Financial Performance - The company's operating revenue for 2014 was CNY 1,102,096,758.92, a decrease of 2.69% compared to CNY 1,132,619,377.38 in 2013[21]. - The net profit attributable to shareholders for 2014 was CNY 133,418,117.21, down 7.11% from CNY 143,626,079.91 in the previous year[21]. - The basic earnings per share for 2014 was CNY 0.57, a decrease of 6.56% from CNY 0.61 in 2013[21]. - The company reported a decrease of 6.37% in net profit after deducting non-recurring gains and losses, totaling CNY 126,701,800.29 for 2014[21]. - The comprehensive gross margin improved from 28.34% in 2013 to 28.56% in 2014[30]. - The company reported a total revenue of 1,097,388,082.32 yuan from rubber and plastic products, with a gross margin of 28.56%, which is a decrease of 3.04% from the previous year[46]. - The net profit attributable to shareholders for 2014 was CNY 133,418,117.21, with the parent company's net profit at CNY 139,982,643.15[85]. - The cash dividend payout ratio for 2014 was 52.62% of the net profit attributable to shareholders[82]. - The company achieved a net profit of 150 million RMB in 2014, which is a 10% increase compared to the previous year[138]. - The company reported a significant increase in accounts receivable, which rose to CNY 276,599,282.49 from CNY 241,759,917.54, representing a growth of approximately 14.4%[192]. Cash Flow and Investments - The net cash flow from operating activities increased by 52.92% to CNY 158,458,446.31, compared to CNY 103,618,895.94 in 2013[21]. - Operating cash flow increased by 52.92% to 158.46 million yuan, primarily due to reduced cash payments for goods and taxes[32]. - The investment cash inflow decreased by 98.48% compared to the previous year, mainly due to the absence of principal and interest recovery from financial products[44]. - The company plans to use CNY 100 million of raised funds for the environmentally friendly rubber conveyor belt project, with CNY 58.41 million already invested[65]. - The company plans to invest a total of 18,000 million in the annual production of 5 million square meters of special rubber conveyor belts and R&D center, with an actual investment of 3,470.23 million by the end of the reporting period, representing a project progress of 22.98%[70]. Assets and Liabilities - Total assets at the end of 2014 reached CNY 1,510,723,770.08, an increase of 8.56% from CNY 1,391,587,807.82 at the end of 2013[21]. - The company's total assets and liabilities showed significant changes, reflecting ongoing adjustments in its operational strategy[47]. - As of the end of 2014, cash and cash equivalents amounted to ¥319,049,465.7, representing 21.12% of total assets, a decrease of 2.05% from the previous year[48]. - Accounts receivable increased to ¥329,621,305.8, accounting for 21.82% of total assets, a slight decrease of 0.14% compared to 2013[48]. - Inventory rose to ¥182,451,046.0, which is 12.08% of total assets, reflecting an increase of 0.87% year-over-year[48]. - Fixed assets significantly increased to ¥442,737,115.6, now comprising 29.31% of total assets, up by 6.75% from the previous year[48]. - Total liabilities amounted to CNY 317,947,161.28, up from CNY 282,504,679.03, indicating a growth of around 12.6%[190]. - Owner's equity reached CNY 1,192,776,608.80, an increase from CNY 1,109,083,128.79, reflecting a growth of about 7.3%[191]. Research and Development - The company invested 34.18 million yuan in R&D, an increase of 30.05% compared to 26.28 million yuan in 2013[32]. - The company has developed 8 new products in 2014, with 5 recognized as provincial-level new products, enhancing its technological capabilities[33]. - Research and development expenses for 2014 amounted to 34,183,075.63 yuan, accounting for 3.10% of the annual revenue[43]. - The company plans to invest 200 million RMB in new product development and technology research in the next fiscal year[138]. Market and Business Strategy - The company plans to acquire a controlling stake in Beijing Yoki Industrial Co., Ltd. through a non-public offering to enhance its product structure and operational model[29]. - The company plans to acquire 58% of Beijing Youji Industrial Co., Ltd. through a private placement, expanding its business from conveyor belts to comprehensive material handling solutions[35]. - The company aims to enhance its core competitiveness through resource integration and to achieve transformation and upgrading by leveraging its platform advantages as a listed company[73]. - The company will focus on expanding its presence in high-end conveyor belt markets, particularly in international markets with significant potential[73]. - The company anticipates stable demand in downstream markets such as coal, steel, cement, ports, and electricity, contributing to a steady overall demand for the conveyor belt industry[73]. Corporate Governance and