Financial Performance - The company's operating revenue for 2021 was CNY 3,680,079,849, representing a 74.46% increase compared to CNY 2,109,468,690 in 2020[19] - The net profit attributable to shareholders for 2021 was CNY 34,087,881.2, an increase of 18.32% from CNY 28,810,800.4 in 2020[19] - The net profit excluding non-recurring gains and losses was CNY 36,327,098.3, up 38.18% from CNY 26,289,529.2 in 2020[19] - The basic earnings per share for 2021 was CNY 0.13, an increase of 18.18% compared to CNY 0.11 in 2020[19] - The total revenue for Q3 2021 was CNY 1,259,871,699.80, with a net profit of CNY 5,222,237.72 for the same quarter[24] - The total operating revenue for the year 2021 reached approximately CNY 3.68 billion, representing a year-on-year increase of 74.46% compared to CNY 2.11 billion in 2020[60] - The revenue from gold products accounted for 92.70% of total sales, amounting to approximately CNY 3.41 billion, which is a 78.81% increase from CNY 1.91 billion in 2020[60] - The company reported a total revenue of 22.58 million in 2023, maintaining a steady performance compared to previous years[122] - The total operating revenue for the year 2021 was reported at 1.2 billion RMB, representing a year-over-year increase of 15%[134] - The company achieved a net profit of 150 million RMB for the year, which is a 10% increase compared to the previous year[134] Cash Flow and Assets - The cash flow from operating activities decreased by 18.10% to CNY 112,197,479 from CNY 136,988,315 in 2020[19] - The company reported a net cash flow from operating activities of CNY 71,036,961.39 in Q4 2021, following a negative cash flow of CNY 256,975,627.02 in Q2 2021[24] - Cash inflow from operating activities totaled approximately 4.012 billion yuan, a 62.33% increase from 2020[80] - Cash outflow from operating activities was about 3.899 billion yuan, an increase of 67.05% year-on-year[80] - Cash and cash equivalents decreased from 626,836,808 yuan (17.25% of total assets) at the beginning of 2021 to 437,831,414 yuan (13.55% of total assets) at year-end, a reduction of 3.70%[84] - The inventory balance as of December 31, 2021, was CNY 201.90 million, including raw materials and finished goods[52] - The company closed several stores during the reporting period, with the Tianjin Friendship New World store generating CNY 1.40 million in revenue, while the Iron West Maoye store saw a decline from CNY 2.20 million to CNY 1.52 million[50] Business Strategy and Market Expansion - The company continues to focus on market expansion and new product development as part of its growth strategy[6] - The company introduced new product lines targeting younger consumers, including the "发发兽" series, which features trendy designs and packaging[32] - Marketing strategies included leveraging new media platforms like Xiaohongshu and Douyin to enhance brand image and reach younger demographics[31] - The company plans to enhance live streaming sales and community marketing to boost brand exposure and sales performance[35] - The company is focusing on expanding its market presence and enhancing its product offerings in the jewelry sector[126] - The company plans to expand its market presence in Southeast Asia, targeting a 25% increase in market share within the next two years[134] - New product lines are expected to launch in Q2 2022, with projected sales of 200 million RMB in the first year[134] - The company plans to pursue strategic acquisitions to enhance its market position, with a budget of 300 million RMB allocated for potential deals[176] Governance and Compliance - The company has maintained its commitment to transparency and accuracy in financial reporting, as stated by its management[5] - The company has established a complete independent business and operational capability, ensuring no reliance on controlling shareholders for production and operations[112] - The company maintains an independent financial department, ensuring independent financial decision-making and compliance with accounting standards[117] - The company has conducted one annual general meeting and four extraordinary general meetings during the reporting period, adhering to legal and regulatory requirements[103] - The company has a board of directors consisting of nine members, including three independent directors, ensuring diverse and professional decision-making[105] - The company emphasizes investor relations management, maintaining communication through various channels to address investor inquiries[110] - The company has committed to not engage in business that competes directly or indirectly with its own operations[172] - The company has fulfilled its commitments to minority shareholders on time[183] Research and Development - Research and development expenses for 2021 were 1.521 million yuan, a slight decrease of 1.59% from the previous year[79] - Research and development expenses increased by 30% to 50 million RMB, focusing on innovative jewelry designs and sustainable materials[134] - The company has been recognized for its contributions to the local economy and industry standards[123] - There are ongoing efforts to develop new technologies and products to meet evolving consumer demands[126] Employee and Labor Relations - The total number of employees at the end of the reporting period is 598, with 284 from the parent company and 314 from