Financial Performance - Revenue for Q3 2021 reached ¥4,453,975,150.43, an increase of 34.71% compared to the same period last year, and a year-to-date revenue of ¥12,667,873,687.59, up 56.96% year-on-year[5] - Net profit attributable to shareholders for Q3 2021 was ¥53,865,619.16, a decrease of 32.32% year-on-year, with a year-to-date net profit of ¥204,738,357.50, down 5.99%[5] - Basic earnings per share for Q3 2021 was ¥0.05, a decline of 16.67% compared to the same period last year, with a year-to-date EPS of ¥0.17, down 5.56%[5] - Operating profit for Q3 2021 was ¥196.95 million, down 26.0% from ¥265.54 million in Q3 2020[27] - Net profit for Q3 2021 was ¥218.09 million, a decrease of 10.4% compared to ¥243.29 million in the same quarter of the previous year[27] Cash Flow and Liquidity - Operating cash flow for the year-to-date period increased by 58.32% to ¥226,201,286.91, indicating improved cash generation from operations[5] - The cash inflow from operating activities reached ¥11,611,855,394.79, a significant increase of 73.5% compared to ¥6,713,014,368.68 in the previous period[31] - The net cash flow from operating activities was ¥226,201,286.91, up 58.2% from ¥142,875,426.24 in the prior period[31] - The cash outflow for investing activities totaled ¥501,412,966.52, compared to ¥391,902,254.95 in the previous period, indicating an increase of 28.1%[32] - The net cash flow from financing activities was ¥114,908,945.14, down 48.5% from ¥223,243,786.94 in the previous period[32] Assets and Liabilities - Total assets at the end of the reporting period were ¥9,512,197,422.45, reflecting a 16.99% increase from the end of the previous year[6] - Total assets increased to ¥9.51 billion, up 17.0% from ¥8.13 billion year-over-year[24] - Total liabilities rose to ¥5.78 billion, an increase of 33.1% from ¥4.34 billion in the previous year[24] - Current liabilities totaled ¥3,665,035,400.81, remaining unchanged from the previous period[36] - Non-current liabilities were reported at ¥675,262,947.73, a decrease of ¥63,122,522.49 compared to the previous period[37] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 33,248, with the largest shareholder holding 32.07% of the shares[13] - The total number of shares held by the top ten shareholders includes a significant stake of 397,173,280 shares held by Xinjiang Xinghui Equity Investment Management Partnership[16] - The second phase of the share repurchase plan has resulted in the buyback of 14,397,702 shares for a total amount of RMB 51,481,271.80, reflecting the company's commitment to shareholder value[18] Research and Development - Research and development expenses increased by 75.45% year-on-year, indicating a significant increase in investment in new product development[12] - Research and development expenses for Q3 2021 were ¥220.11 million, representing a 75.5% increase from ¥125.45 million in Q3 2020, highlighting the company's commitment to innovation[26] Inventory and Receivables - The accounts receivable increased to RMB 3,476,438,079.95 from RMB 2,987,358,551.07, representing a rise of about 16.3% year-over-year[22] - The inventory value rose to RMB 1,758,763,215.74, compared to RMB 1,399,770,453.46 at the end of 2020, indicating an increase of approximately 25.7%[22] Strategic Initiatives - The company has invested approximately RMB 5.1 billion in the Xingtang Intelligent Environmental Packaging Project, with the main engineering completed and progress on schedule[17] - The Longtai Intelligent Environmental Packaging Project has received an investment of about RMB 4.6 billion, with project progress also on track[18] - The company has established a strategic focus on environmental packaging solutions, aligning with market trends towards sustainability[17] Other Financial Metrics - The company reported a significant increase in prepayments, which rose to RMB 165,317,512.96 from RMB 72,469,449.96, marking a growth of approximately 128.3%[22] - The cash and cash equivalents as of September 30, 2021, were RMB 696,851,424.14, slightly up from RMB 691,507,988.99 at the end of 2020[22] - The total cash and cash equivalents at the end of the period were ¥400,315,336.46, compared to ¥360,977,091.70 at the end of the previous period, reflecting an increase of 10.5%[32] Audit Status - The third quarter report was not audited[39]

1 债券代码：128071 债券简称：合兴转债 证券代码：002228 证券简称：合兴包装 公告编号：2021-067 号 厦门合兴包装印刷股份有限公司 关于参加 2021 年度厦门辖区上市公司 投资者网上集体接待日活动的公告 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。 为进一步加强与投资者的互动交流，便于广大投资者更深入全面地了解公司 情况，厦门合兴包装印刷股份有限公司（以下简称"公司"）将参加由厦门证监 局、厦门上市公司协会和深圳市全景网络有限公司联合举办的"2021年度厦门辖 区上市公司投资者网上集体接待日"活动，现将相关事项公告如下： 本次集体接待日活动将通过深圳市全景网络有限公司提供的网上平台进行， 投资者可登录"全景投资者关系互动平台"（http://ir.p5w.net) 参与本次互动交流。 活动时间为2021年9月7日（星期二）下午15:00-17:00。 出席本次接待日活动的人员有：公司董事长兼总经理许晓光先生、财务总监 蔡丽容女士、副总经理兼董事会秘书康春华女士。 欢迎广大投资者积极参与。 特此公告。 厦门合兴包装印刷股份有限公司 董 ...

