year[31] - The company anticipates a revenue growth of 20% for the next quarter, driven by new product launches and increased market demand[31] - The company is exploring potential mergers and acquisitions to enhance its content library and market presence[31] Operational Efficiency - The company has reported a 10% increase in production efficiency due to the implementation of new project management software[30] - The company experienced a decrease in management expenses to 88,673,636.36 CNY from 120,278,163.65 CNY in the previous period[61] Miscellaneous - The company has completed the use of raised funds for acquisitions and loan repayments, with all special accounts for raised funds now closed[37][38] - There were no significant changes in the company's operating contracts or external guarantees during the reporting period[39][40] - The third quarter report has not been audited[74]

Financial Performance - The company's operating revenue for the reporting period was ¥5,648,511.46, a decrease of 91.37% compared to the same period last year, which reported ¥62,107,548.50[17]. - The net profit attributable to shareholders was a loss of ¥64,298,318.08, worsening by 39.87% from a loss of ¥55,603,177.58 in the previous year[17]. - The basic earnings per share were -¥0.0898, a decline of 39.88% from -¥0.0777 in the previous year[17]. - The company reported a net loss of CNY 1,601,483,500.82, compared to a loss of CNY 1,553,305,979.01 in the previous period[140]. - The net loss for the first half of 2020 was CNY 66,537,935.25, compared to a net loss of CNY 47,916,800.18 in the first half of 2019, indicating an increase in losses of approximately 38.9%[142]. - The comprehensive income for the current period shows a decrease of CNY 64.29 million, contributing to a total of CNY -2,239 million in comprehensive income[155]. Cash Flow - The net cash flow from operating activities was -¥180,966,447.82, showing an improvement of 74.38% compared to -¥706,390,852.94 in the same period last year[17]. - Cash flow from operating activities improved by 74.38%, resulting in a net cash outflow of CNY -180,966,447.82, a significant reduction from the previous year's outflow[39]. - Cash inflow from financing activities amounted to ¥623,000,000.00, with cash outflow of ¥136,401,897.89, resulting in a net cash flow of ¥486,598,102.11[149]. - The total cash and cash equivalents at the end of the period was ¥44,403,633.86, down from ¥218,424,973.57 at the end of the previous period[149]. Assets and Liabilities - The total assets at the end of the reporting period were ¥4,852,263,686.43, reflecting a 6.01% increase from ¥4,577,226,290.13 at the end of the previous year[17]. - The total liabilities reached CNY 2,674,051,451.59, up from CNY 2,023,479,501.54, reflecting a growth of approximately 32.2%[140]. - The company's cash and cash equivalents decreased to CNY 28,247,116.12 from CNY 159,387,834.00, a decline of about 82.3%[137]. - Inventory increased to CNY 529,316,892.34 from CNY 328,789,023.75, showing a rise of about 60.9%[138]. Business Strategy and Operations - The main business focus is on film production, with a strategic shift towards enhancing investment, production, marketing, and distribution capabilities in the film sector[23]. - The company is actively exploring the integration of tourism and film businesses to enhance brand and revenue generation[23]. - The company has established a robust management process to ensure project stability and quality, demonstrated by successful films like "Wolf Warrior II" and "The Wandering Earth"[26]. - The company is developing a big data platform for film production, marketing, and distribution to enhance decision-making and market analysis[30]. Risks and Challenges - The company faces risks including regulatory policy risks, intensified market competition, and rising production costs[4]. - The pandemic has led to a significant reduction in the company's operational capacity, impacting both revenue and cost structures across its business segments[38]. - Rising production costs due to high demand for quality content and increased prices for resources are a significant risk for the company[60]. - The impact of sudden public health events on project production and distribution may affect short-term performance but not the company's long-term profitability[60]. Shareholder and Corporate Governance - The company plans not to distribute cash dividends or issue bonus shares[5]. - The company held three shareholder meetings during the reporting period, with investor participation rates of 30.93%, 31.45%, and 36.83% respectively[63][64][67]. - The company has not reported any new capital contributions or reductions during the current period[154]. - The company has not experienced any changes in its controlling shareholder or actual controller during the reporting period[118]. Financial Reporting and Compliance - The half-year financial report has not been audited[67]. - The company follows the accounting standards set by the Ministry of Finance, ensuring that financial statements reflect the true financial condition and operating results[169]. - The financial statements are prepared based on the assumption of going concern, indicating the company's ability to continue operations for at least 12 months from the reporting date[167].