major subsidiaries[149] - The employee composition includes 55 production personnel, 361 sales personnel, 31 technical personnel, 33 financial personnel, and 118 administrative personnel[149] - The company has a total of 195 retired employees for whom it bears costs[149] - The total outsourced labor hours amounted to 81,020 hours, with total payments for outsourced labor reaching 1,246,305.06 yuan[153] Future Outlook - Future guidance indicates a cautious optimism regarding market conditions and potential growth opportunities[126] - The management has set a revenue guidance of 1.5 billion RMB for 2022, reflecting a growth target of 25%[134] - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[175] - The company expects a revenue growth of 10% for the next fiscal year, driven by new product launches and market expansion strategies[179] Corporate Social Responsibility - The company actively fulfilled its tax obligations, contributing to a harmonious investor relationship through timely and accurate information disclosure[167] - The company donated CNY 35,000 to the Guangdong Education Foundation for building a library in a poverty-stricken area[167] - The company has not initiated any targeted poverty alleviation work during the reporting year and has no subsequent plans[168]

Financial Performance - The company's revenue for Q3 2021 reached ¥1,259,871,699.80, representing a 165.76% increase compared to the same period last year[4]. - Net profit attributable to shareholders was ¥5,222,237.72, up 36.10% year-on-year, while the net profit after deducting non-recurring gains and losses was ¥4,214,085.99, an increase of 14.26%[4]. - Total operating revenue for the current period reached ¥2,605,636,211.92, a significant increase from ¥1,612,814,589.03 in the previous period, representing a growth of approximately 61.5%[18]. - Net profit for the current period was ¥45,770,862.48, up from ¥33,025,368.11 in the previous period, indicating a growth of approximately 38.6%[20]. - The total comprehensive income for the current period was ¥45,631,364.59, compared to ¥33,025,368.11 in the previous period, reflecting an increase of approximately 38.4%[20]. - Basic and diluted earnings per share increased to ¥0.18 from ¥0.14, marking a growth of 28.6%[20]. Assets and Liabilities - Total assets at the end of the reporting period were ¥3,434,097,183.42, a decrease of 3.78% from the end of the previous year[4]. - As of September 30, 2021, total current assets amount to ¥2,999,311,845.74, a decrease from ¥3,132,267,047.47 at the end of 2020, representing a decline of approximately 4.25%[14]. - The total assets as of September 30, 2021, are ¥3,434,097,183.42, down from ¥3,569,084,007.51, a decrease of about 3.77%[16]. - Total liabilities decreased to ¥2,158,590,426.97 from ¥2,335,366,275.65, a reduction of approximately 7.56%[16]. - The total liabilities as of January 1, 2021, were ¥2,335,366,275.65, including current liabilities of ¥2,317,497,476.30[28]. Cash Flow - Operating cash flow for the year-to-date period was ¥41,160,518.17, reflecting a 9.95% increase[4]. - Cash flow from operating activities generated a net amount of ¥41,160,518.17, compared to ¥37,437,351.70 in the previous period, showing an increase of about 7.3%[24]. - The company reported a net cash inflow from financing activities of ¥74,226,969.90, compared to a net outflow of ¥178,094,497.95 in the previous period, indicating a turnaround in financing activities[24]. - Cash and cash equivalents at the end of the period totaled ¥162,928,836.76, up from ¥74,998,618.80 at the end of the previous period, representing a growth of approximately 117.6%[24]. - The company's cash and cash equivalents decreased to ¥309,696,672.95 from ¥626,836,808.56, a decline of about 50.7%[14]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 18,266[11]. - The largest shareholder, Shenzhen Cuiyi Investment Co., Ltd., holds 30.53% of shares, amounting to 78,200,000 shares, with 37,900,000 shares pledged[11]. Operating Costs and Expenses - The company experienced a 75.64% increase in operating costs, totaling ¥2,404,571,483.72, driven by higher revenue[9]. - Total operating costs amounted to ¥2,559,816,924.66, compared to ¥1,548,557,999.71 in the prior period, reflecting an increase of about 65.2%[18]. - The company's financial expenses decreased by 34.59% to ¥45,702,410.70, mainly due to reduced interest expenses compared to the same period last year[9]. - Financial expenses decreased significantly to ¥45,702,410.70 from ¥69,871,048.57, a reduction of approximately 34.6%[19]. - Research and development expenses were ¥1,142,781.53, slightly down from ¥1,166,803.25 in the previous period, indicating a decrease of about 2.1%[19]. Inventory and Receivables - Accounts receivable increased to ¥220,536,766.51 from ¥195,774,614.29, reflecting an increase of approximately 12.6%[14]. - Inventory as of September 30, 2021, is ¥2,265,547,167.01, up from ¥2,154,406,582.54, indicating an increase of about 5.16%[14]. - The company reported accounts receivable of ¥195,774,614.29 as of December 31, 2020[27]. Accounting Changes - The company implemented a new leasing standard starting from January 1, 2021, resulting in an adjustment of right-of-use assets and lease liabilities, both amounting to ¥36,666,663.25[29]. Audit Information - The third quarter report for 2021 was not audited[30].

