Group 1: Company Overview and Strategy - Huanrui Century has established a dual-driven model of "drama production + artist cultivation" since its restructuring, focusing on high-quality drama creation and top-tier artist development [2] - The company has nearly 40 high-quality artists and has formed a stable output capability for leading dramas, enhancing interaction between productions and artists [2] - Following its restructuring in 2017, the company has expanded financing channels and increased investment in artist training, with a clear strategic plan based on a "one foundation, two pillars" model [2] Group 2: Financial Performance and Projections - The company achieved a sales revenue of 1.5 billion in the previous year and expects further growth this year, maintaining a high proportion of leading dramas in its projects [2] - The establishment of a fund management company in Guangzhou and an investment company in Dongyang aims to enhance financial supply and stabilize performance [3] - The company has a low bank loan balance and significant financing space, with plans to strengthen cooperation with financial institutions and government cultural industry funds [4] Group 3: Competitive Positioning and Market Strategy - The company believes that the competition with platforms is normal, as both sides seek to enhance content quality, with a focus on producing high-quality content as a core competitive advantage [3] - Huanrui Century employs a "large center" production model, integrating R&D, production, and marketing to create a systematic industrial process [4] - The company is exploring diversification while focusing on the full series development of core IPs, particularly in historical and fantasy genres [4] Group 4: Artist Management and Development - The company has a strong ability to produce stars, with a robust content supply and a systematic approach to artist management, including a matrix collaboration model [3] - The artist management team has established a research institute to analyze market trends and support artist development with data [3] - The company anticipates that the industry will see improved artist retention as the market consolidates and becomes more regulated [4]

欢瑞世纪联合股份有限公司 2022 年第三季度报告 证券代码：000892 证券简称：欢瑞世纪 公告编号：2022-63 欢瑞世纪联合股份有限公司 2022 年第三季度报告 3.第三季度报告是否经过审计 □是 否 1 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 欢瑞世纪联合股份有限公司 2022 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 本报告期比上年同 | 年初至报告期末 | 年初至报告期末 | | --- | --- | --- | --- | --- | | | | 期增减 | | 比上年同期增减 | | 营业收入（元） | 453,481,853.86 | 13.72% | 81 ...

Financial Performance - The company's operating revenue for the first half of 2022 was ¥358,562,665.47, representing a 481.64% increase compared to ¥61,646,354.78 in the same period last year[20]. - Net profit attributable to shareholders for the reporting period was ¥29,660,673.60, up 161.31% from ¥11,350,800.42 year-on-year[20]. - The net profit after deducting non-recurring gains and losses reached ¥75,944,473.37, a significant increase of 672.47% compared to ¥9,831,324.38 in the previous year[20]. - The net cash flow from operating activities was ¥66,102,774.69, a turnaround from a negative cash flow of -¥55,814,261.26 in the same period last year, marking a 218.43% improvement[20]. - Basic earnings per share increased to ¥0.0306, reflecting a growth of 163.79% from ¥0.0116 in the previous year[20]. - Total assets at the end of the reporting period were ¥2,544,941,982.26, a 7.05% increase from ¥2,377,434,371.93 at the end of the previous year[20]. - The company achieved operating revenue of CNY 358,562,665.47, an increase of 481.64% year-on-year[27]. - Operating profit reached CNY 52,735,476.53, up 442.15% compared to the same period last year[27]. - The company reported a net loss of CNY 578,920,387.21 for the first half of 2022, an improvement from a loss of CNY 608,581,060.81 in the same period of 2021[128]. - The company's net profit for the first half of 2022 was CNY 31,319,109.87, compared to CNY 11,350,800.42 in the same period of 2021, representing an increase of approximately 175.5%[133]. Revenue Sources - The sales revenue from film and television increased by 3,848.09% year-on-year, primarily due to an increase in the number of confirmed revenue-generating projects[27]. - The revenue from film and television and related products amounted to ¥307,919,610.77, representing 85.88% of total revenue, with a staggering increase of 3,848.09% compared to ¥7,799,208.73 last year[37]. - The top two revenue-generating projects were the TV series "South Wind Knows My Intent" with 150,943,396.23 CNY (42.10%) and "Mountains and Rivers Bright" with 136,800,943.39 CNY (38.15%) of total revenue[40]. Costs and Expenses - The operating cost rose to ¥228,433,137.12, reflecting a 923.68% increase from ¥22,314,913.24, primarily due to the increase in new television series sales[36]. - Research and development expenses increased to ¥560,742.56, indicating a 100% rise due to increased outsourcing of R&D[36]. - The company reported a significant