Financial Performance - The company's operating revenue for the first half of 2021 was ¥8,213,898,537.16, representing a 72.39% increase compared to ¥4,764,635,588.87 in the same period last year[24]. - The net profit attributable to shareholders of the listed company was ¥150,872,738.34, up 9.17% from ¥138,196,462.47 in the previous year[24]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥128,135,952.56, an increase of 26.84% from ¥101,019,954.55 in the same period last year[24]. - The company's PSCP platform generated approximately CNY 2,844 million in revenue, an increase of 80.85% year-on-year[38]. - Revenue from color box packaging grew by 106.88% year-on-year, reflecting the company's successful expansion in this segment[38]. - The company's operating revenue for the first half of 2021 reached ¥8,213,898,537.16, representing a 72.39% increase compared to ¥4,764,635,588.87 in the same period last year[53]. - The cost of goods sold increased by 76.56% to ¥7,430,107,165.37, up from ¥4,208,316,875.20, reflecting the growth in business scale[53]. - Research and development investment surged by 115.34% to ¥138,986,222.65, compared to ¥64,541,560.94 in the previous year, indicating a strong focus on innovation[53]. - The gross profit margin for the packaging manufacturing industry decreased by 2.41% to 12.56% compared to the same period last year[58]. - The revenue from corrugated packaging was ¥5,810,621,578.11, with a year-on-year increase of 53.36%[58]. Cash Flow and Investments - The net cash flow from operating activities decreased by 26.51% to ¥166,791,983.15 from ¥226,948,140.48 in the previous year[24]. - The company's total investment during the reporting period was ¥48,283,878.43, a decrease of 64.29% compared to the previous year[65]. - The net cash flow from investment activities was -¥312,243,370.59, worsening from -¥213,513,053.35 in the first half of 2020[195]. - Cash inflow from financing activities totaled ¥1,058,873,133.78, compared to ¥1,011,701,773.25 in the same period last year, reflecting a growth of 4.7%[196]. - The ending cash and cash equivalents balance was ¥504,300,633.17, a decrease from ¥538,475,340.83 at the end of the previous year[196]. Assets and Liabilities - Total assets at the end of the reporting period were ¥9,308,697,501.87, a 14.49% increase from ¥8,130,486,956.15 at the end of the previous year[24]. - The total liabilities reached CNY 5.42 billion, an increase of 24.9% from CNY 4.34 billion[178]. - The company's equity attributable to shareholders rose to CNY 3.53 billion, compared to CNY 3.45 billion, an increase of 2.8%[178]. - The total liabilities to equity ratio increased to 1.39 from 1.15, indicating a higher leverage[178]. - The company's current ratio decreased to 136.92% from 149.35% year-over-year, a decline of 12.43%[170]. Shareholder and Equity Information - The company has implemented two rounds of share repurchase plans, totaling 30,197,695 shares, which is 2.44% of the total share capital[41]. - The total amount spent on share repurchases was CNY 111.36 million, excluding transaction fees[41]. - The largest shareholder, Xinjiang Xinghui Gathering Equity Investment Management Co., Ltd., holds 32.07% of the company's shares, totaling 397,173,280 shares[144]. - The total number of shareholders at the end of the reporting period was 35,347[144]. - The company plans to use repurchased shares for employee stock ownership plans or equity incentive plans[139]. Risks and Challenges - The company acknowledges risks such as macroeconomic fluctuations and raw material price volatility[4]. - The company faces macroeconomic risks due to its reliance on downstream industries, which may affect overall demand for packaging[77]. - The company is exposed to market competition risks as regional competitors continue to emerge in the corrugated packaging industry[78]. - Raw material costs, which account for over 65% of operating costs, pose a significant risk to profitability due to potential price fluctuations[79]. Environmental and Social Responsibility - The company has committed approximately RMB 100 million to establish an eco-friendly packaging printing project in Ningxia, in collaboration with local government and partners[95]. - The company emphasizes the importance of social responsibility, focusing on economic development and environmental protection[93]. - The company provides a safe and comfortable working environment for employees, along with training and promotion opportunities[94]. - The company has implemented noise reduction measures, including the installation of soundproofing facilities, which have passed inspection[92]. - The company is not classified as a key pollutant discharge unit and has adhered to national environmental laws and regulations[92]. Corporate Governance - The company has not engaged in any securities or derivative investments during the reporting period, indicating a conservative investment strategy[73][72]. - There were no significant litigation or arbitration matters during the reporting period[109]. - The company did not have any violations regarding external guarantees during the reporting period[106]. - The company has committed to not engaging in any competitive business activities during the tenure of its executives[102]. - No significant related party transactions occurred during the reporting period[117].

