Financial Performance - The company's operating revenue for Q3 2021 was ¥104,664,671.90, a decrease of 7.88% compared to the same period last year[2] - Net profit attributable to shareholders for Q3 2021 was ¥7,075,701.94, down 76.09% year-on-year[2] - The net profit excluding non-recurring gains and losses for the same period was ¥6,714,035.52, a decrease of 60.60% compared to last year[2] - The basic earnings per share for Q3 2021 was ¥0.04, down 73.33% year-on-year[2] - Total operating revenue for the third quarter was CNY 329,174,255.61, an increase of 25.2% compared to CNY 262,621,507.44 in the same period last year[17] - Net profit for the period reached CNY 28,786,393.24, representing a 16.5% increase from CNY 24,653,933.52 in the previous year[18] - The total comprehensive income for the period reached CNY 28,796,371.14, an increase from CNY 24,650,886.49 in the previous period, reflecting a growth of approximately 16.4%[22] - Basic and diluted earnings per share improved to CNY 0.14, up from CNY 0.12, indicating a growth of 16.67%[22] Cash Flow and Assets - Year-to-date operating cash flow net amount reached ¥75,766,482.22, an increase of 111.38% compared to the same period last year[6] - Cash flow from operating activities generated CNY 75,766,482.22, compared to CNY 35,844,106.80 in the previous period, representing a significant increase of 111.5%[22] - Cash inflow from operating activities totaled CNY 372,291,290.43, compared to CNY 296,528,160.09 in the previous period, marking an increase of 25.5%[22] - The total assets at the end of the reporting period were ¥1,172,573,065.00, an increase of 6.13% from the end of the previous year[2] - Current assets totaled CNY 770,640,782.15, slightly up from CNY 766,589,284.09 at the end of 2020[13] - Non-current assets increased to CNY 401,932,282.85 from CNY 338,222,833.24, marking an increase of 18.8%[14] - Total liabilities were CNY 111,519,530.22, significantly higher than CNY 42,424,709.44 in the previous year[15] - Total equity reached CNY 1,062,387,407.89, remaining stable compared to the previous period[27] Operating Costs and Challenges - The company faced challenges in Q3 2021 due to recurring COVID-19 outbreaks, leading to decreased liquidity and lower operating revenue compared to Q3 2020[6] - The increase in operating costs was driven by higher prices for raw materials and packaging, resulting in a decline in gross margin[6] - The company reported a decrease in research and development expenses to CNY 3,660,092.78 from CNY 4,097,425.03, a reduction of 10.7%[18] Shareholder Information - The largest shareholder, Tianjin Guifaxiang Food Group Co., Ltd., holds 32.35% of the shares, totaling 66,258,514 shares[9] - The second largest shareholder, Shanghai Yongjin Investment Management Co., Ltd., holds 5.00% of the shares, totaling 10,239,900 shares[9] - The company reported a significant reduction in the number of shareholders holding more than 5% of shares, with two major shareholders reducing their stakes[11] - The total number of shareholders is not disclosed, but the top ten shareholders account for a significant portion of the company's equity[9] - The company has not engaged in any financing or securities lending activities among its top ten shareholders[10] - The report indicates that there are no known relationships or concerted actions among the other shareholders[10] Corporate Structure and Management - The company has undergone a change in its corporate structure, transitioning from a joint venture to a publicly listed company[11] - The company has appointed new senior management and restructured its board of directors as of September 1, 2021[11] - The company has made amendments to its articles of association and shareholder meeting rules following the changes in its corporate structure[11] - The company adopted new leasing standards starting January 1, 2021, adjusting retained earnings and related financial statement items accordingly[28] Other Information - The company opened multiple new direct-operated stores in Q3 2021, which increased related operating expenses[6] - The third quarter report was not audited, which may affect the reliability of the financial data presented[29] - The company has not disclosed any new product developments or market expansion strategies in the current report[30]

Financial Performance - The company's operating revenue for the first half of 2021 was CNY 224,509,583.71, representing a 50.67% increase compared to CNY 149,006,219.85 in the same period last year[20]. - The net profit attributable to shareholders was CNY 21,710,691.30, a significant increase of 539.46% from a loss of CNY 4,940,313.42 in the previous year[20]. - The net cash flow from operating activities reached CNY 56,954,895.58, up 229.91% from CNY 17,263,715.79 in the same period last year[20]. - Basic earnings per share improved to CNY 0.11, compared to a loss of CNY 0.02 per share in the previous year, marking a 650.00% increase[20]. - The company reported a total comprehensive income of CNY 21,726,000.00 during the first half of 2021, indicating a positive performance despite the overall decrease in equity[166]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,156,664,572.74, a 4.69% increase from CNY 1,104,812,117.33 at the end of the previous year[20]. - The net assets attributable to shareholders decreased by 0.79% to CNY 1,053,983,276.33 from CNY 1,062,387,407.89 at the end of the previous year[20]. - Total current liabilities increased to CNY 59.64 million, a rise of 82.59% from CNY 32.67 million[143]. - Total liabilities amounted to CNY 102.68 million, compared to CNY 42.42 million, indicating a significant increase[143]. - The company's total equity decreased to CNY 988.76 million in the first half of 2021 from CNY 1,003.00 million in the same period of 2020[148]. Revenue Sources - The company achieved a revenue of 225 million yuan in the first half of 2021, representing a year-on-year growth of 50.67%[29]. - The main business revenue accounted for 98.25% of total revenue, with a significant contribution from the fried dough twist products, which generated ¥128,328,274.66, up 51.58% year-on-year[52]. - The revenue from the company's main product, the Mahua product line, was ¥128,328,274.66, with a gross margin of 53.88%[39]. - The company’s self-owned brand products accounted for 72.87% of retail business revenue, with total revenue from self-owned brands reaching ¥126,735,519.06[36]. Market and Sales Strategy - The retail business saw a nearly 50% growth, outperforming the average market level in the region[32]. - The company opened 3 new model stores in the first half of 2021, enhancing its sales network[30]. - Directly operated stores accounted for over 73% of total revenue, with a total of 61 stores in Tianjin[30]. - The company launched several new products, including upgraded "Gaba Cai" and "Tea Soup" convenience foods, to attract younger consumers[30]. - The company plans to explore new store formats and management mechanisms to enhance operational