increase in management expenses, which rose to CNY 29,338,252.36 from CNY 23,660,130.80 year-over-year[133]. - The company experienced a credit impairment loss of CNY -32,121,185.86 in the first half of 2022, a notable change from a gain of CNY 45,113,877.98 in the previous year[133]. Assets and Liabilities - Total liabilities increased to CNY 1,020,187,429.69 from CNY 883,998,929.23, reflecting a rise of about 15.4%[127]. - The company's equity attributable to shareholders was CNY 1,529,624,800.73 as of June 30, 2022, compared to CNY 1,499,964,127.13 at the beginning of the year, showing an increase of approximately 2%[128]. - Accounts receivable increased to CNY 442,682,883.14 as of June 30, 2022, up from CNY 242,175,680.14 at the start of the year, marking an increase of about 83%[126]. - The company's inventory decreased to 867,382,051.12 CNY, accounting for 34.08% of total assets, down from 1,064,015,699.43 CNY (44.75%) in the previous year[44]. Corporate Governance and Structure - The company is focusing on optimizing its governance structure and internal controls to enhance operational efficiency and collaboration across departments[29]. - There were changes in the board of directors, with new appointments including Zhao Huqiang as a director and vice chairman[65]. - The company has established a long-term commitment to avoid any form of competition with its subsidiaries and ensure operational independence[73]. - The company will ensure that any related party transactions are fair and reasonable, adhering to legal procedures and disclosure obligations[76]. Legal and Compliance Issues - As of June 30, 2022, the company is involved in 704 lawsuits related to false statements, with a total claim amount of 146.73 million yuan, and has recognized a provision for pending litigation of 56.41 million yuan[61]. - The company is currently involved in multiple lawsuits, including a copyright infringement case with a claim amount of 612.3 million CNY, which is still under trial[88]. - The company has ongoing litigation related to a contract dispute with Beijing Shouchuang Langyuan Cultural Development Co., with a claim amount of 112.76 million CNY, also in trial[88]. Social Responsibility and Community Engagement - A total of 4 million yuan has been spent on disaster relief and reconstruction efforts in Henan Province, benefiting 30 schools through the "Water Drop Rural Medical Room" initiative[70]. - The "Water Drop Rural Medical Room" initiative aims to enhance basic medical services and health education for children in rural areas, contributing to the health of the community[70]. - The company has engaged in social responsibility initiatives, focusing on disaster relief and community health[70]. Environmental Responsibility - The company has implemented measures to reduce carbon emissions, although specific details were not disclosed[69]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[69]. - The company has not reported any significant environmental issues or penalties affecting its operations[69]. Financial Reporting and Audit - The semi-annual financial report was not audited[83]. - The financial statements accurately reflect the company's financial position and operating results as of June 30, 2022[162]. - The financial statements were approved by the board of directors on July 26, 2022, ensuring compliance with governance standards[158].

Financial Performance - The company's operating revenue for 2021 was ¥387,819,385.11, representing a 109.71% increase compared to ¥184,935,603.34 in 2020[20]. - The net profit attributable to shareholders for 2021 was -¥333,682,036.56, an improvement of 57.48% from -¥784,855,283.01 in 2020[20]. - The net cash flow from operating activities for 2021 was -¥273,378,506.77, a significant decline of 198.87% compared to ¥276,500,167.82 in 2020[20]. - The total assets at the end of 2021 were ¥2,377,434,371.93, a decrease of 10.12% from ¥2,645,212,770.21 at the end of 2020[20]. - The company's basic earnings per share for 2021 was -¥0.34, improving by 57.50% from -¥0.80 in 2020[20]. - The weighted average return on equity for 2021 was -19.64%, an improvement of 15.07% from -34.71% in 2020[20]. - The company reported a negative operating income in the fourth quarter of 2021, with revenue of -¥72,603,420.29 due to project income reversals[25]. - The company received government subsidies amounting to ¥9,983,883.02 in 2021, down from ¥16,290,031.87 in 2020[27]. - The total operating revenue for the company in 2021 was approximately ¥387.82 million, representing a year-on-year increase of 109.71% compared to ¥184.94 million in 2020[52]. - Revenue from film and television and related products accounted for 69.04% of total revenue, amounting to approximately ¥267.74 million, which is a 205.21% increase from ¥87.72 million in the previous year[52]. - The artist management segment generated approximately ¥106.78 million, contributing 27.53% to total revenue, with a year-on-year growth of 9.84%[52]. - The company reported a negative distributable profit of -608,581,060.81 CNY for the year, leading to no cash dividend distribution[143]. Business Operations - The company’s main business has shifted to film and television production, artist agency, gaming, and other related businesses since December 2016[17]. - The company is focusing on content production and artist management, exploring new business directions in AI virtual artists, new media, e-commerce, and cultural tourism[34]. - The company is actively developing diverse content themes, including reality-based, youth spy warfare, and fantasy adventure genres[35]. - The company is committed to producing high-quality films and series that align with the mainstream values of the socialist era[35]. - The company has signed over 20 artists, including notable names such as Ren Jialun and Cheng Yi, indicating a strong talent pool[49]. - The company holds adaptation rights for over 40 scripts and novels, enhancing its intellectual property portfolio[50]. - The company has established a digital and platform-based governance system to enhance operational efficiency and transparency[41]. - The company has developed a comprehensive artist management service platform, reducing reliance on individual artists[49]. - The company is enhancing its strategic direction and risk control to improve the commercialization capabilities of its various businesses[34]. Governance and Management - The actual controller of the company changed to Zhao Zhicheng on August 17, 2021[18]. - The company’s financial report is guaranteed to be true, accurate, and complete by its board of directors and management[4]. - The company emphasizes the importance of risk awareness regarding forward-looking statements made in the report[4]. - The company has established a robust governance structure, ensuring compliance with relevant laws and regulations[107]. - The board of directors held five meetings during the reporting period, approving 23 resolutions[108]. - The company has established a performance-based remuneration system for its executives, aligning compensation with company performance[125]. - The total remuneration for directors, supervisors, and senior management in 2021 amounted to CNY 10.74 million[127]. - The company has appointed two new deputy general managers, Zhao Huiqiang and Chen Yadong, on August 25, 2021[117]. - The company’s financial management team includes experienced professionals with backgrounds in finance and law, enhancing its governance structure[120]. Legal and Compliance Issues - The company faced administrative penalties from the China Securities Regulatory Commission, including a CNY 1 million fine for violations of the Securities Law[123]. - As of March 31, 2022, the company faced 427 new lawsuits with a total claim amount of 96.28 million yuan[102]. - The estimated liability for the lawsuits was assessed at 45.44 million yuan, with total provisions amounting to 46.48 million yuan[103]. - A total of 257 plaintiffs have filed lawsuits against the company for alleged false statements, with a total claim amount of 43.17 million yuan[101]. - The company is currently involved in 5 ongoing lawsuits regarding securities false statement liability, with a total claimed amount of 4,317,010 CNY, of which 252 cases have been settled[175]. - The company has confirmed estimated liabilities of 14.61 million yuan in 2020 and 11.87 million yuan in 2021 related to litigation[101]. - The company has not engaged in any investor communication activities during the reporting period[104]. - The company has not reported any significant changes in user data or customer metrics during the reporting period[158]. Market and Industry Trends - The long video platform industry is focusing on "narrowing losses" as a key target, with a shift from quantity to quality in content production[93]. - The television industry faces intense competition, with a "supply exceeds demand" situation leading to increased market rivalry[99]. - The company aims to enhance its governance and internal systems to align with modern enterprise development and strategic direction[95]. - The company plans to produce high-quality dramas that align with socialist values, with upcoming titles including "South Wind Knows My Intent" and "Ten Years One Product Warm as Words"[96]. Investment and Financial Management - The company has established new subsidiaries including 欢瑞星球 and 欢瑞科技, each with a registered capital of RMB 5 million and RMB 50 million respectively[91]. - The company has made commitments to avoid competition with its subsidiaries and maintain independence in operations and finances[159]. - The company has not engaged in any entrusted financial management or loans during the reporting period[193][194]. - The company has not provided guarantees for shareholders, actual controllers, or their related parties during the reporting period[192]. - The company has not reported any significant related party transactions during the reporting period[180]. - The company has not encountered any situations requiring compensation under the commitments made[163].

