Financial Performance - The company's operating revenue for 2020 was approximately CNY 2.93 billion, representing an increase of 11.33% compared to 2019[15]. - The net profit attributable to shareholders for 2020 was approximately CNY 78.51 million, a decrease of 4.72% from the previous year[15]. - The net profit after deducting non-recurring gains and losses was approximately CNY 57.51 million, down 22.18% year-on-year[15]. - The net cash flow from operating activities increased significantly to approximately CNY 219.07 million, a 438.12% increase compared to 2019[15]. - Total assets at the end of 2020 were approximately CNY 4.29 billion, an increase of 8.36% from the end of 2019[15]. - The net assets attributable to shareholders at the end of 2020 were approximately CNY 1.95 billion, up 2.13% from the previous year[15]. - The basic earnings per share for 2020 remained at CNY 0.11, unchanged from 2019[15]. - The company reported a weighted average return on equity of 4.06% for 2020, slightly down from 4.26% in 2019[15]. - The total operating costs increased to 2,859.45 million yuan, up 12.65% compared to the previous year[53]. - The total profit amounted to 90.63 million yuan, a decrease of 4.38% year-on-year[53]. Dividend Distribution - The company plans to distribute a cash dividend of CNY 0.5 per 10 shares, totaling approximately CNY 34.85 million based on the eligible shares[4]. - The cash dividend for 2020 represents 44.39% of the net profit attributable to the company's ordinary shareholders, which was RMB 78,505,805.07[130]. - The cash dividend for 2019 was also RMB 34,845,500, accounting for 42.29% of the net profit attributable to ordinary shareholders of RMB 82,394,010.40[130]. - The company has not proposed any stock bonus or additional shares for the years 2019 and 2020, maintaining a focus on cash dividends[131]. - The remaining undistributed profits for 2020 will be carried forward to the next fiscal year[131]. - The company has committed to a minimum cash dividend ratio of 20% during its growth phase, despite significant capital expenditure plans[131]. - The total cash dividend amount for 2020, including other methods, is 100% of the profit distribution total[131]. - The company’s cash dividend distribution plan for 2020 is pending approval at the annual general meeting[131]. - The company has consistently maintained a cash dividend policy over the past three years, with amounts slightly varying each year[130]. - The company’s cash dividends reflect a stable financial performance and commitment to returning value to shareholders[132]. Business Operations - In 2020, the company's wheel business achieved operating income of 1.275 billion yuan, a year-on-year increase of 15.79%[28]. - The company focuses on lightweight tubeless steel wheels and forged aluminum wheels, which are expected to see rapid growth in demand due to environmental policies[28]. - The company has six wheel production bases across four regions, including Xiamen, Sichuan, Vietnam, and Huazhou[24]. - The company is positioned as a leading manufacturer of automotive steel wheels in China, with a focus on enhancing profitability through scale and technology advantages[29]. - The company has established a global sales channel with over 100 domestic distributors and more than 150 overseas agents across 70 countries[49]. - The company has developed a full range of lightweight wheel products, with weights as low as 67 pounds, meeting high-end market requirements in Europe and the US[45]. - The company has invested in advanced production equipment, including high-precision CNC spinning machines and automatic detection devices, to ensure product quality and efficiency[48]. - The company has three production bases in Sichuan, Xiamen, and Vietnam, optimizing capacity for both domestic and export markets[50]. - The company is actively developing new products in the forged aluminum wheel segment, with successful tests and orders from major clients such as Xiamen Jinlong and Dongfeng Liuzhou[57]. - The company is in the process of preparing for a non-public offering related to its lightweight forged aluminum alloy project, which received approval from the China Securities Regulatory Commission[57]. Market Trends and Projections - The company anticipates a recovery in the automotive market in 2021, with projected sales exceeding 26 million vehicles, a 4% increase year-on-year[28]. - The company aims to become a leading enterprise in the steel products industry, targeting an annual steel usage of over 500,000 tons[94]. - The company is positioned to benefit from regional advantages in South and Southwest China, enhancing its market competitiveness[95]. - The company expects steady growth in production and sales volumes for both automotive wheels and steel structure businesses, with revenue anticipated to increase compared to the previous year[112]. - The demand for lightweight, energy-saving, and environmentally friendly wheels is expected to grow, with commercial vehicle production increasing by 20.0% in 2020[90]. Research and Development - Research and development expenses rose by 37.75% to 19,213,314.69 CNY, reflecting increased investment in R&D projects[71]. - The company conducted 16 R&D projects in 2020, aimed at enhancing market competitiveness and product quality[72]. - The company aims to enhance its research and development efforts, particularly in lightweight, energy-efficient, and environmentally friendly automotive wheel products[106]. Environmental and Safety Measures - The company emphasizes environmental protection and actively engaged in energy-saving and emission-reduction activities[175]. - The company has established a safety production emergency plan to mitigate risks associated with the use of hazardous materials in its production processes[123]. - The company has constructed a hazardous waste storage facility for proper management and disposal of hazardous waste generated during production[190]. - The company has implemented a noise reduction strategy for various machinery, including soundproofing measures for air compressors[189]. - The company has upgraded its environmental facilities and continuously improving products and processes to achieve energy savings and emissions reductions[121]. Risks and Challenges - The company faced risks related to its future plans and performance forecasts, which are detailed in the annual report[4]. - The company has identified risks related to macroeconomic policy changes and raw material price fluctuations, which could impact its operations[113][114]. - The ongoing COVID-19 pandemic has created uncertainty regarding the overall performance for 2021, despite improvements in the domestic situation[119]. - The company faces risks related to accounts receivable due to the expansion of its business scale, particularly in the steel structure sector, which has longer payment terms[120]. - To reduce collection risks, the company has purchased export credit insurance for its steel circle and steel structure export businesses and has strengthened project management and contract compliance[120]. Corporate Governance - The company actively accepted supervision and improved its corporate governance structure to enhance social responsibility management[170]. - The company established a sound corporate governance structure to protect the rights of shareholders and creditors[171]. - The company has committed to avoiding any illegal occupation of its funds by its controlling shareholders during their tenure[136]. Legal Matters - The company has ongoing litigation involving a total amount of approximately RMB 1,952.84 million, primarily related to overdue payments from clients in structural projects[143]. - As of the end of the reporting period, the company has not reached the disclosure standard for significant litigation, with other lawsuits totaling RMB 1,502.17 million[143]. - The company has applied for asset preservation in the litigation process and has made provisions for bad debts according to prudent principles[143].