efficiency[30]. Cost and Expenses - Operating costs increased to ¥125,296,853.36, up 53.18% from ¥81,798,241.88, primarily due to the rise in revenue[49]. - The gross profit margin for the food segment was 44.15%, a decrease of 1.00% compared to the previous year[54]. - The company’s sales expenses increased by 6.66% to ¥57,615,967.07, with notable increases in leasing and store renovation costs[55]. - The average purchase price of non-GMO soybean oil increased by approximately 40% compared to the same period last year, leading to a decrease in gross margin by 1.28%[43]. Research and Development - Research and development expenses slightly decreased by 0.34% to ¥2,384,193.51 from ¥2,392,280.75[50]. - The company focuses on R&D innovation, introducing health-oriented products like beneficial sugar and high-fiber snacks, contributing to the food industry's technological advancement[91]. - The company has obtained 11 invention patents, enhancing its competitive advantage through the introduction of new food elements into traditional products[47]. Corporate Governance and Compliance - The company has implemented strict quality control measures, achieving ISO9001 and ISO22000 certifications to ensure food safety[76]. - The company is actively protecting its trademark rights to mitigate risks associated with counterfeiting and brand infringement[76]. - The financial statements were prepared in accordance with the accounting standards issued by the Ministry of Finance, ensuring a true and complete reflection of the company's financial status as of June 30, 2021[181]. Future Outlook - The company plans to continue expanding its product line and enhancing channel service levels to adapt to changing consumer behaviors[54]. - The company is focusing on expanding its market presence and enhancing product development strategies to drive future growth[142]. - The company aims to expand its chain franchise system and increase direct store coverage using a "snowball" strategy, while also enhancing digital technology for smart stores and e-commerce channels[78].

Financial Performance - The company's revenue for Q1 2021 was CNY 114,052,444.59, representing a 24.45% increase compared to CNY 91,642,651.65 in the same period last year[8]. - Net profit attributable to shareholders reached CNY 8,994,229.82, a significant increase of 102.63% from CNY 4,438,809.69 year-on-year[8]. - Basic earnings per share doubled to CNY 0.04 from CNY 0.02, indicating strong profitability growth[8]. - The company's operating revenue for the first quarter of 2021 was RMB 114,052,444.59, representing a 24.45% increase compared to RMB 91,642,651.65 in the same period last year[15]. - The company reported a significant increase in interest income, which rose by 1015.24% to RMB 2,587,404.24 due to the non-use of temporarily idle funds[15]. - The company expects a net profit attributable to shareholders of between 1,500 and 2,200 million yuan, indicating a growth of 403.63% to 545.32% compared to the previous year[25]. - Basic earnings per share are projected to be between 0.07 and 0.11 yuan, reflecting an increase of 450.00% to 650.00% year-on-year[25]. - The total comprehensive income for the period was CNY 9,005,873.58, compared to CNY 4,416,757.76 in the previous period, marking a significant increase[48]. Cash Flow and Liquidity - The net cash flow from operating activities was CNY 29,122,315.76, up 38.95% from CNY 20,958,453.02 in the previous year[8]. - The cash flow from operating activities saw a dramatic increase of 908.40%, reaching RMB 2,903,228.65, attributed to interest income and government subsidies[16]. - The total cash inflow from operating activities was CNY 133,787,912.07, compared to CNY 109,395,550.49 in the previous year, indicating an increase of approximately 22.3%[51]. - The net cash flow from operating activities for the current period is CNY 12,671,440.56, an increase of 79.5% compared to CNY 7,072,063.27 in the previous period[55]. - The cash and cash equivalents at the end of the period increased to CNY 688,117,937.52 from CNY 129,550,944.85, reflecting a substantial rise[53]. - The cash and cash equivalents increased to 688.12 million yuan from 670.38 million yuan[34]. - The company's cash and cash equivalents at the end of the period increased to CNY 526,465,424.02 from CNY 46,179,195.33, marking a significant recovery[56]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,187,662,687.14, a 7.50% increase from CNY 1,104,812,117.33 at the end of the previous year[8]. - The company's total assets as of March 31, 2021, amounted to CNY 1,065,977,470.23, compared to CNY 1,015,806,531.96 at the end of 2020[40]. - Total liabilities increased to 116.27 million yuan from 42.42 million yuan, primarily due to an increase in lease liabilities[36]. - The total liabilities as of March 31, 2021, were CNY 56,997,175.68, significantly increased from CNY 12,802,568.53 at the end of 2020[40]. - The total amount of funds raised and used during the reporting period was RMB 6,267,570.69, with a cumulative total of RMB 410,203,154.31 used from the raised funds[23]. - The total liabilities increased to CNY 107,296,476.61, with a notable rise in non-current liabilities due to the implementation of new leasing standards[60]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 18,161[11]. - The largest shareholder, Tianjin Guifaxiang Food Group Co., Ltd., holds 32.35% of the shares, totaling 66,258,514 shares[11]. - The net assets attributable to shareholders increased by 0.85% to CNY 1,071,393,281.47 from CNY 1,062,387,407.89[8]. - The company's equity attributable to shareholders reached CNY 1,008,980,294.55 as of March 31, 2021, compared to CNY 1,003,003,963.43 at the end of 2020[40]. Research and Development - Research and development expenses increased by 62.72% to RMB 1,214,702.31, driven by increased investment in new products and projects[15]. - Research and development expenses for Q1 2021 were CNY 1,214,702.31, up from CNY 746,495.28 in the previous year, indicating increased investment in innovation[43]. - The company reported a decrease in research and development expenses to CNY 745,041.91 from CNY 750,932.89, a reduction of about 0.8%[47]. Government Support and Financial Management - The company received government subsidies amounting to CNY 1,034,264.88 during the reporting period[9]. - The company has not engaged in any securities or derivative investments during the reporting period[20][21]. - The company has not engaged in any entrusted financial management during the reporting period[27]. - There were no significant non-operating fund occupations by controlling shareholders or related parties during the reporting period[29]. - The company plans to use part of its temporarily idle funds to purchase safe short-term financial products, not exceeding RMB 40 million[17]. Strategic Focus and Future Outlook - The company plans to continue focusing on product innovation and management innovation to achieve its performance targets in the second quarter[25]. - The company has completed 76.76% of its committed investment projects, with a total investment of 20.57 million yuan out of a commitment of 28.66 million yuan[24]. Financial Reporting Standards - The company adopted new leasing standards starting January 1, 2021, impacting the financial statements[65]. - The first quarter report was not audited, indicating preliminary financial data[66].