Compliance - The company has maintained a healthy corporate governance structure to protect the rights of shareholders, especially minority shareholders[86]. - The company has established various committees, including a strategy committee and an audit committee, to support decision-making processes[158]. - The independent directors actively participated in board meetings, with a total of 8 meetings held, and no objections raised against company matters[164]. - The company has established an internal audit system to ensure effective internal control over daily operations[160]. - The company strictly adheres to information disclosure regulations, ensuring transparency and timely communication with investors[160]. Employee and Management - The company had a total of 1,224 employees as of December 31, 2014, with production personnel making up 60.46% of the workforce[148]. - The company implemented a performance-based salary system linked to annual business goals, with KPI indicators established for each department[154]. - Total compensation for directors and senior management was reported at 5 million RMB for the fiscal year 2014, in line with the company's remuneration policy[143]. - The management team has a diverse background, with key members holding various positions in related companies and associations, enhancing their industry expertise[135][136]. Risks and Challenges - The company faces risks including macroeconomic instability, intensified market competition, and fluctuations in raw material prices, which could impact profitability[75]. - The company plans to enhance its management capabilities to adapt to rapid expansion and ensure effective resource integration and market development[75].

[Important Notice](index=2&type=section&id=Item%201.%20Important%20Notice) This section covers the board's declaration on the report's accuracy and completeness [Board of Directors' Statement](index=2&type=section&id=Board%20of%20Directors%27%20Statement) The company's board, supervisory board, and senior management ensure the quarterly report's truthfulness, accuracy, and completeness, accepting legal responsibility - Management guarantees the report's content is true, accurate, and complete, free from false records, misleading statements, or major omissions[5](index=5&type=chunk) - The company's head, chief accountant, and head of accounting department all declare the financial statements are true, accurate, and complete[5](index=5&type=chunk) [Key Financial Data and Shareholder Changes](index=3&type=section&id=Item%202.%20Key%20Financial%20Data%20and%20Shareholder%20Changes) This section details the company's financial performance and shareholder structure for the reporting period [Key Accounting Data and Financial Indicators](index=3&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first three quarters of 2014, revenue decreased by 1.74% and net profit attributable to shareholders decreased by 9.14% year-on-year 2014 Q3 Key Financial Indicators | Indicator | Year-to-Date | Year-to-Date YoY Change | Current Period | Current Period YoY Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue (CNY) | 782,851,767.95 | -1.74% | 268,327,642.52 | -5.29% | | Net Profit Attributable to Shareholders (CNY) | 95,673,774.93 | -9.14% | 29,526,044.96 | -26.75% | | Net Cash Flow from Operating Activities (CNY) | 97,153,736.13 | -20.73% | -- | -- | | Basic Earnings Per Share (CNY/share) | 0.41 | -8.89% | 0.13 | -23.53% | | Weighted Average Return on Net Assets | 8.73% | -1.77% | 2.66% | -1.31% | Period-End Asset Status | Indicator | End of Current Period | End of Prior Year | Period-End vs Prior Year-End Change | | :--- | :--- | :--- | :--- | | Total Assets (CNY) | 1,420,090,571.23 | 1,391,587,807.82 | 2.05% | | Net Assets Attributable to Shareholders (CNY) | 1,123,013,179.18 | 1,074,139,404.26 | 4.55% | - Year-to-date, non-recurring gains and losses totaled **CNY 363,623.21**, primarily from government subsidies and non-current asset disposal gains/losses, offset by fair value changes in trading financial assets[9](index=9&type=chunk)[10](index=10&type=chunk) [Shareholder Information](index=4&type=section&id=Shareholder%20Information) As of the reporting period end, the company had 19,209 common shareholders, with Shen Gengliang as the largest shareholder - As of the reporting period end, the company had **19,209** common shareholders[11](index=11&type=chunk) Top Ten Common Shareholder Holdings | Shareholder Name | Shareholder Type | Holding Percentage | Number of Shares Held | Number of Restricted Shares Held | | :--- | :--- | :--- | :--- | :--- | | Shen Gengliang | Domestic Natural Person | 24.36% | 57,000,200 | 42,750,150 | | Yu Bingying | Domestic Natural Person | 6.41% | 15,000,000 | 11,250,000 | | Shen Huimin | Domestic Natural Person | 5.00% | 11,700,000 | 8,775,000 | | Shen Linquan | Domestic Natural Person | 3.15% | 7,360,000 | 5,520,000 | | Shen Hongfa | Domestic Natural Person | 3.15% | 7,360,000 | 5,520,000 | | Yu Mingsong | Domestic Natural Person | 3.15% | 7,360,000 | 5,520,000 | | Yan Hongbin | Domestic Natural Person | 3.00% | 7,020,000 | 5,265,000 | - The largest shareholder, Mr. Shen Gengliang, and the second largest shareholder, Ms. Yu Bingying, are a married couple[13](index=13&type=chunk) [Significant Matters](index=6&type=section&id=Item%203.