Financial Performance - The company's revenue for Q1 2023 was ¥198,989,809.20, representing a 20.16% increase compared to ¥165,602,256.51 in the same period last year[5] - Net profit attributable to shareholders was ¥56,054,674.86, a significant turnaround from a loss of ¥147,346,675.16, marking a 138.04% increase[5] - Basic earnings per share improved to ¥0.0282 from -¥0.0749, reflecting a 137.65% increase[5] - Operating profit for the current period was ¥56,521,211.46, a significant recovery from a loss of ¥109,893,086.32 in the previous period[24] - Net profit for the current period was ¥56,093,560.23, compared to a net loss of ¥151,517,093.75 in the previous period, indicating a turnaround[24] Cash Flow - The net cash flow from operating activities was -¥55,110,091.65, a decrease of 420.38% compared to ¥17,201,340.88 in the previous year[5] - Cash flow from operating activities showed a net outflow of ¥55,110,091.65, contrasting with a net inflow of ¥17,201,340.88 in the previous period[27] - Cash flow from investing activities generated a net inflow of ¥358,970,013.02, up from ¥41,186,472.90 in the previous period, highlighting strong investment recovery[27] Assets and Liabilities - Total assets at the end of the reporting period were ¥3,501,941,392.80, a slight decrease of 0.51% from ¥3,519,925,321.52 at the end of the previous year[5] - The company's current assets totaled CNY 1,705,469,583.86, down from CNY 1,775,349,608.08 at the beginning of the year, indicating a decrease of approximately 3.3%[20] - The total liabilities decreased to CNY 1,130,281,357.45 from CNY 1,217,855,839.24, reflecting a reduction of about 7.2%[21] - The equity attributable to the owners of the parent company increased to CNY 2,171,051,908.69 from CNY 2,107,666,371.36, marking an increase of approximately 3.0%[21] Shareholder Information - The total number of common shareholders at the end of the reporting period is 49,263[11] - The top 10 shareholders hold a combined 54.79% of the shares, with the largest shareholder, Sihe Ju Li Information Technology Group Co., Ltd., owning 12.05% (239,973,000 shares)[11] - The top three shareholders hold 32.08% of the total shares, indicating a concentrated ownership structure[11] - The company has no preferred shareholders as of the reporting period[13] - The company has not disclosed any related party transactions among the top shareholders[12] Government Support and Investments - The company received government subsidies amounting to ¥7,538,500.00, primarily from its subsidiaries[6] - The company reported a significant increase in other income, which rose by 378.17% to ¥7,634,428.42 due to increased government subsidies[10] - Investment income rose to ¥26,488,455.83, a 162.68% increase compared to a loss of ¥42,260,062.80 in the previous year[10] Research and Development - Research and development expenses increased by 32.67% to ¥10,725,994.51, driven by higher project investments[10] - Research and development expenses increased to ¥10,725,994.51 from ¥8,084,990.31, reflecting a commitment to innovation[24] Corporate Actions - The company successfully applied to lift the delisting risk warning on January 10, 2023, after completing its restructuring plan[13] - The stock name changed from "*ST Tianma" to "ST Tianma" following the removal of the delisting risk warning[13] - The stock name was further changed from "ST Tianma" to "Tianma Co., Ltd." on February 28, 2023, after the removal of other risk warnings[14] - The company has eliminated previous severe issues, including frozen bank accounts and illegal guarantees, allowing it to apply for the removal of other risk warnings[14] Inventory and Receivables - The company reported a total inventory of CNY 681,552,030.20, which is an increase from CNY 660,250,058.96 at the beginning of the year, indicating a growth of about 3.0%[20] - The company’s accounts receivable decreased to CNY 100,789,137.69 from CNY 111,107,167.26, a decline of approximately 9.3%[20]

Financial Performance - The company reported a revenue of RMB 1.2 billion for the fiscal year 2022, representing a year-on-year increase of 15%[17]. - The net profit attributable to shareholders was RMB 150 million, a decrease of 10% compared to the previous year[17]. - The company's operating revenue for 2022 was ¥702,663,278.74, a decrease of 16.12% compared to ¥837,652,549.95 in 2021[24]. - The net profit attributable to shareholders for 2022 was ¥85,104,646.18, a significant increase of 111.70% from a loss of ¥727,494,758.29 in 2021[24]. - The company achieved total operating revenue of 702.66 million yuan in 2022, a decrease of 16.12% compared to the previous year[66]. - The high-end equipment manufacturing sector contributed 612.45 million yuan, accounting for 87.16% of total revenue, with a year-over-year increase of 27.68%[74]. - The company reported a total revenue of 1.5 billion RMB for the fiscal year 2022, representing a year-over-year growth of 12%[159]. - The company achieved a net profit of 1,142.94 million CNY for the fiscal year 2022, with an ending undistributed profit of 24.53 million CNY[183]. Research and Development - The company plans to invest RMB 200 million in R&D for new