Financial Performance - Operating revenue for the period reached CNY 799,706,187.51, representing a 25.02% increase year-on-year[7] - Net profit attributable to shareholders increased by 44.04% to CNY 29,817,794.88 for the period[7] - Cash flow from operating activities improved significantly, with a net increase of 171.29% to CNY 37,846,246.10[7] - The company reported a 140.63% increase in investment income, primarily due to gains from forward foreign exchange contracts[23] - Total operating revenue for Q3 2020 was CNY 799,706,187.51, an increase of 24.98% compared to CNY 639,660,703.73 in Q3 2019[61] - Net profit for Q3 2020 reached CNY 29.33 million, up from CNY 20.90 million in Q3 2019, indicating a year-over-year increase of 40.5%[63] - The total profit for Q3 2020 was CNY 34.06 million, compared to CNY 27.15 million in the same period last year, reflecting a growth of 25.5%[63] Assets and Liabilities - Total assets increased by 6.48% to CNY 4,217,102,971.57 compared to the end of the previous year[7] - The company's net assets attributable to shareholders increased by 1.72% to CNY 1,946,238,091.38[7] - Total assets as of September 30, 2020, amounted to CNY 2,560,045,073.95, compared to CNY 2,437,799,253.41 at the end of 2019[60] - Total liabilities increased to CNY 1,097,504,420.92 as of September 30, 2020, from CNY 940,985,696.33 at the end of 2019[60] - The company reported a total current liabilities of CNY 2,223,477,290.16 as of September 30, 2020, compared to CNY 1,930,000,000.00 at the end of 2019[54] Cash Flow - Cash received from borrowings grew by 61.47% compared to the same period last year, attributed to an increase in borrowings during the period[29] - The company's cash and cash equivalents increased to CNY 465,576,627.19 from CNY 446,434,279.23 year-over-year[53] - The company's cash and cash equivalents decreased to CNY 184,663,727.28 from CNY 211,024,776.52 at the end of 2019, reflecting a decline of 12.54%[58] - Cash inflow from financing activities reached $528 million, up 32.5% from $398.67 million in the previous period[82] Research and Development - Research and development expenses grew by 68.40% compared to the same period last year, indicating increased investment in innovation[20] - The company's research and development expenses for Q3 2020 were CNY 3.67 million, significantly higher than CNY 2.16 million in the same period last year, indicating a growth of 70.0%[65] - The company reported a decrease in research and development expenses to CNY 4,686,562.26 from CNY 8,912,756.98, a reduction of 47.40%[61] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 26,414[10] - The company has implemented a stock option incentive plan, with the first grant date set for August 21, 2017, and a total of 13.53 million options initially granted, later adjusted to 12.73 million options[32][34] Borrowings and Financial Management - Long-term borrowings rose by 99.73%, reflecting an increase in long-term loans during the reporting period[19] - Short-term borrowings increased to CNY 1,010,000,000.00 from CNY 931,305,035.36, representing an increase of approximately 8.5%[54] - The company incurred financial expenses of CNY 11.98 million in Q3 2020, compared to CNY 2.55 million in the previous year, showing a substantial increase of 369.5%[65] Regulatory and Compliance - The company has received approval from the China Securities Regulatory Commission for a non-public offering of shares, with the approval notice issued on September 14, 2020[38] - The company has not engaged in any securities investments during the reporting period[41] - The company has not conducted any share repurchase activities during the reporting period[40] - The company did not undergo an audit for the third quarter report[83] - The company has not applied new revenue and leasing standards for the current period[83] Other Financial Metrics - Basic and diluted earnings per share for Q3 2020 were both CNY 0.04, an increase from CNY 0.03 in Q3 2019[64] - The total comprehensive income for Q3 2020 was CNY 27.40 million, compared to CNY 22.56 million in the previous year, reflecting a growth of 21.5%[63] - The total comprehensive income attributable to the parent company was ¥67,676,109.11, compared to ¥64,822,887.76 in the previous year, reflecting a slight increase of 2.6%[74]

Financial Performance - The company's operating revenue for the first half of 2020 was ¥1,309,226,307.01, representing a 3.27% increase compared to ¥1,267,777,940.49 in the same period last year[17]. - The net profit attributable to shareholders was ¥38,919,686.78, a decrease of 9.06% from ¥42,797,488.27 in the previous year[17]. - The net profit after deducting non-recurring gains and losses was ¥29,843,327.46, down 23.20% from ¥38,856,575.79 year-on-year[17]. - The net cash flow from operating activities was -¥81,844,324.21, a significant decline of 567.02% compared to ¥17,524,873.65 in the same period last year[17]. - Total assets at the end of the reporting period were ¥4,266,979,313.96, an increase of 7.74% from ¥3,960,482,583.52 at the end of the previous year[17]. - The net assets attributable to shareholders were ¥1,918,346,830.42, showing a slight increase of 0.27% from ¥1,913,243,415.39 at the end of the previous year[17]. - The total profit for the period was CNY 49.63 million, a decrease of 1.16% compared to the previous year, while the net profit attributable to shareholders was CNY 38.92 million, down 9.06% year-on-year[56]. - The company's steel wheel business generated revenue of CNY 576.75 million, with domestic OE market sales increasing by 82.44%[58]. - The company's operating revenue for the current period is ¥1,309,226,307.01, representing a year-on-year increase of 3.27% due to an increase in domestic order quantity and scale[62]. - Operating costs increased to ¥1,151,657,318.75, reflecting a year-on-year growth of 5.42% due to higher revenue[62]. - Research and development expenses rose by 44.07% to ¥10,322,396.63, attributed to increased investment in R&D[62]. - The company reported a 37.50% increase in income tax expenses to ¥11,038,594.80, due to the expiration of tax incentives for its Vietnam operations[73]. Business Strategy and Development - The company plans to focus on the development of forged aluminum wheels as an important direction for future product development[24]. - The main business includes the research, design, production, and sales of steel structures and automotive wheels, with a strong competitive position in the regional market[24]. - The company has established a robust ERP management system that integrates procurement, production, and sales processes, enhancing efficiency and reducing delivery times[28]. - The automotive wheel business operates on a just-in-time production model, with a typical production cycle of approximately two weeks, ensuring timely delivery to customers[29]. - The company has implemented a procurement strategy for aluminum alloy materials, maintaining low inventory during high price periods to mitigate price volatility