Financial Performance - The company's operating revenue for Q3 2022 was ¥357,746,220.50, a decrease of 58.82% compared to the same period last year[6]. - The net profit attributable to shareholders was -¥150,296,820.41, representing a decline of 30.57% year-on-year[6]. - The net profit after deducting non-recurring gains and losses was -¥151,280,159.45, down 33.83% from the previous year[6]. - Total operating revenue for the period was CNY 1,312,594,942.81, a decrease of 47.4% compared to CNY 2,499,932,254.00 in the previous period[34]. - The net profit for the current period was -466,615,948.64 CNY, compared to -341,667,638.45 CNY in the previous period, indicating a worsening of 36.6%[40]. - The total comprehensive income attributable to the parent company was -451,770,663.80 CNY, compared to -318,273,909.89 CNY in the previous period, reflecting a decrease of approximately 42.0%[39]. - The total profit for the current period was -606,811,843.77 CNY, compared to -432,786,500.57 CNY in the previous period, indicating an increase in losses of approximately 40.2%[40]. - The company experienced an operating profit of -587,831,321.56 CNY, worsening from -430,985,388.86 CNY in the previous period, indicating an increase in losses of approximately 36.4%[40]. Assets and Liabilities - The total assets at the end of the reporting period were ¥8,620,430,218.43, a decrease of 4.80% from the end of the previous year[6]. - The equity attributable to shareholders decreased by 40.07% to ¥673,467,704.98 compared to the end of the previous year[6]. - The company’s total assets as of September 30, 2022, were ¥7,088,415,691.34, down from ¥7,608,383,518.45 at the beginning of the year[27]. - Total liabilities reached CNY 8,176,861,609.74, slightly up from CNY 8,148,003,393.13[33]. - The company’s total assets were CNY 8,620,430,218.43, down from CNY 9,054,901,259.51[33]. - The company recorded a credit impairment loss of -¥79,106,941.90, an increase of 335.55% year-on-year[15]. - The company reported a credit impairment loss of -79,106,941.90 CNY, which is significantly higher than -18,162,494.28 CNY in the previous period[40]. - The company’s total liabilities included a significant increase in interest payable, which rose by 1017.00% to ¥263,819,393.48[11]. Cash Flow - The company reported a significant decline in cash flow from operating activities, with a net cash flow of ¥17,063,131.05, down 96.79% year-on-year[6]. - The net cash flow from operating activities decreased by 96.79% to ¥17,063,131.05 compared to ¥531,627,268.59 in the same period last year, primarily due to a decline in sales and slow collection of accounts receivable[17]. - The net cash flow from investing activities improved by 39.83%, amounting to -¥4,960,214.95, as fixed asset expenditures decreased compared to the previous year[17]. - The net cash flow from financing activities increased by 93.13% to -¥41,633,493.33, mainly due to a reduction in cash used for repaying financing and interest payments[17]. - The cash inflow from financing activities was 2,401,160,000.00 CNY, an increase from 2,254,595,708.34 CNY in the previous period, representing a growth of about 6.5%[43]. Research and Development - The company’s R&D expenses were ¥1,216,275.23, a reduction of 42.40% compared to the same period last year[12]. - Research and development expenses were CNY 1,216,275.23, down from CNY 2,111,770.74, a decrease of 42.4%[34]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 41,131, with the largest shareholder, Beijing Haixin Asset Management Co., Ltd., holding 29.98% of shares[18]. - The company has not identified any participation in margin trading by the top ten shareholders as of September 30, 2022[18]. Inventory and Receivables - Accounts receivable as of September 30, 2022, stood at ¥2,179,573,760.87, down from ¥2,281,253,319.00 at the beginning of the year[27]. - Inventory decreased to ¥4,064,979,365.28 from ¥4,185,868,766.12, indicating a reduction in stock levels[27].

