Financial Performance - The company's operating revenue for 2017 was ¥4,715,431,945.35, representing an increase of 18.12% compared to ¥3,992,121,272.05 in 2016 [24]. - The net profit attributable to shareholders for 2017 was ¥118,454,500.07, which is a 28.50% increase from ¥92,185,413.26 in 2016 [24]. - The net cash flow from operating activities decreased by 30.73% to ¥182,966,692.46 in 2017 from ¥264,127,314.56 in 2016 [24]. - The total assets at the end of 2017 were ¥1,578,692,956.79, an increase of 11.75% from ¥1,412,735,131.67 at the end of 2016 [25]. - The net assets attributable to shareholders increased by 44.73% to ¥1,170,349,900.92 in 2017 from ¥808,619,651.40 in 2016 [25]. - The basic earnings per share for 2017 was ¥0.68, a slight decrease of 1.45% compared to ¥0.69 in 2016 [24]. - The weighted average return on equity for 2017 was 10.78%, down from 12.03% in 2016 [24]. - The company reported non-operating income of ¥27,717,693.40 from government subsidies in 2017, compared to ¥20,182,932.82 in 2016 [30]. Dividend Policy - The profit distribution plan approved by the board includes a cash dividend of 1.27 RMB per 10 shares and a capital reserve increase of 5 shares for every 10 shares held [11]. - In 2017, the company distributed cash dividends totaling ¥22,690,670.90, representing 19.16% of the net profit attributable to shareholders [127]. - The cash dividend per 10 shares for 2017 was set at ¥1.27 (including tax), based on a total share capital of 17,866.67 million shares [129]. - The cash dividends for 2016 and 2015 were ¥18,760,003.50 and ¥15,142,000.00, accounting for 20.35% and 20.14% of the respective net profits [127]. - The total distributable profit for the year was ¥434,981,905.41, with cash dividends constituting 100% of the profit distribution [127]. Market and Business Strategy - The company has established a nationwide pig procurement platform, maintaining good business relationships with suppliers across multiple provinces, which enhances its supply chain stability [42]. - The company has introduced advanced slaughtering and processing technologies, improving product quality and safety, with a production capacity of 800,000 hams per year from its new production lines [39]. - The company’s fresh meat sales model is primarily based on regional distribution, allowing for timely responses to market demand changes and enhancing customer stability [43]. - The company aims to enhance its integrated industry chain model, focusing on the core business of livestock slaughtering [98]. - The company plans to focus on expanding its core business in pig slaughtering and breeding, aiming for a more integrated operation model [99]. Risks and Challenges - The company reported a significant focus on food safety, emphasizing that any lapse could severely impact its brand and sales, potentially leading to a substantial decline in operating profit [5]. - The company highlighted the risk of animal diseases affecting livestock health, which could lead to decreased supply and consumer panic, impacting sales of pork and poultry products [7]. - Fluctuations in raw material prices, particularly for live pigs and poultry, pose a risk to the company's financial performance, as price changes can affect profit margins if not managed promptly [8]. - The company is exposed to animal disease risks, with a comprehensive biosecurity system established to mitigate potential impacts on production and sales [102]. - Consumer confidence in the livestock industry is a concern, and the company is working to enhance brand influence through various marketing strategies [105]. Investment and Expansion - The company invested CNY 20 billion in the "Xinghua Pig Industry Chain Integration Project" and CNY 3.5 billion in the "Xianju Huaton Agricultural Complex Project" during the reporting period [49]. - The company plans to invest CNY 2 billion in the "Xinghua Pig Full Industry Chain Integration Project" to expand its market presence outside Zhejiang Province [112]. - The company is considering strategic acquisitions to enhance its market position, with a budget of 300 million RMB earmarked for potential mergers and acquisitions [131]. - The company has committed to an investment project for the annual slaughter of 500,000 pigs and a 10,000-ton meat processing project, with a total investment of CNY 260.24 million, of which CNY 247.92 million has been invested, achieving 92.31% of the expected benefits [82]. Corporate Governance and Compliance - The company has committed to avoiding competition with its subsidiaries and ensuring the protection of shareholder interests [130]. - The company will ensure compliance with the Company Law and relevant regulations regarding related party transactions and external guarantees [135]. - The company will not engage in any illegal fund borrowing, occupation, or transactions with other enterprises controlled by the actual controller [135]. - The company has established a comprehensive investor relations management system, ensuring transparent communication with shareholders [176]. - The company emphasizes compliance with regulatory requirements to safeguard shareholder interests and maintain market integrity [134]. Research and Development - The company's research and development investment increased by 66.54% to ¥14,106,424.17, with R&D personnel rising by 182.35% to 144 [67]. - The company is focusing on several R&D directions, including key technologies for traditional dry-cured ham and low-sodium ready-to-eat ham products [66]. - The company is investing heavily in new product development, allocating 100 million RMB towards R&D initiatives aimed at introducing three new product lines in the next year [131]. Supply Chain and Operations - The company operates under a self-breeding model for pigs, ensuring a stable supply of livestock for its operations [35]. - The company has not reported any significant changes in fixed assets or intangible assets during the reporting period [38]. - The company has a total of CNY 1.17 billion in revenue from its subsidiary Huzhou Huazhong, with a net profit of CNY 35.23 million [88]. - The company has over 20 subsidiaries to manage its integrated supply chain, which poses risks related to management efficiency and internal controls [115]. Financial Management - The company has maintained a strong focus on cash management, with no significant risks associated with entrusted financial products [167]. - The total amount of entrusted financial management reflects a strategic approach to optimizing idle funds, enhancing overall liquidity [167]. - The company reported a total of 5,900 million yuan in financial investments during the year, with an average return rate of 3.39% [170]. - The company has a diversified investment strategy, including bonds, deposits, and other high liquidity assets, to manage idle funds effectively [169].

