江苏联发纺织股份有限公司 2022 年第三季度报告 证券代码：002394 证券简称：联发股份 公告编号：LF2022-045 江苏联发纺织股份有限公司 2022 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重 大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报 告中财务信息的真实、准确、完整。 3.第三季度报告是否经过审计 □是 否 1 江苏联发纺织股份有限公司 2022 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 本报告期比上年同 | 年初至报告期末 | 年初至报告期末 | | --- | --- | --- | --- | --- | | | | 期增减 | | 比上年同期增减 | | 营业收入（元） | 1,020,883,686.24 | -18.1 ...

Financial Performance - The company achieved operating revenue of CNY 2,280,850,408.60, representing a year-on-year increase of 1.98%[23] - The net profit attributable to shareholders decreased by 42.81% to CNY 62,337,618.25 compared to the same period last year[23] - The net profit after deducting non-recurring gains and losses was CNY 84,081,075.46, down 10.85% year-on-year[23] - The operating profit for the first half of the year was CNY 78,064,100, a decrease of 25.96% year-on-year[30] - The company plans not to distribute cash dividends or issue bonus shares[6] - The company reported a net profit margin of approximately 20.4% for the current period, highlighting operational efficiency[192] - The total revenue for the first half of 2022 was 4,536 million, showing a decrease of 15.30% compared to the previous period[195] - The company reported a net profit of 101.5 million, with a profit distribution of 57.18 million to shareholders[195] Cash Flow and Assets - The net cash flow from operating activities increased by 71.71% to CNY 235,678,076.27[23] - Total assets at the end of the reporting period reached CNY 5,768,181,941.80, an increase of 8.96% from the end of the previous year[23] - The company's cash and cash equivalents at the end of the reporting period are 430,873,486.51 yuan, representing 7.47% of total assets[67] - The total assets at the end of the reporting period amounted to 328.8 million, with a significant increase in user data and engagement metrics[196] Market and Product Development - The company achieved a textile and apparel export of CNY 1,007.15 billion in the first half of 2022, representing a year-on-year growth of 10.8%[37] - The company developed over 100 new products during the reporting period, focusing on innovative materials and technologies such as energy-saving, antibacterial, and waterless dyeing series[33] - The company plans to expand its market presence by entering new regions, targeting a 30% increase in market share by the end of 2023[77] - The company aims to achieve a revenue growth target of 10% for the second half of 2022, driven by new product launches and market expansion strategies[186] Research and Development - Research and development expenses decreased by 16.55% to ¥37,306,073.82 from ¥44,703,784.52 in the previous year[54] - The company aims to enhance research and development investments to create market-demand-driven products, leveraging its research institute and design center[89] - The R&D budget for new technologies is projected to increase by 20% in the upcoming fiscal year[196] Environmental Performance - Jiangsu Lianfa Textile Co., Ltd. reported a total emission of 85.594 tons of sulfur dioxide in the first half of 2022[108] - The company emphasizes ecological priority and green development, continuously improving its environmental performance to enhance international competitiveness[110] - The company has implemented strict risk control measures for its financial derivatives operations, ensuring alignment with its production and operational needs[81] - Jiangsu Lianfa's compliance with environmental standards was confirmed, with all emissions within regulatory limits[108] Strategic Initiatives - The company is transitioning from a labor-intensive model to a capital and technology-intensive model, focusing on high-end, creative, and eco-friendly products[37] - The company is exploring potential mergers and acquisitions to enhance its supply chain efficiency and product offerings, with a focus on strategic partnerships[77] - The company has plans for future overseas capacity expansion, although specific details were not provided[57] Shareholder and Governance - The company has committed to not engage in any competitive activities that may harm its interests or those of its minority shareholders, with commitments dating back to January 29, 2008, and is currently fulfilling these commitments normally[121] - The company reported no violations regarding external guarantees during the reporting period[124] - The total number of ordinary shareholders at the end of the reporting period was 20,375[153] Financial Liabilities and Guarantees - The total financial liabilities amounted to ¥5,770,985.32, with a significant portion being related to the pledged assets[70] - The company has provided external guarantees totaling 8,000,000 CNY, with a guarantee period of twelve months[139] - A guarantee of 50,000,000 CNY was approved on June 1, 2021, with an actual occurrence of 6,000,000 CNY[139]