Financial Performance - The company's operating revenue for 2020 was ¥348,707,209.50, a decrease of 31.29% compared to ¥507,496,462.08 in 2019[6]. - The net profit attributable to shareholders for 2020 was ¥25,037,058.57, down 70.41% from ¥84,599,609.03 in 2019[6]. - The net profit after deducting non-recurring gains and losses was ¥12,659,186.56, a decline of 84.12% from ¥79,733,668.25 in 2019[6]. - The net cash flow from operating activities was ¥26,413,535.39, a decrease of 63.48% compared to ¥72,325,644.88 in 2019[6]. - The basic earnings per share for 2020 was ¥0.12, down 71.43% from ¥0.42 in 2019[6]. - The total assets at the end of 2020 were ¥1,104,812,117.33, a decrease of 1.96% from ¥1,126,872,463.97 at the end of 2019[6]. - The net assets attributable to shareholders at the end of 2020 were ¥1,062,387,407.89, down 1.41% from ¥1,077,537,259.40 at the end of 2019[6]. - The company's total revenue for the reporting period was CNY 342,866,084.91, a decrease of 31.31% year-on-year[52]. - The cash dividend amount for 2020 was CNY 30,130,244.25, representing 120.34% of the net profit attributable to ordinary shareholders[135]. - The total distributable profit for 2020 was CNY 303,537,618.07[137]. Business Operations - The company operates 60 direct stores and 1 food-themed comprehensive mall, with direct store sales accounting for nearly 73% of total revenue[27]. - The retail sales in the Tianjin region decreased by 15.1% in 2020 due to the impact of the pandemic, significantly affecting the company's performance[28]. - The company reported a 52.1% decrease in domestic tourism numbers in 2020, with a total reduction of 30.22 billion trips compared to the previous year[37]. - The company achieved a turnaround in the second half of 2020, moving from a loss to profitability through various marketing strategies and channel expansions[39]. - The company opened five new direct stores during the reporting period, contributing to a total of 60 stores in Tianjin[42]. - The company opened 6 new direct sales stores, bringing the total to 60 stores in the Tianjin region[55]. - The company has developed a strong marketing network, combining direct sales, distributors, and e-commerce to cover the market comprehensively[32]. - The company is expanding its direct sales channels and enhancing online platforms to mitigate risks from the COVID-19 pandemic[127]. Product Development and Innovation - The company launched new products, including a convenient version of the traditional Tianjin dish "Gaba Cai," which received strong market feedback[37]. - The company has obtained 11 invention patents, enhancing its competitive edge in the food industry through innovative product development[34]. - The company plans to enhance its product quality and expand its market by developing convenient food products that combine traditional flavors with modern food technology[77]. - The introduction of "Tianjin Flavor" products targets the revival of traditional Chinese pastries and convenient foods, aiming to fill market gaps with innovative offerings[108]. - The company plans to enhance its product lineup through systematic upgrades and the introduction of premium products, focusing on quality and packaging improvements[110]. Financial Management and Investments - The company reported a significant increase in net cash flow from investment activities, rising by 888.13% to ¥71,416,096.17, attributed to the sale of equity stakes and reduced capital expenditures[80]. - The company’s total revenue from investment income was ¥29,384,276.17, accounting for 82.21% of total profit, primarily from equity sales and cash management[81]. - The company has committed to invest a total of 484.43 million in various projects, with 405.94 million already utilized, representing a progress rate of 76.38% for the airport economic zone production base project[95]. - The company has adjusted its investment strategy, reducing the scale of the airport economic zone production base project while increasing the investment in marketing network construction[96]. - The company has not encountered any issues or problems in the use and disclosure of raised funds[96]. Corporate Governance and Compliance - The company has implemented a modern corporate governance structure to enhance operational management capabilities[180]. - The company has maintained its commitments to minority shareholders and has fulfilled them on time[142]. - The company has not experienced any non-operating fund occupation by controlling shareholders or related parties during the reporting period[143]. - The company has engaged the same accounting firm for four consecutive years, with an audit fee of 550,000 CNY[153]. - The company has complied with the new accounting policies and estimates without significant effects on its financial results[144]. Social Responsibility and Community Engagement - The company actively participated in social responsibility initiatives, including a total donation of 14,800 for frontline workers during the pandemic[175]. - The company has implemented a poverty alleviation strategy, focusing on various social responsibility activities such as donations and volunteer services[176]. - The company donated 20,000 jin of pastries worth nearly 400,000 yuan to over 40 units, including hospitals and community health service centers, in response to the COVID-19 pandemic[177]. - The total value of material donations for poverty alleviation reached 472,200 yuan[178]. - The company plans to continue enhancing its corporate responsibility and innovation to improve poverty alleviation quality[180]. Market and Competitive Landscape - The company is heavily reliant on the Tianjin market, with over 90% of its main business revenue coming from this region, posing a risk if market conditions change[128]. - The company is exploring opportunities in local tourism and integrating intangible cultural heritage into its product offerings to enhance brand value[117]. - The company emphasizes cost reduction and efficiency improvement through enhanced internal controls and effective measures[120]. Shareholder and Equity Changes - The company has undergone significant shareholder changes, including multiple share reductions by major shareholders throughout 2020[182]. - The controlling shareholder increased their stake by up to 2% through centralized bidding and block trading[188]. - The company reported a focus on tax optimization and refined management through the establishment of independent accounting for new stores[185]. - The company has not reported any restrictions on share reduction for its controlling shareholders or actual controllers[200].