%20Significant%20Matters) This section details significant financial changes, ongoing corporate actions, shareholder commitments, and future performance forecasts [Analysis of Major Financial Item Changes](index=6&type=section&id=Analysis%20of%20Major%20Financial%20Item%20Changes) Several financial items showed significant changes, including increases in prepayments and construction in progress, and decreases in financial expenses - Balance Sheet Item Changes: - **Prepayments** increased by **213.49%**, primarily due to increased advance payments for raw materials at period-end[16](index=16&type=chunk) - **Construction in Progress** increased by **174.06%**, mainly due to increased investment in technical transformation projects and new production lines[16](index=16&type=chunk) - **Employee Compensation Payable** decreased by **55.92%**, primarily due to the distribution of 2013 annual bonuses[16](index=16&type=chunk) - **Other Payables** increased by **133.51%**, mainly due to increased bid deposits received[16](index=16&type=chunk) - Income Statement Item Changes: - **Financial Expenses** decreased by **78.99%**, primarily due to increased exchange gains in the current period[16](index=16&type=chunk) - **Asset Impairment Losses** increased by **605.23%**, mainly due to increased provision for doubtful accounts on receivables[16](index=16&type=chunk) - **Investment Income** increased by **74.40%**, primarily due to increased dividends from Tongxiang Rural Credit Cooperative in the current period[16](index=16&type=chunk) [Progress of Significant Matters](index=6&type=section&id=Progress%20of%20Significant%20Matters) The company is progressing with a non-public stock issuance to acquire Beijing Yoky Industrial Co., Ltd., with audit and appraisal ongoing - The company is advancing a non-public stock issuance, with intermediaries conducting audit and appraisal work on the target company, Beijing Yoky Industrial Co., Ltd[17](index=17&type=chunk)[18](index=18&type=chunk) [Shareholder Commitments](index=6&type=section&id=Shareholder%20Commitments) The actual controllers, Mr. Shen Gengliang and Ms. Yu Bingying, continue to fulfill their long-term commitment to avoid horizontal competition - The company's actual controller, Shen Gengliang, and his spouse, Yu Bingying, commit not to engage in any activities that compete with the company's business, a long-term and ongoing commitment[20](index=20&type=chunk) [2014 Annual Operating Performance Forecast](index=7&type=section&id=2014%20Annual%20Operating%20Performance%20Forecast) The company forecasts a 2014 net profit attributable to shareholders change between -20% and 0% compared to 2013 2014 Annual Net Profit Forecast | Item | Content | | :--- | :--- | | 2014 Annual Net Profit Change Range | -20.00% to 0.00% | | 2014 Annual Net Profit Range (CNY 10,000) | 11,490.09 to 14,362.61 | | 2013 Annual Net Profit (CNY 10,000) | 14,362.61 | | Reason for Performance Change | Product sales slightly increased, but selling prices decreased compared to the same period | [Impact of Accounting Standard Changes](index=7&type=section&id=Impact%20of%20Accounting%20Standard%20Changes) The company reclassified certain equity investments from long-term equity investments to available-for-sale financial assets due to new accounting standards - In accordance with new accounting standards, the company reclassified equity investments without control, joint control, or significant influence from "long-term equity investments" to "available-for-sale financial assets"[23](index=23&type=chunk) - This accounting policy change has no impact on the company's total assets, total liabilities, net assets, or net profit for 2013 and the current period[24](index=24&type=chunk)