Revenue and Profit - Revenue for Q1 2022 was CNY 1,145,421,775.10, an increase of 22.23% compared to CNY 937,102,470.30 in the same period last year[3] - Net profit attributable to shareholders decreased by 25.63% to CNY 12,358,917.28 from CNY 16,618,488.22 year-on-year[3] - Net profit excluding non-recurring gains and losses increased by 40.78% to CNY 46,328,180.87 compared to CNY 32,907,643.80 in the previous year[3] - Total operating revenue for the current period reached ¥1,145,421,775.10, an increase of 22.2% compared to ¥937,102,470.30 in the previous period[18] - Net profit for the current period was ¥10,889,239.03, a decrease of 28.8% from ¥15,292,537.96 in the same period last year[19] - The company reported a total comprehensive income of ¥14,405,344.73, a decrease from ¥16,420,549.80 in the previous period[19] Cash Flow and Financial Activities - Operating cash flow increased significantly by 244.51% to CNY 135,122,447.70 from CNY 39,221,079.21 year-on-year[3] - Cash flow from operating activities generated a net amount of ¥135,122,447.70, significantly higher than ¥39,221,079.21 in the previous period[20] - Cash flow from investing activities resulted in a net outflow of ¥147,494,053.38, compared to a net inflow of ¥78,208,943.78 in the prior period[22] - Cash and cash equivalents at the end of the period totaled ¥409,217,796.48, down from ¥446,710,525.40 at the end of the previous period[22] Assets and Liabilities - Total assets at the end of the reporting period were CNY 5,500,679,746.00, a 3.91% increase from CNY 5,293,830,194.30 at the end of the previous year[3] - Current assets totaled CNY 3,403,605,336.16, up from CNY 3,343,817,485.11 at the start of the year, indicating a growth of approximately 1.79%[15] - Total liabilities amounted to CNY 1,706,236,374.55, compared to CNY 1,516,757,075.45 at the beginning of the year, representing an increase of about 12.5%[16] - The company's equity increased to CNY 3,794,443,371.45 from CNY 3,777,073,118.85, marking a growth of approximately 0.46%[17] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 20,768[12] - The top shareholder, Jiangsu Lianfa Group Co., Ltd., holds 39.81% of the shares, with 35,000,000 shares pledged[12] Financial Expenses and Costs - The company reported a 106.36% increase in financial expenses compared to the same period last year, primarily due to increased interest expenses and exchange rate fluctuations[9] - Total operating costs amounted to ¥1,082,728,883.90, up 20.2% from ¥900,801,506.93 in the prior period[18] - The company’s financial expenses increased to ¥5,695,520.01 from ¥2,759,998.47, indicating a rise of 106.5%[18] Inventory and Receivables - Inventory decreased to CNY 886,013,233.19 from CNY 954,535,666.06, showing a decline of approximately 7.15%[15] - Accounts receivable increased to CNY 588,558,753.99 from CNY 441,991,472.07, reflecting a growth of approximately 33.2%[15] - The company reported a decrease in other receivables, which rose to CNY 8,613,669.58 from CNY 3,589,103.90, an increase of about 140.5%[15] Construction and Borrowings - The company's construction in progress increased by 30.97%, mainly due to the addition of projects in Indonesia[8] - Short-term borrowings increased by 49.95%, reflecting a rise in working capital loans[8] - Short-term borrowings rose to CNY 240,172,027.77 from CNY 160,171,152.78, indicating an increase of about 49.9%[16]