Financial Performance - Net profit attributable to shareholders was CNY 29,594,246.94, an increase of 25.05% year-on-year[8]. - Operating income for the reporting period was CNY 113,615,287.59, down 14.83% compared to the same period last year[8]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 17,040,007.30, a decrease of 25.34% year-on-year[8]. - Basic earnings per share were CNY 0.15, an increase of 25.00% compared to the same period last year[8]. - The weighted average return on net assets was 2.83%, a decrease of 0.58% compared to the previous year[8]. - The company reported a cumulative net profit estimate of RMB 3,000,000 to RMB 4,500,000, representing a decline of 64.54% compared to the previous year's RMB 8,459,960[28]. - Basic earnings per share are expected to be between RMB 0.15 and RMB 0.22, a decrease of 47.62% from the previous year's RMB 0.42[28]. - The company reported a total comprehensive income of CNY 29,600,542.72, compared to CNY 23,627,804.03 in the previous year, reflecting overall growth[47]. Revenue and Income - Total revenue for the first nine months of 2020 was CNY 262.62 million, a decrease of 33.83% compared to CNY 396.88 million in the same period of 2019 due to the impact of the pandemic[16]. - Cash received from the sale of goods and services was CNY 294.22 million, down 34.73% from CNY 450.80 million in the same period last year, reflecting a decline in main business revenue due to the pandemic[17]. - Total operating revenue for the third quarter was CNY 113,615,287.59, a decrease from CNY 133,390,842.12 in the previous period[44]. - Total operating revenue for the third quarter was CNY 262.62 million, a decrease of 33.8% compared to CNY 396.88 million in the same period last year[52]. Cash Flow - The net cash flow from operating activities was CNY 18,580,391.01, down 44.08% year-on-year[8]. - Cash inflow from operating activities was CNY 296,528,160.09, compared to CNY 454,637,315.32 in the previous year, indicating a decrease of 34.7%[60]. - The net cash flow from operating activities was CNY 35,844,106.80, down 51.9% from CNY 74,575,062.13 in the same quarter last year[60]. - Cash and cash equivalents at the end of the period were CNY 216,284,487.83, down from CNY 144,125,072.06 at the end of Q3 2019[61]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,126,686,705.86, a decrease of 0.02% compared to the end of the previous year[8]. - Total liabilities increased to CNY 64,672,218.97 from CNY 49,335,204.57, marking an increase of about 31.1%[38]. - The company's equity decreased to CNY 1,062,014,486.89 from CNY 1,077,537,259.40, a reduction of approximately 1.4%[39]. - Current assets increased to CNY 785,829,414.95 from CNY 724,523,751.30, primarily driven by an increase in trading financial assets of CNY 458,000,000.00[36]. Research and Development - Research and development expenses increased by 102.83% to CNY 4.10 million, up from CNY 2.02 million in the previous year, driven by new R&D projects[16]. - Research and development expenses increased to CNY 1,705,144.28 from CNY 796,025.44, highlighting a focus on innovation and product development[45]. - The company plans to continue focusing on R&D and market expansion despite the challenges posed by the pandemic[18]. Investments - Investment income rose by 78.88% to CNY 29.01 million, compared to CNY 16.22 million in 2019, primarily from the sale of equity in Kuntin Technology[16]. - The company completed the transfer of 22.42% equity in Kuntin Technology, which was a significant strategic move during the reporting period[18]. - The company has invested RMB 90,000,000 of temporarily idle raised funds in principal-protected floating income financial products[25]. Shareholder Information - The company reported a total of 18,735 common shareholders at the end of the reporting period[12]. - The largest shareholder, Tianjin Guifaxiang Food Group Co., Ltd., held 30.56% of the shares[12]. - The company did not engage in any repurchase transactions during the reporting period[13].