浙江华统肉制品股份有限公司 2017 年第三季度报告正文 证券代码：002840 证券简称：华统股份 公告编号：2017-097 浙江华统肉制品股份有限公司 2017 年第三季度报告正文 1 浙江华统肉制品股份有限公司 2017 年第三季度报告正文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人朱俭军、主管会计工作负责人周喜华及会计机构负责人(会计主 管人员)万雪琴声明：保证季度报告中财务报表的真实、准确、完整。 2 浙江华统肉制品股份有限公司 2017 年第三季度报告正文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期末 | 上年度末 | | 本报告期末比上年度末增减 | | --- | --- | --- | --- | --- | | 总资产（元） | 1,507,515,455.42 | | 1,412,735,131.67 | 6.71% | ...

Revenue and Profitability - The company's operating revenue for the first half of 2017 was CNY 2,204,677,220.70, representing a 33.54% increase compared to CNY 1,650,934,193.91 in the same period last year[25]. - The net profit attributable to shareholders was CNY 60,411,892.63, a 57.59% increase from CNY 38,336,040.11 year-on-year[25]. - The net profit after deducting non-recurring gains and losses was CNY 54,164,704.45, up 55.48% from CNY 34,838,177.26 in the previous year[25]. - The basic earnings per share rose to CNY 0.35, a 20.69% increase compared to CNY 0.29 in the same period last year[25]. - The company achieved total operating revenue of CNY 2,204.68 million, a year-on-year increase of 33.54%[46]. - The net profit attributable to shareholders reached CNY 60.41 million, reflecting a growth of 57.59% compared to the previous year[46]. - The company expects a net profit for the first nine months of 2017 to range between 7,702,000 and 9,627,500, representing a growth of 20% to 50% compared to the previous year[79]. - The company reported a significant increase in revenue, achieving a total of 1.2 billion RMB for the first half of 2017, representing a year-on-year growth of 15%[106]. - The company’s net profit for the same period reached 150 million RMB, up 20% compared to the previous year[107]. Financial Position - The company's total assets at the end of the reporting period were CNY 1,440,644,013.32, a 1.98% increase from CNY 1,412,735,131.67 at the end of the previous year[25]. - The net assets attributable to shareholders increased by 37.56% to CNY 1,112,307,293.48 from CNY 808,619,651.40 at the end of the previous year[25]. - The company reported a significant increase in other receivables, which rose to CNY 246,359,750.84 from CNY 111,933,177.42, marking an increase of approximately 120%[165]. - The total liabilities decreased significantly to CNY 276,859,675.27 from CNY 564,234,214.02, reflecting a reduction of about 50.9%[162]. - The equity attributable to shareholders increased to CNY 1,112,307,293.48 from CNY 808,619,651.40, representing a growth of approximately 37.5%[163]. - The company’s total equity attributable to shareholders increased to CNY 848,500,917.65, up from CNY 341,056,275.31, indicating strong growth in shareholder value[182]. Investment and Expansion - The company invested CNY 20 billion in the "Xinghua Pig Full Industry Chain Integration Project" to enhance its strategic layout in Jiangsu Province[46]. - The company plans to invest CNY 2 billion in the "Xinghua Pig Full Industry Chain Integration Project" to expand its market presence outside Zhejiang Province[89]. - The company has committed a total investment of CNY 26,023.69 million for projects, with a cumulative investment of CNY 24,792.05 million, achieving 95.3% of the planned investment[68]. - The company plans to expand its market presence by entering three new provinces by the end of 2017, aiming for a 10% increase in market share[107]. - The company is exploring potential acquisitions to diversify its product offerings, with a budget of 100 million RMB allocated for this purpose[107]. Risks and Challenges - The company faces significant risks related to food safety, which could lead to a substantial decline in operating profit if any incidents occur[5]. - Animal epidemic risks are critical, as outbreaks can reduce livestock supply and consumer demand for pork and poultry products, impacting overall sales[7]. - Fluctuations in raw material prices, particularly for live pigs and poultry, can adversely affect the company's financial performance if sales prices cannot be adjusted in a timely manner[8]. - Consumer confidence in the livestock industry is at risk due to traditional farming practices and potential quality issues, which could negatively impact sales[10]. - Changes in tax policies regarding agricultural products could significantly affect the company's operating results if tax exemptions are reduced[11]. - The company faces market competition risks due to increasing industry concentration and competition among large-scale enterprises, necessitating strategic adjustments to maintain market share[89]. - The company is at risk of not being able to effectively digest the increased production capacity from new investment projects if market expansion does not keep pace[96]. - The company faces a risk of inventory impairment for ham products due to a long production cycle exceeding 8 months and low inventory turnover compared to fresh meat products[97]. Corporate Governance and Compliance - The company plans not to distribute cash dividends or issue bonus shares during this reporting period[12]. - The company emphasizes compliance with the Company Law of the People's Republic of China and Shenzhen Stock Exchange regulations regarding shareholding changes[105]. - The management team, including the