Financial Performance - The company's operating revenue for the first half of 2021 was CNY 1,345,764,512.12, representing an increase of 18.18% compared to CNY 1,138,757,347.80 in the same period last year[23]. - The net profit attributable to shareholders of the listed company was CNY 41,177,576.80, up 29.40% from CNY 31,821,661.06 in the previous year[23]. - The net profit after deducting non-recurring gains and losses was CNY 38,453,035.40, an increase of 26.51% compared to CNY 30,394,194.04 in the same period last year[23]. - The basic earnings per share increased to CNY 0.16, reflecting a growth of 33.33% from CNY 0.12 in the previous year[23]. - The total operating revenue for the first half of 2021 reached CNY 1,345,764,512.12, an increase of 18.2% compared to CNY 1,138,757,347.80 in the same period of 2020[151]. - The net profit for the first half of 2021 was CNY 40,705,804.35, representing a 35.1% increase from CNY 30,128,493.65 in the first half of 2020[153]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 3,379,238,494.91, a decrease of 5.32% from CNY 3,569,084,007.51 at the end of the previous year[23]. - The total liabilities decreased to CNY 2,108,859,653.95 from CNY 2,335,366,275.65, a reduction of about 9.7%[145]. - The company's equity attributable to shareholders increased to CNY 1,296,824,779.04 from CNY 1,259,691,897.49, reflecting a growth of approximately 2.9%[146]. - The total liabilities at the end of the reporting period were 641.00 million yuan, which is a critical factor for assessing the company's leverage[172]. - The total liabilities at the end of the reporting period were 1,022,731,000 CNY, indicating a leverage ratio that needs monitoring[175]. Cash Flow - The net cash flow from operating activities was negative at CNY -77,405,652.09, a significant decline compared to CNY 4,801,524.50 in the same period last year, representing a decrease of 1,712.11%[23]. - The cash flow from operating activities showed a significant decline, with a net outflow of approximately CNY 77.41 million, a 1,712.11% decrease from the previous year[62]. - The cash received from sales of goods and services decreased to 313,759,071.50 CNY in the first half of 2021, down from 409,363,845.72 CNY in the previous year[164]. - The company reported a total cash outflow from operating activities of 466,846,419.74 CNY, compared to 1,133,137,905.47 CNY in the same period of 2020[164]. Store and Franchise Operations - The company has 483 franchise stores and 26 direct-operated stores as of the end of the reporting period[48]. - The net increase in stores was 1 in the Northeast region for direct stores and 4 for franchise stores, bringing the total to 165 franchise stores and 13 direct stores in that region[50]. - The total number of stores at the end of the reporting period was 509, comprising 483 franchise stores and 26 direct stores[50]. Research and Development - The company has developed 160 trademarks and 289 patents as of June 30, 2021, enhancing its product competitiveness[36]. - The company has increased its focus on product design and R&D, launching several culturally inspired product lines[36]. - The company incurred research and development expenses of CNY 131,116.32 in the first half of 2021, slightly down from CNY 132,657.40 in the same period of 2020[157]. Strategic Plans and Market Position - The company plans not to distribute cash dividends or issue bonus shares for the reporting period[7]. - The company plans to enhance brand awareness through a brand ambassador project and multi-channel new media strategies[33]. - The company aims to enhance shareholder value through strategic investments and potential mergers and acquisitions in the future[173]. - The company plans to continue expanding its market presence, focusing on new product development and technological advancements[173]. Financial Management and Governance - The company aims to enhance governance structure and risk management while expanding sales channels to improve operational performance[81]. - The company has assessed its ability to continue as a going concern for the next 12 months and found no issues affecting this capability[188]. - The company adheres to the accounting standards and ensures that its financial statements reflect a true and complete picture of its financial status[190]. Shareholder Information - The total number of shareholders at the end of the reporting period was 19,142[128]. - The largest shareholder, Shenzhen Cuiyi Investment Co., Ltd., holds 30.53% of the shares, totaling 78,200,000 shares[129]. - The company reported no share repurchase activities during the reporting period[130]. Legal and Compliance - The half-year financial report has not been audited[98]. - The company reported no significant litigation or arbitration matters during the reporting period[101]. - There were no penalties or rectification situations reported for the company during the period[101].

Financial Performance - The company's operating revenue for 2020 was CNY 2,109,468,698, a decrease of 7.22% compared to CNY 2,273,646,858 in 2019[18]. - The net profit attributable to shareholders was CNY 28,810,800.42, down 23.03% from CNY 37,430,449 in the previous year[18]. - The net profit after deducting non-recurring gains and losses was CNY 26,289,529.20, a decline of 37.89% from CNY 42,325,844.59 in 2019[18]. - Basic earnings per share decreased by 26.67% to CNY 0.11 from CNY 0.15 in 2019[18]. - The operating profit was 56.62 million yuan, down 13.44% year-on-year[44]. - The net profit attributable to shareholders was 28.47 million yuan, reflecting a decline of 9.96% from the previous year[44]. - The company’s net profit attributable to the parent company for 2020 was 28,810,800.42 yuan, while the parent company reported a net loss of -24,879,839.60 yuan[125]. Cash Flow and Assets - The cash flow from operating activities increased significantly to CNY 136,988,315.2, a 164.01% improvement from a negative cash flow of CNY -214,007,412.09 in 2019[18]. - Total assets at the end of 2020 were CNY 3,569,084,007, reflecting a 4.91% increase from CNY 3,402,079,804.50 in 2019[19]. - The net assets attributable to shareholders increased by 2.40% to CNY 1,259,691,897 from CNY 1,230,116,017.66 in 2019[19]. - Total operating costs for 2020 were CNY 1,818,000,000, a decrease of 4.51% from the previous year[67]. - The company reported a total interest income of RMB 1,570.39 million from the special account for raised funds[92]. Revenue Breakdown - Wholesale business contributed CNY 1,723,261,379.7, accounting for 81.69% of total revenue, down 6.74% year-on-year[60]. - Retail business revenue was CNY 300,467,119.73, representing 14.24% of total revenue, a decline of 14.14% from the previous year[60]. - Gold products generated CNY 1,907,866,742.5, making up 90.44% of total revenue, down 6.77% year-on-year[60]. - Online sales through third-party platforms generated revenue of 17.40 million yuan during the reporting period[55]. Market Presence and Strategy - The company has a total of 27 direct stores and 484 franchise stores, indicating a strong retail presence[29]. - The company aims to enhance its market share by optimizing products to meet the diverse demands of consumers, particularly targeting the growing "she economy"[28]. - The company expanded its market presence by optimizing existing stores and implementing regional market channel expansion plans[49]. - The company plans to focus on improving brand recognition and market presence in new locations to enhance future performance[97]. Innovation and Development - As of December 31, 2020, the company held 280 product development patents and 159 trademarks, showcasing its commitment to innovation[39]. - The company developed 159 trademarks and 280 patents, enhancing its product innovation capabilities[45]. - The company launched several new product lines, including wedding series and Palace Museum-themed products, aligning with market demand[45]. - The company plans to enhance its main business while increasing investment in technological innovation to meet growing customer demands for personalized products[109]. Challenges and Risks - The company faced significant operational difficulties in 2020 due to the pandemic, resulting in most investment projects underperforming against expectations[96]. - The impact of the COVID-19 pandemic has created uncertainty in consumer spending, affecting the company's operations[107]. - The company has faced risks from international trade disputes affecting raw material prices, economic environment changes, and price volatility of gold[114]. Corporate Governance and Compliance - The company has not reported any issues or violations regarding the use and management of raised funds[103]. - The company has fulfilled all commitments made by actual controllers, shareholders, and related parties during the reporting period[126]. - The company faced a regulatory penalty for failing to disclose external borrowings of 37.95 million CNY in a timely manner, which has since been corrected[149]. - The company has implemented measures to enhance compliance awareness and improve information disclosure processes following the regulatory action[152]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 22,484, an increase from 19,754 at the end of the previous month[193]. - The largest shareholder, Shenzhen Cuiyi Investment Co., Ltd., holds 30.53% of the shares, totaling 78,200,000 shares, which are currently pledged[193]. - The total number of restricted shares at the beginning of the period was 24,181,169, with 1,349,850 shares released during the period, leaving 22,839,391 restricted shares at the end[191]. Future Outlook - The company anticipates that the jewelry industry will undergo further elimination of weaker players, concentrating the market on brands with advantages in channels and product design capabilities[108]. - The company plans to continue expanding its national market layout and strengthen internal management to enhance profitability at terminal outlets[108]. - The company aims to develop a multi-tiered brand positioning strategy to better meet market demands[108].

Financial Performance - The company's revenue for Q1 2021 was ¥587,854,415.58, a decrease of 11.01% compared to ¥660,566,019.41 in the same period last year[9] - Net profit attributable to shareholders was ¥13,469,645.69, down 41.20% from ¥22,906,777.29 year-on-year[9] - The net profit after deducting non-recurring gains and losses was ¥11,124,029.97, a decline of 49.58% compared to ¥22,062,317.90 in the previous year[9] - Total operating revenue for Q1 2021 was CNY 587.85 million, a decrease of 10.99% from CNY 660.57 million in the same period last year[38] - Total operating costs for Q1 2021 were CNY 571.73 million, down 7.99% from CNY 621.16 million year-on-year[39] - Net profit for Q1 2021 was CNY 12.50 million, a decline of 43.55% compared to CNY 22.07 million in Q1 2020[40] - Earnings per share for Q1 2021 were CNY 0.05, down from CNY 0.09 in the previous year[41] - The company reported a decrease in financial expenses to CNY 17.18 million from CNY 23.22 million year-on-year[39] - The company recorded a credit impairment loss of CNY -1.39 million, an improvement from CNY -8.22 million in the previous year[39] - The total comprehensive income for the period was CNY 4,860,766.75, compared to a total comprehensive loss of CNY 4,748,878.86 in the same period last year[45] Cash Flow and Assets - The net cash flow from operating activities increased by 72.09% to ¥179,569,974.93 from ¥104,347,021.41 in the same period last year[9] - The cash flow from operating activities generated a net amount of CNY 179,569,974.93, compared to CNY 104,347,021.41 in the same period last year[48] - Cash and cash equivalents at the end of the period were CNY 74,030,265.17, a decrease from CNY 127,667,321.20 at the end of the previous year[49] - The net cash flow from investment activities was 2,502,446.77, compared to a negative cash flow of 662,207.01 in the previous period[52] - The net increase in cash and cash equivalents was 25,765,248.32, contrasting with a decrease of 75,046,508.32 in the prior period[52] - The ending balance of cash and cash equivalents was 50,977,630.66, up from 45,559,500.48 previously[52] Shareholder Information - The company had a total of 19,754 common shareholders at the end of the reporting period[13] - The largest shareholder, Shenzhen Cuiyi Investment Co., Ltd., held 30.53% of the shares, amounting to 78,200,000 shares[13] Assets and Liabilities - Total assets at the end of the reporting period were ¥3,655,205,632.88, reflecting a 2.41% increase from ¥3,569,084,007.51 at the end of the previous year[9] - The company's current assets totaled CNY 3,228,575,776.88 as of March 31, 2021, compared to CNY 3,132,267,047.47 at the end of 2020, indicating an increase of about 3.1%[30] - Total liabilities as of March 31, 2021, were CNY 2,409,025,186.94, up from CNY 2,335,366,275.65, marking an increase