risks[27]. - The company has a comprehensive sales network for its steel wheels, combining direct sales to original equipment manufacturers (OEM) and distribution through aftermarket (AM) channels, establishing a strong market presence[30]. - The company’s steel structure business benefits from a complete qualification and certification system, enabling it to undertake various domestic and international projects effectively[31]. - The company has prioritized the use of high-quality steel from leading suppliers, ensuring product quality and competitiveness in the market[26]. - The demand for tubeless wheels is rapidly increasing, with the company positioned to benefit from the high entry barriers and profitability in the forged aluminum wheel sector[33]. - The company has obtained various qualifications including Class A qualification for steel structure engineering design and Class I qualification for steel structure engineering contracting, establishing a solid foundation for future projects[39]. - The company has implemented a comprehensive quality management system that allows for full traceability of the production process, significantly enhancing product quality and competitiveness, especially in overseas and key domestic projects[40]. - The company has a dedicated R&D team of 200 professionals with extensive experience in steel structure design and project management, enabling it to compete effectively in both domestic and international markets[43]. - The company operates modern steel structure production bases with advanced equipment, ensuring high-quality and efficient production capabilities for complex steel structure projects[44]. - The company has established a strong brand reputation in the equipment steel structure sector, collaborating with major international EPC companies and achieving significant project management experience[45]. - The company has shifted its main business focus from traditional steel structure manufacturing to integrated green building systems, enhancing its position in key domestic and overseas projects[46]. - The company emphasizes R&D and innovation, utilizing advanced techniques such as FEA analysis to enhance product performance and efficiency[48]. - The company has developed a full range of lightweight steel wheel products, meeting high standards required by the European and American markets[48]. Construction and Projects - The company's construction projects in the steel structure sector have seen significant growth, particularly in large industrial buildings, high-rise structures, bridges, and rail transit, with notable increases in both domestic and international orders[34]. - The company's in-progress construction projects reached CNY 31.68 million, reflecting a growth of 108.01% compared to the beginning of the period, primarily due to new equipment investments in the subsidiary in Vietnam[35]. - The company has three production bases in Sichuan, Xiamen, and Vietnam, optimizing capacity for both domestic and export markets[53]. Risk Management - The company faces risks from macroeconomic policy changes and industry policy fluctuations, which may impact operations[93]. - The company is exposed to raw material price volatility, particularly steel, which significantly affects product costs[94]. - The company has implemented strategies to mitigate risks from international trade policy changes, especially regarding exports to the US and Europe[96]. - The company is monitoring exchange rate fluctuations closely, as a significant portion of its exports are settled in USD[98]. - The company has established measures to manage accounts receivable risks, particularly in the steel structure business[100]. Environmental Compliance - The company is committed to environmental protection and is upgrading its facilities to meet stricter standards[102]. - The company is classified as a key pollutant discharge unit by environmental protection authorities[143]. - The total COD discharge was 4.01 tons, with a concentration of 155 mg/L, exceeding the standard[143]. - The total BOD5 discharge was 1.19 tons, with a concentration of 46 mg/L, also exceeding the standard[143]. - The company managed to maintain a waste water discharge of 1.6685 tons (COD) after treatment, compared to a regulatory limit of 18.776 tons[146]. - The ammonia nitrogen levels in wastewater were recorded at 0.0281 tons, well below the limit of 1.643 tons[146]. - The company disposed of 13.62 tons of hazardous waste, including paint sludge and waste mineral oil, in compliance with national regulations[146]. - The company achieved a noise level of 61/48(db) at various points, adhering to the industrial noise emission standards[146]. - The company is focused on maintaining compliance with environmental standards while managing waste and emissions effectively[145]. - The company has implemented strategies for waste reduction and environmental sustainability in its operations[145]. - Future outlook includes continued investment in pollution control technologies and compliance with stricter environmental regulations[145]. Shareholder and Equity Information - The company has initiated a non-public stock issuance plan, approved by the board in November 2019 and adjusted in February 2020[185]. - The company received approval from the China Securities Regulatory Commission for a non-public stock issuance application on May 20, 2020[186]. - As of the end of the reporting period, the total number of shares was 701,110,000, with 33.40% being limited sale shares[191]. - The number of limited sale shares increased by 45,625, resulting in a total of 234,141,745 limited sale shares[194]. - The company’s foreign shareholding increased from 136,875 shares (0.02%) to 182,500 shares (0.03%) after the issuance[191]. - The company’s unrestricted shares decreased by 45,625, resulting in a total of 466,968,255 unrestricted shares[191]. - The company’s major shareholder, Wu Ziwen, holds 215,837,550 shares, which are subject to a lock-up period[194]. - The company’s executive Zheng Yuqing resigned and retained 182,500 shares, which cannot be transferred within six months[191]. - The total number of shareholders and their respective holdings were not disclosed in this report[195]. - The company is preparing for the stock issuance review committee meeting as of July 18, 2020[186]. - The company’s stock issuance feedback from the regulatory body was received on June 8, 2020[186]. - The total number of common shareholders at the end of the reporting period is 29,083[196]. - The largest shareholder, Wu Ziwen, holds 41.05% of the shares, amounting to 287,783,400 shares[196]. - The second-largest shareholder, Wu Lizhu, holds 11.76% of the shares, totaling 82,416,600 shares[196]. - The company did not engage in any repurchase agreements during the reporting period[197]. - There were no changes in the controlling shareholder or actual controller during the reporting period[198]. - The top ten shareholders did not participate in margin trading during the reporting period[197].