Financial Performance - The company's operating revenue for the first half of 2022 was ¥954,848,722.31, a decrease of 41.46% compared to ¥1,631,212,967.67 in the same period last year[26]. - The net profit attributable to shareholders was -¥303,216,524.34, representing a decline of 49.38% from -¥202,988,301.49 year-on-year[26]. - The basic earnings per share were -¥0.32, down 52.38% from -¥0.21 in the previous year[26]. - The total assets at the end of the reporting period were ¥8,669,983,457.08, a decrease of 4.25% from ¥9,054,901,259.51 at the end of the previous year[26]. - The net assets attributable to shareholders decreased by 26.92% to ¥821,233,953.23 from ¥1,123,694,358.78 at the end of the previous year[26]. - The net cash flow from operating activities was ¥26,324,595.70, a significant drop of 93.56% compared to ¥408,999,043.25 in the same period last year[26]. - The company reported a significant drop in gold jewelry consumption by 7.98% year-on-year, amounting to 320.73 tons, influenced by the ongoing pandemic and high base effects from the previous year[34]. - The company reported a net loss from investment income of -355,628.20 CNY, which accounted for 0.09% of total profit[58]. - The company reported a significant increase in interest payable, rising from CNY 23,618,547.14 to CNY 222,694,452.29, an increase of approximately 841.5%[163]. - The company reported a net loss of CNY 317,132,261.73 for the first half of 2022, compared to a net loss of CNY 222,767,234.74 in the same period of 2021, indicating a worsening of 42.3%[169]. Operational Highlights - In the first half of 2022, the company's main business remained focused on the research, design, production, and sales of precious metal crafts and gold jewelry, with a notable decline in national gold consumption by 12.84% year-on-year, totaling 476.82 tons[34]. - The company expanded its banking channels by adding 47 new ones, bringing the total to 129, and launched 14 new products across various categories during the reporting period[35]. - Sales expenses decreased by 23.13% and management expenses decreased by 7.85% compared to the same period in 2021, reflecting the company's commitment to cost reduction and efficiency improvement[39]. - The company utilized various e-commerce platforms, including Douyin and Kuaishou, to enhance brand visibility and sales, leveraging popular media and cultural themes for marketing[36]. - The company launched new products themed around the Year of the Tiger, integrating traditional cultural elements into its designs to attract consumer interest[40]. - The company sold 326,796 finished products, accounting for 43.69% of total production, while 142,740 were outsourced, making up 19.08%[46]. - The retail sales revenue reached 26,792.31 million yuan with a gross margin of 21.68%[46]. - The company closed 15 direct-operated stores during the reporting period, with the closed stores generating a total revenue of ¥986.41 million in the first half of 2022[50]. Challenges and Risks - The company faced significant risks and challenges, which are detailed in the management discussion and analysis section of the report[4]. - The company faces risks from macroeconomic conditions, raw material price fluctuations, market competition, strategic transformation, and ongoing pandemic impacts[81]. - The company faced a loss of approximately 17.42 million CNY due to provisions for pending litigation during the reporting period[33]. - The company is involved in a significant lawsuit with a claim amount of 651.69 million yuan, which has formed an estimated liability[103]. Shareholder and Management Information - The company held two temporary shareholder meetings and one annual shareholder meeting during the reporting period, with investor participation rates of 10.41%, 40.78%, and 37.03% respectively[85]. - The company plans not to distribute cash dividends or issue bonus shares for the half-year period[88]. - There were no changes in the company's board of directors, supervisors, or senior management during the reporting period[87]. - The company emphasizes the protection of shareholder and creditor rights, ensuring fair treatment and timely information disclosure[93]. - The company has not engaged in any significant equity or non-equity investments during the reporting period[71]. Financial Position - The company's total equity decreased from CNY 906,897,866.38 to CNY 590,521,723.44, a decline of about 34.9%[163]. - The company reported a significant impairment loss of -60,457,506.66 CNY due to bad debts, which accounted for 14.79% of total profit[58]. - The total liabilities as of June 30, 2022, were CNY 8,079,461,733.64, down from CNY 8,148,003,393.13, a decrease of about 0.84%[163]. - The company's cash and cash equivalents decreased to 255,630,017.22 CNY, accounting for 2.95% of total assets, down from 4.92% at the end of the previous year[60]. - The accounts receivable stood at 2,202,167,646.33 CNY, which is 25.40% of total assets, showing a slight increase of 0.21% compared to the previous year[60]. Compliance and Governance - The company strictly adhered to environmental protection laws and regulations, with no violations or administrative penalties reported during the period[92]. - The company has implemented energy-saving measures and promotes sustainable development practices[95]. - The company has not initiated any equity incentive plans or employee stock ownership plans during the reporting period[89]. - The independent directors provided prior approval and consent for the related party transactions[115]. - The company did not have any significant related party transactions other than those mentioned[116].