Financial Performance - The company's operating revenue for Q1 2022 was ¥1,145,421,775.10, representing a 22.23% increase compared to ¥937,102,470.30 in the same period last year[3] - Net profit attributable to shareholders decreased by 25.63% to ¥12,358,917.28 from ¥16,618,488.22 year-on-year[3] - The net profit after deducting non-recurring gains and losses increased by 40.78% to ¥46,328,180.87 compared to ¥32,907,643.80 in the previous year[3] - Net profit for the current period was ¥10,889,239.03, a decrease of 28.8% from ¥15,292,537.96 in the same period last year[19] - Basic earnings per share decreased to ¥0.0380 from ¥0.0512, reflecting a decline of 25.9%[20] - The company reported a total comprehensive income of ¥14,405,344.73, a decrease from ¥16,420,549.80 in the previous period[19] Cash Flow - The net cash flow from operating activities surged by 244.51% to ¥135,122,447.70 from ¥39,221,079.21 in the same period last year[3] - Cash flow from operating activities generated a net amount of ¥135,122,447.70, significantly higher than ¥39,221,079.21 in the previous period[20] - Cash flow from investing activities resulted in a net outflow of ¥147,494,053.38, compared to a net inflow of ¥78,208,943.78 in the prior period[22] - Cash and cash equivalents at the end of the period totaled ¥409,217,796.48, down from ¥446,710,525.40 at the end of the previous period[22] Assets and Liabilities - Total assets at the end of the reporting period increased by 3.91% to ¥5,500,679,746.00 from ¥5,293,830,194.30 at the end of the previous year[3] - Current assets totaled CNY 3,403,605,336.16, up from CNY 3,343,817,485.11, indicating an increase of about 1.8%[15] - The company's cash and cash equivalents amounted to CNY 409,217,796.48, compared to CNY 384,542,013.29 at the beginning of the year, reflecting a growth of approximately 6.4%[15] - Total liabilities increased to CNY 1,706,236,374.55 from CNY 1,516,757,075.45, marking an increase of approximately 12.5%[16] - The total non-current assets amounted to CNY 2,097,074,409.84, up from CNY 1,950,012,709.19, indicating an increase of approximately 7.5%[16] Expenses - The company reported a 106.36% increase in financial expenses year-on-year, primarily due to increased interest expenses and exchange rate fluctuations[9] - The company's management expenses rose by 33.94% year-on-year, primarily due to increased wages[9] - The company’s financial expenses increased to ¥5,695,520.01 from ¥2,759,998.47, indicating a rise of 106.5%[18] Accounts Receivable and Inventory - The company experienced a 33.16% increase in accounts receivable, attributed to higher sales and an increase in outstanding payments[8] - The company reported accounts receivable of CNY 588,558,753.99, which increased from CNY 441,991,472.07, reflecting a growth of about 33.2%[15] - Inventory decreased to CNY 886,013,233.19 from CNY 954,535,666.06, showing a decline of about 7.2%[15] Construction and Projects - The company’s construction in progress increased by 30.97%, mainly due to the expansion of projects in Indonesia[8] - The company's cash flow from financing activities increased significantly, with cash received from borrowings rising by 30.05% compared to the previous year[10]

Financial Performance - The company's operating revenue for 2021 was approximately ¥3.90 billion, a slight increase of 0.61% compared to ¥3.87 billion in 2020[24]. - The net profit attributable to shareholders decreased by 61.33% to ¥181.98 million from ¥470.64 million in 2020[24]. - The net profit after deducting non-recurring gains and losses was ¥159.00 million, down 30.71% from ¥229.48 million in the previous year[24]. - The net cash flow from operating activities was negative at ¥36.98 million, a decline of 108.37% compared to ¥441.80 million in 2020[24]. - Basic earnings per share dropped by 60.84% to ¥0.56 from ¥1.43 in 2020[24]. - Total assets at the end of 2021 were approximately ¥5.29 billion, an increase of 10.08% from ¥4.81 billion at the end of 2020[24]. - The net assets attributable to shareholders increased by 1.61% to ¥3.77 billion from ¥3.71 billion in 2020[24]. - The weighted average return on net assets was 4.88%, down 8.27% from 13.15% in the previous year[24]. - The company's operating profit for 2021 was 19.77 million yuan, a year-on-year decrease of 67.64%[48]. - The net profit for 2021 was 17.57 million yuan, down 62.29% year-on-year[48]. Revenue and Market Performance - In Q1 2021, the company reported revenue of approximately ¥937.1 million, which increased to ¥1.3 billion in Q2, followed by ¥1.25 billion in Q3, and dropped to ¥413.9 million in Q4[28]. - The net profit attributable to shareholders was ¥16.6 million in Q1, peaked at ¥92.4 million in Q2, then decreased to ¥61.5 million in Q3, and fell to ¥11.5 million in Q4[28]. - Revenue from the textile and apparel sector reached ¥3,390,589,202.38, accounting for 87.00% of total revenue, with a year-on-year growth of 5.06%[52]. - The company's gross profit margin for the textile and apparel sector was 17.10%, a decrease of 1.56% compared to the previous year[56]. - Revenue from the European