Financial Performance - The company's operating revenue for Q1 2020 was ¥510,145,618.77, a decrease of 6.25% compared to ¥544,142,097.67 in the same period last year[7] - Net profit attributable to shareholders increased by 51.31% to ¥14,677,707.70 from ¥9,700,124.67 year-on-year[7] - Net profit for Q1 2020 increased by 68.96% to ¥14,903,543.15, driven by higher subsidy income and favorable exchange rate impacts[16] - The company's operating revenue for the current period is ¥147,882,872.70, a decrease of 40.6% compared to ¥249,486,859.22 in the previous period[43] - The net profit for the current period is -¥1,443,081.90, an improvement from -¥2,364,257.97 in the previous period, indicating a reduction in losses[44] Cash Flow and Liquidity - The net cash flow from operating activities was -¥99,636,059.99, representing a decline of 21.34% compared to -¥82,110,892.91 in the previous year[7] - Cash received from operating activities decreased by 51.30% to ¥29,234,150.11, mainly due to reduced bank guarantee deposits[16] - Cash and cash equivalents at the end of the period stand at ¥170,917,449.34, compared to ¥98,031,837.58 at the end of the previous period, showing an increase in liquidity[48] - The company raised ¥217,000,000.00 through borrowings, an increase from ¥162,329,991.45 in the previous period, indicating a strategy to enhance financial resources[48] - The total cash and cash equivalents at the end of the period amounted to CNY 93,854,290.74, an increase from CNY 49,127,255.89 in the previous year[51] Assets and Liabilities - Total assets at the end of the reporting period were ¥4,067,019,159.59, up 2.69% from ¥3,960,482,583.52 at the end of the previous year[7] - The total liabilities amounted to CNY 2,029,346,859.60, indicating a stable financial position[55] - The total equity attributable to shareholders was CNY 1,913,243,415.39, reflecting the company's strong capital base[55] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 32,743[10] - The largest shareholder, Wu Ziwen, holds 41.05% of the shares, totaling 287,783,400 shares[10] - The net assets attributable to shareholders increased by 0.80% to ¥1,928,540,809.39 from ¥1,913,243,415.39[7] Cost Management - Total operating costs for Q1 2020 were CNY 495,508,849.49, down 11.0% from CNY 532,542,872.49 in Q4 2019[39] - Total operating costs decreased to ¥136,056,404.45 from ¥228,142,846.74, resulting in improved cost management[43] Government Support and Subsidies - The company received government subsidies amounting to ¥8,401,332.03 during the reporting period[8] - Other income increased significantly by 284.01% to ¥8,401,332.03, mainly from increased government subsidies[16] Research and Development - Research and development expenses for Q1 2020 were CNY 5,589,604.13, an increase of 24.0% compared to CNY 4,513,750.95 in Q4 2019[39] - Research and development expenses increased significantly to ¥2,106,962.60, up from ¥713,227.47, reflecting a focus on innovation[43] Financial Management - Financial expenses decreased by 47.65% to ¥10,019,117.61, primarily due to exchange rate fluctuations[16] - The company incurred financial expenses of ¥6,463,351.96, down from ¥8,988,243.58, reflecting better financial management[43] Compliance and Governance - The company reported no violations regarding external guarantees during the reporting period[25] - There were no non-operating fund occupations by controlling shareholders or their affiliates during the reporting period[26] - The company has not undergone an audit for the Q1 2020 report[59] - The company is implementing new revenue and leasing standards starting from 2020, which may impact future financial reporting[58]

Financial Performance - The company's operating revenue for 2019 was ¥2,636,332,363.60, a decrease of 9.16% compared to ¥2,902,153,339.54 in 2018[16] - The net profit attributable to shareholders was ¥82,394,010.40, representing a slight increase of 0.96% from ¥81,613,794.66 in the previous year[16] - The net profit after deducting non-recurring gains and losses was ¥73,905,135.70, up by 5.89% from ¥69,791,514.40 in 2018[16] - The net cash flow from operating activities was ¥40,710,998.35, a significant decline of 56.84% compared to ¥94,319,311.82 in 2018[16] - The total assets at the end of 2019 were ¥3,960,482,583.52, an increase of 0.57% from ¥3,938,224,547.76 at the end of 2018[16] - The net assets attributable to shareholders increased by 1.79% to ¥1,913,243,415.39 from ¥1,879,516,127.85 in 2018[16] - The basic earnings per share remained stable at ¥0.11, unchanged from the previous year[16] - The company reported a total of 69,691 million shares eligible for profit distribution after excluding 4.2 million shares repurchased[4] - The total profit amounted to CNY 94.77 million, an increase of 8.67% year-on-year, and the net profit attributable to shareholders was CNY 82.39 million, up 0.96% from the previous year[54] - The total operating revenue for 2019 was 2,636,332,363.60 CNY, a decrease of 9.16% from 2018[62] Dividends and Shareholder Returns - The company plans to distribute a cash dividend of ¥0.5 per 10 shares, based on a total share base of 69,691 million shares[4] - The company proposed a cash dividend of RMB 0.5 per 10 shares for 2019, totaling RMB 34,845,500, which is 42.29% of the net profit attributable to ordinary shareholders[130] - The cash dividend for 2018 was RMB 35,055,500, representing 42.95% of the net profit attributable to ordinary shareholders[130] - The total cash dividend for 2019, including other methods, accounted for 75.71% of the distributable profit of RMB 46,023,671.09[132] - The company has maintained a consistent cash dividend policy over the past three years[130] Research and Development - The company has a 200-person R&D and project management team, enhancing its competitive edge in complex steel structure projects[40] - Research and development expenses increased by 45.77% to ¥13,947,975.70, reflecting a commitment to enhancing technological capabilities[73] - The company is actively developing forged aluminum wheels as a key future product direction, indicating a shift towards lightweight materials[24] - The company plans to increase R&D investment in automotive wheels, focusing on lightweight, energy-saving, environmentally friendly, and safe new products, while also enhancing design technologies in steel structures[109] Market and Business Strategy - The company focuses on the R&D, design, production, and sales of steel structures and automotive wheels, with a strong emphasis on metal products[24] - The automotive wheel business employs a direct sales model to OEMs and a distribution model for the aftermarket, ensuring a comprehensive sales network[28] - The company aims to leverage its core competencies in scale, brand, and technology to increase market share and profitability in the competitive landscape[31] - The company anticipates that the demand for tubeless wheels will continue to grow, driven by high entry barriers and significant capital investment in technology[31] - The company plans to leverage its experience in lightweight heavy-duty wheels to capture opportunities in the domestic market, especially in the context of new energy vehicle promotion policies[57] Environmental and Social Responsibility - The company emphasizes environmental protection, actively engaging in energy-saving and emission-reduction activities, and aims to build a resource-saving and environmentally friendly enterprise[177] - The company has constructed a wastewater treatment plant