Financial Performance - The company's operating revenue for 2021 was ¥387,819,385.11, representing a 109.71% increase compared to ¥184,935,603.34 in 2020[19]. - The net profit attributable to shareholders for 2021 was -¥333,682,036.56, an improvement of 57.48% from -¥784,855,283.01 in 2020[19]. - The net cash flow from operating activities for 2021 was -¥273,378,506.77, a significant decline of 198.87% compared to ¥276,500,167.82 in 2020[19]. - The total assets at the end of 2021 were ¥2,377,434,371.93, a decrease of 10.12% from ¥2,645,212,770.21 at the end of 2020[19]. - The company's basic earnings per share for 2021 was -¥0.34, improving by 57.50% from -¥0.80 in 2020[19]. - The weighted average return on equity for 2021 was -19.64%, an improvement of 15.07% from -34.71% in 2020[19]. - The company reported a negative operating revenue of -¥72,603,420.29 in Q4 2021 due to income reversals from project confirmations[24]. - The total net profit attributable to shareholders in Q4 2021 was -¥393,518,747.37, following a profit of ¥48,485,910.39 in Q3 2021[24]. - The company achieved operating revenue of ¥387,819,385.11, an increase of 109.71% compared to the same period last year[33]. - Revenue from film and television sales increased by 323.35% year-on-year, with a higher number of series confirmed for revenue recognition[33]. - The net loss attributable to shareholders decreased significantly to ¥333,682,036.56, compared to the previous year's loss[33]. - Revenue from film and television and related products reached ¥267,736,528.98, accounting for 69.04% of total revenue, with a significant growth of 205.21% from ¥87,722,643.96 in the previous year[52]. - The artist management segment generated ¥106,779,070.13, which is 27.53% of total revenue, showing a modest increase of 9.84% from ¥97,212,959.38 in 2020[52]. - The domestic revenue accounted for 99.30% of total revenue at ¥385,118,343.35, reflecting a 150.87% increase from ¥153,512,848.06 in 2020[52]. - The overseas revenue dropped significantly by 91.40% to ¥2,701,041.76 from ¥31,422,755.28 in the previous year[52]. - The company reported a negative distributable profit of -608,581,060.81 CNY, leading to no cash dividend distribution for the year[141]. - The total amount of cash dividends, including share repurchase, was 33,995,635 CNY, which represents -10.19% of the net profit attributable to the parent company[141]. Business Transformation and Strategy - The company has undergone significant business transformations, shifting from automotive parts manufacturing to film production and distribution since 2016[16]. - The company is focusing on content production and artist management, exploring new business directions in AI virtual artists, new media, e-commerce, and cultural tourism[33]. - The company is actively developing diverse content themes, including reality-based, youth spy warfare, and fantasy adventure genres, to enhance IP potential and brand strength[34]. - The company is committed to producing high-quality films and series that align with the mainstream values of the socialist era, enhancing its social responsibility[34]. - The company is exploring a full industry chain development model in the artist management sector, adapting to the rapid growth of new media and internet star-making[32]. - The company plans to produce high-quality dramas that reflect mainstream socialist values, with upcoming titles including "South Wind Knows My Intent" and "Ten Years One Product Warm as Words" scheduled for release in 2022[96]. - The company intends to optimize its financial structure and improve cash flow by increasing the proportion of project pre-sales and enhancing accounts receivable collection[98]. - The company will explore new consumption and media opportunities, including AI virtual artists and e-commerce, to enhance its risk resistance and operational strength[98]. Governance and Management - The actual controller of the company changed from Zhong Junyan and Chen Yuan to Zhao Zhicheng on August 17, 2021[17]. - The company has established a robust governance structure, ensuring compliance with relevant laws and regulations[107]. - The company has a diverse management team with backgrounds in law, finance, and auditing[120]. - The company continues to expand its management capabilities with experienced professionals in key positions[120]. - The total remuneration for directors, supervisors, and senior management in 2021 amounted to 1,074.44 million CNY[125]. - The company has implemented a performance-based remuneration system for its executives[125]. - The board of directors held five meetings during the reporting period, approving 23 resolutions[108]. - The independent directors actively participated in discussions and provided independent opinions on key matters such as profit distribution and