Financial Performance - The company achieved operating revenue of ¥514,524,125.43, a year-on-year increase of 0.22%[21] - The net profit attributable to shareholders was ¥66,147,729.97, reflecting a year-on-year growth of 1.79%[21] - The net cash flow from operating activities decreased by 25.91% to ¥71,259,163.32 compared to the same period last year[21] - Total assets at the end of the reporting period amounted to ¥1,411,298,140.35, an increase of 1.42% from the previous year-end[21] - The net assets attributable to shareholders reached ¥1,093,487,134.23, up by 1.80% from the previous year-end[21] - The weighted average return on net assets decreased to 6.06%, down by 1.06% compared to the same period last year[21] - The company's operating revenue for the reporting period was ¥514,524,125.43, a slight increase of 0.22% compared to the same period last year[33] - Research and development investment decreased by 21.11% to ¥9,994,111.78, indicating a reduction in focus on new product development[33] - The net profit for the same period in 2013 was ¥105.30 million, indicating a stable sales situation but a decline in sales prices compared to the previous year[59] - The net profit attributable to shareholders for the period from January to September 2014 is expected to be between ¥84.24 million and ¥105.30 million, representing a change of -20.00% to 0.00% compared to the same period in 2013[58] Cash Flow and Investments - The net cash flow from operating activities fell by 25.91% to ¥71,259,163.32, reflecting challenges in cash generation[33] - The company reported a significant increase of 124.81% in net cash flow from investing activities, amounting to -¥47,231,089.49, primarily due to increased investment in the annual production of 6 million square meters of environmentally friendly rubber conveyor belt[33] - The cash flow from investment activities showed a net outflow of ¥47,231,089.49, compared to a net outflow of ¥21,009,736.25 in the previous year, indicating increased investment expenditures[124] - Cash flow from financing activities resulted in a net outflow of ¥46,800,000.00, which is a slight decrease from the outflow of ¥50,752,047.35 in the same period last year[124] - The total cash inflow from operating activities amounted to ¥685,534,575.27, while cash outflow was ¥614,275,411.95, resulting in a net cash inflow of ¥71,259,163.32[123] Shareholder Information - The company plans not to distribute cash dividends or issue bonus shares[6] - The company implemented a cash dividend distribution plan for 2013, distributing a total of ¥46.80 million in cash dividends, with a per-share dividend of ¥2.00 based on a total share capital of 234 million shares[60] - The total number of shares before the change was 234,000,000, with 40.53% being restricted shares and 59.47% being unrestricted shares[93] - The number of restricted shares decreased by 5,249,250, resulting in 38.28% of total shares being restricted after the change[93] - The number of unrestricted shares increased by 5,249,250, leading to 61.71% of total shares being unrestricted after the change[93] - The total number of shareholders at the end of the reporting period was 22,333[95] - The largest shareholder, Shen Gengliang, holds 24.36% of the shares, amounting to 14,250,050 shares, with 57,000,200 shares pledged[96] - The second-largest shareholder, Yu Bingying, holds 6.41% of the shares, totaling 15,000,000 shares, with a decrease of 11,250,000 shares during the reporting period[96] Assets and Liabilities - Current assets decreased to CNY 937,223,498.43 from CNY 964,489,257.91, primarily due to a reduction in cash and cash equivalents[109] - The company's inventory increased to CNY 179,976,934.65 from CNY 156,037,276.08, reflecting a growth of approximately 15.3%[109] - Accounts receivable rose to CNY 349,913,116.75 from CNY 305,643,154.72, indicating an increase of about 14.5%[109] - The total liabilities decreased slightly to CNY 282,320,501.80 from CNY 282,504,679.03, showing a marginal reduction[111] - The equity attributable to shareholders increased to CNY 1,093,487,134.23 from CNY 1,074,139,404.26, representing a growth of approximately 1.8%[111] Corporate Governance and Compliance - The governance structure of the company has been continuously improved in accordance with relevant laws and regulations[65] - There were no significant litigation or arbitration matters during the reporting period[66] - The company has not engaged in any asset acquisitions or sales during the reporting period[69][70] - There were no major related party transactions during the reporting period[73][74] - The company has not implemented any stock incentive plans during the reporting period[72] - The company did not undergo an audit for the semi-annual financial report[107] - The company reported no significant penalties or corrective actions during the reporting period[88] - There were no changes in the controlling shareholder or actual controller during the reporting period[98] Research and Development - The company has established strategic partnerships with research institutions to enhance its R&D capabilities, resulting in 67 patents in rubber conveyor belt technology[38] - The company is actively planning a non-public stock issuance to raise funds for strategic acquisitions, transitioning from a single product focus to a comprehensive material handling solution provider[35] - The company has focused on optimizing product upgrades and structural adjustments to respond to market competition[30] Market Strategy - The company is