market surged by 80.82% to ¥471,633,590.42, while revenue from Japan dropped by 60.44% to ¥10,371,202.03[54]. - The company ranked 13th in revenue among the national cotton textile industry and 2nd in revenue for color woven fabric products in 2020[34]. Production and Capacity - The company has a production capacity of 100 million meters of color woven fabric and 7.8 million meters of home textile fabric annually, serving over 30 countries and regions[35]. - The production capacity for color woven fabric was 10,000 million meters with a utilization rate of 84.30%, down from 12,000 million meters and 86.39% in 2020[68]. - The sales volume of fabrics increased by 18.82% to 21,056.74 million meters, while inventory rose by 15.71% to 1,944.36 million meters[58]. - The sales volume of clothing increased by 7.16% to 631.77 million pieces, with production rising by 31.33% to 724.72 million pieces[58]. Research and Development - The company has developed over 200 new products focusing on eco-friendly, antibacterial, and high-performance materials during the reporting period[50]. - R&D expenses increased by 14.35% to ¥88,255,612.20, indicating a focus on innovation and product development[67]. - The total R&D investment amounted to ¥88,255,612.20, representing 2.26% of operating revenue, an increase of 14.35% from the previous year[78]. - The company has ongoing research into functional polyester fibers to meet personalized consumer needs[76]. - The company has completed the development of eco-friendly printing materials, enhancing market competitiveness[76]. Environmental and Social Responsibility - Jiangsu Lianfa Textile Co., Ltd. is classified as a key pollutant discharge unit by the environmental protection department[166]. - The company reported a total emission of 0.02298 tons of ammonia, with a discharge standard of 1 ton/year[166]. - The company has implemented measures to ensure that all emissions are within the regulatory limits, with no reported exceedances[166]. - The company has established a comprehensive environmental protection management system, ensuring that all pollution control facilities operate effectively and meet emission standards, with no incidents of exceeding discharge limits reported[173]. - The company sponsored 1.47 million yuan for impoverished students' living expenses and donated 500,000 yuan to the Hai'an Charity Foundation in 2021[182]. Corporate Governance and Management - The board of directors consists of 9 members, including 3 independent directors, and operates in compliance with legal and regulatory requirements[118]. - The company emphasizes the protection of stakeholders' rights while balancing profits with social responsibilities, employee rights, and environmental protection[119]. - The internal audit department effectively supervises daily operations and major transactions, enhancing management levels and risk prevention capabilities[120]. - The company has established a dedicated investor relations management system to enhance communication with investors and ensure their right to information[120]. - The company has a structured approach to remuneration that aligns with performance and responsibilities[137]. Future Outlook and Strategic Initiatives - The company aims to enhance its self-owned brand order ratio and improve customer loyalty through design and targeted development in the home textile fabric sector[107]. - The company plans to accelerate the high-end woven fabric project in Indonesia to establish a foundation for its global layout[108]. - Future outlook includes a projected revenue growth of 10% for the next fiscal year, driven by market expansion and new product launches[131]. - The company aims to reduce operational costs by 15% through improved supply chain management and automation[168]. - Jiangsu Lianfa has set a goal to achieve carbon neutrality by 2025, aligning with global sustainability trends[168].

江苏联发纺织股份有限公司 2021 年第三季度报告 证券代码：002394 证券简称：联发股份 公告编号：LF2021-034 江苏联发纺织股份有限公司 2021 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 重要内容提示: 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准 确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带 的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声 明：保证季度报告中财务信息的真实、准确、完整。 3.第三季度报告是否经过审计 1 江苏联发纺织股份有限公司 2021 年第三季度报告 | 归属于上市公司股东的 | 3,764,240,180.20 | 3,708,925,595.57 | 1.49% | | --- | --- | --- | --- | | 所有者权益（元） | | | | (二)非经常性损益项目和金额 □ 是 √ 否 一、主要财务数据 (一)主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告 ...