Financial Performance - The company's operating revenue for the first half of 2020 was ¥149,006,219.85, a decrease of 43.45% compared to ¥263,491,444.38 in the same period last year[17]. - The net profit attributable to shareholders was a loss of ¥4,940,313.42, representing a decline of 110.79% from a profit of ¥45,801,439.60 in the previous year[17]. - The net cash flow from operating activities was ¥17,263,715.79, down 58.25% from ¥41,349,346.70 in the same period last year[17]. - The basic earnings per share were -¥0.02, a decrease of 108.70% compared to ¥0.23 in the previous year[17]. - The overall revenue for the first half of 2020 decreased significantly due to the impact of the COVID-19 pandemic, with the company's sales channels experiencing a substantial drop in customer traffic[33]. - The company reported a significant decline in both net profit and revenue due to the pandemic's effects on retail operations[5]. - The company reported a significant drop in rental income due to pandemic-related rent reductions, leading to a decrease in other business income by 50.30%[53]. - The estimated cumulative net profit for the year is projected to be between 11 million and 16 million yuan, representing a decline of 84.17% to 76.97% compared to the previous year's profit of 69.47 million yuan[85]. - The company reported a total comprehensive income of CNY -4.95 million for the first half of 2020, compared to CNY 45.80 million in the same period of 2019[166]. Assets and Liabilities - Total assets at the end of the reporting period were ¥1,081,912,542.57, a decrease of 3.99% from ¥1,126,872,463.97 at the end of the previous year[17]. - The total liabilities and shareholders' equity were not explicitly stated but are implied to be affected by the changes in total assets[156]. - The total equity attributable to shareholders decreased to CNY 973,188,199.75 from CNY 1,010,800,901.57, reflecting a decline of approximately 3.7%[162]. - The company's total liabilities at the end of the current period were CNY 787.53 million[183]. Market and Business Operations - The retail business accounted for over 30% of the company's total revenue, which has been impacted by the COVID-19 pandemic[5]. - The company has acknowledged the uncertainty regarding the future development of its retail business due to the ongoing pandemic[5]. - The company's main product, "Guilin Fa Xiang Eighteen Street Mahua," is recognized as a national intangible cultural heritage, contributing to its strong brand influence and market position[25]. - The company is heavily reliant on the Tianjin market, which accounts for over 90% of its main business revenue, posing a risk if market conditions change[90]. - The company is committed to diversifying its market presence by opening new stores in the Beijing-Tianjin-Hebei region and developing innovative products for a national audience[90]. Strategic Initiatives - The company plans not to distribute cash dividends or issue bonus shares[6]. - The company aims to enhance its core business and explore the potential of its main operations, particularly focusing on the development of its Mahua and pastry businesses[34]. - The company plans to strengthen its Mahua product line by upgrading product image and packaging, and improving production technology to gain a competitive edge[35]. - The company intends to elevate its pastry business as a new pillar, aiming for short-term stability in the local market and long-term nationwide promotion of key products[35]. - The company is focusing on cost control and efficiency improvements, including detailed cost accounting and performance evaluation to enhance resource utilization[39]. Research and Development - The company has obtained 10 invention patents, enhancing its competitive edge through the introduction of new food elements that meet modern consumer demands[30]. - Research and development expenses increased by 95.42% to CNY 2,392,280.75, reflecting the initiation of new projects and varying stages of implementation[49]. - The company's research and development expenses increased to CNY 2,392,280.75 from CNY 1,224,145.26, reflecting a commitment to innovation despite financial pressures[163]. Social Responsibility - The company has actively engaged in social responsibility during the pandemic, ensuring the safety of employees and maintaining normal operations at stores[33]. - The company donated over CNY 470,000 worth of products to poverty-stricken areas, including 2,700 boxes to Pingliang City and 5,000 boxes to Zhuanglang County[124]. - The company contributed nearly CNY 400,000 worth of pastries to over 40 units, including hospitals and community health service centers, during the pandemic[125]. - The company actively participates in social responsibility initiatives, including volunteer services and disaster prevention activities[123]. Future Outlook - The company aims to achieve profitability by the end of the third quarter through expanding online channels and enhancing the contribution of its pastry business[86]. - The company is actively adjusting strategies to mitigate the negative impact of the COVID-19 pandemic, focusing on stabilizing core operations and enhancing e-commerce sales[87]. - The company plans to maintain its current strategies while monitoring market conditions closely for potential adjustments in the future[189].