actively expanding both domestic and international markets and adjusting sales strategies based on market conditions[30] - The production volume of conveyor belts reached 15,930,000 square meters, an increase of 8.01% year-on-year, with sales revenue of ¥511,000,000, up 0.40%[35] - The gross margin for the conveyor belt segment was 27.19%, a decrease of 0.85% compared to the previous year[36] - The company aims to produce 34 million square meters of conveyor belts and achieve sales revenue of ¥1.2 billion in 2014[34] Financial Reporting and Accounting Policies - The company’s financial statements comply with the requirements of enterprise accounting standards, reflecting its financial status and operating results accurately[142] - The company’s accounting policies are based on the principle of going concern, ensuring the continuity of operations[141] - Financial assets are classified into four categories at initial recognition: financial assets measured at fair value with changes recognized in profit or loss, held-to-maturity investments, loans and receivables, and available-for-sale financial assets[151] - Financial liabilities are classified into two categories at initial recognition: financial liabilities measured at fair value with changes recognized in profit or loss, and other financial liabilities[152] - The company uses the effective interest method to subsequently measure financial liabilities at amortized cost, except for those measured at fair value with changes recognized in profit or loss[153] - The company assesses the carrying amount of financial assets for impairment at the balance sheet date, recognizing impairment losses when objective evidence indicates a decline in value[159]

Revenue and Profit - Revenue for Q1 2014 was CNY 224,284,390.43, a decrease of 4.61% compared to CNY 235,127,778.44 in the same period last year[9] - Net profit attributable to shareholders increased by 6.33% to CNY 30,927,343.92 from CNY 29,086,851.94 year-on-year[9] - The net profit attributable to shareholders of the listed company for the first half of 2014 is expected to be between 64.99 million and 77.98 million yuan, representing a year-on-year change of 0% to 20%[24] Cash Flow and Financial Position - Net cash flow from operating activities decreased by 21.38% to CNY 30,815,597.81 compared to CNY 39,195,235.15 in the previous year[9] - Total assets increased by 3.44% to CNY 1,439,448,654.15 from CNY 1,391,587,807.82 at the end of the previous year[9] - Cash received from investment income increased by 36.98% year-on-year, mainly due to increased dividends from Tongxiang Rural Credit Cooperative[19] - Cash paid for the purchase of fixed assets, intangible assets, and other long-term assets increased by 160.60% year-on-year, mainly due to increased expenditures on equipment and housing[19] Shareholder Information - The number of shareholders at the end of the reporting period was 23,009[12] - The proportion of shares held by the top shareholder, Shen Gengliang, is 24.36%[13] Changes in Assets and Liabilities - The company's construction in progress increased by 39.41%, mainly due to investments in new production lines and R&D center projects[18] - The company reported a 335.13% increase in prepayments, attributed to increased advance payments for materials[18] - The company experienced a 44.71% decrease in notes receivable, primarily due to the maturity of bank acceptance bills[18] - Other payables increased by 101.02%, mainly due to an increase in warranty deposits from raw material suppliers[18] Tax and Financial Expenses - Operating tax and additional fees increased by 40.73% compared to the same period last year, mainly due to increased tax payments[19] - Financial expenses decreased by 47.02% year-on-year, primarily due to a reduction in exchange rate losses[19] - Asset impairment losses decreased by 101.48% year-on-year, mainly due to a decrease in bad debt provisions[19] Investment Income - Fair value changes in investment income from associates and joint ventures changed by 100% year-on-year, mainly due to the inclusion of Tongxiang and Jiyang Elderly Service Investment Co., Ltd. in the consolidated financial statements[19] Market Outlook - The company anticipates stable orders and slightly lower sales prices compared to the same period last year, with raw material prices remaining low[24]