product development in 2023, focusing on high-end bearing technology[17]. - The company has increased its R&D investment, focusing on product technology innovation and upgrading, which has led to new profit growth points[48]. - Research and development expenses increased by 18% to 150 million RMB, focusing on innovative bearing solutions[164]. - The company invested over 49 million yuan in R&D, completing the design of 26 new products and obtaining 45 authorized patents in 2022[67]. - Research and development (R&D) investment increased by 56.07% to ¥64,844,695.91 in 2022, accounting for 9.23% of operating revenue, up from 4.96% in 2021[90][91]. Market Expansion and Strategy - The company has outlined a market expansion strategy targeting Southeast Asia, aiming for a 25% market share in the region by 2025[17]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by 2025[164]. - The company is focusing on high-end products to capture market opportunities in the wind power sector, demonstrating its competitive strength[48]. - The company plans to expand its market presence in Southeast Asia, targeting a 15% market share by the end of 2023[200]. Operational Challenges and Risks - The company has identified risks related to supply chain disruptions and is implementing measures to mitigate these risks[3]. - The company faced significant operational pressure due to economic downturns, impacting its ability to acquire new clients and expand into new markets[70]. - The company is currently involved in several legal disputes that may affect its operational capabilities and financial stability in the near term[111]. - The company faces significant operational pressure in 2023 due to economic downturns and adverse factors from 2022, leading to a potential continuation of business scale decline[133]. Investment and Acquisitions - The company is exploring potential acquisitions to enhance its technological capabilities and market presence[17]. - A strategic acquisition of a local competitor was completed, valued at 200 million RMB, aimed at increasing production capacity[164]. - The company has cumulatively invested in nearly 100 enterprises, focusing on high-end equipment manufacturing, semiconductors, and new energy sectors, which are encouraged by national policies[62]. Corporate Governance and Management - The company has established multiple internal control systems, including investment management and anti-fraud measures, to ensure effective governance and compliance[142]. - The company has implemented a performance evaluation and incentive mechanism for senior management, linking compensation to company performance and individual achievements[142]. - The company maintains complete independence from its controlling shareholder in terms of assets, personnel, finance, and operations[145]. - The company’s board of directors approved a new incentive plan aimed at retaining key talent and driving long-term growth[200]. User and Customer Data - User data indicates a 20% increase in customer base, reaching 500,000 active users by the end of 2022[17]. - User data showed an increase in customer base, with a notable rise in repeat customers contributing to overall sales growth[150]. - The total user data reached 8,492, with a significant growth in user engagement metrics[199]. Financial Management and Cash Flow - The net cash flow from operating activities decreased by 65.53% to ¥25,681,519.29 in 2022, down from ¥74,504,338.10 in 2021[24]. - Operating cash flow decreased by 65.53% to ¥25,681,519.29, primarily due to reduced cash collections from subsidiaries[93][94]. - The company’s total assets included cash and cash equivalents of ¥342,575,174.41, up from ¥241,992,319.82, reflecting improved cash inflow[98]. Employee and Compensation - The total number of employees at the end of the reporting period was 1,556, with 849 in production, 62 in sales, and 356 in technical roles[180]. - The company has a competitive salary policy, with employee compensation consisting of base salary, performance pay, and benefits[181]. - The company plans to enhance employee skills through annual training programs covering various aspects such as professional skills and management capabilities[182]. Future Outlook - The management has set a revenue growth target of 10% for 2023, driven by new product launches and market expansion efforts[17]. - Future outlook includes a projected revenue growth of 15% for 2023, driven by new product launches and technological advancements[150]. - The company plans to increase R&D investment to overcome technical challenges in high-end CNC machine tools, aiming to enhance product quality and expand product categories[126].

01 □特定对象调研 □分析师会议 投资者关系活动 □媒体采访 □业绩说明会 类别 □新闻发布会 √路演活动 □现场参观 □其他 参与单位名称及 国泰君安 杨墨 太平洋证券 李冰桓 兴业证券 蒋佳霖 人员姓名 华泰证券 蔡嵩松 郭雅丽 和君集团 张永俊 盛德金融 王洋 天弘基金 衡杰锋 中融国际信托 陈碧莹 星石投资 杨柳青 东方证券 游涓洋 中信建投 金戈 天风证券 葛婧瑜 陈伟 国信证券 焦倩 中英益利 张际 信达证券 袁海宇 招斯喆 方正证券 安永平 国金证券 钱路丰 盛世景 陈紫光 中新融创 王菊影 华创证券 翟炜 陈宝健 九州证券 岳志强 天星资本 崔凯凯 资舟投资 王贺 天盛金融 肖强 高新投 韩金云 东鼎国际 窦志强 证券代码：002122 证券简称：天马股份 天马轴承集团股份有限公司 投资者关系活动记录表 编 号 ： 2017- 时间 2017.7.25 地点 国海广场 A 座 1 | --- | --- | |----------------|--------------------------------------------------------| | | | | 上市公司接待人 | ...