related transactions[129]. - The company reported that the financial statements accurately reflect its operational results and governance level[130]. - The audit committee unanimously agreed on the financial report and internal control audit plan for the year 2020[130]. - The company confirmed that there were no violations in the use of raised funds during the reporting period[130]. Legal and Compliance Issues - The company is currently involved in multiple lawsuits, with a total of CNY 14.748 million in liabilities confirmed for the year 2020[173]. - The company has confirmed expected liabilities of 14.61 million yuan in 2020 and 11.87 million yuan in 2021 related to litigation[101]. - A total of 257 plaintiffs have filed lawsuits against the company for alleged false statements, with a total claim amount of 43.17 million yuan as of December 31, 2021[101]. - The company is actively managing its legal risks and liabilities, with ongoing updates on litigation and arbitration statuses disclosed regularly[173]. - The company faced disciplinary actions due to false records in restructuring documents and inadequate disclosure of related party fund occupation[177]. - The company has reported a warning and a fine of 1 million CNY for current director Zhong Jun Yan due to violations of the Securities Law[123]. - Current director Zhao Zhi Cheng was fined 80,000 CNY for similar violations[123]. Investment and Financial Management - The company has established measures to eliminate discrepancies between actual profits and performance commitments[157]. - The company is currently in the process of addressing uncertainties related to performance commitments from 2016 to 2018, aiming to confirm the completion of these commitments once uncertainties are resolved[157]. - The company has not engaged in any significant related party transactions during the reporting period[178]. - The company has no significant asset or equity acquisitions or sales during the reporting period[179]. - The company has no major contracts or leasing situations reported for the year[185]. - The company has no related party debt transactions during the reporting period[181]. - The company has no significant guarantees or collateral arrangements with related parties[182]. - The total amount of guarantees approved during the reporting period is 22,200 million, with an actual guarantee balance of 22,200 million, representing 14.80% of the company's net assets[190]. - The company signed a major contract with Alibaba (Beijing) Software Service Co., Ltd. for a film project worth 594 million, with 280.2 million received as of December 31, 2021[193]. - Another major contract was signed with Hainan iQIYI Information Technology Co., Ltd. for a film project valued at 600 million, currently in preparation[194]. Employee and Operational Insights - The total number of employees at the end of the reporting period is 177, with 111 in production, 28 in technology, 16 in finance, 15 in administration, and 7 in sales[135]. - The company has no retired employees requiring expense coverage, indicating a fully active workforce[135]. - The company emphasizes employee training and development, particularly for core team members, to enhance their skills and management capabilities[137]. - The company has implemented a performance assessment mechanism to ensure fair treatment and competitive compensation for all employees[136]. Environmental and Social Responsibility - The company is not classified as a key pollutant discharge unit by the environmental protection department[150]. - No administrative penalties were imposed on the company or its subsidiaries during the reporting period due to environmental issues[150]. - The company has not engaged in targeted poverty alleviation efforts during the reporting period[152].

欢瑞世纪联合股份有限公司 2022 年第一季度报告全文 证券代码：000892 证券简称：欢瑞世纪 公告编号：2022-29 欢瑞世纪联合股份有限公司 2022 年第一季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 重要内容提示: 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在 虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告 中财务信息的真实、准确、完整。 3.第一季度报告是否经过审计 □ 是 √ 否 一、主要财务数据 (一)主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期 | 上年同期 | 本报告期比上年同期增减（%） | | --- | --- | --- | --- | | 营业收入（元） | 181,811,882.38 | 28,025,357.95 | 548.74 | | 归属于上市公司股东的净利润（元） | 12,343,756.69 | 18,551 ...

| --- | --- | |------------|----------------------------------------------------------------------| | | | | 证券代码： | 2021-61 | | | | | | 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 | 载、误导性陈述或重大遗漏。 为进一步做好投资者关系管理工作，增强与广大投资者的互动交流，欢瑞世纪联 合股份有限公司（以下简称"公司"）将参加由重庆上市公司协会联合深圳市全景网 络有限公司举办"重庆辖区上市公司 2021 年投资者网上集体接待日活动"。本次活动 将于 2021 年 11 月 25 日（下周星期四）下午 15:00-17:00 举行，投资者可以登录全 景网（http://www.p5w.net）进入公司互动平台参与互动交流。 届时，公司高级管理人员将参加本次活动，通过网络在线交流形式，与投资者进 行沟通和交流。欢迎广大投资者积极参与！ 特此公告。 欢瑞世纪联合股份有限公司董事会 二〇二一年十一月十九日 ...