of approximately 3.2%[32] - The equity attributable to the parent company increased to CNY 1,273,128,967.26 from CNY 1,259,691,897.49, reflecting a growth of about 1.1%[33] Other Income and Expenses - Other income increased by 120.08% to ¥2,449,683.53, mainly due to an increase in government subsidies[18] - The company incurred a tax expense of CNY 1,603,337.38, compared to CNY 894,731.78 in the previous year[44] Operational Activities - The company reported a significant increase in contract liabilities, which rose by 105.14% to ¥216,636,150.98, primarily due to an increase in advance payments[18] - The company reported no significant investments in securities or derivatives during the reporting period[21][22] - There were no major contracts or non-operating fund occupations by controlling shareholders during the reporting period[24][25] - The company did not engage in any entrusted financial management activities during the reporting period[23] - No research, communication, or interview activities were conducted during the reporting period[26] - The company did not apply the new leasing standards for the first quarter of 2021[53] - The first quarter report was not audited[53]

Financial Performance - The company's operating revenue for 2020 was CNY 2,109,468,698, a decrease of 7.22% compared to CNY 2,273,646,858.91 in 2019[18]. - The net profit attributable to shareholders was CNY 28,810,800.42, down 23.03% from CNY 37,430,449 in the previous year[18]. - The net profit after deducting non-recurring gains and losses was CNY 26,289,529.20, a decline of 37.89% compared to CNY 42,325,844 in 2019[18]. - The basic earnings per share decreased by 26.67% to CNY 0.11 from CNY 0.15 in 2019[18]. - The weighted average return on equity was 2.32%, down from 3.08% in the previous year[18]. - Operating profit for the year was 56.62 million yuan, down 13.44% year-on-year[43]. - Net profit attributable to shareholders was 28.47 million yuan, reflecting a decline of 9.96% from the previous year[43]. - The company's total operating costs for 2020 were CNY 1,823,000,000, down 4.51% from the previous year[67]. - The gross profit margin for wholesale business was 13.23%, a decrease of 1.16% compared to the previous year[61]. - The company reported a gross margin of 45%, maintaining strong profitability despite market challenges[128]. Cash Flow and Assets - The cash flow from operating activities increased significantly to CNY 136,988,315.2, a 164.01% increase from -CNY 214,007,412.09 in 2019[18]. - The total assets at the end of 2020 were CNY 3,569,084,007, reflecting a 4.91% increase from CNY 3,402,079,804.50 in 2019[19]. - The net assets attributable to shareholders increased by 2.40% to CNY 1,259,691,897 from CNY 1,230,116,017.66 in 2019[19]. - The company's cash and cash equivalents decreased by 42.86% to -¥193,949,341.59, mainly due to increased loan repayments and bank guarantee payments[75]. - The inventory increased by 8.79% to ¥2,154,406,582.54, accounting for 60.36% of total assets[79]. Revenue Breakdown - Wholesale business contributed CNY 1,723,261,379.7, accounting for 81.69% of total revenue, down 6.74% year-on-year[59]. - Retail business revenue was CNY 300,467,119.73, representing 14.24% of total revenue, a decline of 14.14% from the previous year[59]. - Gold products generated CNY 1,907,866,742.5, making up 90.44% of total revenue, with a year-on-year decrease of 6.77%[59]. - Online sales through third-party platforms generated revenue of 17.40 million yuan during the reporting period[54]. Store Operations and Market Presence - As of the end of the reporting period, the company operated 27 direct stores and 484 franchise stores, indicating a robust retail presence[29]. - The company has a total of 484 franchise stores and 27 directly-operated stores, providing a solid market foundation[40]. - The company expanded its market presence by optimizing existing stores and implementing regional market channel expansion plans[48]. - The company plans to open 50 new retail locations across major cities in China in 2021[134]. Research and Development - The company holds 280 product development patents and 159 trademarks, showcasing its commitment to innovation and design in the jewelry sector[38]. - Research and development expenses decreased by 22.55% to ¥1,545,488.87, representing 0.07% of operating revenue[74]. - Research and development investments increased by 25%, focusing on innovative jewelry designs and sustainable materials[130]. Future Outlook and Strategy - The company plans to enhance its market presence and brand positioning while focusing on product innovation and technology investment in 2021[108]. - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[130]. - Future guidance includes maintaining a debt-to-equity ratio below 0.5 to ensure financial stability[129]. - The company aims to enhance its online sales platform, expecting a 25% increase in e-commerce revenue by the end of 2021[173]. Shareholder and Dividend Information - The company plans to distribute a cash dividend of CNY 0.15 per 10 shares, totaling CNY 38,463,840 based on 256,156,000 shares[5]. - The cash dividend for 2019 was also 0.15 CNY per 10 shares, amounting to 3,842,340 CNY, representing 10.27% of the net profit attributable to shareholders[120]. - The cash dividend distribution for 2020 is 100% of the total profit distribution amount[125]. - The company has a remaining undistributed profit of 240,071,248.49 CNY at the end of 2020[125]. Compliance and Governance - The company has established a compliance framework to enhance understanding of relevant regulations among its board and management[152]. - The company has engaged a third-party professional organization to assist in improving internal control management[155]. - The company has committed to timely and accurate information disclosure as part of its governance improvements[152]. - The company has maintained compliance with its commitments to shareholders regarding stock price stability[138]. Challenges and Risks - The company faced significant operational difficulties in 2020 due to the pandemic, resulting in most investment store performances falling below expectations[96]. - The overall market environment for the jewelry sector remained challenging, with increased competition and brand recognition issues impacting sales performance[97]. - The company faces risks from international trade disputes affecting gold prices, which could impact domestic jewelry consumption[114].