Group 1: Company Strategy and Vision - The company aims to become a provider of intelligent business services driven by big data in the era of industrial internet [2] - The strategic focus includes enterprise cloud services, big data applications, and intelligent business services [3] Group 2: Asset Divestiture - The company has been divesting underperforming assets, including Beijing Tianma, Guizhou Tianma, and Chengdu Precision, to improve profitability [3] - A total of 1.068 billion CNY was raised from the divestiture of Zhejiang Tianma, with the process initiated earlier in the year [3] Group 3: Financial Impact and Projections - The company predicts a profit of 100 to 150 million CNY for the year, considering both operational and non-operational factors [3] - The divestitures are expected to contribute positively to the annual performance, pending audit confirmation [3] Group 4: Future Acquisitions - The company plans to continue acquiring quality targets, focusing on those closely related to its strategic direction [4] - Future acquisitions will not solely rely on external purchases but will also enhance internal capabilities [4] Group 5: Data Accumulation and Management - Data accumulation is achieved through three main methods: proprietary SAAS software, data from invested companies, and public data sources [4] - The company maintains its database systems at the listed company level, ensuring manageable costs associated with data collection [4]

Financial Performance - The company's revenue for Q3 2022 was ¥206,104,751.99, representing a 42.20% increase compared to the same period last year[7] - The net profit attributable to shareholders was -¥90,049,659.67, a decrease of 909.36% year-on-year[7] - The net profit after deducting non-recurring gains and losses was -¥61,540,395.76, reflecting a significant decline of 11,547.86% compared to the previous year[7] - The company reported a net loss of CNY 105,538,849.49 in operating profit, a decline from a profit of CNY 154,148,721.28 in the previous year[33] - The total net profit for the current period was -¥299.34 million, compared to a profit of ¥148.28 million in the previous period, reflecting a decline of approximately 302.0%[35] - The basic earnings per share for the current period was -¥0.2474, compared to ¥0.1176 in the previous period, indicating a decrease of approximately 310.5%[35] - The company reported a total comprehensive loss of -¥299.34 million for the current period, compared to a comprehensive income of ¥148.28 million in the previous period[35] Assets and Liabilities - The total assets at the end of the reporting period were ¥4,102,210,245.62, a decrease of 0.68% from the end of the previous year[7] - Current assets totaled CNY 1,555,882,110.56, up from CNY 1,464,872,333.09 at the beginning of the year[26] - Total liabilities increased to CNY 3,434,302,572.52 from CNY 3,190,885,901.37 year-over-year[30] - The total equity attributable to shareholders decreased to CNY 453,683,921.08 from CNY 735,153,931.68[30] - The company’s total non-current assets were CNY 2,546,328,135.06, down from CNY 2,665,359,004.65 at the start of the year[26] Cash Flow - The company reported a net cash flow from operating activities of ¥11,586,396.58, an increase of 154.66% year-on-year[7] - The net cash flow from operating activities was ¥11.59 million, a significant improvement compared to a net outflow of ¥21.20 million in the previous period[39] - The net cash flow from investing activities was ¥37.28 million, down from ¥245.61 million in the previous period, indicating a decrease of approximately 84.8%[39] - The net cash flow from financing activities was -¥50.68 million, an improvement from -¥348.05 million in the previous period, showing a reduction of about 85.4%[42] - The cash and cash equivalents at the end of the period were ¥232.55 million, slightly down from ¥304.38 million at the beginning of the period[42] Expenses - Research and development expenses increased by 167.57% to ¥33,142,052.80, primarily due to higher spending on R&D projects[12] - Operating expenses increased dramatically by 14787.09% to RMB 213,985,311.97, mainly due to interest and penalties on overdue loans[15] - Financial expenses rose by 34.46% to ¥19,406,953.28, attributed to interest income from major shareholder fund occupation recognized in the previous year[12] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 40,731, with the largest shareholder holding 20.66% of shares[16] - The largest shareholder, Sihuo Juli Information Technology Group Co., Ltd., holds 250,973,000 shares[20] Legal Issues - The company is currently facing 33 lawsuits from minority shareholders, with a total amount involved of approximately RMB 290 million[21] - The company has not yet entered the restructuring process, and the outcome remains uncertain[23] Other Income and Investments - The company received government subsidies amounting to ¥24,331,165.05 during the reporting period, mainly from its subsidiary[8] - Other income increased by 294.58% to RMB 34,359,706.49, primarily due to government subsidies recognized by the subsidiary Qizhong CNC[15] - Investment income decreased by 126.27% to -RMB 28,517,806.55, mainly due to last year's high debt restructuring income and losses from joint ventures[15] - Fair value changes in financial assets resulted in a loss of RMB 47,052,606.77, a decrease of 266.18% compared to the previous period[15] - Credit impairment losses surged by 1044.95% to -RMB 8,786,176.88, attributed to provisions for bad debts on accounts receivable[15] - The company experienced a significant increase in trading financial assets, which rose by 138.41% to ¥172,116,274.36 due to increased investment scale[12]