Financial Performance - The company's operating revenue for the first half of 2021 was ¥2,236,485,715.62, representing a 29.03% increase compared to ¥1,733,310,586.27 in the same period last year[19]. - The net profit attributable to shareholders of the listed company decreased by 57.77% to ¥108,991,856.43 from ¥258,071,030.78 year-on-year[19]. - The net cash flow from operating activities fell by 65.53% to ¥137,256,432.99 compared to ¥398,173,777.46 in the previous year[19]. - Basic earnings per share decreased by 56.58% to ¥0.3367 from ¥0.7755 in the same period last year[19]. - The company's operating profit for the same period was 105.44 million yuan, a year-on-year decrease of 68.13%[33]. - Net profit for the first half of 2021 was 106.18 million yuan, down 68.56% year-on-year[33]. - The company's total operating revenue for the first half of 2021 was CNY 2,236,485,715.62, an increase of 29.1% compared to CNY 1,733,310,586.27 in the first half of 2020[187]. - The total operating costs for the first half of 2021 were CNY 2,129,605,458.66, up 33.7% from CNY 1,591,525,592.60 in the same period last year[187]. - The net profit for the first half of 2021 was CNY 106,186,869.86, a decrease of 58.6% from CNY 256,226,915.68 in the first half of 2020[188]. Assets and Liabilities - Total assets at the end of the reporting period were ¥4,831,281,571.54, a slight increase of 0.46% from ¥4,809,180,091.46 at the end of the previous year[19]. - The net assets attributable to shareholders of the listed company decreased by 0.16% to ¥3,703,173,096.11 from ¥3,708,925,595.57 at the end of the previous year[19]. - The company's total assets as of the end of the reporting period were CNY 3,488,149,445.23, compared to CNY 3,461,635,223.41 at the end of the previous period[186]. - Total liabilities increased to RMB 1,115,750,288.98 from RMB 1,085,149,710.92, reflecting a rise of about 2.8%[181]. - The company's equity attributable to shareholders decreased slightly to RMB 3,703,173,096.11 from RMB 3,708,925,595.57[182]. Cash Flow - The net cash flow generated from operating activities was CNY 137,256,432.99, a decrease of 65.5% from CNY 398,173,777.46 in the same period of 2020[196]. - Investment activities generated a net cash flow of CNY 545,953,490.11, compared to a negative cash flow of CNY -203,931,347.98 in the first half of 2020[197]. - Cash and cash equivalents increased by CNY 602,032,870.30 in the first half of 2021, compared to an increase of CNY 269,887,757.19 in the same period of 2020[197]. Production and Capacity - The company has a production capacity of 100 million meters of colored woven fabric and 78 million meters of home textile fabric annually[27]. - The production capacity for color woven fabric was 10,000,000 meters with a utilization rate of 75.66%, while the dyeing fabric capacity was 7,200,000 meters with a utilization rate of 65.54%[50]. - The company has developed and promoted 181 new fabric products during the reporting period[34]. Market and Sales - Domestic sales accounted for 72.52% of total revenue, amounting to ¥1,621,689,379.98, reflecting a 62.70% increase year-on-year[45]. - The company exports products to over 30 countries and regions, including the United States and Europe[27]. - The company achieved a significant increase in sales of cotton yarn, which rose by 463.17% to ¥648,837,406.17, attributed to increased raw yarn trading[48]. Research and Development - The company has over 200 patents and has developed more than 50 key technologies, enhancing its research and innovation capabilities[40]. - Research and development expenses for the first half of 2021 were CNY 44,703,784.52, an increase of 25.4% compared to CNY 35,669,851.30 in the first half of 2020[187]. Environmental Compliance - The company is classified as a key pollutant discharge unit by environmental protection authorities[101]. - The company has implemented measures to comply with pollution discharge standards[101]. - Jiangsu Lianfa's total phosphorus discharge was reported at 3.523 tons per year, indicating compliance with environmental standards[107]. - The company has achieved compliance with environmental standards for emissions, including SO2 ≤ 35 mg/m³ and NOx ≤ 50 mg/m³ for boiler emissions[116]. Shareholder and Equity Information - The total number of shares after the repurchase and cancellation of restricted stock is 328,879,200 shares, down from 332,763,600 shares[162]. - The company’s largest shareholder, Jiangsu Lianfa Group Co., Ltd., holds 39.35% of the shares, totaling 130,934,100 shares[164]. - The company plans to distribute at least 20% of the distributable profits as cash dividends when the accumulated undistributed profits are positive and the company is profitable[124]. Future Outlook - The company plans to expand its sales network and adjust marketing strategies to balance domestic and international sales amid external macroeconomic uncertainties[85]. - Future guidance estimates a revenue growth of 18% for the next fiscal year, driven by increased production capacity and market demand[108]. - Jiangsu Lianfa aims to achieve carbon neutrality by 2025, aligning with global sustainability trends[109].