Financial Performance - Net profit attributable to shareholders decreased by 92.70% to ¥3,837,057.29 for the reporting period[9] - Operating revenue for the quarter was ¥474,057,241.23, down 28.87% year-on-year[9] - Basic earnings per share fell to ¥0.01, a decrease of 95.24% compared to the same period last year[9] - The company reported a net profit of ¥35,658,718.35 for the year-to-date, an increase of 55.40% compared to the previous year[9] - The total operating revenue for the third quarter was CNY 109.71 million, a decrease from CNY 163.96 million in the previous period, representing a decline of approximately 33%[44] - The net profit for the third quarter was CNY 2.90 million, down from CNY 51.93 million year-on-year, indicating a significant decrease of about 94%[42] - The operating profit for the third quarter was CNY 10.13 million, compared to CNY 75.19 million in the same period last year, reflecting a decline of approximately 87%[41] - The company reported a total profit of CNY 9.87 million for the third quarter, down from CNY 75.18 million year-on-year, a decrease of about 87%[41] - The basic and diluted earnings per share for the third quarter were both CNY 0.01, compared to CNY 0.21 in the previous year, a decline of approximately 95%[42] - The total comprehensive income for the third quarter was CNY 2.90 million, significantly lower than CNY 51.93 million in the same period last year, indicating a decrease of about 94%[42] Assets and Liabilities - Total assets increased to ¥3,848,391,245.75, a 13.12% increase compared to the previous year[9] - Total liabilities increased to CNY 2,614,722,141.24 from CNY 2,197,593,728.10 year-over-year[34] - The company's equity attributable to shareholders rose to CNY 1,261,932,396.01 from CNY 1,230,116,017.66[34] - Inventory levels increased to CNY 545,809,814.61 from CNY 467,416,266.11 year-over-year[34] Cash Flow - Net cash flow from operating activities increased by 164.41% to ¥32,635,827.20[9] - Cash and cash equivalents increased by 43.87% to ¥792,147,587.24 from ¥550,616,362.20 due to increased margin deposits[17] - The company’s cash flow from operating activities was CNY 1,906,959,169.36, down from CNY 1,979,545,970.35 in Q3 2019[55] - The net cash flow from operating activities for Q3 2020 was CNY 216,861,614.59, a significant increase compared to CNY 45,054,365.09 in the same period last year[61] - Cash outflow from operating activities totaled CNY 365,931,034.63, compared to CNY 620,122,911.54 in the same quarter last year[61] - The company reported a cash outflow from investment activities of CNY 25,253,079.83, compared to CNY 19,236,240.65 in the previous year[58] Government Subsidies and Other Income - The company received government subsidies amounting to ¥2,453,672.57 during the reporting period[10] - Other income increased by 153.13% to ¥2,453,672.57 from ¥969,345.11, due to higher government subsidies[17] Investment and Fair Value Changes - Investment losses improved by 85.09%, with losses of ¥9,769,123.02 compared to ¥-65,502,730.05 in the previous year, as the company adopted hedging strategies[17] - Fair value changes showed a gain of ¥11,756,345.14 compared to a loss of ¥-7,799,012.42 in the previous year, reflecting the impact of hedging strategies[17] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 20,763[13] - Shenzhen Cuiyi Investment Co., Ltd. held 30.53% of the shares, amounting to 78,200,000 shares[13] Operating Costs - Total operating costs for Q3 2020 were CNY 456,910,302.16, down from CNY 593,231,849.78 in the same period last year[40] - The total operating costs for the third quarter were CNY 74.71 million, compared to CNY 125.02 million in the previous year, representing a decrease of about 40%[44] Tax and Impairment Losses - Tax and surcharges decreased by 31.82% to ¥6,756,195.29 from ¥9,909,848.68, due to reduced sales leading to lower turnover taxes[17] - Credit impairment losses increased by 48.49% to ¥-14,376,224.01 from ¥-9,681,784.33, attributed to a decrease in receivables recovery rates[17]

Financial Performance - Net profit attributable to shareholders decreased by 92.70% to ¥3,837,057.29 for the quarter[9] - Operating revenue for the quarter was ¥474,057,241.23, down 28.87% year-over-year[9] - Basic earnings per share fell to ¥0.01, a decrease of 95.24% compared to the same period last year[9] - The weighted average return on net assets dropped to 0.29%, down 93.36% year-over-year[9] - The company reported a net profit of ¥35,658,718.35 for the year-to-date, an increase of 55.40% compared to the previous year[9] - The net profit for the third quarter was CNY 2.90 million, down 94% from CNY 51.93 million year-on-year[42] - The operating profit for the third quarter was CNY 10.13 million, compared to CNY 75.19 million in the previous year, indicating a significant decline[41] - The company reported a total profit of CNY 9.87 million for the third quarter, down from CNY 75.18 million in the same period last year[41] - The total comprehensive income for the third quarter was CNY 2.90 million, a decrease from CNY 51.93 million year-on-year[42] - The company reported a decrease in short-term borrowings to CNY 440,000,000.00 from CNY 525,000,000.00, a reduction of approximately 16%[36] Assets and Liabilities - Total assets increased to ¥3,848,391,245.75, up 13.12% from the previous year[9] - Total liabilities rose to CNY 2,614,722,141.24, up from CNY 2,197,593,728.10, indicating an increase of about 19%[34] - Cash and cash equivalents increased by 43.87% to ¥792,147,587.24 from ¥550,616,362.20 due to increased margin deposits[17] - The company's total assets increased to CNY 3,848,391,245.75 from CNY 3,402,079,804.50, reflecting a growth of approximately 13%[34] - Inventory levels rose to CNY 545,809,814.61, up