with a capacity of 300m³/d to handle wastewater generated from acid washing and painting processes[198] - The company has implemented a solid waste pollution prevention strategy, including a hazardous waste storage facility managed by qualified disposal agencies[197] - The company has organized emissions of various pollutants, including 0.017 tons of hydrochloric acid and 0.127 tons of xylene, adhering to local air pollution discharge standards[180] Corporate Governance - The company has established a sound corporate governance structure to ensure the protection of shareholders' and creditors' rights, with a commitment to accurate and timely information disclosure[174] - The company actively accepted supervision from various sectors and improved its corporate governance system[173] - The company has not reported any non-operating fund occupation by controlling shareholders or related parties during the reporting period[136] - The company has not faced any situations that could lead to suspension or termination of listing following the annual report disclosure[145] Operational Challenges and Risks - The company faces risks from macroeconomic policy changes, raw material price fluctuations, and international market impacts, which could affect its operations[117][118][119] - The company will enhance cash flow management by improving accounts receivable and inventory management to ensure timely cash recovery and reduce financial costs[115] - The company plans to adjust the balance between export and domestic sales, as well as between wheel and steel structure businesses[104] Subsidiaries and International Presence - The subsidiary Xiamen New Changcheng reported total assets of 1,300,028,640 CNY and a net profit of 23,229,239.6 CNY for the reporting period[87] - The subsidiary Vietnam NCC reported total assets of 167,491,941 CNY and a net profit of 43,907,752.8 CNY for the reporting period[87] - The subsidiary Sichuan Rishang reported total assets of 544,221,882 CNY and a net profit of 10,021,217.7 CNY for the reporting period[87] - The company exported nearly half of China's heavy-duty steel wheels to the US in 2018, maintaining its market share in 2019[100]

Financial Performance - The company's operating revenue for 2017 was CNY 1,991,149,040.52, representing a 40.72% increase compared to CNY 1,414,950,843.13 in 2016[15]. - The net profit attributable to shareholders for 2017 was CNY 67,848,077.48, a decrease of 1.45% from CNY 68,843,323.13 in 2016[15]. - The net cash flow from operating activities was negative CNY 38,104,352.79, a decline of 123.31% compared to CNY 163,444,925.68 in 2016[15]. - Total assets at the end of 2017 amounted to CNY 3,787,230,817.75, an increase of 8.38% from CNY 3,494,403,597.61 at the end of 2016[15]. - The net assets attributable to shareholders at the end of 2017 were CNY 1,829,374,805.30, reflecting a 1.86% increase from CNY 1,796,037,394.78 at the end of 2016[15]. - Basic earnings per share for 2017 remained at CNY 0.10, unchanged from 2016[15]. - The weighted average return on equity for 2017 was 3.71%, a slight decrease from 3.89% in 2016[15]. - The company reported a decrease in net profit after deducting non-recurring gains and losses, which was CNY 44,170,023.60, down 3.03% from CNY 45,548,188.94 in 2016[15]. Revenue Breakdown - The company achieved an operating revenue of 1,991.15 million CNY in 2017, a year-on-year increase of 40.72%[42]. - The overseas business revenue reached 862.58 million CNY, growing by 24.88% and accounting for 43.32% of the main business revenue[42]. - The steel structure business generated an operating revenue of 975.28 million CNY, reflecting a year-on-year growth of 33.42%[43]. - The automotive steel wheel segment generated revenue of ¥870,436,591.33, up 47.41% from the previous year, while the steel structure segment saw revenue of ¥975,280,256.49, an increase of 33.42%[55]. Investment and Cash Flow - Operating cash inflow rose by 36.50% to 2,145,198,692.83 CNY in 2017, driven by increased sales revenue[71]. - Operating cash outflow increased by 55.05% to 2,183,303,045.62 CNY, primarily due to higher raw material procurement costs[72]. - Investment cash inflow grew by 44.36% to 945,439,835.62 CNY, mainly from the redemption of financial products[73]. - Net cash flow from investment activities surged by 453.38%, reaching 106,612,268.89 CNY[74]. Dividends and Profit Distribution - The company plans to distribute a cash dividend of CNY 0.50 per 10 shares, based on a total of 701,145,000 shares[4]. - The company reported a cash dividend of CNY 35,057,250.00 for 2017, which represents 51.67% of the net profit attributable to ordinary shareholders[128]. - The cash dividend for 2016 was CNY 34,965,000.00, accounting for 50.79% of the net profit attributable to ordinary shareholders[129]. - The company has committed to a profit distribution plan for the years 2015-2017, ensuring that cumulative cash distributions do not fall below 30% of the average annual distributable profit achieved in the last three years[133]. Research and Development - The company has a strong R&D team of over 80 members, specializing in steel structure design and technology, which provides a competitive edge in both domestic and international markets[28]. - R&D investment is a priority for the company, focusing on new products and technologies to enhance market competitiveness[69]. - R&D investment increased by 37.59% from 62,550,905.68 CNY in 2016 to 86,063,897.56 CNY in 2017[70]. - The company will enhance research and development efforts in lightweight and environmentally friendly products, including optimizing technologies for tubeless steel wheels[107]. Environmental Responsibility - The company emphasizes environmental protection, actively engaging in energy-saving and emission-reduction activities[169]. - The company is classified as a key pollutant discharge unit, with total COD emissions of 4.746 tons, exceeding the approved limit of 3.07 tons[170]. - The company has established multiple pollution control facilities, including a wastewater treatment plant and an organic waste gas treatment facility, all operating normally[174]. - The company reported a total emission of 14.714 tons of COD, exceeding the limit by 2.676 tons[172]. Corporate Governance - The company has established a comprehensive corporate governance structure to ensure the protection of shareholder and creditor rights, with a commitment to timely and accurate information disclosure[167]. - The company has not engaged in any significant related party transactions during the reporting period[147]. - The company has not reported any major accounting errors requiring restatement during the reporting period[136]. - The company has established measures to prevent potential competition with its controlled enterprises through governance structures[132]. Market Position and Strategy - The company is focusing on high-end steel structure manufacturing, leveraging its technical expertise to meet the growing demand in the industry[43]. - The company aims to transition from a steel structure manufacturer to a comprehensive building system provider, focusing on green and prefabricated construction solutions[46]. - The company is actively developing smart wheel solutions, integrating various technologies to enhance vehicle management and operational efficiency[51]. - The company plans to invest RMB 1 billion to establish an annual production capacity of 1.25 million aluminum alloy forged wheels, with an initial investment of RMB 250 million[110].