Financial Performance - The company's operating revenue for Q3 2021 reached ¥398,776,450.62, representing a significant increase of 4,992.89% compared to the same period last year[3]. - Net profit attributable to shareholders was ¥48,485,910.39, marking a 293.45% increase year-over-year[3]. - The basic earnings per share (EPS) was ¥0.0494, up 292.97% from the previous year[3]. - The total revenue for the year-to-date reached ¥460,422,805.40, a staggering increase of 2,578.63% year-over-year, primarily due to increased sales of television dramas[7]. - Total operating revenue for the current period reached ¥460,422,805.40, a significant increase from ¥17,188,753.60 in the previous period, representing a growth of approximately 2571%[17]. - The net profit for the current period was ¥56,511,725.76, a turnaround from a net loss of ¥148,303,723.94 in the previous period[18]. - The profit attributable to the parent company's shareholders was ¥59,836,710.81, compared to a loss of ¥148,303,723.94 in the previous period[18]. - Basic and diluted earnings per share for the current period were both ¥0.0610, compared to a loss of ¥0.1512 in the previous period[18]. Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥2,759,473,411.56, reflecting a 4.32% increase from the end of the previous year[3]. - Total assets as of September 30, 2021, amount to 2,759,473,411.56 CNY, compared to 2,645,212,770.21 CNY at the end of 2020, showing a growth of about 4.3%[15]. - The company reported a significant increase in short-term borrowings, which rose by 378.37% to ¥58,237,975.00, due to increased bank loans[7]. - The company's total liabilities reached ¥834,135,291.22, an increase from ¥776,240,177.96 in the previous period[16]. - Current liabilities increased to 810,045,263.83 CNY from 690,014,979.63 CNY, representing an increase of approximately 17.4%[15]. Cash Flow - The company reported a cash flow deficit from operating activities of ¥-181,662,490.06, which is a 244.01% increase in cash outflow compared to the same period last year[8]. - The net cash flow from operating activities was -¥181,662,490.06, a significant decrease compared to ¥126,143,907.41 in the previous period, indicating a decline in operational efficiency[20]. - Total cash inflow from operating activities was ¥658,261,899.01, up from ¥597,074,911.76, while cash outflow increased to ¥839,924,389.07 from ¥470,931,004.35[20]. - Cash flow from investment activities showed a net outflow of -¥33,152,388.66, a decrease from a net inflow of ¥81,392,028.52 in the previous period[20]. - Cash inflow from financing activities was ¥42,792,600.00, compared to ¥22,544,000.00 in the previous period, reflecting increased borrowing[20]. - The net cash flow from financing activities improved to ¥38,075,822.11 from -¥27,132,199.43, indicating a positive shift in financing strategy[20]. - The ending balance of cash and cash equivalents was ¥505,712,470.97, down from ¥552,414,462.35, showing a decrease in liquidity[21]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 24,721[10]. - The largest shareholder, Huanrui United, holds 10.87% of shares, amounting to 106,651,376 shares, all of which are pledged[10]. - The top ten shareholders hold a combined 56.15% of the company's shares, indicating a concentrated ownership structure[10]. Operational Efficiency - The company recorded a decrease in sales expenses by 65.69%, totaling ¥59,710,143.15, due to reduced promotional costs[8]. - The company received government subsidies amounting to ¥7,699,670.16 during the reporting period, related to local support policies[5]. - Employee compensation payments increased slightly to ¥37,854,664.24 from ¥35,135,365.81, reflecting stable workforce costs[20]. Inventory and Receivables - Accounts receivable increased to 329,061,881.08 CNY from 186,673,272.43 CNY year-over-year, reflecting a growth of about 76.0%[14]. - Inventory as of September 30, 2021, is 1,237,695,716.69 CNY, up from 1,001,867,170.71 CNY, indicating an increase of approximately 23.5%[15]. Investment and Capital Expenditures - The company received ¥1,000,000.00 from investment recoveries, a significant drop from ¥387,000,000.00 in the previous period[20]. - The company paid ¥33,400,000.00 for investments, a decrease from ¥307,000,000.00, indicating a reduction in capital expenditures[20]. Compliance and Standards - The company did not adjust the initial balance sheet items for the new leasing standards, indicating compliance without significant impact on financials[22].