Financial Performance - The company's revenue for Q1 2020 was ¥91,642,651.65, representing a decrease of 41.34% compared to ¥156,214,020.73 in the same period last year[8] - Net profit attributable to shareholders was ¥4,438,809.69, down 84.02% from ¥27,779,911.25 year-on-year[8] - The basic earnings per share decreased by 85.71%, from ¥0.14 to ¥0.02[8] - Total revenue for the reporting period decreased by 41.34% to CNY 91,642,651.65 compared to CNY 156,214,020.73 in the previous period[18] - Net profit for the current period is ¥4,438,809.69, down from ¥27,779,911.25 in the previous period, representing a decline of approximately 84%[45] - Total comprehensive income for the current period is ¥4,416,757.76, significantly lower than ¥27,758,370.53 from the previous period[46] Cash Flow - The net cash flow from operating activities was ¥20,958,453.02, a decline of 36.49% compared to ¥33,001,875.98 in the previous year[8] - Cash received from sales decreased by 40.42% to CNY 109,107,645.89, impacting the net cash flow from operating activities[20] - Cash inflow from operating activities was CNY 109,395,550.49, down from CNY 183,506,477.67 in the previous period, representing a decrease of approximately 40.4%[52] - Net cash outflow from operating activities was CNY 20,958,453.02, compared to CNY 33,001,875.98 in the prior period, indicating a decline of about 36.5%[53] - Total cash inflow from operating activities was CNY 76,817,950.30, down from CNY 126,603,085.21, representing a decline of approximately 39.3%[56] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,136,672,932.68, an increase of 0.87% from ¥1,126,872,463.97 at the end of the previous year[8] - Total liabilities rose to CNY 54,718,915.52 from CNY 49,335,204.57, marking an increase of about 11.5%[37] - Current liabilities increased from CNY 38,241,043.13 to CNY 43,974,448.14, reflecting a growth of approximately 15.5%[37] - Total equity increased to CNY 1,081,954,017.16 from CNY 1,077,537,259.40, indicating a growth of approximately 0.4%[38] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 20,700[12] - The largest shareholder, Tianjin Guifaxiang Food Group Co., Ltd., holds 30.56% of the shares[12] Operational Costs - Operating costs fell by 39.27% to CNY 49,382,574.06 from CNY 81,318,270.73, reflecting a significant reduction in customer traffic due to the pandemic[18] - Total operating costs decreased to ¥90,458,511.03 from ¥124,970,916.59, with operating costs specifically dropping from ¥81,318,270.73 to ¥49,382,574.06[44] Other Financial Metrics - The company reported non-operating income of ¥310,102.96, primarily from government subsidies and investment income[9] - The company reported a profit before tax of ¥5,937,240.36, down from ¥36,395,210.90 in the previous period[45] - Research and development expenses increased to ¥746,495.28 from ¥658,803.81, indicating a focus on innovation despite overall profit decline[44] - The company’s management expenses rose to ¥9,551,626.73 from ¥8,565,724.59, reflecting increased operational costs[44] - The investment income from joint ventures decreased to ¥569,070.30 from ¥985,678.90, indicating potential challenges in collaborative ventures[45] Future Outlook - The company has indicated a strategic focus on market expansion and new product development in future outlook discussions[46]

Financial Performance - The company's operating revenue for 2019 was ¥507,496,462.08, representing a year-on-year increase of 5.57% compared to ¥480,729,655.28 in 2018[16]. - The net profit attributable to shareholders for 2019 was ¥84,599,609.03, a slight increase of 0.56% from ¥84,130,760.16 in 2018[16]. - The basic earnings per share for 2019 was ¥0.42, reflecting a 2.44% increase from ¥0.41 in 2018[16]. - The company's total revenue for the reporting period reached ¥352,048,156.83, representing a year-on-year growth of 9.86%[43]. - The main business revenue accounted for CNY 499,165,266.55, which is 98.36% of total revenue, showing a growth of 5.34% compared to the previous year[52]. - The company reported a total revenue of RMB 21,280.3 million for the year, with a gross profit margin of 53.93%[75]. - The company reported a total revenue of 1.2 billion RMB for the fiscal year 2019, representing a year-over-year growth of 15%[186]. Cash Flow and Dividends - The company plans to distribute a cash dividend of 2 RMB per 10 shares (including tax) to all shareholders, based on a total of 204,800,000 shares[4]. - The cash dividend distribution for 2019 represents 47.49% of the net profit attributable to ordinary shareholders[106]. - The total cash dividend, including other methods such as share buybacks, amounts to RMB 91,167,316.89 for 2019[108]. - The company’s distributable profit for 2019 is RMB 314,560,302.32[108]. - The cash dividend payout ratio for the last three years has been consistently above 80%[108]. Retail Business and Market Expansion - The retail business accounted for over 30% of the company's audited revenue in 2019[4]. - The company operates 56 direct sales stores and 1 food-themed comprehensive mall, with direct sales accounting for nearly 70% of total revenue[26]. - The company expanded its direct sales network by opening 9 new stores in key areas, enhancing market control and consumer experience[34]. - The retail system underwent significant upgrades, integrating online and offline channels, which improved management efficiency and consumer service[34]. - The company plans to expand its direct sales network in the Beijing-Tianjin-Hebei area, increasing the number of stores in key regions such as Wuqing and Baodi[92]. Product Development and Innovation - The company is actively investing in the development of fermentation technology, which is currently in the development stage[27]. - The company launched new snack products, including filled mahua and dipping sauce snacks, establishing a national sales system and entering the Beijing market[35]. - The company invested in upgrading its cake business, introducing a "freshly baked cake" series that received positive market feedback[36]. - New product launches contributed to 30% of total sales in 2019, with a focus on expanding the snack product line[186]. - The company is investing 100 million RMB in R&D for new technologies aimed at improving production efficiency[186]. Acquisitions and Strategic Investments - The company acquired 100% equity of Wangji Mahua, resulting in the formation of goodwill due to business expansion needs[27]. - The acquisition of 100% equity in Tianjin Wangji Mahua Co., Ltd. was completed in May 2019 to enhance the product range and expand the consumer base[58]. - The company aims to consolidate its leading position in the industry through strategic acquisitions and expansions[156]. - The company is exploring potential acquisitions to enhance its supply chain capabilities, with a budget of 200 million RMB allocated for this purpose[186]. Risk Management and Compliance - The company faces risks related to food quality control, trademark infringement, and reliance on a single market, particularly the Tianjin market, which accounts for over 90% of its revenue[95][98]. - The company plans to mitigate risks by diversifying its market presence and enhancing its online sales channels to reach a broader consumer base[98]. - The company has made a commitment to avoid competition with its controlling shareholders, which has been in normal performance since September 10, 2013[112]. - The company has established a complete financial management system, ensuring independent financial decision-making and operations[198]. Social Responsibility and Community Engagement - The company actively participated in poverty alleviation efforts, donating 100,000 RMB to impoverished areas and signing a 30,000 RMB purchase contract to support local initiatives[148]. - The company has engaged in social responsibility activities, including educational support and assistance to disadvantaged families[146]. - The company has been recognized as a "Precision Poverty Alleviation Collaborative Unit" for its efforts in supporting poverty alleviation initiatives[148]. Governance and Management - The company maintains a strict governance structure, ensuring compliance with relevant laws and regulations, and has successfully completed board elections during the reporting period[196]. - The management team is focused on maintaining operational efficiency and strategic growth in the food industry[182]. - The current board includes experienced professionals with backgrounds in finance and management, enhancing the company's strategic direction[182][183]. - The company has not reported any significant changes in management personnel during the reporting period[181]. Environmental Compliance - The company does not belong to high-risk or heavily polluting industries and has established strict emission standards for waste gas and wastewater[152]. - The company has engaged qualified third-party environmental recovery companies for the harmless treatment of solid waste and oil residue[152]. - The company has conducted quarterly water quality monitoring, which consistently meets environmental discharge standards[152].