Financial Performance - The company's operating revenue for Q1 2020 was CNY 1,177,642.85, a decrease of 96.62% compared to CNY 34,842,184.23 in the same period last year[7]. - The net profit attributable to shareholders was a loss of CNY 19,235,504.69, which is a 9.93% improvement from a loss of CNY 27,129,624.18 in the previous year[7]. - The basic earnings per share were CNY -0.0269, a decrease of 10.25% from CNY -0.0244 in the previous year[7]. - The net loss for Q1 2020 was CNY 19,236,809.36, slightly improved from a net loss of CNY 19,602,107.63 in Q1 2019[49]. - The total operating profit for the current period is -CNY 4,416,609.41, an improvement from -CNY 10,430,320.46 in the previous period[52]. - The net profit for the current period is -CNY 16,595,331.93, compared to -CNY 14,051,940.96 in the previous period, indicating a worsening loss[53]. Cash Flow - The net cash flow from operating activities improved by 79.11%, reaching CNY -130,970,217.82 compared to CNY -626,973,189.37 in the same period last year[7]. - The cash flow from operating activities shows a net outflow of -CNY 130,970,217.82, improving from -CNY 626,973,189.37 in the previous period[54]. - The cash flow from investing activities has a net outflow of -CNY 461,003,280.00, compared to -CNY 176,389,836.75 in the previous period[56]. - The cash flow from financing activities shows a net inflow of CNY 531,345,680.03, significantly higher than CNY 142,820,487.50 in the previous period[56]. - The total cash and cash equivalents at the end of the period is CNY 115,263,110.88, down from CNY 243,354,814.36 in the previous period[56]. - The company reported a cash outflow of 461,003,280.00 CNY from investing activities in Q1 2020, compared to 176,389,836.75 CNY in Q1 2019[58]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 4,957,248,461.44, reflecting an increase of 8.30% from the previous year's end[7]. - The company's total assets as of March 31, 2020, amounted to CNY 4,803,690,083.24, an increase from CNY 4,448,912,214.90 at the end of 2019[46]. - Current liabilities increased to CNY 2,293,095,283.15 in Q1 2020, compared to CNY 1,909,964,622.30 in the previous quarter, reflecting a rise of approximately 20.06%[46]. - Total liabilities rose to CNY 2,484,025,541.35 from CNY 2,084,766,560.69, an increase of about 19%[42]. - The company's equity attributable to shareholders decreased to CNY 2,480,627,767.29 from CNY 2,499,863,271.97, a decline of approximately 0.77%[43]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 45,820[11]. - The top shareholder, Fude Life Insurance Co., Ltd., held 15.60% of the shares, totaling 111,649,909 shares[11]. - Shareholder China Huali Holdings increased its stake by 108,510,309 shares, representing 15.16% of the total share capital[21]. - Huali Holdings passively reduced its holdings by 4,029,000 shares, accounting for 0.56% of the total share capital due to market conditions[21]. - Huali Holdings faces a risk of disposal for 54,473,628 shares, which is 7.61% of the total share capital, due to a dispute with Haitong Securities[22]. Operational Updates - The company is currently in the post-production phase for the film project "Fengshen Trilogy," which has completed all exterior shooting[18]. - The film project "Lion Boy" is currently in production, with a planned release in 2021[27]. - The film "Growing Up Tomorrow" is in post-production, with no set release date[27]. - The company has multiple film projects in various stages, including "封神三部曲" expected to be completed between 2020-2022, currently in post-production[29]. - The project "大宋宫词" has been issued a distribution license and is currently in the distribution phase[29]. - The company is actively developing new projects such as "东极岛" and "多远都要在一起," both in the early development stage[30]. Regulatory and Compliance - The company received government subsidies amounting to CNY 845,445.86 during the reporting period[9]. - The company has secured filming permits for several projects, indicating regulatory compliance and progress[29]. - The company reported a significant accounting error correction related to revenue recognition from previous years, leading to adjustments in financial statements[7]. - The company reported no overdue commitments from major shareholders or related parties during the reporting period[32]. - There were no securities investments or entrusted financial management activities reported during the period[33][34]. Management and Expenses - Operating costs for Q1 2020 were CNY 796,566.97, down 83.05% from CNY 4,698,407.59 year-on-year[16]. - Sales expenses decreased by 70.71% to CNY 412,356.26 from CNY 1,407,620.38 in the previous year[16]. - Management expenses were CNY 21,653,440.62, a reduction of 54.96% compared to CNY 48,071,883.37 in the same period last year[16]. - The company incurred interest expenses of CNY 5,511,757.50, compared to CNY 625,312.50 in the previous period, indicating a significant increase[52]. - The company's management expenses for the current period are CNY 17,816,114.58, compared to CNY 42,563,441.56 in the previous period, showing a reduction[51].