Financial Performance - The company's operating revenue for 2018 was CNY 2,902,153,339.54, representing a 45.75% increase compared to CNY 1,991,149,040.52 in 2017[16]. - The net profit attributable to shareholders for 2018 was CNY 81,613,794.66, which is a 20.29% increase from CNY 67,848,077.48 in 2017[16]. - The net profit after deducting non-recurring gains and losses was CNY 69,791,514.40, marking a significant increase of 58.01% from CNY 44,170,023.60 in 2017[16]. - The net cash flow from operating activities was CNY 94,319,311.82, a remarkable turnaround from a negative cash flow of CNY -38,104,352.79 in 2017, representing a 347.53% increase[16]. - The total operating costs for 2018 were CNY 2,827.65 million, reflecting a year-on-year increase of 45.48%[51]. - The total profit for 2018 was CNY 87.21 million, up 14.44% compared to the previous year[51]. - The gross profit margin for the metal products industry decreased by 3.68% to 13.39% compared to the previous year[63]. - The cash dividend payout ratio for 2018 was 80.85% of the total distributable profit of RMB 43,356,393.48[131]. Revenue Breakdown - The company's total revenue for Q1 was approximately CNY 635.8 million, Q2 was CNY 824.0 million, Q3 was CNY 762.7 million, and Q4 was CNY 679.7 million[19]. - The net profit attributable to shareholders for Q1 was CNY 9.6 million, Q2 was CNY 32.2 million, Q3 was CNY 19.8 million, and Q4 was CNY 20.1 million[19]. - Overseas business revenue reached CNY 1,141.56 million, marking a year-on-year growth of 32.34%[51]. - Revenue from the metal products industry (steel structures) was ¥1,613,115,942.99, accounting for 55.58% of total revenue, with a year-on-year growth of 65.40%[60]. - Domestic revenue increased by 56.00% to ¥1,760,591,396.97, while international revenue rose by 32.34% to ¥1,141,561,942.57[60]. Assets and Liabilities - The total assets at the end of 2018 were CNY 3,938,224,547.76, which is a 3.99% increase from CNY 3,787,230,817.75 at the end of 2017[16]. - The net assets attributable to shareholders at the end of 2018 were CNY 1,879,516,127.85, reflecting a 2.74% increase from CNY 1,829,374,805.30 in 2017[16]. - The company's fixed assets at the end of 2018 amounted to 916.21 million yuan, representing a 26.31% increase compared to the beginning of the year[34]. - The company's short-term borrowings increased to ¥804,952,304.00, up 20.44% from the previous year[83]. Research and Development - The company focuses on the R&D, design, production, and sales of steel structures and automotive wheels, with a strong emphasis on high-strength steel and aluminum wheels as future product development directions[24]. - The total R&D investment amounted to ¥102,250,711.98, an 18.81% increase compared to the previous year[74]. - The company has a research and design team of over 80 people, with extensive experience in steel structure design, particularly in node and detail design, benefiting from collaborations with major international EPC companies[39]. Market Position and Strategy - The company is positioned within the "C manufacturing" category, specifically in metal structure manufacturing and automotive parts, benefiting from national policies promoting green and energy-efficient products[30]. - The company has transitioned its main business focus from traditional steel structure manufacturing to providing integrated systems for green building[42]. - The company aims to leverage its expertise in high-strength materials to innovate and upgrade its product offerings in the automotive sector, particularly in lightweight steel wheels[54]. - The company plans to enhance its product structure and overall gross margin by developing supporting products for steel structure engineering, transitioning from a single manufacturer to a "green building industrial integration system provider"[105]. Operational Efficiency - The company has implemented a robust ERP management system to streamline production processes and enhance operational efficiency[26]. - The company has established a comprehensive procurement management system to control inventory and ensure the quality of raw materials, sourcing from leading steel manufacturers[25]. - The company has modern steel structure processing bases in Zhangzhou and Nanchong, equipped with advanced processing equipment, ensuring high product quality and production efficiency[40]. Shareholder Relations and Governance - The company has maintained a consistent cash dividend policy over the past three years, with slight variations in the payout amounts[131]. - The company is committed to maintaining a stable governance structure and enhancing investor relations to minimize operational risks[114]. - The company has not experienced any non-operating fund occupation by controlling shareholders or related parties during the reporting period[136]. Environmental and Social Responsibility - The company emphasizes environmental protection, implementing advanced environmental management systems and ensuring that all pollutants discharged meet regulatory standards[174]. - The company has actively engaged in social responsibility initiatives, including a total investment of RMB 13,000 in poverty alleviation efforts, with specific allocations for health and education[172]. - The company is committed to energy conservation and emission reduction, focusing on the development of energy-efficient products and processes[171].