Financial Performance - Operating revenue for the reporting period was CNY 133,390,842.12, an increase of 5.78% year-on-year[8] - Net profit attributable to shareholders decreased by 6.68% to CNY 23,665,627.20[8] - Basic earnings per share remained unchanged at CNY 0.12, while diluted earnings per share also remained at CNY 0.12[8] - The company reported a significant increase in accounts payable to CNY 26,916,909.24 from CNY 22,526,753.50, reflecting a growth of about 19%[35] - Total operating revenue for Q3 2019 was CNY 133,390,842.12, an increase of 5.1% compared to CNY 126,098,086.00 in the same period last year[43] - Net profit for Q3 2019 was CNY 23,665,627.20, a decrease of 6.7% from CNY 25,358,938.00 in Q3 2018[44] - The company reported an investment income of CNY 4,667,122.97 in Q3 2019, down from CNY 5,882,339.00 in the same period last year, a decrease of 20.6%[44] - The total comprehensive income for Q3 2019 was CNY 23,627,804.03, compared to CNY 25,348,143.00 in Q3 2018, reflecting a decrease of 6.8%[45] Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,121,526,388.59, a decrease of 0.91% compared to the end of the previous year[8] - Total current assets decreased to CNY 720,807,541.80 from CNY 741,859,329.46, a decline of approximately 2% year-over-year[34] - Total non-current assets rose to CNY 400,718,846.79 from CNY 390,005,019.82, an increase of approximately 3%[34] - Total liabilities increased to CNY 59,111,050.44 from CNY 47,704,787.95, reflecting a growth of about 24%[35] - The total liabilities as of Q3 2019 amounted to CNY 27,916,037.22, compared to CNY 18,466,559.61 in the previous year, indicating a rise of 51.5%[41] - The total equity decreased to CNY 1,062,415,338.15 from CNY 1,084,159,561.33, a decline of approximately 2%[36] - The total equity attributable to shareholders was ¥1,084,159,561.33, consistent with the previous year[70] Cash Flow - Net cash flow from operating activities increased by 32.30% to CNY 33,225,715.43[8] - Cash and cash equivalents decreased by 77.50% to ¥144,125,072.06 due to temporary idle funds being used to purchase principal-protected floating income structured deposits[17] - The cash flow from operating activities generated a net amount of CNY 74,575,062.13, slightly down from CNY 76,919,985 in the previous year[61] - The net cash flow from operating activities for Q3 2019 was ¥39,470,241.80, a decrease of 51.5% compared to ¥81,339,387.00 in Q3 2018[64] - The investment activities resulted in a net cash outflow of CNY -479,909,459.71, compared to CNY -446,521,647 in the previous year[61] - Cash outflow from financing activities totaled ¥91,167,316.89, significantly higher than ¥38,400,000.00 in the same quarter last year[65] Shareholder Information - The total number of shareholders at the end of the reporting period was 16,886[12] - The largest shareholder, Tianjin Guifaxiang Food Group Co., Ltd., held 30.35% of the shares[12] - The company repurchased shares amounting to ¥50,993,657.89, reflecting a 100.00% increase in treasury stock[20] Investments and Acquisitions - The company invested ¥19,185,571.64 in fixed assets, an increase of 86.87% due to new store openings and airport project investments[20] - The company acquired 100% equity of Tianjin Wangji Mahua Co., Ltd., resulting in an investment cash outflow of ¥4,195,093.52[20] - Investment income rose by 37.80% to ¥4,026,302.99, attributed to increased returns from equity investments in associated companies[18] Other Financial Metrics - The weighted average return on equity was 2.25%, a decrease of 0.16% compared to the previous year[8] - Research and development expenses increased to CNY 796,025.44 in Q3 2019, compared to CNY 263,488.00 in the same period last year, reflecting a growth of 202.5%[43] - Sales expenses increased to CNY 91,187,999.84 from CNY 80,442,652.00, marking an increase of 13.7%[50] - Tax expenses for the period were CNY 21,032,602.01, compared to CNY 22,781,548.00, a decrease of 7.7%[52]

Financial Performance - The company's operating revenue for the reporting period was ¥263,491,444.38, representing a 2.46% increase compared to ¥257,167,445.00 in the same period last year[16]. - The net profit attributable to shareholders was ¥45,801,439.60, a slight increase of 0.45% from ¥45,596,976.00 year-on-year[16]. - The net profit after deducting non-recurring gains and losses decreased by 4.04% to ¥42,360,009.06 from ¥44,142,404.00 in the previous year[16]. - The net cash flow from operating activities was ¥41,349,346.70, down 20.18% from ¥51,806,034.00 in the same period last year[16]. - The total assets at the end of the reporting period were ¥1,083,738,876.40, a decrease of 4.25% from ¥1,131,864,349.28 at the end of the previous year[16]. - The net assets attributable to shareholders decreased by 4.18% to ¥1,038,787,534.12 from ¥1,084,159,561.33 at the end of the previous year[16]. - Basic earnings per share increased by 4.55% to ¥0.23 from ¥0.22 in the previous year[16]. - The weighted average return on net assets was 4.25%, slightly down from 4.35% in the previous year[16]. Retail Business - The retail business accounts for over 30% of the company's total revenue, highlighting its significance in the overall business model[4]. - The company opened 5 new direct stores, bringing the total to 53, enhancing its retail presence in the "Beijing-Tianjin-Hebei" region[33]. - The retail business revenue grew by 12% year-on-year in the first half of 2019, driven by direct stores and online self-operated channels[25]. - The company's retail