Financial Performance - The company's operating revenue for the first half of 2021 was ¥61,646,354.78, representing a 143.29% increase compared to ¥25,338,880.34 in the same period last year[20]. - The net profit attributable to shareholders was ¥11,350,800.42, a significant recovery from a loss of ¥123,239,586.07 in the previous year, marking a 109.21% increase[20]. - The net profit after deducting non-recurring gains and losses was ¥9,831,324.38, compared to a loss of ¥87,209,675.88 in the same period last year, reflecting an increase of 111.27%[20]. - The basic earnings per share improved to ¥0.0116 from a loss of ¥0.1256, indicating a 109.24% increase[21]. - The total operating revenue for the first half of 2021 reached ¥61,646,354.78, a significant increase of 143.29% compared to ¥25,338,880.34 in the same period last year[36]. - The company reported a net profit of ¥11,350,800.42 for the first half of 2021, compared to a net loss of ¥123,239,586.07 in the same period of 2020, indicating a turnaround in profitability[126]. - Operating profit for the first half of 2021 was ¥9,727,076.68, a recovery from an operating loss of ¥120,875,736.07 in the first half of 2020[125]. - The total profit for the first half of 2021 was ¥10,759,257.75, compared to a total loss of ¥157,027,305.46 in the first half of 2020[125]. Assets and Liabilities - The total assets at the end of the reporting period were ¥2,870,206,393.31, an increase of 8.51% from ¥2,645,212,770.21 at the end of the previous year[21]. - The total liabilities rose to CNY 990,379,198.31, compared to CNY 776,240,177.96, indicating an increase of about 27.5%[121]. - The company's total equity reached CNY 1,879,827,195.00, slightly up from CNY 1,868,972,592.25, reflecting a growth of approximately 0.5%[121]. - The total current assets increased to ¥2,569,702,157.96 as of June 30, 2021, compared to ¥2,388,514,702.89 at the end of 2020[119]. - The company reported a total of CNY 943,467.31 in owner contributions during the current period[140]. - The total liabilities and owner's equity at the end of the reporting period is CNY 2,653,313,397.33[141]. Cash Flow - The net cash flow from operating activities was negative at -¥55,814,261.26, a decline of 212.27% compared to a positive cash flow of ¥49,714,871.25 in the same period last year[21]. - The company generated operating cash inflows of ¥519,820,719.34, compared to ¥382,960,877.41 in the same period of 2020, representing an increase of approximately 36%[130]. - The total cash and cash equivalents at the end of the first half of 2021 stood at ¥593,006,928.36, a decrease from ¥476,088,615.08 at the end of the first half of 2020[132]. - The company experienced a net cash flow from financing activities of -¥2,707,608.29 in the first half of 2021, compared to -¥26,810,604.41 in the same period of 2020[132]. Revenue Sources - The revenue from film and television sales increased by 219.09% year-on-year, driven by a higher number of confirmed projects[27]. - The revenue from artist management accounted for 87.35% of total revenue, amounting to ¥53,847,146.05, which represents a year-on-year increase of 68.86%[38]. - The long video platform revenue has steadily increased, with diverse operational strategies being explored to enhance user engagement and revenue growth[30]. Governance and Compliance - The company has outlined potential risks and countermeasures in its report, advising investors to remain aware of investment risks[4]. - The company has committed to ensuring the independence of its management team, including the general manager and financial director, who will not hold positions in other companies[67]. - The company has established a commitment to maintain independent financial operations, including having a separate bank account and independent financial decision-making[67]. - The company has made a long-term commitment to avoid and minimize related party transactions[70]. Legal and Regulatory Matters - The company faced a total of 27 lawsuits related to false securities statements, with a total claim amount of RMB 24.52 million, and has already been ordered to pay RMB 2.12 million in damages in 17 cases[53]. - The company reported a guarantee amount of CNY 16,200 million for its subsidiary, Huayi Brothers, with no actual guarantees occurring during the reporting period[92]. - The company is involved in multiple ongoing lawsuits, with a total estimated amount of CNY 147.48 million related to various disputes[78]. Investments and Acquisitions - The company acquired a 54.2667% stake in Qiyu Century for a total consideration of ¥15 million, enhancing its investment portfolio[44]. - The company established a new subsidiary, Huanrui Planet, with a registered capital of RMB 5 million, focusing on artist live streaming and new media brand operations[50]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 29,255[102]. - The actual controller's shareholding ratio decreased from 18.67% to 12.77% after a partnership structure change[105]. - The actual controller's shares, totaling 115,622,219 shares (11.79% of total shares), are subject to judicial freezing due to overdue financing transactions[81]. Financial Reporting and Standards - The semi-annual financial report was not audited, and the company received a non-standard audit opinion for the 2020 annual financial statements[73][74]. - The company adheres to the accounting standards set by the Ministry of Finance, ensuring the financial statements reflect the true and complete financial status as of June 30, 2021[152]. - The company has implemented the new revenue recognition standards since January 1, 2020, with retrospective adjustments made[151].