Financial Performance - The company's operating revenue for Q1 2021 was ¥3,748,503,032.25, representing a 94.13% increase compared to ¥1,930,971,997.39 in the same period last year[7] - Net profit attributable to shareholders was ¥61,118,059.96, up 66.17% from ¥36,781,438.73 year-on-year[7] - The net profit after deducting non-recurring gains and losses surged by 453.43% to ¥56,304,281.86 from ¥10,173,636.57 in the previous year[7] - The basic earnings per share increased by 66.67% to ¥0.05 from ¥0.03 in the same period last year[7] - Operating revenue increased by 94.13% year-on-year, attributed to reduced revenue during the same period last year due to the pandemic[18] - Operating costs increased by 96.69% year-on-year, reflecting the corresponding decrease in costs during the same period last year due to the pandemic[18] - Net profit attributable to the parent company increased by 66.17% year-on-year, driven by increased revenue during the reporting period[23] - Total operating revenue for Q1 2021 reached CNY 2,074,478,142.09, a significant increase from CNY 866,129,753.53 in the same period last year, representing a growth of approximately 139.5%[54] - Net profit for Q1 2021 was CNY 73,500,437.00, compared to CNY 40,389,996.97 in Q1 2020, reflecting an increase of about 82.0%[51] - The company reported a profit before tax of CNY 86,545,082.72 for Q1 2021, compared to CNY 43,870,978.44 in Q1 2020, indicating an increase of approximately 97.0%[51] Assets and Liabilities - The total assets at the end of the reporting period were ¥8,425,250,514.99, a 3.63% increase from ¥8,130,486,956.15 at the end of the previous year[7] - The net assets attributable to shareholders rose by 1.60% to ¥3,508,424,793.89 from ¥3,453,290,671.71 at the end of the last year[7] - Current liabilities totaled ¥3,880,094,475.62, up from ¥3,665,035,400.81, reflecting an increase of approximately 5.9%[43] - The total liabilities increased to ¥4,557,724,295.52 from ¥4,340,298,348.54, representing a growth of about 5%[43] - The equity attributable to shareholders of the parent company reached ¥3,508,424,793.89, compared to ¥3,453,290,671.71, an increase of approximately 1.6%[44] Cash Flow - The net cash flow from operating activities decreased by 42.66% to ¥122,400,496.38 from ¥213,466,302.78 in the same period last year[7] - The net cash flow from financing activities increased by 315.46% year-on-year, mainly due to an increase in borrowing scale during the reporting period[25] - The net cash flow from operating activities for Q1 2021 was ¥122,400,496.38, a decrease of 42.6% compared to ¥213,466,302.78 in Q1 2020[59] - Total cash inflow from operating activities was ¥3,569,190,193.59, up 70% from ¥2,101,747,358.89 in the previous year[59] - Cash outflow from operating activities totaled ¥3,446,789,697.21, an increase of 82.2% compared to ¥1,888,281,056.11 in Q1 2020[59] - The net cash flow from investing activities was -¥124,304,446.02, worsening from -¥43,322,177.76 in the same period last year[60] - Cash inflow from financing activities was ¥599,969,455.73, a significant increase from ¥387,270,000.00 in Q1 2020[60] - The net cash flow from financing activities improved to ¥138,100,934.18 from ¥33,240,863.96 in the previous year[60] - The ending balance of cash and cash equivalents was ¥678,534,384.39, up from ¥568,811,658.67 at the end of Q1 2020[60] Research and Development - R&D expenses increased by 167.62% year-on-year, due to increased investment in research and development during the reporting period[20] - Research and development expenses increased to CNY 62,653,278.48 in Q1 2021, up from CNY 23,410,986.87 in Q1 2020, marking a growth of approximately 167.0%[50] Shareholder Information - The total number of shareholders at the end of the reporting period was 35,855, with the top ten shareholders holding a significant portion of the shares[11] Other Financial Metrics - The company reported non-recurring gains of ¥4,813,778.10, including government subsidies and other income[8] - The company received ¥2,087,913,324.59 in cash from sales and services, a 90.5% increase from ¥1,095,577,255.14 in Q1 2020[62] - Total cash outflow for operating activities was ¥2,334,551,788.04, an increase of 109.0% compared to ¥1,112,123,578.51 in the previous year[62] - The company reported a decrease in employee compensation payable to ¥55,757,847.24 from ¥73,923,205.01, a reduction of about 24.6%[43] - The company’s long-term borrowings remained stable at ¥320,000,000.00, unchanged from the previous period[43] - The company’s inventory decreased to ¥242,864,811.77 from ¥348,647,413.38, indicating a decline of approximately 30.3%[44] - Sales expenses for Q1 2021 amounted to CNY 91,307,898.79, compared to CNY 59,630,189.86 in Q1 2020, an increase of about 53.2%[50] - The financial expenses for Q1 2021 were CNY 23,370,684.98, slightly down from CNY 23,884,168.50 in Q1 2020, a decrease of about 2.1%[50] - Other income for Q1 2021 was CNY 7,904,818.59, down from CNY 18,481,177.08 in Q1 2020, reflecting a decrease of approximately 57.3%[50]