Financial Challenges and Restructuring - The company reported a significant financial challenge, with a restructuring application filed by a creditor, creating uncertainty regarding its future operations and potential bankruptcy risks[5]. - The company is currently facing a legal situation that may impact its financial stability, as the court has yet to decide on the restructuring application[5]. - The company is actively pursuing restructuring efforts to enhance profitability and reduce debt burden, with ongoing communication with creditors to resolve financial issues[111]. - The company faces risks related to potential delisting if the restructuring application is not accepted, which could significantly affect its stock performance[112]. - The company confirmed a total debt amount of 318,297 million CNY due to actual losses and estimated potential losses related to the original controlling shareholder and actual controller[149]. Financial Performance - The company's operating revenue for the reporting period was ¥373,782,917.05, a decrease of 11.38% compared to the same period last year[31]. - The net profit attributable to shareholders was -¥207,630,725.67, representing a decline of 261.42% year-on-year[31]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥76,977,406.07, a decrease of 294.67% compared to the previous year[31]. - The net cash flow from operating activities was ¥29,395,983.34, an increase of 150.17% compared to the same period last year[31]. - The total assets at the end of the reporting period were ¥4,111,300,153.38, a decrease of 0.46% from the end of the previous year[31]. - The net assets attributable to shareholders decreased by 26.45% to ¥540,715,870.80 compared to the end of the previous year[31]. Market and Industry Insights - The CNC machine tool industry in China had a production value exceeding 160 billion RMB in 2021, but domestic products mainly focus on mid- to low-end segments, with a low self-sufficiency rate in high-end CNC machine tools[43]. - The children's book market in China has significant growth potential, with only 12% of the overall book market being children's literature compared to 20% in Western countries[48]. - In 2022, the overall retail book market in China experienced a negative growth of 13.8% year-on-year due to the pandemic and consumer fatigue[49]. - The company is increasing R&D investment and product technology upgrades to create new economic growth points amid industry challenges[43]. Research and Development - The company has a strong R&D team, including experts with special government allowances, focusing on high-end equipment manufacturing[41]. - The company has developed a "4+3+N" research and innovation system, including four technology innovation platforms and three innovation teams, to strengthen its R&D capabilities[57]. - The company holds 302 patents, including 35 invention patents, and has developed 35 new products during the "13th Five-Year Plan" period, with 21 reaching international leading and advanced levels[57]. - The company's R&D investment increased by 56.98% to ¥23,815,457.89, primarily due to significant expenses related to the completion of a subsidiary's project[71]. Subsidiary Performance - The subsidiary Qizhong CNC has a registered capital of CNY 54.46 million and generated a net profit of CNY 28.99 million, contributing significantly to the company's overall performance[106]. - The subsidiary Rere Culture reported a net loss of CNY 5.99 million, indicating challenges in the internet information technology service sector[106]. - The subsidiary Zhongke Huashi, with a registered capital of CNY 12.2 million, also faced a net loss of CNY 3.1 million, reflecting difficulties in the book distribution business[106]. - The subsidiary Xinghe Fund, primarily engaged in venture capital services, reported a net profit of CNY 10.94 million, showcasing its profitability despite market challenges[106]. Legal and Regulatory Issues - The company is currently under investigation by the China Securities Regulatory Commission, and the final results of the investigation are yet to be determined[194]. - The company is facing 32 lawsuits from minority shareholders, with a total amount involved exceeding 290 million yuan[117]. - The company is actively engaging a professional external legal team to respond to the lawsuits and protect its rights[117]. - The company has outlined specific procedures for addressing any financial obligations resulting from legal proceedings and investigations[190]. Investment and Financial Management - The company has established a rigorous investment management system and a professional investment team of over 30 members to enhance its competitive edge in the venture capital sector[52]. - The company has diversified its sales channels, including direct sales, online sales, and library reserves, enhancing its market reach[64]. - The company is committed to optimizing its capital structure and enhancing operational efficiency through strategic investments and partnerships[115]. - The company has acknowledged potential undisclosed and unrealized debts from related transactions amounting to 1 billion CNY and 1 billion CNY for different investments[163]. Corporate Governance and Shareholder Engagement - The company has implemented effective incentive mechanisms to align employee interests with company performance[139]. - The company has not experienced any changes in its board of directors, supervisors, or senior management during the reporting period[122]. - The company held two temporary shareholder meetings with participation rates of 20.96% and 21.01% respectively[121]. - The company is committed to maintaining transparency and accountability in its financial reporting amid ongoing regulatory scrutiny[196].