Business Operations and Changes - The company reported a significant change in its major business operations, with no alterations since its listing[26]. - The controlling shareholder changed in April 2020, with Haixin Assets becoming the major shareholder after acquiring 149,383,805 shares from the previous shareholder, Bikuang Longxiang[26]. - The company’s registered address has changed multiple times, with the current address being No. 11, 9th Floor, 69 Fuxing Road, Haidian District, Beijing[22]. - The company’s official website is www.king1.com.cn, providing access to its financial reports and other disclosures[22]. - The company has a dedicated board secretary and securities representative for investor relations, ensuring effective communication[22]. Financial Performance - The company's operating revenue for 2021 was ¥2,950,792,946.32, a decrease of 24.26% compared to ¥3,896,180,389.56 in 2020[29]. - The net profit attributable to shareholders for 2021 was -¥1,289,062,353.36, an improvement of 49.64% from -¥2,559,932,726.07 in 2020[29]. - The net cash flow from operating activities for 2021 was ¥403,528,080.56, a significant increase of 822.86% compared to -¥55,823,607.04 in 2020[29]. - The total assets at the end of 2021 were ¥9,054,901,259.51, down 12.19% from ¥10,311,633,010.64 at the end of 2020[29]. - The net assets attributable to shareholders at the end of 2021 were ¥1,123,694,358.78, a decrease of 54.01% from ¥2,443,346,795.31 at the end of 2020[29]. - The company reported a basic earnings per share of -¥1.35 for 2021, improving by 54.85% from -¥2.99 in 2020[29]. - The company experienced a net loss of -¥970,963,823.97 in the fourth quarter of 2021, contributing to the overall negative net profit for the year[33]. - Non-recurring losses for 2021 totaled -¥55,357,281.97, compared to a gain of ¥48,725,812.13 in 2020[34]. Market and Industry Insights - Domestic gold consumption in 2021 reached 1,120.90 tons, a year-on-year increase of 36.53%, and a growth of 11.78% compared to the pre-pandemic level in 2019[39]. - The production of raw gold in China for 2021 was 328.98 tons, a decrease of 9.95% year-on-year, with a reduction of 36.36 tons compared to 2020[39]. - The gold jewelry segment saw a significant year-on-year growth of 44.99%, with consumption reaching 711.29 tons[39]. - The company is focusing on multi-channel marketing strategies, including deepening existing channel construction and promoting new brand development[39]. Product Development and Innovation - The company is engaged in the development of diverse product categories, including cultural and creative precious metal crafts and various types of jewelry[41]. - The company’s innovative product designs are influenced by cultural themes, aiming to meet the evolving consumer preferences for customization and aesthetic value[39]. - The company launched a new light luxury brand "KINGEE" targeting younger demographics, enhancing its brand portfolio[48]. - The company has focused on product innovation, launching themed products related to space exploration and cultural heritage, which have been well-received by customers[57]. Corporate Governance and Management - The company maintains complete independence in business operations, personnel management, asset ownership, organizational structure, and financial operations, with no reliance on the controlling shareholder[104]. - The company has established an independent financial department with a complete accounting system, ensuring financial operations are separate from the controlling shareholder[104]. - The company has implemented a comprehensive governance structure that complies with the requirements set by the China Securities Regulatory Commission and the Shenzhen Stock Exchange[102]. - The company actively respects and protects the rights of stakeholders, promoting balanced interests among shareholders, employees, and society[102]. Shareholder Engagement and Meetings - The company held 7 shareholder meetings in 2021, ensuring equal treatment of all shareholders, particularly minority shareholders, through both in-person and online formats[102]. - The board of directors convened 13 meetings in 2021, with a composition of 9 members, including 3 independent directors, adhering to legal requirements[102]. - The supervisory board held 11 meetings in 2021, consisting of 3 members, including 1 employee representative, effectively overseeing the company's financial and managerial compliance[102]. Risk Management and Future Outlook - The company faces risks from macroeconomic conditions, raw material price fluctuations, market competition, strategic transformation, and pandemic impacts[98]. - The management team emphasized a focus on risk management and compliance to ensure sustainable growth in the future[119]. - The company is expected to provide further guidance on its future outlook and performance targets in upcoming communications[112]. Employee Relations and Training - The company emphasizes employee rights protection, providing timely labor remuneration and benefits, including holiday and birthday welfare[161]. - The company conducted 128 training sessions covering various business areas, with a total of 3,480 employees trained, achieving a coverage rate of 99%[145]. - The total number of employees at the end of the reporting period was 1,340, with 855 in sales and 73 in finance[142]. Legal and Compliance Matters - The company is currently involved in a lawsuit with an amount in dispute of 65.16949 million RMB, with the case still under first-instance trial[178]. - The company has a pending lawsuit against Beijing Jinyi Yue Jewelry Co., Ltd. for a total amount of 214.1917 million RMB, with only 7 million RMB paid to date[180]. - The company has not reported any significant accounting policy changes or errors in the current reporting period[172].