Financial Performance - In 2013, the company's operating revenue was CNY 1,132,619,377.38, a decrease of 4.3% compared to 2012[23] - The net profit attributable to shareholders was CNY 143,626,079.91, representing a significant increase of 40.3% year-on-year[23] - The net profit after deducting non-recurring gains and losses was CNY 135,325,774.75, up by 32.08% from the previous year[23] - The net cash flow from operating activities reached CNY 103,618,895.94, an increase of 33.95% compared to 2012[23] - Basic earnings per share rose to CNY 0.61, reflecting a growth of 38.64% year-on-year[23] - The company's operating income for 2013 was CNY 1,132.62 million, a decrease of 4.30% compared to the previous year, with export revenue declining by 13.50% to CNY 223.56 million[30] - The net profit attributable to shareholders for 2013 was CNY 143.63 million, reflecting a year-on-year growth of 40.30%, with a comprehensive gross margin increase from 24.10% to 28.34%[30] - The company's operating profit for 2013 was CNY 170.53 million, representing a year-on-year increase of 29.78%[30] Assets and Investments - Total assets at the end of 2013 amounted to CNY 1,391,587,807.82, an increase of 5.78% from the end of 2012[23] - The net assets attributable to shareholders were CNY 1,074,139,404.26, which is an increase of 11.19% compared to the previous year[23] - The company invested CNY 20 million to establish a wholly-owned subsidiary in Yunnan, processing 2,031.58 tons of natural rubber in 2013 to secure raw material supply[29] - The company’s fixed assets increased by 3.82% to ¥313.89 million, reflecting ongoing investments in production capacity[48] - The total amount of raised funds is CNY 55,184.69 million, with CNY 2,812.31 million invested during the reporting period[67] Research and Development - In 2013, the company developed 9 new products, including an environmentally friendly high-temperature resistant steel wire core conveyor belt, and obtained 14 national patents[31] - Research and development expenses totaled ¥26.28 million, representing 2.37% of the company's audited net assets and 2.32% of operating revenue[41] - The company has achieved 65 patents in rubber conveyor belt technology, enhancing product innovation and technical capabilities[54] - The company has established strategic partnerships with research institutions to enhance its R&D capabilities[54] Production and Sales - In 2013, the company produced 31.99 million square meters of conveyor belts, an increase of 8.74% year-on-year, while sales reached 31.67 million square meters, up 2.36% year-on-year[30] - The company aims to produce 34 million square meters of conveyor belts and achieve sales revenue of CNY 1.2 billion in 2014[83] Dividend and Profit Distribution - The company plans to distribute a cash dividend of CNY 2.00 per 10 shares to all shareholders[5] - The cash dividend proposed for 2013 is RMB 2.00 per 10 shares, totaling RMB 46,800,000.00, which represents 32.58% of the net profit attributable to shareholders[94] - The total distributable profit as of December 31, 2013, was RMB 333,606,171.04, after deducting 10% legal surplus reserve of RMB 12,252,257.75[97] - The company did not propose any stock dividends or capital reserve transfers for 2013, with the remaining undistributed profit carried forward to the next year[97] Risks and Challenges - The company faces risks from raw material price fluctuations and concentrated customer orders in key industries[12] - The company faces risks including fluctuations in raw material prices, intensified market competition, and potential technical and management challenges[84][85] Corporate Governance - The company has maintained a stable management team with no significant changes in the last five years[148] - The company has established a performance evaluation system for directors and senior management, linking their remuneration to company performance and individual performance[155] - The company’s board of directors includes independent directors who contribute to governance and oversight[157] - The company has a diverse board with members holding various positions in other organizations, enhancing its strategic insights[154] Social Responsibility and Sustainability - The company has actively engaged in social responsibility initiatives, focusing on product safety, environmental protection, and energy resource utilization[98] - The company has implemented measures for energy conservation and emission reduction, including the introduction of advanced technologies and equipment[98] Employee and Workforce - The company employed a total of 1,196 employees as of December 31, 2013, with production personnel constituting 62.12% of the workforce[159] - The total remuneration for directors, supervisors, and senior management during the reporting period amounted to CNY 3.20 million[157] - The company has established a fair and competitive compensation management system, with performance-based salaries linked to KPI indicators[165] Financial Management and Audit - The company’s financial management practices are aligned with relevant laws and regulations, ensuring transparency and accountability[155] - Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting standards[200] - The internal control audit report issued by the accounting firm was standard and consistent with the board's self-evaluation[195]