Financial Performance - The company's operating revenue for 2020 was ¥12,006,566,056.57, an increase of 8.20% compared to ¥11,096,782,559.30 in 2019[16]. - The net profit attributable to shareholders for 2020 was ¥290,079,358.76, reflecting an increase of 8.73% from ¥266,799,359.28 in 2019[16]. - The net profit after deducting non-recurring gains and losses was ¥240,500,328.32, up 10.69% from ¥217,264,214.92 in 2019[16]. - The total profit for 2020 was CNY 387,565,390.14, reflecting an 8.03% growth year-on-year[45]. - The basic earnings per share for 2020 was ¥0.24, a 4.35% increase from ¥0.23 in 2019[16]. - The weighted average return on equity for 2020 was 8.98%, down from 9.32% in 2019[16]. - The company reported a net cash flow from operating activities of ¥349,534,205.50, a decrease of 10.62% from ¥391,068,971.93 in 2019[16]. Assets and Liabilities - The company's total assets at the end of 2020 were ¥8,130,486,956.15, a 24.85% increase from ¥6,512,305,837.19 at the end of 2019[17]. - The net assets attributable to shareholders increased by 13.97% to ¥3,453,290,671.71 at the end of 2020, compared to ¥3,029,964,985.03 at the end of 2019[17]. - The company's cash and cash equivalents at the end of 2020 amounted to CNY 69,150.80 million, a 35.08% increase from the beginning of the year[32]. - The company's inventory at year-end 2020 was CNY 1,399,770,453.46, representing 17.22% of total assets[86]. - The company's long-term borrowings increased to CNY 320,000,000.00 during the reporting period[86]. Dividend Distribution - The company plans to distribute a cash dividend of 1.00 RMB per 10 shares (including tax) based on the total share capital as of the record date for the 2020 equity distribution[4]. - The company’s cash dividend policy distributed CNY 1.00 per 10 shares, representing 41.84% of distributable profits, reflecting a commitment to shareholder returns[53]. - The company distributed a cash dividend of 1.00 CNY per 10 shares, totaling 123,862,933.90 CNY for the year 2020, which represents 42.70% of the net profit attributable to ordinary shareholders[126]. - The company’s cash dividends for 2018, 2019, and 2020 were 58,475,847.40 CNY, 116,953,607.40 CNY, and 123,862,933.90 CNY respectively, showing a consistent increase in dividend payouts[131]. Operational Efficiency and Strategy - The company has established a standardized production model to enhance efficiency and reduce costs[26]. - The company focuses on high-end corrugated boxes and packaging materials, emphasizing quality and environmental sustainability[25]. - The company aims to focus on sustainable development, optimizing product structure, and enhancing intelligent manufacturing in its 2021 strategic goals[111]. - The company plans to develop green packaging products, which are characterized by low material consumption and recyclability, aligning with national environmental policies[113]. - The company intends to accelerate automation and smart manufacturing to improve operational efficiency and product competitiveness[115]. Market Position and Client Relationships - The company has established a strong brand presence with major clients including Haier, Midea, and Dell, enhancing its competitive advantage in the market[37]. - The company maintained strong relationships with major clients, including Budweiser and Haier, while successfully onboarding new clients such as Haitian and Nongfu Spring, laying a solid foundation for future growth[50]. - The company has over 50 production bases across the country, positioning it among the leaders in the domestic packaging industry[42]. Research and Development - The company invested CNY 194.26 million in R&D, accounting for 1.62% of operating revenue, with a total of 381 patents obtained, including 8 invention patents[51]. - The number of R&D personnel rose by 88.79% to 606, representing 5.85% of the total workforce[78]. Environmental Responsibility - The company is committed to social responsibility, focusing on economic development and environmental protection[177]. - The company strictly adheres to environmental protection laws and has implemented measures for pollution control, energy conservation, and emission reduction[184]. - The company has established an emergency response plan for environmental incidents and conducts regular training and drills to enhance response capabilities[186]. - The company reported no significant environmental incidents or additional environmental information that needed to be disclosed[188]. Risks and Challenges - The company faces macroeconomic risks that could impact demand in the packaging industry, as it is closely tied to consumer retail sectors[117]. - The competitive landscape in the corrugated packaging industry is intensifying, with regional players emerging and increasing market share[118]. - Raw material costs, which account for over 65% of operating costs, pose a risk due to potential price fluctuations in paper products[119]. - The company experienced management risks due to rapid growth, leading to increased complexity in organizational structure and decision-making processes[120]. Corporate Governance - The board of directors confirmed the accuracy and completeness of the annual report, ensuring accountability for any misleading statements or omissions[3]. - The company confirmed that there were no non-operating fund occupations by controlling shareholders or related parties during the reporting period[144]. - The company has not engaged in any significant litigation or arbitration matters during the reporting period[155].