Financial Performance - The company's operating revenue for Q1 2022 was ¥613,699,387.23, a decrease of 45.10% compared to ¥1,117,812,271.95 in the same period last year[5] - The net profit attributable to shareholders was -¥123,836,266.40, representing a decline of 6.00% from -¥116,831,651.95 year-on-year[5] - The net cash flow from operating activities was -¥89,168,254.94, a significant decrease of 192.32% compared to ¥96,589,285.06 in the previous year[5] - The company's basic and diluted earnings per share were both -¥0.13, an 8.33% decrease from -¥0.12 in the same period last year[5] - The net loss for the quarter was ¥126,419,442.33, compared to a net loss of ¥126,240,193.23 in the same period last year[30] - The net profit attributable to the parent company was -$123.84 million, compared to -$116.83 million in the previous period, reflecting a decline of approximately 6.5%[33] - The total comprehensive income attributable to the parent company was -$123.97 million, down from -$116.76 million, indicating a decrease of about 6.0%[33] Assets and Liabilities - The total assets at the end of the reporting period were ¥8,739,090,439.27, down 3.49% from ¥9,054,901,259.51 at the end of the previous year[5] - Total assets decreased to ¥8,739,090,439.27 from ¥9,054,901,259.51, reflecting a decline of approximately 3.5%[26] - Total liabilities decreased to ¥7,958,744,807.17 from ¥8,148,003,393.13, a reduction of about 2.3%[26] - The total owner's equity decreased to ¥780,345,632.10 from ¥906,897,866.38, indicating a decline of approximately 13.9%[26] Cash Flow - The company experienced a 210.27% increase in cash flow from financing activities, totaling ¥130,030,890.16 compared to -¥117,915,139.00 in the previous year[12] - The net cash flow from financing activities was $130.03 million, compared to -$117.92 million in the previous period, indicating a turnaround[40] - Cash inflow from financing activities was $1.14 billion, an increase of 34.8% from $847.48 million year-over-year[40] - Cash inflow from operating activities totaled $662.78 million, down 30.0% from $947.15 million year-over-year[37] - Cash outflow from operating activities was $751.95 million, compared to $850.56 million in the previous period, showing a decrease of approximately 11.6%[37] - The ending cash and cash equivalents balance was $97.30 million, down from $129.23 million in the previous period[40] Operating Costs and Expenses - The company reported a significant decline in operating costs, which were ¥544,732,359.34, down 44.27% from ¥977,466,632.57 year-on-year[9] - Total operating costs amounted to ¥764,179,533.97, down 36.5% from ¥1,204,675,435.03 in the prior year[30] - The company reported a significant increase in interest expenses, totaling ¥120,097,151.74, compared to ¥105,212,485.96 in the previous year[30] - Research and development expenses decreased by 66.66% to ¥345,640.64 from ¥1,036,597.59 in the previous year[9] Shareholder Information - The total number of common shareholders at the end of the reporting period is 49,024[13] - Beijing Haixin Asset Management Co., Ltd. holds 29.98% of shares, totaling 287,749,422 shares[13] - The company has a total of 162,541,699 unrestricted shares held by its top shareholder[16] - The company repurchased a total of 10,147,800 shares, accounting for 1.06% of the total share capital, with a total transaction amount of 30,095,434 RMB[19] Legal and Operational Issues - The company has frozen bank accounts with a total balance of 51.64 million RMB due to litigation, which does not significantly impact daily operations[17] - The company is closely monitoring the progress of the frozen accounts and has engaged legal counsel to handle related matters[17]

Financial Performance - The company's operating revenue for Q3 2021 was ¥868,719,286.33, representing a year-on-year increase of 28.52%[4] - The net profit attributable to shareholders for Q3 2021 was -¥115,110,227.90, a decrease of 42.32% compared to the same period last year[4] - The basic earnings per share for Q3 2021 was -¥0.12, a decrease of 50.00% year-on-year[4] - The weighted average return on net assets was -5.33%, a decrease of 0.66% compared to the previous year[4] - The company's net loss increased to CNY -2,166,997,100.75 compared to CNY -1,848,898,571.36 in the previous period[30] - The total comprehensive income attributable to the parent company was -318,273,909.89, compared to -438,580,358.81 in the same period last year, reflecting a year-over-year improvement of about 27%[39] - The total profit margin decreased, with total profit amounting to -432,786,500.57, compared to -627,016,245.36 in the previous year, indicating a reduction in losses[39] Cash Flow - The net cash flow from operating activities for the year-to-date period reached ¥531,627,268.59, showing a significant increase of 1,836.66%[4] - The operating cash flow net amount was 531,627,268.59, a significant increase from 27,450,715.15 in the previous year, indicating a positive cash flow trend[43] - The total cash inflow from operating activities was 2,923,273,478.39, down from 3,487,773,979.64 in the previous year, representing a decrease of approximately 16%[43] - The cash outflow from operating activities totaled 2,391,646,209.80, compared to 3,460,323,264.49 in the previous year, indicating a reduction of about 31%[43] - The net increase in cash and cash equivalents was ¥-82,477,017.69, a decrease of 78.42% year-on-year, influenced by the increase in operating cash flow[11] - The company experienced a significant decrease in financing cash flow, totaling ¥-605,858,509.66, down 55.93% year-on-year due to reduced financing scale[11] Assets and Liabilities - Total assets at the end of Q3 2021 were ¥9,809,146,974.31, down 4.87% from the end of the previous year[4] - The equity attributable to shareholders decreased to ¥2,094,972,372.75, a decline of 14.26% compared to the end of the previous year[4] - Current liabilities increased to CNY 7,236,824,955.89 from CNY 6,544,869,419.86[30] - Non-current liabilities decreased to CNY 605,328,141.68 from CNY 1,427,826,182.42[30] - The company's total liabilities as of December 31, 2020, were CNY 7,972,695,602.28, increasing to CNY 8,004,875,958.17 by January 1, 2021, due to the lease liability adjustment[52] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 33,373[12] - The top shareholder, Beijing Haixin Asset Management Co., Ltd., holds 29.98% of the shares, with a total of 287,749,422 shares[16] - The company repurchased 10,147,800 shares, representing 1.06% of the total share capital[15] - The company approved a share repurchase plan with a total fund of no less than RMB 30 million and no more than RMB 60 million, with a maximum repurchase price of RMB 4.98 per share[19] Operational Changes - The company reported a significant increase in non-operating income from government subsidies amounting to ¥442,312.73 for the current period[7] - Research and development expenses