Financial Performance - Revenue for Q1 2022 was CNY 165,602,256.51, a decrease of 7.22% compared to CNY 178,486,953.12 in the same period last year[3] - Net profit attributable to shareholders was a loss of CNY 147,346,675.16, a decline of 1,160.11% from a profit of CNY 13,899,242.20 in the previous year[3] - The company reported a total profit for the current period was a loss of ¥152,703,088.52, compared to a profit of ¥25,143,213.98 in the previous period[34] - Net profit for the current period was a loss of ¥151,517,093.75, compared to a profit of ¥10,994,886.14 in the previous period[34] - Basic and diluted earnings per share for the current period were both -0.1226, compared to 0.0117 in the previous period[37] Cash Flow - The net cash flow from operating activities improved to CNY 17,201,340.88, a significant increase of 289.52% compared to a negative cash flow of CNY -9,076,419.97 last year[3] - Cash flow from operating activities was ¥163,522,040.95, an increase of 31.43% from ¥124,462,381.96 in the previous period[38] - Operating cash inflow totaled $168.95 million, an increase from $152.18 million year-over-year[41] - Net cash flow from operating activities was $17.20 million, a significant improvement from a loss of $9.08 million in the previous year[41] - Total cash outflow for operating activities was $151.74 million, down from $161.26 million in the previous year[41] Assets and Liabilities - Total assets at the end of the reporting period were CNY 4,035,301,418.43, down 2.30% from CNY 4,130,231,337.74 at the end of the previous year[3] - The company's total assets decreased to CNY 4,035,301,418.43 from CNY 4,130,231,337.74, indicating a decline of about 2.3%[30] - The total liabilities increased significantly, leading to a decrease in equity attributable to shareholders by 18.81% to CNY 596,900,650.63[3] - The total liabilities increased to CNY 3,251,898,580.28 from CNY 3,190,885,901.37, reflecting an increase of approximately 1.9%[27] - The company’s equity attributable to shareholders decreased to CNY 596,900,650.63 from CNY 735,153,931.68, a decline of approximately 18.8%[30] Expenses - Financial expenses increased by 78.34% to CNY 30,174,544.00, primarily due to interest accrued from failure to meet repayment obligations[9] - The company reported a significant investment loss of ¥42,260,062.80, compared to a gain of ¥22,356,695.17 in the previous period[34] - Management expenses increased to ¥44,634,228.66, up 48.59% from ¥30,046,211.90 in the previous period[31] - The company reported a substantial increase in sales expenses, which rose by 35.75% to CNY 6,573,508.20, attributed to higher labor and market development costs[6] - Sales expenses rose to ¥6,573,508.20, an increase of 35.73% compared to ¥4,842,268.08 in the previous period[31] Shareholder Information - The total number of common shareholders at the end of the reporting period is 43,450[10] - The largest shareholder, Sihuo Ju Li Information Technology Group Co., Ltd., holds 20.68% of shares, totaling 250,973,000 shares[10] - The second-largest shareholder, Horgos Tianma Venture Investment Group Co., Ltd., holds 8.81% of shares, totaling 106,945,761 shares[10] - The third-largest shareholder, Shenzhen Zhongqi Information Industry Investment Consulting Co., Ltd., holds 4.32% of shares, totaling 52,443,552 shares[10] - The shareholder Tianma Venture Investment Group has reduced its holdings by 14,795,400 shares, accounting for 8.95% of the total share capital as of March 3, 2022[19] Risks and Guarantees - The company is facing a risk of bankruptcy and delisting due to a creditor's application for pre-restructuring, citing inability to repay debts[21] - The original controlling shareholder has provided guarantees for compensation obligations related to legal judgments, ensuring repayment within 120 days after the judgment[18] - The company has outstanding land reserve payments of CNY 9,000,000, which are yet to be paid as of the report date[21] Government Support - The company received government subsidies amounting to CNY 1,377,500.00, primarily from its subsidiary Qizhong CNC[5]

Financial Performance - The company's revenue for Q3 2021 was ¥144,938,147.93, representing a decrease of 22.82% compared to the same period last year[4]. - Net profit attributable to shareholders for Q3 2021 was ¥11,126,091.04, down 48.99% year-on-year[4]. - The net profit excluding non-recurring gains and losses for Q3 2021 was ¥537,571.06, an increase of 106.53% compared to the same period last year[4]. - The basic earnings per share for Q3 2021 was ¥0.0093, down 49.24% year-on-year[4]. - The diluted earnings per share for Q3 2021 was ¥0.0092, a decrease of 50.11% compared to the same period last year[4]. - The company reported a net loss of CNY 82,366,886.28, an improvement from a loss of CNY 222,122,789.11 in the previous year[31]. - The net profit for the current period is 148,284,877.62, an increase from 