Financial Performance - The company's revenue for Q1 2021 was ¥937,102,470.30, representing a 3.95% increase compared to ¥901,459,437.32 in the same period last year[8]. - Net profit attributable to shareholders decreased by 85.34% to ¥16,618,488.22 from ¥113,327,475.53 year-on-year[8]. - Basic earnings per share dropped by 84.97% to ¥0.0512 from ¥0.3407 in the same period last year[8]. - Operating profit decreased by 93.03% year-on-year, mainly due to the impact of fair value changes in trading financial assets[17]. - The total comprehensive income for Q1 2021 was CNY 16.42 million, a decrease of 85.1% from CNY 110.50 million in Q1 2020[49]. - The net profit for Q1 2021 was impacted by a significant loss in fair value changes amounting to CNY -53,137,899.96 compared to a gain of CNY 123,107,495.69 in Q1 2020[47]. - The gross profit margin for Q1 2021 was approximately 5.0%, down from 14.8% in the previous year[51]. Cash Flow - The net cash flow from operating activities fell by 73.56% to ¥39,221,079.21, down from ¥148,318,638.87 in the previous year[8]. - Cash received from other operating activities increased by 183.58% year-on-year, primarily due to an increase in government subsidies received[17]. - The company reported a significant increase in cash flow from operating activities, totaling CNY 970.15 million, compared to CNY 785.90 million in the previous year, representing a growth of 23.4%[55]. - The total cash inflow from operating activities was ¥226,469,832.99, down from ¥316,387,936.23 in Q1 2020, indicating a decline of 28.4%[59]. - Cash outflow for purchasing goods and services was ¥721,843,240.04, which is a significant increase from ¥417,593,089.82 in the same quarter last year, marking a rise of 72.7%[56]. Assets and Liabilities - Total assets increased by 1.61% to ¥4,886,701,421.12 compared to ¥4,809,180,091.46 at the end of the previous year[8]. - The company's total liabilities increased to CNY 1,145,472,180.40 in Q1 2021 from CNY 1,085,149,710.92 in Q4 2020, marking a rise of 5.5%[41]. - The total equity attributable to shareholders reached CNY 3,727,514,964.15, up from CNY 3,708,925,595.57 in the previous quarter, indicating a growth of 0.5%[41]. - The company's inventory decreased to approximately CNY 722.15 million from CNY 757.25 million, a decline of 4.6%[38]. - The company's accounts payable decreased to approximately CNY 201.38 million from CNY 213.83 million, a decline of 5.8%[39]. Investment Activities - Investment income rose by 476.82% year-on-year, mainly attributed to dividends from held funds[17]. - Cash received from investment income increased by 413.32% year-on-year, primarily due to dividends from held funds[17]. - The company reported a total investment amount of 4,141 million, with a year-on-year increase of 2.63%[26]. - The net cash flow from investment activities was ¥78,208,943.78, an increase of 16.4% compared to ¥67,243,299.83 in the same period last year[57]. Risk Management and Hedging - The company engaged in hedging activities to mitigate risks associated with raw material price fluctuations and exchange rate volatility[27]. - The company has implemented strict risk control measures, including managing trading limits and ensuring compliance with internal procedures[27]. - The company’s foreign exchange hedging activities are designed to stabilize operational performance and mitigate the impact of exchange rate fluctuations[27]. - The company emphasizes that its derivative trading is not solely for profit but is closely tied to its operational activities, focusing on risk mitigation[27]. Research and Development - The company reported a research and development expense of CNY 20,243,432.16 for Q1 2021, slightly higher than CNY 19,674,427.96 in Q1 2020[47]. - Research and development expenses for Q1 2021 were CNY 16.07 million, slightly down from CNY 17.04 million in Q1 2020, indicating a focus on maintaining R&D investment[51].