decreased to ¥2,111,770.74, reflecting a decline of 64.22% year-on-year due to the absence of significant external R&D consulting[11] - The company completed the election of the fifth board of directors and supervisory board, appointing new senior management on October 8, 2021[23] - The company participated in the "2021 Beijing Listed Companies Investor Reception Day" to communicate with investors regarding governance and development strategy[23] Adjustments and Standards - The company experienced a 100% increase in right-of-use assets, totaling ¥21,097,474.29, due to the implementation of new leasing standards[8] - As of January 1, 2021, the company adjusted the "Right-of-use assets" and "Lease liabilities" by CNY 32,180,355.89 each due to the implementation of the new leasing standards[52] - The company's non-current assets totaled CNY 1,413,030,572.55 as of December 31, 2020, and increased to CNY 1,445,210,928.44 on January 1, 2021, after the adjustment[49]

Financial Performance - The company's operating revenue for the first half of 2021 was ¥1,631,212,967.67, a decrease of 14.05% compared to the same period last year[25]. - The net profit attributable to shareholders of the listed company was -¥202,988,301.49, an improvement of 17.43% year-on-year[25]. - The net cash flow from operating activities increased by 75.11% to ¥408,999,043.25 compared to the previous year[25]. - The total assets at the end of the reporting period were ¥9,877,682,743.97, down 4.21% from the end of the previous year[25]. - The net assets attributable to shareholders of the listed company decreased by 9.00% to ¥2,223,563,232.12[25]. - The basic earnings per share improved to -¥0.21, a 27.59% increase compared to -¥0.29 in the same period last year[25]. - The company reported a net loss of CNY 2,051,886,872.85 as of June 30, 2021, compared to a loss of CNY 1,848,898,571.36 at the end of 2020[162]. - The net profit for the first half of 2021 was a loss of CNY 222,767,234.74, compared to a loss of CNY 264,513,395.69 in the same period of 2020, indicating an improvement[172]. Revenue and Costs - The company's total operating revenue for the first half of 2021 was CNY 1,631,212,967.67, a decrease of 14.06% compared to CNY 1,897,860,407.06 in the first half of 2020[170]. - Total operating costs decreased to CNY 1,883,048,215.38, down 11.6% from CNY 2,129,721,629.71 in the previous year[170]. - The cost of goods sold decreased by 13.39% to ¥1,433,671,135.92 from ¥1,655,269,447.08 year-on-year[52]. - Revenue from the franchise channel decreased by 93.00% to ¥38,670,853.66, mainly due to adjustments in sales channel strategies[57]. - Revenue from pure gold products decreased by 41.96% to ¥455,662,071.20, attributed to a decline in sales through the franchise channel[57]. Assets and Liabilities - Cash and cash equivalents at the end of the reporting period amounted to ¥448,087,214.65, representing 4.54% of total assets, a slight increase from 4.26% in the previous year[61]. - Accounts receivable decreased to ¥2,961,384,280.51, accounting for 29.98% of total assets, down from 30.84% year-over-year[61]. - Inventory stood at ¥4,303,033,969.30, making up 43.56% of total assets, a minor decrease from 43.69% in the previous year[61]. - Total liabilities were CNY 7,778,307,832.05, down from CNY 7,972,695,602.28, reflecting a decrease of approximately 2.4%[160]. - The company's equity attributable to shareholders decreased to CNY 2,223,563,232.12 from CNY 2,443,346,795.31, a decline of about 9.0%[162]. Strategic Initiatives - The company focuses on the R&D, design, production, and sales of precious metal crafts and gold jewelry, leveraging traditional Chinese culture[34]. - The company aims to enhance product uniqueness through cultural creativity and technology, while meeting diverse consumer demands[34]. - The company is transitioning towards a "Cultural+" strategy, integrating cultural industry resources and enhancing brand influence[40]. - The company has launched a new brand, KINGEE, targeting the young consumer market with a focus on trendy and affordable jewelry[49]. - The company has established partnerships with cultural institutions and is a licensed producer and retailer for the 2022 Hangzhou Asian Games[51]. Investor Relations and Governance - The company is actively engaging with investors through various communication channels, including an investor hotline and email responses, to address their concerns[40]. - The company has maintained a good investor relations management, ensuring timely and accurate information disclosure to enhance market perception[89]. - The semi-annual financial report has not been audited[95]. - The company has not encountered any bankruptcy restructuring or major litigation matters during the reporting period[96]. - The company has not implemented any employee stock ownership plans or other incentive measures during the reporting period[85]. Risks and Challenges - The company faced risks that have been described in detail in the report, which investors should carefully read[5]. - The company is facing risks from macroeconomic conditions, including uncertainty from the ongoing pandemic, which may impact industry development and operations[77]. - Fluctuations in raw material prices, particularly for gold, silver, and platinum, pose a significant risk to product sales and inventory value, prompting the company to engage in hedging and inventory management strategies[78]. - The company is in a strategic transformation phase, focusing on e-commerce and cultural innovation, which has not yet achieved scale sales, and is adjusting marketing strategies to enhance competitiveness[78]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 35,763, with a significant shareholder, Beijing Haixin Asset Management Co., Ltd., holding 29.98% of shares[136]. - The largest unrestricted shareholder, Beijing Haixin Asset Management Co., Ltd., holds 162,541,699 shares, representing a significant portion of the company's equity[143]. - The company has repurchased 5,485,600 shares, accounting for 0.57% of its total share capital, with a total transaction amount of 16,596,671 yuan by June 30, 2021[40].