厦门合兴包装印刷股份有限公司 2020 年第三季度报告全文 厦门合兴包装印刷股份有限公司 2020 年第三季度报告 2020 年 10 月 1 厦门合兴包装印刷股份有限公司 2020 年第三季度报告全文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人许晓光、主管会计工作负责人蔡丽容及会计机构负责人(会计主 管人员)蔡丽容声明：保证季度报告中财务报表的真实、准确、完整。 2 厦门合兴包装印刷股份有限公司 2020 年第三季度报告全文 非经常性损益项目和金额 √ 适用 □ 不适用 单位：元 | 项目 | 年初至报告期期末金额 | 说明 | | --- | --- | --- | | 非流动资产处置损益（包括已计提资产减值准备的冲 销部分） | -1,396,665.34 | | | 计入当期损益的政府补助（与企业业务密切相关，按 照国家统一标准定额或定量享受的政府补助除外） | 33,762,627.71 | | | 除上述各项之外的 ...

Financial Performance - The company's operating revenue for the first half of 2020 was approximately ¥4.76 billion, a decrease of 13.14% compared to ¥5.49 billion in the same period last year[18]. - The net profit attributable to shareholders was approximately ¥138.20 million, representing an increase of 3.32% from ¥133.76 million in the previous year[18]. - The net profit after deducting non-recurring gains and losses was approximately ¥101.02 million, down 16.00% from ¥120.26 million in the same period last year[18]. - The net cash flow from operating activities increased by 26.97% to approximately ¥226.95 million, compared to ¥178.74 million in the previous year[18]. - Basic earnings per share increased by 9.09% to ¥0.12, compared to ¥0.11 in the same period last year[18]. - The company's revenue in the packaging manufacturing sector was approximately CNY 3.19 billion, a decrease of 20.58% compared to the same period last year, with a gross margin of 17.21%, up 1.74% year-on-year[40]. - Revenue from the industrial chain services segment increased by 7.28% year-on-year to approximately CNY 1.57 billion, with a gross margin of 4.98%[40]. - The company's total investment during the reporting period was CNY 135.21 million, representing a significant increase of 500.33% compared to CNY 22.52 million in the same period last year[48]. Assets and Liabilities - The total assets at the end of the reporting period were approximately ¥6.80 billion, an increase of 4.48% from ¥6.51 billion at the end of the previous year[18]. - The net assets attributable to shareholders were approximately ¥3.05 billion, a slight increase of 0.74% from ¥3.03 billion at the end of the previous year[18]. - The company's cash and cash equivalents at the end of the reporting period were approximately CNY 639.59 million, down from CNY 741.94 million at the end of the previous year[45]. - The company's accounts receivable decreased by 3.46% year-on-year, totaling approximately CNY 2.44 billion, which accounted for 35.81% of total assets[45]. - The company's inventory increased to approximately CNY 1.08 billion, representing 15.91% of total assets, up from 14.26% in the previous year[45]. - Total liabilities increased to CNY 4,258,741,856.40 in the first half of 2020, compared to CNY 3,903,794,045.87 in the same period of 2019[172]. Cash Flow - The net cash flow from operating activities increased to CNY 226,948,140.48, up 27.0% from CNY 178,736,146.28 in the same period last year[185]. - The company reported a net cash outflow from investing activities of CNY 213,513,053.35, worsening from a net outflow of CNY 83,255,075.38 in the previous year[185]. - Cash and cash equivalents at the end of the period totaled CNY 538,475,340.83, slightly down from CNY 549,850,414.80 at the end of the first half of 2019[186]. - The total cash and cash equivalents at the end of the period were ¥223,771,889.25, down from ¥332,346,454.94 at the end of the first half of 2019, a decline of about 32.7%[189]. Investment and Projects - The total committed investment for the Eco-friendly Packaging Industrial Smart Factory project is CNY 34,444.65 million, with CNY 3,503.36 million invested in the current period, achieving a progress rate of 40.38%[58]. - The total committed investment for the Qingdao Hexing Packaging Co., Ltd. carton production project is CNY 29,802 million, with CNY 1,458.88 million invested in the current period, achieving a progress rate of 14.39%[58]. - The company has temporarily supplemented working capital with CNY 42,000.00 million of idle raised funds, with a remaining balance of CNY 39,540.00 million as of the end of the reporting period[59]. Risks and Challenges - The company acknowledges risks such as macroeconomic fluctuations and raw material price volatility, urging investors to remain aware of investment risks[4]. - The ongoing global COVID-19 pandemic poses risks to demand, with potential declines in export volumes and domestic market disruptions due to logistics and workforce challenges[74]. - The company is aware of the risks associated with rapid growth, including potential management inefficiencies as the organizational structure becomes more complex[73]. Shareholder and Equity Information - The largest shareholder, Xinjiang Xinghui Investment Management Partnership, holds 33.96% of the shares, totaling 397,173,280 shares[139]. - The second largest shareholder, Hongli Investment Co., Ltd., holds 10.66% of the shares, totaling 124,703,040 shares[139]. - The total number of ordinary shareholders at the end of the reporting period is 30,636[139]. - The company has not implemented any share buyback or repurchase plans during the reporting period[135]. Corporate Governance and