Financial Performance - The company's operating revenue for 2020 was approximately ¥3.87 billion, a decrease of 0.95% compared to ¥3.91 billion in 2019[17]. - The net profit attributable to shareholders increased by 19.73% to approximately ¥470.64 million, up from ¥393.07 million in the previous year[17]. - The net profit after deducting non-recurring gains and losses was approximately ¥229.48 million, a decrease of 25.40% from ¥307.60 million in 2019[17]. - The basic earnings per share rose to ¥1.43, representing a 21.19% increase from ¥1.18 in 2019[17]. - The total assets at the end of 2020 were approximately ¥4.81 billion, an increase of 6.58% from ¥4.51 billion at the end of 2019[17]. - The net assets attributable to shareholders increased by 8.75% to approximately ¥3.71 billion, compared to ¥3.41 billion at the end of 2019[17]. - The net cash flow from operating activities was approximately ¥441.80 million, a slight decrease of 0.65% from ¥444.70 million in 2019[17]. - The weighted average return on equity for 2020 was 13.15%, an increase from 11.82% in 2019[17]. - The company’s operating profit increased by 19.81% to 61,081.93 million yuan, indicating improved operational efficiency[44]. Revenue Breakdown - Revenue from the textile and apparel sector was ¥3.23 billion, accounting for 83.33% of total revenue, down 5.17% from the previous year[50]. - Domestic revenue increased by 25.68% to ¥2.50 billion, representing 64.66% of total revenue, compared to 50.96% in 2019[50]. - Sales volume of cotton yarn surged by 134.53% to 33,046.64 tons, attributed to increased raw yarn trading[54][55]. - Revenue from the dyeing and printing fabric segment rose by 4.78% to ¥704.37 million, with a gross margin of 23.07%[53]. - Revenue from the U.S. market decreased by 17.51% to ¥555.49 million, accounting for 14.34% of total revenue[50]. Cost and Expenses - The total operating cost for the textile and apparel industry was ¥2,091,255,322, a decrease of 1.60% compared to ¥2,125,344,240 in 2019[58]. - The raw material cost for the textile and apparel industry remained stable at ¥1,258,382,898, accounting for 60.17% of the total operating cost, compared to 59.21% in 2019[58]. - The sales expenses decreased by 36.32% to ¥89,842,193.35 from ¥141,086,366.45 in 2019, primarily due to adjustments in direct costs related to performance obligations[65]. - Research and development expenses increased by 57.01% to ¥77,179,148.59, reflecting the company's focus on integrating resources for new materials and technologies[65]. Investments and Projects - The company invested in a high-end home textile fabric and supporting yarn production project, which is progressing smoothly, and is also constructing a high-end woven fabric project in Indonesia with an annual output of 66 million meters[47]. - The company has established a national-level enterprise technology center and has over 200 patents, demonstrating strong research and innovation capabilities[39]. - The company is investing $190 million in a new high-end woven fabric project in Indonesia, with an annual production capacity of 66,000,000 meters currently under construction[67]. Market and Competitive Position - The company was ranked 11th in terms of operating revenue in the national cotton textile industry for 2019, and 8th in terms of competitiveness among the top 100 enterprises[31]. - The company aims to transition from a labor-intensive model to a technology-intensive model, focusing on high-end, creative, and environmentally friendly textile products[31]. - The company is actively expanding its domestic market presence and enhancing its marketing network to increase market share[45]. Environmental and Social Responsibility - Jiangsu Lianfa Textile Co., Ltd. is classified as a key pollutant discharge unit by the environmental protection department[171]. - The company reported a total ammonia discharge of 0.38 tons per year, with a concentration of 2.9 mg/m³, complying with the pollution discharge standards[171]. - The company has implemented high-altitude discharge methods for pollutants, ensuring effective treatment before release[171]. - Jiangsu Lianfa is committed to improving its environmental performance and reducing its ecological footprint[171]. Shareholder and Corporate Governance - The company plans to distribute a cash dividend of 3 yuan per 10 shares, totaling 99,829,080 yuan, which represents 100% of the total profit distribution[127]. - The company’s major shareholder, Jiangsu Lianfa Group, holds 39.35% of the shares, totaling 130,934,100 shares[195]. - The company has a stable shareholder structure with no indication of significant changes or conflicts among major shareholders[199]. Future Outlook and Strategy - The company aims to transform into a high-end industry with a focus on "lean production and quality manufacturing" while continuously innovating[110]. - The company plans to utilize futures markets for hedging against raw material price fluctuations, particularly for cotton and coal[115]. - Future guidance estimates a revenue growth of 18% for 2021, driven by increased demand and new product introductions[179].