Financial Performance - Operating revenue for the reporting period was ¥639,660,703.73, a decrease of 16.13% year-on-year[7]. - Net profit attributable to shareholders was ¥20,701,707.50, an increase of 4.53% compared to the same period last year[7]. - Cash flow from operating activities showed a net outflow of ¥53,090,380.97, a decline of 68.76% year-on-year[7]. - Financial expenses increased by 59.80% year-on-year, attributed to higher loan interest and exchange losses due to RMB depreciation against the USD[24]. - Investment income decreased by 165.19% year-on-year, primarily due to losses from forward foreign exchange contracts[25]. - Non-operating income increased by 177.24% year-on-year, primarily due to insurance claims received during the period[15]. - Non-operating expenses decreased by 31.91% compared to the same period last year, mainly due to reduced expenses for scrapped equipment[16]. - The total comprehensive income for Q3 2019 was CNY 22.56 million, compared to CNY 19.08 million in the same quarter of the previous year[64]. - The company reported a total profit of CNY 11,918,051.48, which is a 57.5% increase compared to CNY 7,564,594.08 in the previous year[67]. - The net profit for the third quarter of 2019 was CNY 11,693,744.94, an increase of 28.5% compared to CNY 9,104,045.89 in the same period last year[73]. Assets and Liabilities - Total assets at the end of the reporting period reached ¥3,981,702,683.58, an increase of 1.10% compared to the end of the previous year[7]. - The company's total liabilities were CNY 2,066,048,909.07, up from CNY 2,038,510,965.75, indicating a slight increase in leverage[54]. - The company's equity attributable to shareholders increased to CNY 1,895,873,789.76 from CNY 1,879,516,127.85, showing a growth of approximately 0.8%[55]. - The total liabilities of the company were CNY 851.28 million as of September 30, 2019, down 7.4% from CNY 919.47 million at the end of 2018[60]. - Total equity as of September 30, 2019, was CNY 1,466.60 million, a decrease of 2.4% from CNY 1,503.37 million at the end of 2018[60]. Cash Flow - Cash received related to operating activities increased by 115.68% compared to the previous period, mainly due to an increase in bill deposits[30]. - Cash paid related to operating activities increased by 88.50% compared to the previous period, primarily due to an increase in bill deposits and receivables[31]. - The total cash inflow from operating activities was CNY 2,147,711,135.77, slightly down from CNY 2,173,723,770.62 in the previous year, representing a decrease of 1.2%[76]. - The cash outflow from operating activities totaled CNY 2,183,276,643.09, compared to CNY 2,206,663,204.82 in the previous year, indicating a decrease of 1.1%[76]. - The net cash flow from operating activities was negative at CNY -35,565,507.32, worsening from CNY -32,939,434.20 in the same quarter last year[76]. - The cash flow from investing activities showed a net outflow of CNY -54,846,730.61, compared to CNY -49,979,747.52 in the previous year, reflecting a decline of 9.4%[77]. - The cash flow from financing activities resulted in a net outflow of CNY -99,783,605.62, compared to CNY -34,266,605.23 in the same period last year, indicating a significant increase in outflow[77]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 29,665[11]. - The company repurchased a total of 4,200,000 shares, accounting for 0.60% of the total share capital, with a total transaction amount of 15,994,981 yuan[42]. Operational Metrics - Prepayments increased by 102.93% compared to the beginning of the year, primarily due to increased advance payments for main materials (steel)[15]. - Accounts payable increased by 45.40% compared to the beginning of the year, mainly due to increased purchases of main materials (steel)[18]. - The company's current assets totaled CNY 2,814,413,609.26, slightly up from CNY 2,797,515,232.87 at the end of 2018, with cash and cash equivalents decreasing from CNY 669,265,417.33 to CNY 372,001,090.16[52]. - Accounts receivable increased to CNY 578,847,403.22 from CNY 521,369,054.30, indicating a growth of approximately 11% year-over-year[52]. - Inventory levels rose to CNY 1,602,017,671.25, compared to CNY 1,415,711,189.52 at the end of 2018, reflecting a growth of about 13.2%[52]. - Short-term borrowings decreased significantly from CNY 804,952,304.00 to CNY 699,100,000.00, a reduction of about 13.1%[53]. - The company did not engage in any entrusted wealth management activities during the reporting period[48]. Research and Development - Research and development expenses for Q3 2019 amounted to CNY 8.91 million, indicating ongoing investment in innovation[62]. - Research and development expenses amounted to CNY 8,912,756.98, indicating ongoing investment in innovation[68].

Financial Performance - The company's operating revenue for the first half of 2019 was approximately ¥1.27 billion, a decrease of 13.15% compared to the same period last year[17]. - The net profit attributable to shareholders was approximately ¥42.80 million, an increase of 2.57% year-on-year[17]. - The net cash flow from operating activities was approximately ¥17.52 million, down 87.21% compared to the previous year[17]. - Total assets at the end of the reporting period were approximately ¥4.07 billion, an increase of 3.42% from the end of the previous year[17]. - The net assets attributable to shareholders decreased by 0.33% to approximately ¥1.87 billion compared to the end of the previous year[17]. - The basic earnings per share remained unchanged at ¥0.06[17]. - The total operating revenue for the reporting period was 1,267,777,940.49 RMB, reflecting a decline of 13.15% compared to the previous year, primarily due to reduced steel structure orders[59]. - The total operating costs were CNY 121,880.66 million, down 13.26% year-on-year[52]. - The total profit amounted to CNY 5,021.41 million, a slight decrease of 0.26% year-on-year[52]. - The net profit attributable to shareholders was CNY 4,279.75 million, an increase of 2.57% compared to the previous year[52]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 3,885.66 million, a year-on-year growth of 0.20%[52]. Business Operations - The company has not made any significant changes to its business operations or financial reporting standards during the reporting period[15]. - The company's main business includes the research, design, production, and sales of steel structures and automotive wheels, with a focus on tubeless steel wheels and shaped steel wheels as the primary mass-produced products[25]. - The company has achieved a 91.65% increase in construction projects, primarily due to increased investments in the subsidiary's forging project during the reporting period[36]. - The company has established a robust ERP management system, enabling comprehensive tracking of production processes and quality management from raw material procurement to product installation[39]. - The company has received multiple certifications, including ISO9001 and AISC, which support its capability to undertake domestic and international steel structure projects[38]. - The company has established a global sales network for its steel wheels, with a dual sales model combining direct sales to OEMs and distribution through AM markets[30]. - The company is recognized as a leading automotive steel wheel manufacturer in China, ranking among the top 100 automotive parts companies in 2018[35]. - The company focuses on developing high-strength wheel steel in collaboration with leading steel manufacturers, aiming to replace imported materials[26]. - The company benefits from national policies promoting green building and steel structures, which are expected to enhance market demand and profitability in the steel structure industry[34]. - The company has a competitive advantage in the steel structure sector due to its geographical location, allowing efficient distribution across domestic and international markets[35]. Research and Development - The company has over 80 members in its steel structure R&D design team, with significant experience in node and detailed design[41]. - The company has completed R&D