Financial Performance - The company's operating revenue for 2019 was ¥855,335,357.54, a decrease of 15.37% compared to ¥1,205,051,849.73 in 2018[16]. - The net profit attributable to shareholders of the listed company was -2,305,834,809 CNY, a decrease of 1,943.12% compared to the previous year[17]. - The total assets at the end of 2019 were 4,577,226,290 CNY, representing a decrease of 29.29% from the previous year[17]. - The net assets attributable to shareholders of the listed company were 2,499,863,271 CNY, down 48.86% year-on-year[17]. - The basic earnings per share were -3.2209 CNY, a decline of 1,954.29% compared to the previous year[17]. - The net cash flow from operating activities was -528,199,247.1 CNY, a decrease of 687.39% year-on-year[17]. - The company reported a total revenue of 642,595,812.93 CNY in the third quarter of 2019[20]. - The company recorded a net profit of 172,529,034.66 CNY in the third quarter, but a significant loss of -2,461,982,267.97 CNY in the fourth quarter[20]. - The company reported a significant adjustment in financial data due to accounting errors, necessitating a restatement of previous years' figures[16]. - The company has made significant adjustments to its accounting policies and corrected prior period accounting errors, impacting financial results[17]. Business Strategy and Operations - The company has transitioned its main business from tourism to a full industry chain cultural group, including film, television, and new media[15]. - The company has expanded its business scope to include artist management and cultural tourism[15]. - The company is focusing on developing new products and technologies within the cultural industry[15]. - The company has established a comprehensive cultural group that integrates various cultural and tourism services[15]. - The company is actively exploring the integration of tourism and film businesses, leveraging existing tourism resources[23]. - The company is actively exploring the extension and layout of tourism culture based on its existing team and brand advantages in the film and television sector[28]. - The company is committed to maintaining a strong financial position with a focus on sustainable growth strategies[56]. - The company is actively pursuing mergers and acquisitions to enhance its market position and diversify its portfolio[56]. - The company has plans for market expansion through strategic partnerships and new product development initiatives[56]. Market Challenges and Risks - The company faced risks including regulatory policy risks, intensified market competition, and rising production costs[4]. - The company is in a critical transition period towards the film and television culture industry, requiring strategic adjustments to adapt to market changes[66]. - The overall industry is experiencing a rational return, with a decline in downstream drama copyright prices affecting the issuance of high-cost projects[71]. - The company acknowledges the potential impact of sudden public health events on its project production and distribution[80]. - The company is exposed to intensified market competition, which could lead to a decline in market share and operating performance[79]. - The rising production costs due to increased demand for high-quality content and inflation in production inputs pose a risk to profitability[80]. Investment and Financial Management - The company has allocated resources for research and development of new technologies to improve operational efficiency[56]. - The company has a projected return of 20,071,000 yuan from its investments, with an expected profit margin of 2.93%[57]. - The company has reported no significant losses from its investments during the reporting period, reflecting prudent financial management[57]. - The company has established a new subsidiary to manage its investment activities more effectively[56]. - The company has engaged in four investor communication