Compliance - The company has not undergone any bankruptcy restructuring during the reporting period[89]. - There were no significant litigation or arbitration matters during the reporting period[90]. - The company has not faced any penalties or rectification issues during the reporting period[92]. - The company has fulfilled its commitments on time without any overdue obligations[86]. Social Responsibility and Environmental Compliance - The company helped 92 impoverished disabled individuals find employment and provided education and training to ensure adaptability to work[123]. - The company invested a total of 132.97 million yuan in poverty alleviation efforts during the first half of 2020[124]. - The company has established a monitoring scheme for environmental compliance, utilizing qualified third-party agencies for regular assessments[121].

Financial Performance - The company's operating revenue for 2019 was ¥11,096,782,559.30, a decrease of 8.79% compared to 2018[16]. - The net profit attributable to shareholders for 2019 was ¥266,799,359.28, an increase of 14.48% from 2018[16]. - The net cash flow from operating activities decreased by 29.92% to ¥391,068,971.93 in 2019[16]. - The basic earnings per share for 2019 was ¥0.23, reflecting a 15.00% increase from ¥0.20 in 2018[17]. - The total assets at the end of 2019 were ¥6,512,305,837.19, down 7.15% from the end of 2018[17]. - The total profit for 2019 was CNY 358,763,587.77, an increase of 0.68% year-on-year[45]. - The company's total operating revenue for 2019 was approximately 11.1 billion yuan, a decrease of 8.79% compared to 2018[53]. - The company's total sales volume in the packaging manufacturing industry decreased by 4.71% to approximately 9.5 billion yuan in 2019[57]. - The company reported a net profit of -957.65 million yuan for the 2019 fiscal year, falling short of the forecasted profit of 1,330 million yuan due to intense market competition and ineffective production management[145]. Dividend Policy - The company plans to distribute a cash dividend of 1.00 RMB per 10 shares (including tax) to all shareholders based on the total share capital on the record date[4]. - The company maintained a cash dividend policy, distributing 0.5 yuan per 10 shares, which accounted for 30.49% of the distributable profits[49]. - The company plans to distribute a cash dividend of 1.00 yuan per 10 shares, totaling 116,953,516.20 yuan, which represents 100% of the distributable profit[135]. - The total distributable profit for the period is 279,503,338.85 yuan, with no other forms of cash distribution planned[135]. - The cash dividend distribution is fully supported by the company's profits, with no retained earnings being distributed[135]. - The company has committed to a minimum cash dividend ratio of 20% during significant capital expenditure phases[136]. Operational Stability and Strategy - The company reported no changes in its main business since its listing, indicating stability in operations[15]. - The company operates in the mid-to-high-end corrugated cardboard packaging sector, focusing on R&D, production, and sales[25]. - The company employs a standardized factory production model to enhance efficiency and reduce costs[27]. - The company aims to create a "100 billion manufacturing and 1 trillion service packaging industry resource integration and sharing platform" as part of its strategic goal[48]. - The company is committed to developing green packaging materials, aligning with national policies to limit plastic products by the end of 2020[113]. - The company has implemented measures to optimize its production processes and eliminate outdated capacities to promote sustainable development[114]. Investments and Projects - The company issued CNY 59,575,000 in convertible bonds in August 2019 to fund the construction of an eco-friendly packaging industrial 4.0 smart factory and a new carton production project[46]. - The construction of the smart factory is expected to enhance production efficiency and reduce costs, contributing to profit growth[46]. - The company has invested CNY 561,688.52 in the new environmental pre-printing packaging project, with a cumulative investment of CNY 36,997,722.19[88]. - The company has successfully registered its new subsidiary, Chongqing Hexin Environmental Technology Co., Ltd., for the new project[194]. - The company has made significant investments in the Chongqing Intelligent Environmental Packaging Production Base project, indicating a focus on expanding production capabilities[197]. Risk Factors - The company faces macroeconomic risks as its packaging business is closely tied to the retail sectors, which may be affected by economic fluctuations, potentially leading to decreased consumer demand[119]. - The ongoing global COVID-19 pandemic poses risks to both domestic and export markets, potentially leading to reduced demand and operational disruptions[123]. - The raw material costs, primarily corrugated paper and boxboard, account for over 65% of the company's operating costs, making them a significant factor in overall profitability[121]. - The company is taking measures to mitigate risks from raw material price