business saw a 12% year-on-year growth in overall retail revenue, driven by the expansion of direct-operated stores and e-commerce[36]. - As of the reporting period, the company operated 53 direct-operated stores, with total revenue of approximately ¥187.46 million[36]. - Revenue from direct-operated stores in Tianjin increased by 8.57% year-on-year, reaching approximately ¥186.53 million[39]. - Online sales through platforms like Tmall and Youzan generated revenue of approximately ¥9.08 million, with a total GMV of ¥12.09 million[39]. Product Development and Innovation - The company has obtained 10 invention patents, enhancing its product innovation capabilities[29]. - The company is actively developing fermentation technology, with ongoing investments in R&D[26]. - The company’s main product, "Eighteen Street Mahua," is recognized as a national intangible cultural heritage, contributing to its brand strength[24]. - The company launched new snack products "Xian Zai Kai Xin" and "Yi Kou Xiang Xiao Ma Hua" in the Beijing market, receiving positive feedback on quality and taste[34]. - The company acquired the traditional snack brand Wang Ji Ma Hua, enhancing its product range and filling a gap in the halal snack market[34]. - The company plans to adjust and optimize its new product offerings based on trial sales feedback and prepare for the autumn trade fair[34]. Financial Management - The gross profit margin for the food sector was 47.29%, with a slight decrease of 0.77% compared to the previous year[50]. - The revenue from the company's own brand products amounted to RMB 135,504,521.50, accounting for 69.27% of total retail business revenue[43]. - The logistics expenses paid to the subsidiary for the reporting period were RMB 2,662,550.67[42]. - The company reported a significant decrease in research and development investment, totaling RMB 1,224,145.26, down 45.88% from RMB 2,262,074.00 in the previous year[46]. - The sales expenses increased by 12.05%, totaling RMB 59,764,712.00, attributed to higher labor costs and online sales service fees[45]. - The company's financial expenses showed a significant change, with a net income of RMB -245,915.19, reflecting a 560.02% increase due to higher interest income and reduced maintenance fees[46]. Market Strategy and Expansion - The company aims to strengthen its market position through strategic acquisitions and product innovation[34]. - The company has a significant reliance on the Tianjin market, with over 90% of its main business revenue generated from this region[80]. - The company plans to expand its direct sales stores and marketing network to mitigate risks associated with market dependence and counterfeit products[79]. - The company is investing in the construction of a production base in the airport economic zone and marketing network projects, which may increase fixed and intangible asset scales significantly[79]. - The company is actively developing e-commerce platforms and new retail channels to increase market coverage and consumer engagement[81]. Corporate Governance and Social Responsibility - The company was recognized as an "Outstanding Inheritance Enterprise of Chinese Pastry Culture" by the China Cultural Promotion Association[34]. - The company donated a total of RMB 100,000 to poverty alleviation efforts in impoverished areas during the first half of 2019[110]. - The company plans to continue supporting poverty alleviation initiatives, focusing on education and employment for disadvantaged families[113]. - The company actively participated in various social welfare activities, promoting the core socialist values and community support[110]. - The company aims to leverage its business and resource advantages to fulfill social responsibilities through job creation and educational support[113]. - The company has been recognized as a "Collaborative Unit for Precision Poverty Alleviation" by participating in local poverty alleviation strategies[110]. Shareholder Information - The total number of shares before the change was 204,800,000, with a post-change total of 204,800,000, indicating no net change in total shares[119]. - The number of restricted shares decreased from 80,733,653 (39.42%) to 69,346,831 (33.86%), a reduction of 11,386,822 shares[119]. - The number of unrestricted shares increased from 124,066,300 (60.58%) to 135,453,100 (66.14%), an increase of 11,386,822 shares[119]. - The company repurchased a total of 3,931,705 shares, representing 1.92% of the total share capital, with a repurchase price range between 12.10 and 15.27 RMB per share[120]. - Basic earnings per share increased from 0.41 RMB to 0.42 RMB for the year 2018, and from 0.22 RMB to 0.23 RMB for the first half of 2019[121]. - The total number of ordinary shareholders at the end of the reporting period was 17,153[126]. Compliance and Reporting - The financial report for the first half of 2019 was not audited[139]. - The financial statements were approved by the board on August 22, 2019, reflecting the company's compliance with accounting standards[181]. - The financial statements are prepared in accordance with the Chinese Accounting Standards, ensuring a true and complete reflection of the company's financial status as of June 30, 2019[186]. - The company has established specific accounting policies based on its operational characteristics, particularly regarding accounts receivable and inventory valuation[185]. - The company confirms its ability to continue as a going concern for the next 12 months from the reporting date[184].