Financial Performance - The company's revenue for Q1 2022 was ¥68,519,272.64, a decrease of 39.92% compared to ¥114,052,444.59 in the same period last year[3] - The net profit attributable to shareholders was -¥19,261,561.06, representing a decline of 314.15% from a profit of ¥8,994,229.82 in the previous year[3] - The cash received from sales decreased by 41.36% to ¥76,751,189.70 from ¥130,884,683.42 in the same period last year[8] - Operating profit for the current period is -$19.10 million, compared to a profit of $10.62 million in the previous period[20] - Net profit for the current period is -$19.26 million, a significant decline from a profit of $8.99 million in the previous period[20] - Other comprehensive income after tax for the current period is -$3.45 million, compared to $11.64 million in the previous period[21] Cash Flow and Liquidity - The net cash flow from operating activities was -¥7,127,553.85, down 124.47% from ¥29,122,315.76 in the same period last year[3] - Cash flow from operating activities shows a net outflow of -$7.13 million, compared to a net inflow of $29.12 million in the previous period[24] - Cash and cash equivalents decreased from CNY 263,825,523.16 to CNY 250,881,516.61, a decline of about 4.9%[15] - Cash and cash equivalents at the end of the period are $250.88 million, down from $688.12 million at the end of the previous period[25] Assets and Liabilities - The total assets at the end of the reporting period were ¥1,126,920,595.42, a decrease of 2.29% from ¥1,153,302,419.55 at the end of the previous year[3] - The company's total liabilities decreased from CNY 99,785,070.31 to CNY 92,668,258.31, representing a reduction of about 7.1%[17] - The total current assets were reported at CNY 743,628,582.39, down from CNY 760,570,798.31, indicating a decrease of approximately 2.2%[15] - The company's inventory decreased from CNY 45,956,234.23 to CNY 42,705,979.06, reflecting a reduction of approximately 7.8%[15] - The non-current assets totaled CNY 383,292,013.03, down from CNY 392,731,621.24, indicating a decrease of approximately 2.5%[16] Research and Development - The company reported a significant increase in R&D expenses, which rose by 42.87% to ¥1,735,398.63 compared to ¥1,214,702.31 in the previous year[7] - Research and development expenses increased to $1.74 million, up from $1.21 million in the previous period, reflecting a focus on innovation[20] Operational Challenges - The company faced significant challenges due to the Omicron variant outbreak, which severely affected sales during the traditional peak season[8] - The company did not open any new direct stores during the reporting period, impacting cash outflows for fixed assets and intangible assets[9] Equity and Earnings - The weighted average return on equity was -1.85%, a decrease of 2.69% from 0.84% in the previous year[3] - The company's retained earnings decreased from CNY 352,600,309.53 to CNY 333,338,748.47, a decline of about 5.5%[17] - The total equity attributable to the parent company decreased from CNY 1,053,517,349.24 to CNY 1,034,252,337.11, reflecting a reduction of approximately 1.8%[17] - The company reported a basic and diluted earnings per share of -$0.10, down from $0.04 in the previous period[21] Operating Costs - Total operating costs for the current period are $90.70 million, down 12.43% from $103.55 million in the previous period[19] - Sales expenses rose to $30.40 million, compared to $29.49 million in the previous period, indicating increased marketing efforts[20]

Financial Performance - The company's operating revenue for 2021 was CNY 405,124,206.90, representing a 16.18% increase compared to CNY 348,707,209.50 in 2020[19]. - The net profit attributable to shareholders for 2021 was CNY 21,286,635.53, a decrease of 14.98% from CNY 25,037,058.57 in 2020[19]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 15,995,876.77, which is a 26.36% increase from CNY 12,659,186.56 in 2020[19]. - The net cash flow from operating activities increased by 138.90% to CNY 63,102,139.98 from CNY 26,413,535.39 in 2020[19]. - The total assets at the end of 2021 were CNY 1,153,302,419.55, a 4.39% increase from CNY 1,104,812,117.33 at the end of 2020[19]. - The net assets attributable to shareholders decreased by 0.83% to CNY 1,053,517,349.24 from CNY 1,062,387,407.89 at the end of 2020[19]. - The basic earnings per share for 2021 were CNY 0.11, down 8.33% from CNY 0.12 in 2020[19]. - The