activities during the reporting period, involving 23 institutions[81]. - The company has committed to ensuring that related party transactions are conducted fairly and at market prices to protect the interests of shareholders[90]. Shareholder and Governance - The company has no controlling shareholder or actual controller as of the latest report[15]. - The company has committed to ensuring that related party transactions are conducted fairly and at market prices to protect the interests of shareholders[90]. - The company’s board has ensured that independent directors have fulfilled their responsibilities regarding the cash dividend policy[86]. - The company has not made any adjustments to its cash dividend policy during the reporting period, ensuring compliance with regulations and shareholder interests[86]. - The company did not propose any cash dividend distribution plan for 2019, despite having a positive profit available for distribution to ordinary shareholders[88]. Future Outlook - The company expects to release several films in 2020, including "Hello, Li Huanying" and "The Three-Body Problem Trilogy," with the latter being a ten-year project aimed at setting a new benchmark for Chinese film industrialization[35]. - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 25% based on new product launches and market expansion strategies[94]. - The company plans to enhance its film and television business by reserving quality IP resources and improving the reputation and value of its works[76]. - The company aims to build a comprehensive cultural industry system, focusing on film, television, and new media, while also expanding into tourism culture leveraging existing resources[75]. Regulatory and Compliance - The internal control audit report for 2019 was issued with an emphasis paragraph but without a reservation opinion[4]. - The company has established a strict risk control system for project approval, ensuring that new works align with market demand and audience preferences[80]. - The company has implemented stricter management of accounts receivable due to increased difficulties in revenue collection within the industry[36]. - The company has not engaged in any securities or derivative investments during the reporting period[59][60].

Financial Performance - Operating revenue reached CNY 642,595,812.93, a significant increase of 1,194.76% year-on-year[7] - Net profit attributable to shareholders surged by 8,425.38% to CNY 172,529,034.66 compared to the same period last year[7] - Basic earnings per share rose to CNY 0.2410, reflecting a 7,933.33% increase year-on-year[7] - The weighted average return on net assets was 3.43%, up from 2.28% in the same period last year[7] - The net profit after deducting non-recurring gains and losses was CNY 172,307,157.80, an increase of 9,479.83% year-on-year[7] - Total operating revenue for Q3 2019 reached CNY 642,595,812.93, a significant increase from CNY 49,630,417.78 in the same period last year, representing a growth of approximately 1,201.5%[55] - Net profit for Q3 2019 was CNY 172,899,507.18, compared to CNY 1,945,724.54 in Q3 2018, indicating a substantial increase[56] - The total comprehensive income attributable to the parent company was CNY 172,529,034.66, compared to CNY 2,023,709.84 in the same period last year[59] - The net profit for the year-to-date period was CNY 113,252,990.06, compared to CNY 46,041,630.03 in the previous year, showing a substantial increase in profitability[64] Assets and Liabilities - Total assets increased by 7.91% to CNY 7,165,256,950.61 compared to the end of the previous year[7] - The company's current assets totaled CNY 4,642,734,137.69, compared to CNY 4,411,067,846.87 at the end of 2018, reflecting a growth of approximately 5.24%[46] - Total liabilities increased to CNY 1,998,264,785.62 from CNY 1,532,016,958.66, reflecting a growth of approximately 30.5%[47] - The company reported a significant increase in accounts payable, which rose to CNY 1,182,764,329.88 from CNY 813,549,210.07, an increase of about 45.3%[47] - The total equity attributable to shareholders of the parent company was CNY 5,162,558,211.55, up from CNY 5,088,578,238.54, reflecting a growth of approximately 1.5%[51] Cash Flow - The net cash flow from operating activities for the year-to-date was negative CNY 561,207,121.38, a decline of 396.06%[7] - The net cash flow from operating activities was approximately -$561.2 million, a decrease of 396.06% compared to the previous year, attributed to reduced cash inflow from