Financial Performance - The company's operating revenue for the first quarter of 2021 was CNY 1,117,812,271.95, representing a 10.24% increase compared to CNY 1,013,980,406.31 in the same period last year[7]. - The net profit attributable to shareholders of the listed company was CNY -116,831,651.95, a decrease of 82.35% from CNY -64,071,469.28 year-on-year[7]. - The basic earnings per share were CNY -0.12, a decline of 50.00% compared to CNY -0.08 in the same period last year[7]. - The total comprehensive income amounted to -126,167,670.88 CNY, compared to -73,053,106.82 CNY in the previous period, reflecting a decline of approximately 72.7%[53]. - Net profit for the period was CNY -126,240,193.23, compared to CNY -75,835,478.85 in the previous period, indicating a decline in profitability[50]. Cash Flow - The net cash flow from operating activities was CNY 96,589,285.06, down 52.02% from CNY 201,315,707.93 in the previous year[7]. - Cash inflows from operating activities totaled 947,149,442.23 CNY, down 37.2% from 1,512,807,549.76 CNY in the prior period[59]. - The company reported a net cash outflow from operating activities after accounting for cash payments of 707,667,244.22 CNY for goods and services[59]. - Total cash outflow from operating activities reached 850,560,157.17, down from 1,311,491,841.83, indicating a reduction of approximately 35%[61]. - The total cash and cash equivalents at the end of the period were 129,230,538.44, down from 312,075,927.28, reflecting a decrease of about 59%[63]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 10,332,392,489.26, a slight increase of 0.20% from CNY 10,311,633,010.64 at the end of the previous year[7]. - The total liabilities increased significantly, with current liabilities reaching 356,190,414.32 yuan, a growth rate of 545.63%[15]. - The company's total liabilities reached CNY 7,972,695,602.28, with current liabilities at CNY 6,544,869,419.86 and non-current liabilities at CNY 1,427,826,182.42[71]. - The company's equity totaled CNY 2,338,937,408.36, with a capital reserve of CNY 3,306,002,464.37 and an accumulated deficit of CNY -1,848,898,571.36[71]. - The total amount of long-term borrowings was CNY 800,000,000.00, with bonds payable at CNY 497,578,821.25[71]. Shareholder Information - The top shareholder, Beijing Haixin Asset Management Co., Ltd., holds 29.98% of the shares, with a total of 287,749,422 shares[11]. - The company did not engage in any repurchase transactions among the top ten shareholders during the reporting period[12]. - The company repurchased 2,394,900 shares, accounting for 0.25% of the total share capital, with a total transaction amount of 6,597,991 yuan[20]. Government Support and Subsidies - The company received government subsidies amounting to CNY 1,167,937.20 during the reporting period, primarily related to non-recurring government support[7]. Investment and Research - The company recorded a significant increase in credit impairment losses, amounting to -73,133,533.31 yuan, an increase of 435.58% year-on-year[18]. - The company reported a decrease in investment income, with a loss of -176,249.73 yuan, a decline of 103.30% compared to the previous period[18]. - The company incurred a significant increase in research and development expenses, which rose to 150,943.38 CNY from 47,169.81 CNY, marking a growth of 219.5%[56]. Accounting Adjustments - The company adjusted its accounting policy to include a right-of-use asset of CNY 32,180,355.89 and a corresponding lease liability[72]. - The company adjusted the "right-of-use assets" by 16,189,238.11 CNY due to the new leasing standards[77]. - The lease liabilities were also adjusted by 16,189,238.11 CNY[77]. Audit Status - The first quarter report for 2021 was not audited[78].

Shareholder Changes - The company reported a significant change in its controlling shareholder, with Hai Xin Asset acquiring 149,383,805 shares previously held by Bi Kong Long Xiang, making it the new controlling shareholder[20]. - The company’s controlling shareholder changed on April 30, 2020[195]. Financial Performance - The company's operating revenue for 2020 was ¥3,896,180,389.56, a decrease of 63.52% compared to ¥10,680,541,104.29 in 2019[22]. - The net profit attributable to shareholders for 2020 was -¥2,559,932,726.07, reflecting a significant decline of 4,231.30% from ¥61,964,379.43 in 2019[22]. - The basic earnings per share for 2020 was -¥2.99, a decrease of 4,371.43% compared to ¥0.07 in 2019[23]. - The total assets at the end of 2020 were ¥10,311,633,010.64, down 18.84% from ¥12,705,044,135.73 at the end of 2019[23]. - The net assets attributable to shareholders decreased by 47.03% to ¥2,443,346,795.31 at the end of 2020 from ¥4,612,640,010.23 at the end of 2019[23]. - The company reported a net cash flow from operating activities of -¥55,823,607.04 in 2020, a 97.20% improvement from -¥1,991,127,335.14 in 2019[22]. - In 2020, the company's revenue was CNY 389,618.04 million, a decrease of 63.52% compared to the previous year[57]. - The net profit for the same period was CNY -266,662.52 million, representing a decline of 6,547.70% year-on-year, with the net profit attributable to shareholders at CNY -255,993.27 million, down 4,231.30%[57]. Dividend Policy - The company plans not to distribute cash dividends, issue bonus shares, or increase capital from reserves for the fiscal year[6]. - The company has not proposed any cash dividend distribution for the past three years, with a net profit of -2,559,932,726.07 CNY in 2020[117]. - The company will not distribute cash dividends or increase capital reserves through stock issuance in the current reporting period[118]. Risk Management - The company emphasizes the importance of risk awareness regarding future plans and forecasts, indicating potential operational risks[5]. - The financial report is guaranteed to be true, accurate, and complete by the company's management, ensuring accountability for any misleading statements[4]. Business Operations - The company has maintained its main business without any changes since its listing[20]. - The company has not disclosed any new product developments or technological advancements in the current report[5]. - The company has not reported any mergers or acquisitions during the reporting period[5]. - The company operates through two main sales channels: bank and postal sales channels, and its own retail brand sales channels, focusing on cultural value-added products[32]. - The company has emphasized product innovation and cultural integration in its business strategy, aiming to enhance brand value and market presence[31]. - The company launched several cultural and creative products, including the "600th Anniversary Commemorative Coin of the Forbidden City" and "Fire God/Thunder God" themed