from CNY 467,416,266.11, marking an increase of about 17%[34] - The company’s retained earnings increased to CNY 673,154,168.99 from CNY 641,337,790.64, reflecting a growth of about 5%[34] Cash Flow - Net cash flow from operating activities surged by 1,232.00% to ¥573,601,271.68[9] - The total cash inflow from operating activities was CNY 2,447,924,613.84, compared to CNY 1,979,545,970.35 in the previous year, indicating a growth of 23.7%[55] - The net cash flow from operating activities for the third quarter was ¥293,871,406.26, a significant increase compared to ¥45,054,365.09 in the same period last year, reflecting improved operational efficiency[61] - The total cash outflow from operating activities was ¥365,931,034.63, a decrease from ¥620,122,911.54 in the same quarter last year, suggesting reduced operational expenditures[61] - The company reported a cash inflow from sales of goods and services of ¥628,501,427.21, slightly up from ¥628,081,426.70 year-over-year, indicating stable sales performance[60] Government Support and Subsidies - The company received government subsidies amounting to ¥2,453,672.57 during the reporting period[10] - Other income increased by 153.13% to ¥2,453,672.57 from ¥969,345.11, driven by higher government subsidies[17] Investment and Financial Activities - The company reported a significant reduction in investment losses by 85.09%, improving from -¥65,502,730.05 to -¥9,769,123.02 due to the adoption of hedging strategies[17] - The fair value change income improved by 250.74%, moving from -¥7,799,012.42 to ¥11,756,345.14, also due to hedging strategies[17] - The company incurred financial expenses of CNY 6.92 million in the third quarter, a decrease from CNY 13.26 million year-on-year[44] - The total cash outflow for financing activities was ¥1,490,226,500.39, compared to ¥1,017,507,430.08 in the previous year, showing increased financial obligations[58] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 20,763[13] - Shenzhen Cuiyi Investment Co., Ltd. held 30.53% of the shares, with 78,200,000 shares pledged[13] Future Plans - The company plans to issue non-public shares as approved in board meetings held on September 28 and October 15, 2020[18] - The company plans to focus on market expansion and new product development to enhance future growth prospects[40]

Financial Performance - The company's operating revenue for the first half of 2020 was CNY 1,138,757,347.80, representing a 4.29% increase compared to CNY 1,091,926,863.92 in the same period last year[18]. - The net profit attributable to shareholders was CNY 31,821,661.06, a significant turnaround from a loss of CNY 29,628,294.03, marking a 207.40% increase[18]. - The net profit after deducting non-recurring gains and losses was CNY 30,394,194.04, also a substantial improvement from a loss of CNY 28,397,900.48, reflecting a 207.03% increase[18]. - The company reported a basic earnings per share of CNY 0.12, compared to a loss of CNY 0.12 per share in the same period last year, indicating a 200.00% increase[18]. - The company achieved total operating revenue of 1,138.76 million CNY and a net profit attributable to shareholders of 303.94 million CNY after deducting non-recurring gains and losses during the reporting period[41]. - The company reported a significant increase in income tax expenses by 327.55%, primarily due to an increase in total profit[51]. - The company reported a net profit of 42.3 million yuan for the first half of 2020, representing a decrease of 3.8% compared to the previous period[169]. - The total comprehensive income for the period was -14,629,000 yuan, reflecting a significant decline[175]. Assets and Liabilities - The company's total assets increased by 12.96% to CNY 3,842,826,360.30 from CNY 3,402,079,804.50 at the end of the previous year[18]. - The net assets attributable to shareholders rose by 2.27% to CNY 1,258,095,338.72 from CNY 1,230,116,017.66 at the end of the previous year[18]. - Cash and cash equivalents increased to ¥759,298,869.31, representing 19.76% of total assets, up from 16.18% in the previous year[59]. - Accounts receivable rose to ¥313,855,420.84, accounting for 8.17% of total assets, an increase from 6.75% year-on-year[59]. - Inventory stood at ¥2,134,757,680.79, making up 55.55% of total assets, a decrease of 2.65% from the previous year[59]. - The total liabilities increased to CNY 2,594,587,779.34 from CNY 2,170,536,320.20, reflecting a growth of approximately 19.5%[145]. - The company's total equity at the end of the reporting period was 842,244,962.93 RMB, reflecting a decrease from the previous balance[178]. Business Operations - The company operates a mixed business model of franchise and direct sales, with a total of 484 franchise stores and 29 direct stores across major regions in China[24]. - The company has been focusing on the design, production, and sales of brand jewelry, primarily gold jewelry, while also engaging in platinum and inlaid jewelry[24]. - The wholesale business generated revenue of 982.88 million CNY with a gross margin of 14.32%, while retail business revenue was 150.24 million CNY with a gross margin of 18.08%[29]. - The company operates a production model that combines self-manufacturing and outsourcing, with self-produced goods accounting for 42.91% and outsourced products 57.09% of total production[33]. - The company has developed a series of themed products, including wedding series and Palace Museum series, and has obtained multiple design patents[37]. - The company has established a complete management system for franchise operations to support and supervise daily activities, addressing potential risks associated with franchise management[27]. - The company has implemented operational adjustments in response to the