film revenue sharing[15] - The cash flow from operating activities showed a net outflow of CNY -561,207,121.38, a decline from a net inflow of CNY 189,558,859.88 in the previous period[71] - Investment activities resulted in a net cash outflow of CNY -298,200,658.39, compared to a smaller outflow of CNY -54,854,000.11 in the previous period[73] - Financing activities generated a net cash inflow of CNY 305,611,762.31, contrasting with a net outflow of CNY -140,095,262.36 in the previous period[73] Shareholder Information - The company reported a total of 64,759 common shareholders at the end of the reporting period[11] - The top shareholder, China Huali Holdings Group Co., Ltd., holds 15.90% of the shares, totaling 113,841,309 shares[11] - The company did not engage in any repurchase transactions during the reporting period[12] Investments and Acquisitions - The company participated in the establishment of the Chongqing Kaisheng Beiweng Fund, increasing its investment commitment from $5 million to $40 million as part of a total fund size increase from $7.07 million to $27.01 million[19] - The company agreed to transfer its investment in the Zhoushan Jiawen Xile Fund, totaling $45 million, to its wholly-owned subsidiary for better internal management[24] - The company is in the process of establishing the Xiamen Beiweng Fund, with a total fund size of approximately $280 million, and has completed necessary registrations[21] - The company acquired 100% equity of Beijing Dongfang Shanshui Resort for a total consideration of RMB 84 million, based on an asset appraisal report[25] - The acquisition aims to support the company's business operations and full industry chain strategic development, enhancing profitability and brand influence[26] Film Projects and Production - The company has multiple film projects in progress, with several titles already released, including "The Wandering Earth" and "The Climbers" which were released in February 2019 and September 2019 respectively[27] - The company is actively involved in post-production for several upcoming films, including "The Beneficiary" and "Two Tigers," which are expected to be released in late 2019[28] - The company is also preparing for future projects such as "The Legend of the Gods Trilogy" and "The Great Desert Journey," indicating ongoing expansion in film production[28] - The company has multiple film projects in various stages, including "Hello, Li Huanying" and "The King of Bath," which are currently in production[29] - The project "The Unnamed Margaret Town" is in preparation, with no specific timeline yet established[29] - The company is actively pursuing new projects, with titles like "The Sword of Chivalry" and "Our Southwest United University" scheduled for filming in 2019 and 2020 respectively[31] - The film "Love Me, Don't Think Too Much" is currently in the distribution phase, indicating ongoing revenue generation[30] - The company has a diverse portfolio of projects, with several in post-production and others in the planning stages, reflecting a robust pipeline[31] - The project "The Great Collector" is in preparation, showcasing the company's commitment to expanding its content offerings[31] - The company has secured filming permits for various projects, indicating regulatory compliance and readiness to proceed[30] - The film "The King of Bath" is in post-production, highlighting the company's focus on completing and releasing projects[31] - The overall project timeline remains uncertain due to market conditions, emphasizing the need for strategic adaptability[31] Financial Challenges - The net cash flow from operating activities was negative at CNY -423,717,080.11, a decline from CNY 513,095,990.48 in the previous period[76] - The company reported a credit impairment loss of CNY -59,972,663.88 in the third quarter, which may impact future earnings if not managed effectively[59] - The company's cash and cash equivalents decreased significantly to CNY 350,101,335.52 from CNY 903,897,352.98, indicating a decline of about 61.25%[45] - The financial expenses for the period were CNY 8,441,239.69, which included interest expenses of CNY 9,425,389.83[68]