fluctuations by expanding procurement channels and focusing on centralized purchasing[121]. - The company acknowledges management risks associated with rapid growth and increasing organizational complexity, which may impact operational efficiency[122]. Governance and Compliance - The board of directors confirmed the accuracy and completeness of the annual report, ensuring accountability for any misleading statements or omissions[3]. - The company successfully completed the transition of its board of directors and supervisors, ensuring a stable governance structure[50]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties during the reporting period[149]. - The company has not engaged in any major litigation or arbitration matters during the reporting period[158]. - The company has not faced any penalties or rectification situations during the reporting period[159]. Environmental Responsibility - The company emphasizes its commitment to social responsibility, focusing on economic development and environmental protection[182]. - The company has established a comprehensive environmental protection strategy, ensuring compliance with national standards for waste emissions[188]. - The company has obtained pollution discharge permits for its subsidiaries, ensuring adherence to environmental regulations[191]. - The company is actively involved in environmental monitoring and has implemented emergency response plans for pollution incidents[192][193]. - The company has not reported any significant environmental incidents or additional environmental information[194].

Financial Performance - The company's operating revenue for Q1 2020 was ¥1,930,971,997.39, a decrease of 32.87% compared to ¥2,876,414,886.99 in the same period last year[7] - The net profit attributable to shareholders was ¥36,781,438.73, down 46.17% from ¥68,334,848.00 year-on-year[7] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥10,173,636.57, a decline of 83.91% compared to ¥63,248,865.87 in the previous year[7] - Operating revenue decreased by 32.87% year-on-year, mainly due to reduced income during the reporting period caused by the pandemic[21] - Operating costs decreased by 32.58% year-on-year, corresponding to the decrease in revenue due to the pandemic[21] - Net profit attributable to the parent company decreased by 46.17% year-on-year, mainly due to reduced income during the reporting period caused by the pandemic[22] - The company's operating revenue for the first quarter was ¥866,129,753.53, a decrease of 36.3% compared to ¥1,359,275,916.82 in the same period last year[42] - The net profit for the first quarter was ¥1,660,123.57, down 73.5% from ¥6,286,357.48 in the previous year[43] - The total comprehensive income attributable to the parent company was ¥34,836,768.11, a decline of 47.5% from ¥66,417,654.62[43] Cash Flow - The net cash flow from operating activities increased by 59.47% to ¥213,466,302.78 from ¥133,864,046.70 in the same period last year[7] - Net cash flow from operating activities increased by 59.47% year-on-year, mainly due to reduced tax and salary payments during the reporting period impacted by the pandemic[23] - The cash flow from operating activities generated a net amount of ¥213,466,302.78, an increase of 59.5% from ¥133,864,046.70 in the previous year[48] - The total cash inflow from operating activities was ¥2,101,747,358.89, compared to ¥2,475,370,849.02 in the same period last year, indicating a decrease in cash inflow[47] - The net cash flow from financing activities increased by 152.55% year-on-year, primarily due to borrowings not yet due for repayment during the reporting period[24] - The net cash flow from financing activities was ¥33,240,863.96, a recovery from a negative cash flow of -¥63,256,528.23 in the previous year[48] - The net cash flow from operating activities for the current period is ¥207,248,952.18, a significant increase from ¥53,761,188.46 in the previous period, representing a growth of approximately 285%[50] - Total cash inflow from operating activities decreased to ¥1,319,372,530.69 from ¥1,425,758,042.42, a decline of about 7.4%[50] - Cash outflow from operating activities also decreased to ¥1,112,123,578.51 from ¥1,371,996,853.96, showing a reduction of approximately 19%[50] - The net cash flow from investing activities is negative at -¥1,054,080.22, compared to a positive cash flow of ¥6,038,183.03 in the previous period[52] - Cash inflow from financing activities decreased to ¥220,000,000.00 from ¥453,000,000.00, a decline of about 51.5%[52] - The net cash flow from financing activities is -¥94,790,706.15, worsening from -¥48,523,305.49 in the previous period[52] - The ending balance of cash and cash equivalents is ¥261,060,606.88, down from ¥280,597,881.44 in the previous period[52] - The company received ¥5,200,000.00 in investment income, down from ¥6,000,000.00 in the previous period, reflecting a decrease of approximately 13.3%[50] - The cash paid for purchasing goods and services decreased to ¥816,905,302.27 from ¥1,037,522,776.62, a reduction of about 21.2%[50] Assets and Liabilities - The total assets at the end of the reporting period were ¥6,303,586,668.80, a decrease