diluted earnings per share for 2021 were also CNY 0.11, reflecting the same 8.33% decrease from CNY 0.12 in 2020[19]. - The weighted average return on equity for 2021 was 2.02%, a decrease of 0.33% from 2.35% in 2020[19]. Market and Industry Insights - The food manufacturing industry saw a 8.0% year-over-year increase in added value in 2021, while the overall profit of large-scale food manufacturing enterprises slightly decreased by 0.1%[30]. - The market size of the Chinese snack food industry grew from CNY 410 billion in 2010 to CNY 1,156.2 billion in 2021, with a compound annual growth rate of approximately 9.9%[30]. - The retail sales in Tianjin, where the company primarily operates, grew by 5.2% in 2021, but the growth rate was significantly impacted by the pandemic in the second half of the year[33]. Product Development and Innovation - The company is focusing on expanding its product offerings to meet the growing demand for healthy and functional snack foods[31]. - The company introduced new products such as peach blossom pastry and lotus flower pastry, and upgraded production processes for existing products[34]. - The company launched new products, including a simplified packaging version of the Gaba vegetable product, which is expected to expand its market presence[76]. - The company has developed new products such as health-oriented snacks, enhancing product value through innovation and collaboration with research institutions[171]. Operational Challenges - The company faced significant cost pressures due to rising prices of key raw materials and packaging materials[34]. - The company’s direct store revenue was significantly impacted by local retail market conditions and population mobility[36]. - The company closed 3 direct stores in 2021 due to lease expirations and strategic adjustments[39]. - The company reported a significant decline in cash and cash equivalents, with a net decrease of 406,554,846.27 compared to an increase of 57,655,972.56 in the previous year, a drop of 805.14%[58]. Strategic Initiatives - The company plans to distribute a cash dividend of CNY 1.50 per 10 shares to all shareholders[5]. - The company opened 5 new direct stores in 2021, enhancing channel advantages and exploring a new franchise model[35]. - The company is actively pursuing digital upgrades, including the introduction of unmanned retail technology in stores[35]. - The company aims to enhance its traditional snack products, focusing on quality and craftsmanship, while increasing production efficiency through technology improvements[107]. Governance and Compliance - The company held its annual general meeting on May 19, 2021, with a participation rate of 39.03%, where all proposed resolutions were passed without any objections[124]. - The first extraordinary general meeting of 2021 was held on September 17, 2021, with a participation rate of 32.96%, and no new proposals were introduced[124]. - The company has updated its internal control system to align with the main board requirements, ensuring compliance with relevant laws and regulations[121]. - The company has established a comprehensive internal control system, which was updated in response to changes in laws and regulations[158]. Social Responsibility and Sustainability - The company donated over 300,000 RMB worth of products to targeted aid areas in Gansu Province during the reporting period[172]. - The company has been recognized multiple times as a "National Model Unit for Labor Relations Harmony" and "Outstanding Enterprise for Food Safety and Quality" in Tianjin[170]. - The company has been awarded the "Tianjin Nutrition and Health Food Demonstration Enterprise" for its contributions to food safety and health[171]. - The company has established strict standards for waste gas and wastewater emissions, ensuring compliance with local environmental regulations[167]. Employee Management and Development - The total number of employees at the end of the reporting period was 1,108, with 936 in the parent company and 172 in major subsidiaries[151]. - The company has a wide-ranging training program that includes strategic management and food safety[153]. - The company has implemented a salary management system that links compensation to job responsibilities and performance[152]. - The company emphasizes employee training, focusing on risk prevention and internal control management[153].

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].