testing for over ten varieties of forged aluminum wheels, receiving multiple certifications from authoritative institutions, which supports future product upgrades[56]. - The company's R&D expenses grew by 31.15% year-on-year, reflecting increased investment in research and development activities[68]. Financial Management - The company plans not to distribute cash dividends or issue bonus shares[5]. - The company aims to transition from a single steel structure manufacturer to a comprehensive building materials provider, enhancing its competitive edge through joint ventures[57]. - Domestic revenue accounted for 63.87% of total operating income, while international revenue made up 36.13%, both showing declines of 14.93% and 9.82% respectively[63]. - The company is focusing on high-end steel structure products and strengthening partnerships with major EPC firms to enhance market presence[53]. - The company has not distributed cash dividends or bonus shares for the half-year period[90]. - The company has not faced any major litigation or arbitration matters during the reporting period[95]. - The company is closely monitoring macroeconomic policy changes to adjust its operational strategies accordingly[82]. Environmental Impact - Xiamen Rishang Group is classified as a key pollutant discharge unit by environmental protection authorities[118]. - The company reported a total COD (Chemical Oxygen Demand) discharge of 1.93 tons, with a concentration of 73 mg/L, exceeding the standard by 3.07 tons annually[119]. - BOD (Biochemical Oxygen Demand) discharge was recorded at 0.66 tons, with a concentration of 24.9 mg/L, compliant with the pollution control standards[119]. - Ammonia nitrogen discharge was 0.07 tons, with a concentration of 2.76 mg/L, also compliant with the standards[119]. - Total phosphorus discharge was 0.0008 tons, with a concentration of 0.03 mg/L, meeting the pollution control standards[119]. - The company has organized emissions from 1 discharge point for various pollutants, including SS (Suspended Solids) at 0.4 tons and a concentration of 15 mg/L[119]. - The company reported a total of 29.19 tons of hazardous waste, including paint sludge and waste mineral oil, disposed of through entrusted handling[120]. - The company has established a wastewater treatment plant with a processing capacity of 15 m³/h to treat wastewater generated from acid washing and painting processes[124]. - The company has implemented an acid mist tower to treat hydrochloric acid waste gas, achieving a discharge concentration of 9.03 mg/m³, well below the limit of 100 mg/m³[122]. - The company has constructed an organic waste gas treatment facility that utilizes adsorption and catalytic combustion processes to ensure compliance with emission standards[124]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 35,900[148]. - The largest shareholder, Wu Ziwen, holds 41.05% of the company's shares, totaling 71,945,850 shares[148]. - The company did not undergo any changes in its controlling shareholder or actual controller during the reporting period[150]. - The company’s management team saw no changes in shareholding during the reporting period[154]. - The company reported a total of 234,526,620 restricted shares at the end of the reporting period[146]. Market Challenges - The company faces risks from fluctuations in steel prices, which significantly impact operating costs, and has implemented strategies to mitigate these risks[83]. - The company is exposed to international market risks, particularly from the US-China trade tensions affecting its export business[84]. - The company is currently undergoing investigations related to anti-dumping in Argentina and the EU, which may affect its market operations[136]. - The company faced anti-dumping and countervailing investigations from foreign competitors due to escalating US-China trade tensions, impacting its export of wheel and steel structure products[138]. - The final anti-dumping tax rates imposed by the US on Chinese steel wheels were 231.7% for anti-dumping and 457.1% for countervailing duties as of March 22, 2019[135]. Corporate Governance - The company has established a corporate governance structure including a shareholders' meeting, board of directors, and supervisory board[198]. - The financial report was approved by the board of directors on August 26, 2019[200].

Revenue and Profit - Revenue for Q1 2019 was CNY 544,142,097.67, a decrease of 14.42% compared to CNY 635,800,124.74 in the same period last year[7] - Net profit attributable to shareholders was CNY 9,700,124.67, an increase of 1.44% from CNY 9,562,175.10 year-on-year[7] - Total operating revenue for Q1 2019 was CNY 544,142,097.67, a decrease of 14.4% compared to CNY 635,800,124.74 in Q1 2018[51] - The total profit for Q1 2019 was ¥11,976,442.38, down from ¥12,947,234.49, reflecting a decrease of 7.48%[52] - The company reported a comprehensive income total of ¥8,239,704.28 for Q1 2019, compared to ¥7,858,057.63 in the previous year, indicating an increase of 4.84%[53] Cash Flow and Liquidity - Net cash flow from operating activities was negative CNY 82,110,892.91, a decline of 274.96% compared to CNY 46,930,792.76 in the previous year[7] - The company's cash and cash equivalents decreased by 34.20% compared to the beginning of the period, primarily due to a decline in cash receipts from sales[15] - The company's cash and cash equivalents decreased to CNY 194,040,848.23 from CNY 283,431,607.91, indicating a need for cash flow management[46] - Total cash and cash equivalents at the end of the period were 49,127,255.89 yuan, down from 92,406,461.64 yuan in the previous period, indicating a significant decrease in liquidity[60] - The company reported a net cash flow from operating activities of -43,803,943.41 yuan, compared to -11,087,686.79 yuan in the previous period, indicating a decline in operational cash flow[59] Assets and Liabilities - Total assets at the end of the reporting period were CNY 3,891,488,725.83, down 1.19% from CNY 3,938,224,547.76 at the end of the previous year[7] - As of March 31, 2019, total assets amounted to CNY 2,382,773,742.17, a decrease from CNY 2,422,843,324.84 at the end of 2018[50] - The total liabilities decreased to CNY 890,133,382.72 from CNY 919,471,085.25 at the end of 2018, reflecting improved financial stability[49] - The total equity attributable to shareholders increased slightly to CNY 1,880,267,700.90 from CNY 1,879,516,127.85[45] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 27,570[11] - The top shareholder, Wu Ziwen, holds 41.05% of the shares, with 215,837,550 shares pledged[11] Expenses and Costs - Total operating costs for Q1 2019 were CNY 534,875,665.42, down 14.4% from CNY 624,475,895.17 in the same period last year[51] - Sales expenses decreased by 34.96% compared to the same period last year, attributed to a decline in sales and reduced shipping costs[19] - The company incurred a loss of ¥2,364,257.97 in net profit for the parent company, an improvement from a loss of ¥3,272,671.99 in the same period last year[56] Financing Activities - Cash received from borrowings increased by 47.57% compared to the same period last year, primarily due to an increase in borrowings[26] - Cash paid for debt repayment increased by 43.59% compared to the same period last year, primarily due to an increase in repayments[28] - Cash inflow from financing activities totaled 86,000,000.00 yuan, an increase from 73,000,000.00 yuan in the previous period, reflecting improved financing efforts[60] - The cash outflow for repayment of debts was 262,057,304.00 yuan, compared to 182,500,000.00 yuan in the previous period, indicating higher debt servicing costs[58] Other Income and Investments - Other income increased by 212.89% year-on-year, primarily due to an increase in government subsidies received[21] - The investment income for Q1 2019 was reported as a loss of ¥855,700.00, compared to a gain of ¥119,351.25 in the previous year[55] - The company’s cash flow from investment activities was significantly impacted by a cash outflow of 23,051,221.99 yuan for fixed asset purchases, slightly lower than the previous period's outflow[58]