of 3.20% from ¥6,512,305,837.19 at the end of the previous year[7] - The net assets attributable to shareholders increased by 1.37% to ¥3,071,531,524.52 from ¥3,029,964,985.03 at the end of the previous year[7] - The weighted average return on equity was 1.21%, down 1.26% from 2.47% in the previous year[7] - The company's total assets as of March 31, 2020, amounted to CNY 5,937,807,855.83, slightly down from CNY 5,946,079,593.76 at the end of 2019[36] - The total liabilities decreased to CNY 3,893,802,208.97 from CNY 3,903,794,045.87 at the end of 2019[36] - The total equity attributable to shareholders of the parent company increased to CNY 3,071,531,524.52 from CNY 3,029,964,985.03, reflecting a growth of 1.4%[35] Research and Development - The company reported a decrease in research and development expenses to CNY 23,410,986.87 from CNY 30,304,911.82, a reduction of 22.8%[38] - Research and development expenses increased to ¥745,953.62, up from ¥514,205.99, reflecting a focus on innovation[42] Other Income and Expenses - Other income increased by 150.58% year-on-year, primarily due to increased government subsidies during the reporting period[22] - The company incurred financial expenses of ¥13,492,657.92, slightly down from ¥14,927,700.45 in the previous year[43] Audit Status - The company has not undergone an audit for the first quarter report[54]

Financial Performance - Operating revenue for the reporting period was CNY 2,766,140,918.58, down 15.96% year-on-year[7] - Net profit attributable to shareholders of the listed company was CNY 60,706,376.09, a decrease of 1.98% compared to the same period last year[7] - The company reported a total comprehensive income of CNY 69,760,186.02 for Q3 2019, down from CNY 76,899,160.50 in the same quarter last year[51] - Net profit for Q3 2019 was CNY 69,041,403.27, a decline of 8.83% compared to CNY 75,355,689.43 in Q3 2018[50] - The company reported an investment income of $26,645,152.97, an increase of 13.66% from $23,487,679.61 in the previous period[53] - The total profit for the current period is CNY 84.37 million, down from CNY 87.70 million, a decrease of 3.99%[60] Assets and Liabilities - Total assets at the end of the reporting period were CNY 6,854,148,284.21, a decrease of 2.27% compared to the previous year[7] - Total liabilities decreased to CNY 3,628,761,156.72 from CNY 3,989,719,227.55, a decline of approximately 9.1%[41] - The company's total assets increased to CNY 6,308,066,770.91, up from CNY 5,757,546,464.72 in the previous year, reflecting a growth of 9.56%[47] - The company's total current assets were CNY 4.84 billion, while total non-current assets were CNY 2.18 billion[74] - Current liabilities totaled approximately CNY 3.66 billion, with short-term borrowings at CNY 1.09 billion[80] Shareholder Information - Net assets attributable to shareholders of the listed company increased by 7.90% to CNY 2,953,502,763.22[7] - The top ten shareholders held a combined 66.21% of the company's shares, with the largest shareholder holding 33.96%[13] - The company’s total equity attributable to shareholders was CNY 2.74 billion, with retained earnings of CNY 1.10 billion[76] Cash Flow - Cash flow from operating activities increased significantly to CNY 234,034,000.18, a 371.24% increase compared to the previous year[7] - The net cash flow from operating activities increased by 99.26% compared to the same period last year, mainly due to a reduction in procurement amounts[24] - The cash inflow from operating activities totaled CNY 7.38 billion, down from CNY 7.67 billion, a decline of 3.77%[66] - The total cash inflow from financing activities was CNY 1.92 billion, while the cash outflow was CNY 1.95 billion, resulting in a net cash flow of -CNY 29.11 million, compared to a positive net cash flow of CNY 897.73 million in the same period last year[70] Operational Adjustments - The company has made adjustments to its accounting policies due to prior year accounting errors, which have been disclosed in previous announcements[8] - The company terminated the construction of the packaging production base project in Chongqing and initiated a new project for an intelligent eco-friendly packaging production base in Chongqing[25][26] - The company is focused on improving operational efficiency and exploring new market opportunities to drive future growth[7] Research and Development - Research and development expenses for Q3 2019 were CNY 36,173,345.88, up from CNY 30,768,382.48, indicating an increase of 17.49%[49] - The company's research and development expenses decreased to CNY 2.41 million from CNY 4.29 million, indicating a reduction of 43.6%[60] Miscellaneous - The company reported a total of CNY 17,811,963.36 in non-recurring gains and losses for the year-to-date[10] - The company reported no overdue commitments from controlling shareholders or related parties during the reporting period[30] - There were no instances of non-compliance with external guarantees during the reporting period[31] - The company has not undergone an audit for the third quarter report[82] - The report was released on October 29, 2019, by the legal representative Xu Xiaoguang[83]