products, which received positive consumer feedback[32]. Sales and Marketing - The retail sales revenue reached 73,557.33 million CNY, with a gross margin of 20.92%[40]. - The company emphasized brand differentiation marketing and project resource expansion as key performance drivers during the reporting period[41]. - The company’s sales team was strengthened to improve sales capabilities, especially during the pandemic, leading to increased sales conversion rates[41]. - The company actively organized promotional activities in stores to ensure normal sales operations after the pandemic[41]. Acquisitions and Investments - Beijing Jinyi Culture Development Co., Ltd. plans to acquire 90% equity of Shenzhen Jinyi Jewelry Co., Ltd. for a total registered capital of CNY 1.8 billion (approximately USD 280 million) through a combination of share issuance and cash payment[126]. - The company aims to purchase 70% equity of Shenzhen Jiefu Jewelry Co., Ltd. for a total registered capital of CNY 1.127 billion (approximately USD 175 million) as part of its expansion strategy[126]. - The acquisition of 43.92% equity in Zhenbaotong (Shenzhen) Internet Technology Co., Ltd. involves a registered capital of CNY 465 million (approximately USD 72 million)[129]. - The company plans to acquire a total of 49% equity in Shenzhen Guitian Diamond Co., Ltd., with a registered capital of approximately 961.155 million yuan, through a combination of issuing shares and cash payment[135]. Financial Management - The company has committed to maintaining the independence of its operations, ensuring that key management personnel do not hold positions in other companies controlled by the parent entity[121]. - The company has guaranteed that it will not engage in activities that compete with the listed company, ensuring no direct or indirect competition from its subsidiaries[124]. - The company has undertaken to avoid and minimize related party transactions, ensuring fair pricing and compliance with legal procedures[124]. - The company has issued a commitment to maintain independent financial operations, including establishing a separate financial department and independent accounting systems[121]. Legal and Compliance - The company is involved in a legal case regarding a loan guarantee, which has been dismissed by the courts, indicating no economic liability for the company[138]. - The company has ongoing litigation cases as a defendant or respondent amounting to 70.94 million yuan, with no judgment yet, making it impossible to assess the impact on current and future profits[160]. - The company has no penalties or rectification situations during the reporting period[161]. - The company has not reported any major litigation or arbitration matters during the reporting period[155]. Corporate Governance - The company has established a comprehensive employee protection system and strictly adheres to the new Labor Law, ensuring all employees have signed labor contracts and are covered by social insurance[188]. - The company actively participated in social responsibility initiatives, including a charity event to support underprivileged children, providing essential learning and living supplies[188]. - The company has maintained effective communication with government departments and regulatory agencies, fulfilling its responsibilities and obligations[189]. Changes in Management - The company’s independent directors resigned and were replaced on December 1, 2020[197]. - The company’s total manager resigned and a new manager was appointed on December 1, 2020[197].

Financial Performance - Operating revenue for the reporting period was approximately ¥675.93 million, a decline of 67.13% year-on-year[8]. - Net profit attributable to shareholders of the listed company was approximately -¥199.57 million, a decrease of 12,495.53% compared to the same period last year[8]. - Basic earnings per share were -¥0.2391, reflecting a decrease of 12,684.21% year-on-year[8]. - The company reported a net loss of ¥276,501,273.92 for the current period, compared to a profit of ¥4,748,088.01 in the previous period[54]. - The total comprehensive loss for the current period was approximately ¥203.68 million, compared to a comprehensive income of ¥5.61 million in the previous period[56]. - The net profit for the current period is a loss of ¥474,129,899.16, compared to a profit of ¥66,192,614.85 in the previous period, indicating a significant decline[66]. Assets and Liabilities - Total assets at the end of the reporting period were approximately ¥12.62 billion, a decrease of 0.66% compared to the end of the previous year[8]. - The company's total equity decreased from CNY 4,662,599,975.35 to CNY 4,146,364,808.32, a decline of about 11.04%[46]. - Total liabilities rose from CNY 8,042,444,160.38 to CNY 8,475,248,508.47, an increase of approximately 5.39%[44]. - The company reported a significant increase in long-term borrowings by 60.00%, reaching 800,000,000.00 yuan[21]. - Cash and cash equivalents decreased by 51.69%, from 895,814,390.24 yuan to 432,764,651.17 yuan[20]. Cash Flow - The net cash flow from operating activities was approximately -¥206.12 million, an increase of 61.59% compared to the previous year[8]. - The net cash flow from investing activities decreased by ¥511,974,421.99 or 104.37%, totaling -¥21,413,364.51, mainly due to the absence of large equity transfer payments received in the previous year[23]. - The net cash flow from financing activities decreased by ¥2,635,869,174.22 or 117.29%, resulting in -¥388,537,658.48, attributed to a reduction in financing scale compared to the previous year[23]. - The net increase in cash and cash equivalents was -¥382,175,566.81, a decrease of ¥358,239,861.63 or 1,496.68% year-on-year, primarily due to reduced net cash flow from financing activities[23]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 34,261[12]. - The largest shareholder, Beijing Haixin Asset Management Co., Ltd., held 19.47% of the shares, totaling 162,541,699 shares[12]. Research and Development - The company's research and development expenses increased by 96.34%, reaching 5,901,652.54 yuan compared to 3,005,884.87 yuan in the previous year[21]. - Research and development expenses increased to ¥1.51 million, up 217.5% from ¥0.48 million in the previous period[59]. Other Financial Metrics - The weighted average return on net assets was -4.67%, down 4.70% from the previous year[8]. - The company reported non-recurring gains and losses totaling approximately ¥6.89 million for the reporting period[9]. - The company experienced a 311.08% increase in credit impairment losses, amounting to -214,892,870.81 yuan[21]. - The company reported a guarantee amount of CNY 21,000,000, which accounted for 4.81% of the latest audited net assets[33].