Business Focus and Strategy - The company reported a significant change in its main business focus, shifting to film production, distribution, artist management, and related entertainment services since December 6, 2016[14]. - The company aims to strengthen its main business and deepen its strategic layout in the cultural industry, focusing on high-quality productions that align with socialist values[24]. - The company has established a comprehensive business layout in TV drama investment, production, and distribution, as well as artist management, creating synergistic effects among its various business segments[24]. - The company is committed to building a healthy ecosystem in the film and television industry while promoting the dissemination of positive cultural products[24]. - The company plans to focus on high-quality content production and explore diversified business models to enhance its competitive advantage in the cultural entertainment sector[85]. - The company aims to deepen its artist management capabilities and develop a standardized, professional artist agency business[85]. - The company is committed to producing high-quality films and series that align with mainstream values in the new era[85]. Financial Performance - The company's operating revenue for 2020 was ¥184,935,603.34, a decrease of 65.76% compared to ¥540,047,298.34 in 2019[16]. - The net profit attributable to shareholders for 2020 was a loss of ¥784,855,283.01, representing an increase in loss of 42.40% from a loss of ¥551,157,816.39 in 2019[16]. - The total assets at the end of 2020 were ¥2,645,212,770.21, down 25.48% from ¥3,549,759,961.22 at the end of 2019[16]. - The net assets attributable to shareholders decreased by 29.57% to ¥1,868,972,592.25 from ¥2,653,827,875.26 in 2019[16]. - The basic and diluted earnings per share for 2020 were both -¥0.80, reflecting an increase in loss of 42.86% from -¥0.56 in 2019[16]. - The company reported a total of ¥14,926,054.97 in restricted cash due to legal disputes, impacting liquidity[65]. - The company reported a net profit attributable to shareholders of -784.86 million yuan for the year 2020, with a cumulative distributable profit of -274.90 million yuan as of December 31, 2020[97]. Cash Flow and Investments - The net cash flow from operating activities improved significantly to ¥276,500,167.82, an increase of 2,811.77% compared to a negative cash flow of ¥10,196,281.77 in 2019[16]. - The company's cash and cash equivalents increased by 86.48% compared to the beginning of 2020, primarily due to reduced production and investment expenditures in film and television projects, as well as the recovery of accounts receivable[25]. - The total cash inflow from investment activities decreased by 61.41% to CNY 388,606,264.61 in 2020, down from CNY 1,007,040,410.00 in 2019[58]. - The company has utilized a total of 50,000 million of idle raised funds for purchasing bank principal-protected financial products, which have all matured and been redeemed[74]. Shareholder Structure and Governance - The company’s major shareholder structure changed on June 18, 2020, with the control remaining with a single major shareholder despite changes in actual control[14]. - The company has made commitments regarding the independence of its operations, ensuring that its management and financial systems are separate from those of controlling shareholders[103]. - The company has acknowledged discrepancies between actual profits and performance commitments for the years 2016 to 2018, and is taking measures to address uncertainties[103]. - The company has established a commitment to maintain independent financial operations, including separate bank accounts and independent tax obligations[103]. - The company has confirmed that there are currently no competing business operations between it and its controlled enterprises[107]. - The company has a history of normal compliance with its commitments regarding related party transactions and operational independence[107]. Risks and Challenges - The company emphasizes the importance of risk awareness regarding forward-looking statements made in the annual report[4]. - The company faces risks from high competition in the TV drama industry, with an oversupply situation leading to increased market rivalry[89]. - The company is addressing the challenge of large accounts receivable, which can fluctuate significantly due to the timing of payments from clients after the airing of dramas[91]. - The company is currently involved in multiple lawsuits, including a case with a total claim amount of 24.52 million yuan related to alleged false statements[91]. Audit and Compliance - The company’s financial report was audited by Zhongtianyun Accounting Firm, which issued a non-standard opinion[4]. - The audit report issued by Zhongtianyun CPA included a qualified opinion due to uncertainties regarding the recoverability of accounts receivable related to "Tianxia Chang'an"[112]. - The company reported no major internal control deficiencies during the reporting period, with zero significant or important deficiencies identified in both financial and non-financial reports[200]. Social Responsibility and Community Engagement - The company engaged in social responsibility initiatives, including a charity auction that raised over ¥170,000 for children's welfare projects[36]. - The company actively participated in social responsibility initiatives, donating agricultural machinery valued at 503,900 RMB[145]. Employee and Management Structure - The company employed a total of 125 staff members, with 70 in production, 34 in technical roles, and 6 in sales[182]. - The company has established a performance-based remuneration system for its employees, ensuring competitive compensation[184]. - The total remuneration for directors, supervisors, and senior management in 2020 amounted to 7.35 million CNY[181]. - The company emphasizes employee training and development, particularly after significant asset restructuring[185].