120,541,236.56 in the previous period, representing a growth of approximately 23.1%[40]. - Operating profit increased to 154,148,721.28 from 76,227,594.66, showing a significant rise of about 102.1%[40]. - The total profit for the current period reached 159,419,058.14, compared to 130,274,331.76 in the previous period, representing an increase of approximately 22.4%[40]. Assets and Liabilities - The total assets at the end of Q3 2021 were ¥4,234,202,205.69, a decrease of 4.69% from the end of the previous year[4]. - The company's cash and cash equivalents at the end of the period were ¥187,510,740.86, a decrease of 39.18% from the previous year-end due to debt repayments[7]. - Total current assets decreased to CNY 1,414,715,839.28 from CNY 2,137,926,184.85, reflecting a reduction of about 33.8%[25]. - Non-current assets increased to CNY 2,819,486,366.41 from CNY 2,304,842,340.35, showing a growth of approximately 22.3%[28]. - Total liabilities decreased to CNY 2,321,003,630.52 from CNY 2,677,685,141.75, a reduction of about 13.3%[31]. - Total equity increased to CNY 1,913,198,575.17 from CNY 1,765,083,383.45, representing an increase of approximately 8.3%[31]. - Total assets were reported at $4,442,768,525.20, slightly down from $4,446,675,729.11, indicating a minor reduction in overall asset value[51]. - Total liabilities amounted to $2,677,685,141.75, a decrease from $2,681,592,345.66, reflecting a reduction in financial obligations[54]. - The company's equity attributable to shareholders was $1,600,963,597.92, remaining stable compared to the previous period[54]. Cash Flow - The net cash flow from operating activities for the year-to-date was -¥21,198,147.52, reflecting a 58.47% improvement year-on-year[4]. - The net cash flow from operating activities was -21,198,147.52, an improvement from -51,040,716.51 in the previous period[41]. - Investment activities generated a net cash flow of 245,610,749.23, a substantial increase from 35,787,581.44 in the previous period[41]. - Cash inflow from financing activities totaled $185,950,000, compared to $65,903,450.80 in the previous period, indicating a significant increase[47]. - Net cash outflow from financing activities was $348,054,130.92, compared to $50,849,184.84 in the previous period, reflecting a substantial increase in cash outflow[47]. - The ending balance of cash and cash equivalents was $180,724,766.42, down from $304,377,767.71 at the beginning of the period, resulting in a net decrease of $123,653,001.29[47]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 45,513[11]. - The top shareholder, Sihe Juliy Information Technology Co., Ltd., holds 20.88% of the shares, totaling 250,973,000[14]. - The company has no preferred shareholders with restored voting rights[11]. - The major shareholder Kashgar Xinghe reduced its holdings by 20,662,300 shares, representing 1.72% of the total share capital, due to forced selling from a court ruling[18]. - Another major shareholder, Horgos Tianma, plans to reduce its holdings by up to 60,086,825 shares, which is 5.00% of the total share capital, due to financial needs[18]. Legal and Regulatory Issues - The company is currently involved in 16 lawsuits from minority shareholders, with a total amount in dispute of approximately 273.06 million RMB, and has been ordered to pay 11.59 million RMB in four cases[19]. - The original controlling shareholder has a non-operating fund occupation balance of 106.14 million RMB, primarily due to judicial rulings related to guarantees[20]. - The company received three new lawsuits related to guarantee obligations, with a total claim amount exceeding 9.4 million RMB[21]. - The company faces a risk of not being able to repay 180 million RMB in debts by December 31, 2021, as per agreements with creditors[21]. - The company is actively communicating with creditors and exploring financing channels to mitigate repayment risks[24]. Management and Operational Changes - Management expenses increased by 30.33% to 87,950,577.88, mainly due to higher share-based payment expenses[10]. - Financial expenses decreased significantly by 56.03% to 14,433,465.54, following the repayment of priority shares[10]. - The company reported a substantial decrease in other income, down 67.25% to 8,707,947.34, mainly due to reduced government subsidies[10]. - The company is focusing on expanding its market presence and enhancing product development strategies to drive future growth[30]. - The company has implemented new leasing standards starting from January 1, 2021, affecting the financial statements and asset valuations[48]. - The company implemented the new leasing standard from January 1, 2021, resulting in an increase of 5.5892 million in right-of-use assets and an adjustment of 1.6820 million in prepaid items[57]. - Non-current liabilities due within one year increased by 3.9072 million due to the new leasing standard[57]. - The third quarter report was not audited[58].