Financial Performance - Net profit attributable to shareholders was ¥98,090,650.24, representing a growth of 30.51% year-on-year[7]. - Operating revenue for the reporting period was ¥1,025,829,368.67, up by 3.02% compared to the same period last year[7]. - The net profit attributable to shareholders after deducting non-recurring gains and losses decreased by 36.47% to ¥51,228,881.30[7]. - Basic earnings per share increased by 26.96% to ¥0.2948[7]. - The weighted average return on net assets was 2.70%, an increase of 0.38% compared to the previous year[7]. - Operating profit increased by 45.05% year-on-year, mainly due to gains from changes in the fair value of asset management products[15]. - Investment income increased by 52.72% year-on-year, primarily due to an increase in fund dividends[15]. - The company reported a net profit margin of 215% in Q3 2020, indicating strong profitability[26]. - The company achieved a net profit margin of 1.47% in Q3 2020, compared to 1.47% in the same period last year[28]. - The net profit for Q3 2020 reached CNY 95,800,865.49, representing a 29.9% increase from CNY 73,787,695.90 in Q3 2019[50]. Assets and Liabilities - Total assets at the end of the reporting period reached ¥4,899,472,882.61, an increase of 8.58% compared to the end of the previous year[7]. - The total assets reported in the consolidated balance sheet amounted to 1.49 billion yuan[39]. - As of September 30, 2020, current assets totaled approximately CNY 3.16 billion, an increase from CNY 2.79 billion as of December 31, 2019, representing a growth of 13.6%[40]. - Total liabilities rose to CNY 1.28 billion from CNY 1.08 billion, reflecting an increase of 18.3%[42]. - The company's total liabilities as of Q3 2020 were CNY 714,267,943.62, compared to CNY 652,973,153.70 in the previous year, reflecting a 9.4% increase[49]. - The total equity of the company decreased to CNY 2,894,436,948.70 from CNY 2,917,060,662.06, a decline of 0.8%[49]. Cash Flow - The net cash flow from operating activities for the year-to-date was ¥615,790,979.79, up by 26.06%[7]. - The cash flow from operating activities showed improvement, contributing positively to liquidity[41]. - The total cash inflow from operating activities was CNY 2,734,796,330.84, slightly higher than CNY 2,692,786,675.29 in the previous year[64]. - The net cash flow from operating activities for Q3 2020 was CNY 244,066,596.90, an increase of 96.5% compared to Q3 2019[70]. - The cash flow from financing activities showed a net outflow of CNY 97,438,108.95, compared to a net outflow of CNY 254,795,546.67 in Q3 2019[71]. Research and Development - R&D expenses increased by 243.29% year-on-year, attributed to increased investment in research and development[15]. - Research and development expenses increased significantly to CNY 53,083,604.41, up from CNY 15,463,117.29, representing a growth of 243.00%[57]. - The company is investing in new product development, with a budget allocation of 11.1 million for R&D in the upcoming fiscal year[27]. - New product development is underway, focusing on sustainable textile solutions, with an expected launch in Q1 2021[32]. Shareholder Information - The top shareholder, Jiangsu Lianfa Group Co., Ltd., holds 39.35% of the shares, totaling 130,934,100 shares[11]. - The total number of ordinary shareholders at the end of the reporting period was 21,032[11]. Strategic Initiatives - Future outlook includes plans for market expansion, targeting a 10% increase in market share by the end of 2021[27]. - The company is exploring potential mergers and acquisitions to strengthen its market position, with a target of completing at least one acquisition by mid-2021[27]. - A new strategic initiative is being launched to improve supply chain efficiency, expected to reduce costs by 5% over the next year[27]. - The company plans to expand its market presence in Southeast Asia, targeting a 15% market share by the end of 2021[32]. Risk Management - The company engaged in commodity futures hedging to mitigate price fluctuation risks, specifically in cotton and coal, ensuring that the futures positions do not exceed the actual production needs[21]. - The company has implemented risk control measures for its financial derivatives, including strict adherence to internal management systems and careful selection of trading partners[21]. - The company has identified potential risks in its futures trading, including price volatility and funding risks, and has established corresponding control measures[21]. Compliance and Governance - There were no reported instances of non-compliance regarding external guarantees during the reporting period[34]. - The company has not engaged in any non-operational fund occupation by major shareholders or related parties[35]. - The company has not reported any overdue amounts in its entrusted financial management activities[24].