Financial Performance - The company's operating revenue for the reporting period was ¥1,897,860,407.06, a decrease of 66.45% compared to the same period last year, which was ¥5,657,180,263.65[22] - The net profit attributable to shareholders of the listed company was -¥245,831,159.15, representing a decline of 470.25% from the previous year's profit of ¥66,395,415.21[22] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥251,826,448.37, down 470.49% from ¥67,970,599.53 in the same period last year[22] - The basic earnings per share were -¥0.29, a decrease of 462.50% from ¥0.08 in the previous year[22] - The total revenue for the reporting period was ¥1,897,860,407.06, a decrease of 66.45% compared to the same period last year[55] - The cost of goods sold was ¥1,655,269,447.08, reflecting a 67.66% decrease year-over-year, primarily due to the decline in sales[55] - The revenue from the retail segment was ¥327,076,159.05, down 29.34% from the previous year, accounting for 17.23% of total revenue[56] - The revenue from the franchise segment was ¥552,449,617.76, a decrease of 50.05% compared to the same period last year[58] - The company's total revenue from pure gold products, pure silver products, and jewelry decreased significantly due to the impact of the pandemic, with a total decline of 59.61% in other operating income[60] Cash Flow and Assets - The net cash flow from operating activities was ¥233,570,846.32, an increase of 110.50% compared to -¥2,225,070,841.26 in the previous year[22] - The company's cash and cash equivalents decreased by 352.60 million RMB, representing a decline of 39.36% compared to the beginning of the year, primarily due to debt repayments[34] - As of June 30, 2020, cash and cash equivalents amounted to 543,211,152.69 yuan, representing 4.45% of total assets, down from 7.05% in the previous year[63] - The company's total assets at the end of the reporting period were ¥12,200,691,267.53, a decrease of 3.97% from ¥12,705,044,135.73 at the end of the previous year[22] - The company's total current assets were CNY 9,533,785,209.81 as of June 30, 2020, down from CNY 10,101,867,616.27 at the end of 2019, representing a decrease of approximately 5.6%[186] - The total amount of short-term loans increased to 4,767,630,483.08 yuan, representing 39.08% of total liabilities, up from 36.59% in the previous year[65] Inventory and Procurement - As of June 30, 2020, total inventory amounted to ¥4,325,122,486.77, with significant portions in finished goods and raw materials[53] - The company's inventory increased to 4,305,360,843.03 yuan, accounting for 35.29% of total assets, up from 33.05% year-on-year[65] - The company’s inventory procurement model includes both spot trading and leasing, with a total procurement amount of 1,640 million RMB for gold and silver[31] Marketing and Sales Strategy - The company has established a diversified marketing channel strategy, including partnerships with banks and e-commerce platforms like JD.com and Tmall, enhancing customer engagement through live streaming[37] - The company plans to continue developing products that combine fashion, high cost-performance, and national aesthetic standards, focusing on cultural themes such as the Forbidden City and the 2022 Hangzhou Asian Games[45] - The company has established partnerships with over 50 banks to enhance its sales channels and is adjusting its sales model to increase pre-sale product efforts[46] - The company is focusing on digital marketing strategies and has implemented a comprehensive marketing management system to enhance efficiency[44] Research and Development - Research and development expenses increased by 8.05% to ¥1,603,526.72 during the reporting period[55] - The company plans to enhance its competitive capabilities through innovative marketing and strengthening existing advantages in design, branding, and distribution channels[85] Legal and Regulatory Matters - The company is involved in a significant lawsuit with a claim amount of approximately 149.97 million yuan, which is still under trial[96] - The company received a civil judgment from the Henan High Court confirming that it does not have shareholder qualifications in a dispute, rejecting the counterclaim from Yi Hengzhen[98] - The company has fulfilled repayment responsibilities of 8.968 million yuan and 20.10 million yuan in two separate court cases, with ongoing appeals in both cases[98] Shareholder and Equity Changes - The largest shareholder, Beijing Haixin Asset Management Co., Ltd., holds 19.47% of the shares, totaling 162,541,699 shares, with 97,287,850 shares frozen[164] - Shareholder Zhong Cong holds 11.66% of the shares, totaling 97,287,850 shares, with 86,301,578 shares pledged[164] - The company has a total of 36,188 shareholders at the end of the reporting period[164] - The company reported a decrease in limited shares due to the release of shares from restructuring and management lock-up[163] Government Support and Subsidies - The company received government subsidies amounting to ¥7,719,833.68, primarily from fiscal rewards received during the year[23] - The company received government subsidies, as announced on April 1, 2020[157] Risks and Challenges - The company faced significant impacts from the COVID-19 pandemic, leading to a substantial decrease in revenue and net profit[87] - The company is exposed to risks from macroeconomic fluctuations, market competition, raw material price volatility, and the ongoing effects of the COVID-19 pandemic[86][87]