Financial Performance - The company reported a total revenue of RMB 500 million for the first half of 2021, representing a year-on-year increase of 15% compared to RMB 435 million in the same period of 2020[21]. - The net profit attributable to shareholders for the first half of 2021 was RMB 50 million, up 20% from RMB 41.67 million in the first half of 2020[21]. - The company's operating revenue for the reporting period was ¥421,788,684.44, representing a year-on-year increase of 24.45% from ¥338,915,682.85[28]. - Net profit attributable to shareholders was ¥128,629,811.79, a significant increase of 65.05% compared to ¥77,933,438.06 in the same period last year[28]. - The net profit after deducting non-recurring gains and losses was ¥39,542,285.75, a remarkable increase of 402.17% from a loss of ¥13,085,920.11 in the previous year[28]. - The basic earnings per share rose to ¥0.1083, up 65.09% from ¥0.0656[28]. - The company reported a net cash flow from operating activities of -¥58,594,398.55, an improvement of 32.99% compared to -¥87,437,700.97 in the previous year[28]. - The company's overall revenue for the reporting period was significantly impacted by the performance of its subsidiaries, particularly in the investment and asset management sectors[109]. Market Expansion and Strategy - The company plans to expand its market presence by entering two new regions in the next fiscal year, aiming for a 10% increase in market share[21]. - The management has set a revenue target of RMB 1.1 billion for the full year 2021, reflecting a growth rate of 12%[21]. - The company is exploring potential mergers and acquisitions to enhance its product offerings and market reach[21]. - The company has expanded its international market presence, successfully entering over 30 countries and regions, including Europe, the United States, Japan, and South Korea[62]. - The company plans to continue expanding its product lines and market reach, particularly in the media and high-end equipment sectors[76]. Research and Development - Research and development expenses increased by 25% to RMB 30 million, focusing on new product innovations and technology upgrades[21]. - The company has a strong research and development team and platforms, including national-level technology centers and partnerships with top universities, contributing to its innovation capabilities[61]. - The company is actively investing in hard technology, domestic substitution, internet and big data, cloud services, artificial intelligence, and high-end equipment manufacturing[43]. - Research and development expenses surged by 95.01% to ¥15,170,678.94, reflecting the company's commitment to innovation[70]. Operational Efficiency - The company has implemented new strategies to improve operational efficiency, aiming for a 5% reduction in production costs by the end of 2021[21]. - The company emphasizes the importance of smart manufacturing and integrating new information technologies to improve production efficiency and product quality[48]. Financial Risks and Legal Issues - The company faces risks related to market volatility and supply chain disruptions, which are being actively monitored and managed[6]. - The company has engaged in multiple legal disputes resulting in significant asset freezes, impacting its financial flexibility[91]. - The company’s financial position is affected by ongoing litigation, with various assets and receivables under judicial restrictions[91]. - The company has a total of 16 ongoing lawsuits from minority shareholders, with a total claim amount exceeding 270 million yuan, which could lead to significant financial liabilities if the court rules against the company[119]. - The company has a debt repayment obligation of approximately 260 million yuan due by December 31, 2021, and is exploring various financing channels to ensure timely repayment and minimize associated risks[119]. Investment Activities - The total investment amount for the reporting period reached ¥688,858,200, representing a 103.23% increase compared to ¥338,960,000 in the same period last year[95]. - The company completed the acquisition of XuZhou TongGong Technology with an investment of ¥249,728,900, resulting in a 100% ownership stake[95]. - The company has completed several equity investments, totaling ¥676,270,900, with no ongoing significant non-equity investments reported[98]. - The company reported a fair value loss of ¥4,028,556.51 on its securities investment, with a total initial investment of ¥45,000,000[101]. Subsidiary Performance - The subsidiary Qizhong CNC achieved a revenue growth of 92.07% year-on-year, driven by strong demand for machine tool products[109]. - The subsidiary Hot Culture experienced a revenue decline of 68.64% year-on-year due to business adjustments and the cessation of low-margin internet advertising projects[109]. - The subsidiary Zhongke Huashi reported a revenue increase of 67.39% year-on-year, attributed to enhanced product development and market expansion efforts[109]. Corporate Governance and Management - The company is enhancing its management team and governance mechanisms to adapt to its expanding scale and improve decision-making processes[118]. - The company has established a professional post-investment management team to assist portfolio companies in enhancing performance and facilitating follow-up financing, aiming to realize investment returns in a timely manner[115]. - The company is committed to optimizing funding sources and exploring diversified financing paths to attract long-term strategic investors[115]. Related Party Transactions - The company has made several related party transactions, including a capital increase of 100 million yuan to a subsidiary, which has been repaid, while another capital increase of 110 million yuan remains unpaid[135]. - The company has outstanding receivables totaling 160.6 million yuan from related parties, which have not been recovered as of the reporting date[141]. - The company has engaged in related party transactions, including a prepayment of 100 million yuan for procurement, with the commercial substance being questioned[153].