COVID-19 pandemic, including the establishment of a resource management team and the introduction of external professional institutions[42]. Cash Flow and Investments - The net cash flow from operating activities was CNY 4,801,524.50, a significant decrease of 96.69% compared to CNY 144,900,443.66 in the same period last year[18]. - The company did not make any investments during the reporting period, a 100% decrease from ¥308,000.00 in the same period last year[65]. - The total amount of raised funds was ¥40,821.31 million, with ¥420.68 million invested during the reporting period[69]. - The company has faced challenges in achieving expected benefits due to market competition and internal adjustments in various store locations[72]. - The company plans to use CNY 90 million of raised funds to establish a wholly-owned subsidiary, Cuihua Ting (Beijing) Jewelry Co., Ltd., for opening direct stores[73]. - The company has committed to maintaining the total operating area and inventory levels despite the changes in fundraising project implementation[74]. Shareholder Information - The total number of shares before the change was 256,156,000, with 14.26% being restricted shares and 85.74% being unrestricted shares[121]. - The total number of shareholders at the end of the reporting period was 24,200, with no preferred shareholders[126]. - The largest shareholder, Shenzhen Cuiyi Investment Co., Ltd., holds 30.53% of the total shares, amounting to 78,200,000 shares[126]. - The total number of restricted shares held by executives decreased to 21,143,820 after the release of 3,044,849 shares[124]. - The company did not experience any changes in its controlling shareholder or actual controller during the reporting period[128]. Governance and Compliance - The company is enhancing its governance structure and risk management to adapt to market changes[90]. - The company has completed rectification measures regarding its internal control systems and is committed to ongoing improvements[99]. - There were no significant litigation or arbitration matters during the reporting period[90]. - The company has not engaged in any related party transactions during the reporting period[101]. - The company has disclosed its use of raised funds in accordance with relevant laws and regulations, ensuring transparency in its financial practices[76]. Future Outlook - The company plans to enhance its market expansion strategies and invest in new product development to drive future growth[171]. - The company has initiated discussions for potential mergers and acquisitions to strengthen its market position[171]. - The company has set a performance guidance for the next quarter, aiming for a revenue increase of 10% year-on-year[171].

Financial Performance - The company's operating revenue for Q1 2020 was ¥660,566,019.41, representing a 3.87% increase compared to ¥635,957,321.77 in the same period last year[9] - Net profit attributable to shareholders was ¥22,906,777.29, a significant increase of 47.66% from ¥15,513,517.14 year-on-year[9] - Basic and diluted earnings per share both increased by 50.00% to ¥0.09 from ¥0.06 in the same period last year[9] - Net profit for Q1 2020 reached CNY 22,065,198.88, representing a significant increase of 59.2% from CNY 13,872,261.32 in Q1 2019[37] - The total comprehensive income for Q1 2020 was CNY 22,065,198.88, compared to CNY 13,872,261.32 in Q1 2019, indicating a year-over-year increase of 59.2%[38] Cash Flow - The net cash flow from operating activities reached ¥104,347,021.41, a remarkable improvement of 273.58% compared to a negative cash flow of ¥60,114,492.86 in the previous year[9] - The company reported a net increase in cash and cash equivalents of ¥-113,241,523.68, an improvement of 32.67% compared to ¥-168,181,001.93 in the previous year[15] - The cash inflow from operating activities totaled CNY 765,747,866.59, compared to CNY 625,580,631.59 in the previous period, reflecting an increase of approximately 22.4%[45] - The company experienced a net cash decrease of CNY -113,241,523.68 during the period, compared to a decrease of CNY -168,181,001.93 in the previous period[46] Assets and Liabilities - Total assets at the end of the reporting period were ¥3,580,310,606.61, reflecting a 5.24% increase from ¥3,402,079,804.50 at the end of the previous year[9] - The company's accounts receivable increased by 69.96% to ¥390,414,146.18, attributed to intensified competition and slower customer payments[15] - Total liabilities rose to CNY 2,353,759,331.33 from CNY 2,197,593,728.10, an increase of approximately 7.1%[29] - The company's equity attributable to shareholders increased to CNY 1,253,022,794.95 from CNY 1,230,116,017.66, showing a growth of about 1.85%[30] Expenses - Total operating costs for Q1 2020 were CNY 621,155,219.85, up from CNY 613,431,002.31, reflecting a year-over-year increase of 1.2%[36] - The company reported a decrease in sales expenses to CNY 23,862,360.03 from CNY 19,855,663.41, reflecting a 20.1% increase[36] - Research and development expenses decreased to CNY 373,355.97 from CNY 525,606.55, a reduction of 29%[36] Government Support - Government subsidies recognized in the current period amounted to ¥1,113,097.49, marking a 425.56% increase from ¥211,792.98 in the previous year[15] - The company experienced a significant increase in other income, which rose to CNY 1,113,097.49 from CNY 211,792.98, marking a growth of 424%[36] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 25,663, with the largest shareholder holding 30.53% of the shares[11] Audit and Reporting Changes - The company has not undergone an audit for the first quarter report[56] - The company is implementing new revenue and lease standards starting in 2020, which may affect future financial reporting[56]