Financial Performance - The company's operating revenue for the reporting period was ¥62,107,548.50, a decrease of 79.54% compared to ¥303,506,986.39 in the same period last year[17]. - The net profit attributable to shareholders was a loss of ¥55,603,177.58, representing a decline of 225.70% from a profit of ¥44,235,389.91 in the previous year[17]. - The basic earnings per share were -¥0.0777, a decrease of 227.17% from ¥0.0611 in the previous year[17]. - The total revenue for the first half of 2019 was CNY 62,107,548.50, a decrease of 79.54% compared to the same period last year[43]. - The total profit for the first half of 2019 was a loss of CNY 55,308,377.67, contrasting with a profit of CNY 59,663,579.03 in the same period of 2018[147]. - The total comprehensive income for the first half of 2019 was a loss of CNY 59,646,517.12, compared to a profit of CNY 44,095,905.49 in the previous year[149]. - The company reported a comprehensive income loss of 49,566,000 yuan for the current period[166]. Cash Flow and Investments - The net cash flow from operating activities was -¥706,390,852.94, which is a 100.11% increase in cash outflow compared to -¥353,006,191.49 in the same period last year[17]. - The net cash flow from investing activities was -298,171,700.39 RMB, a significant decrease of 1,004.12%, with investments totaling 305 million RMB in Zhoushan Jiawen Cultural Fund and Chongqing Kaisheng North Cultural Fund[45]. - The net cash flow from financing activities was 319,090,173.92 RMB, a substantial increase of 327.77%, attributed to new bank loans of 290 million RMB[45]. - The company reported a net cash inflow from operating activities of CNY 952,531,723.91, up from CNY 696,592,085.64 in the previous year[150]. - The net increase in cash and cash equivalents for the first half of 2019 was -550,132,695.16 CNY, compared to -171,960,485.89 CNY in the previous year, indicating worsening liquidity[156]. Assets and Liabilities - Total assets at the end of the reporting period were ¥6,576,390,374.00, a decrease of 0.96% from ¥6,640,256,217.66 at the end of the previous year[17]. - The net assets attributable to shareholders were ¥4,990,029,176.89, down 1.94% from ¥5,088,578,238.54 at the end of the previous year[17]. - The company's cash and cash equivalents decreased significantly to RMB 218,424,973.57 from RMB 903,897,352.98 at the end of 2018, representing a decline of approximately 76.8%[132]. - Total liabilities as of June 30, 2019, were CNY 1,350,491,756.09, up from CNY 1,076,918,164.60 at the end of 2018, marking an increase of about 25.3%[139]. - The total owner's equity at the beginning of the year was 4,569,237,000 yuan[165]. Business Operations and Strategy - The company operates a full industry chain cultural group, focusing on film, television, artist management, new media, and tourism culture[24]. - The tourism business primarily provides services such as sightseeing, dining, and hotel accommodations, generating revenue from these services[25]. - The company is actively exploring the integration of tourism and film businesses to enhance brand and revenue generation[28]. - The company aims to leverage its existing resources to expand into tourism culture, creating synergies with its film and television operations[28]. - The company is developing a big data platform for film production, marketing, and distribution to enhance decision-making and market analysis[35]. Risks and Challenges - The company faces risks including intensified market competition and rising production costs in its film and tourism businesses[4]. - The overall profitability of the television and web drama business has been impacted due to regulatory changes and market conditions[40]. - Rising production costs due to higher demand for quality content and increased prices for resources are a significant concern for the company[64]. - The company is facing risks from strict regulatory policies in the film and television industry, which may impact its business operations[62]. Shareholder and Governance - The company reported a participation rate of 61.58% in the annual shareholders' meeting held on April 17, 2019[68]. - The company has not experienced any major litigation or arbitration matters during the reporting period[76]. - The company has fulfilled all commitments made by its actual controllers and shareholders during the reporting period[70]. - The company has not undergone any bankruptcy restructuring during the reporting period[75]. - The company’s semi-annual financial report has not been audited[74]. Future Outlook - The company has plans for market expansion and new product development in the upcoming quarters[162]. - The financial results indicate a need for strategic adjustments to improve profitability moving forward[162]. - The company aims to enhance its operational efficiency through strategic initiatives and technology advancements[162].