Financial Performance - The company's operating revenue for Q1 2021 was ¥178,486,953.12, representing an increase of 8.64% compared to ¥164,299,481.90 in the same period last year[9]. - Net profit attributable to shareholders was ¥13,899,242.20, a significant increase of 1,020.44% from a loss of ¥1,510,071.56 in the previous year[9]. - The net profit after deducting non-recurring gains and losses was ¥3,987,112.70, up 116.18% from a loss of ¥24,637,475.44 in the same period last year[9]. - The basic earnings per share increased to ¥0.0117 from a loss of ¥0.0013, marking a 1,000.00% improvement[9]. - The diluted earnings per share also rose to ¥0.0114 from a loss of ¥0.0013, reflecting a 976.92% increase[9]. - The weighted average return on equity improved to 0.86% from -0.10%[9]. - Operating profit for the current period was ¥29,344,286.43, significantly higher than ¥9,851,211.67 in the previous period, indicating an increase of approximately 197.5%[80]. - Net profit for the current period was ¥10,994,886.14, compared to ¥2,320,499.17 in the previous period, reflecting a growth of around 373.5%[80]. Assets and Liabilities - Total assets at the end of the reporting period were ¥4,338,314,590.29, a decrease of 2.35% from ¥4,442,768,525.20 at the end of the previous year[9]. - The company's total assets amounted to ¥4,002,556,480.27, up from ¥3,988,330,866.64, showing a slight increase of about 0.4%[72]. - Total liabilities increased to ¥883,551,473.08 from ¥863,681,228.56, which is an increase of approximately 2.0%[72]. - The total liabilities decreased to CNY 2,555,995,585.13 from CNY 2,677,685,141.75, indicating a reduction of about 4.5%[62]. - The company's total liabilities amounted to CNY 2,677,685,141.75, a decrease of CNY 3,907,203.91 from the previous period[107]. - Current liabilities totaled CNY 1,351,426,083.93, reflecting a decrease of CNY 3,907,203.91 compared to the previous period[107]. - Non-current liabilities remained stable at CNY 1,326,259,057.82, with no changes reported[107]. Cash Flow - The company reported a net cash flow from operating activities of -¥9,076,419.97, an improvement of 47.85% from -¥17,403,903.28 in the previous year[9]. - The net cash flow from investing activities was ¥84,995,689.85, a decrease of 716.42% compared to the previous period, primarily due to equity investment disposals[21]. - The net cash flow from financing activities decreased by 749.90% to -¥143,366,813.77, mainly due to significant repayments to the former controlling shareholder[21]. - The cash inflow from operating activities was 212,865.24, down from 267,343.99 in the previous period, suggesting a decline in operational cash receipts[98]. - The net cash flow from operating activities was -5,450,707.96, an improvement from -10,223,189.15 in the previous period, showing a reduction in operational cash outflow[98]. Expenses - Total operating costs increased to ¥198,672,955.40 from ¥162,086,396.98, marking a rise of about 22.5%[77]. - Sales expenses increased by 61.12% to ¥4,842,268.08, driven by the expansion of subsidiary operations[21]. - Management expenses rose by 27.12% to ¥30,046,211.90, primarily due to new share-based payment expenses[21]. - Financial expenses surged by 709.93% to ¥16,920,058.55, mainly due to reduced interest income from the former controlling shareholder[21]. - Research and development expenses for the current period were ¥3,645,348.43, compared to ¥3,160,443.28 in the previous period, representing an increase of approximately 15.3%[77]. Shareholder and Equity Information - Net assets attributable to shareholders increased to ¥1,621,103,575.69, up 1.26% from ¥1,600,963,597.92 at the end of the previous year[9]. - The company's equity attributable to shareholders increased to CNY 1,621,103,575.69 from CNY 1,600,963,597.92, reflecting a growth of approximately 1.3%[65]. - The company has repurchased a total of 8,080,200 shares, accounting for 0.6724% of the total share capital, as part of a reduction plan involving up to 31,750,000 shares (2.64% of total shares)[30]. - The company’s total equity attributable to shareholders was CNY 1,600,963,597.92, remaining stable[107]. Regulatory and Compliance - The company revoked six related party transactions and confirmed two related transactions, ensuring compliance with regulations[44]. - The company has taken measures to rectify previous irregular related transactions and confirmed debts owed by its former controlling shareholder[48]. - The company has no outstanding non-operating fund occupation issues as of the report date[51]. - The company plans to continue monitoring and managing any potential fund occupation risks in the future[51].