chairman and general manager, has committed to similar lock-up agreements to ensure alignment with shareholder interests[105]. - The company remains committed to adhering to regulatory compliance and corporate governance standards to maintain investor confidence[107]. - The company has not reported any changes in the feasibility of its projects during the reporting period[70]. Operational Efficiency and Strategy - The company is focusing on expanding its slaughtering business while reducing its production of marinated products, with feed processing, poultry farming, and deep processing of meat products in a growth phase[33]. - The company has established a national pig procurement platform and operates on a sales-driven production model, ensuring efficient supply chain management[34]. - The company’s unique fresh meat distribution model enhances market responsiveness and customer stability[41]. - The company’s management system emphasizes standardization and efficiency, contributing to its competitive market position[43]. - The company is implementing strict quality control standards across all operational stages to address food safety risks[80]. Shareholder Information - Zhejiang Huaton Meat Products Co., Ltd. reported a commitment to not transfer or manage shares for 36 months post-IPO, ensuring stability in shareholding[104]. - The company will extend the lock-up period by 6 months if the stock price falls below the IPO price for 20 consecutive trading days within 6 months post-IPO[105]. - Shareholders are restricted to selling no more than 25% of their shares annually after the lock-up period ends, maintaining a controlled reduction in shareholding[104]. - The company plans to repurchase shares to stabilize stock prices, with a minimum investment of 10 million RMB within 12 months[108]. - The company will publicly disclose reasons for any failure to adhere to these commitments, reinforcing accountability to shareholders[104].

Financial Performance - The company's revenue for Q1 2017 reached ¥1,125,713,688.37, representing a 51.65% increase compared to ¥742,288,307.59 in the same period last year[8] - Net profit attributable to shareholders was ¥34,774,155.93, a significant increase of 126.56% from ¥15,348,690.75 year-on-year[8] - The net profit after deducting non-recurring gains and losses was ¥34,166,472.86, up 127.62% from ¥15,010,525.23 in the previous year[8] - The net cash flow from operating activities was ¥48,637,758.16, reflecting a 27.21% increase from ¥38,232,909.97 in the same period last year[8] - Basic earnings per share increased by 90.91% to ¥0.21 from ¥0.11 year-on-year[8] - Operating revenue increased by 51.65% to CNY 1,125,713,688.37, driven by growth in fresh pork sales[17] - Operating costs rose by 51.45% to CNY 1,055,545,379.16, primarily due to increased pig slaughtering activities[17] - Net profit attributable to the parent company surged by 126.56% to CNY 34,774,155.93, resulting from increased sales volume[18] - Cash flow from operating activities rose by 90.57% to CNY 48,637,758.16, attributed to profit growth[19] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,420,243,858.41, a slight increase of 0.53% from ¥1,412,735,131.67 at the end of the previous year[8] - Net assets attributable to shareholders rose by 36.65% to ¥1,104,942,767.80 from ¥808,619,651.40 at the end of the previous year[8] - Accounts receivable decreased by 78.65% to CNY 570,000, reflecting the maturity of certain accepted bills[16] - Prepayments increased by 124.50% to CNY 19,105,512.26, mainly due to prepayment for raw materials[16] - Short-term borrowings decreased by 98.07% to CNY 3,800,000.00, due to a reduction in loans[16] - Long-term borrowings fell by 52.45% to CNY 40,658,602.00, also due to decreased bank loans[16] - Financial expenses decreased by 61.31% to CNY 1,866,332.94, primarily due to reduced bank loans[18] Shareholder Commitments and Regulations - The company committed to not transferring or entrusting the management of its shares for 36 months from the date of the IPO[22] - If the company's stock price falls below the IPO price for 20 consecutive trading days within 6 months post-IPO, the lock-up period for its shares will automatically extend by 6 months[23] - The company will limit any share reduction to no more than 25% of its total shares held at the end of the previous year during the 24 months following the lock-up period[23] - The company will announce any share reduction plans 3 trading days in advance and comply with disclosure obligations[23] - The company will conduct any share reductions through the Shenzhen Stock Exchange via legal methods such as block trades or competitive bidding[23] - If the company fails to fulfill its commitments, the proceeds from the share reduction will belong to the issuer[23] - The company will publicly explain any failure to meet commitments and apologize to shareholders and investors[23] - The company will ensure compliance with the Company Law of the People's Republic of China and the Shenzhen Stock Exchange listing rules[23] - The company has made commitments regarding share lock-up and reduction to protect shareholder interests[22] - The company will automatically extend the lock-up period for all shares by 6 months if it fails to meet its commitments[23] - Zhejiang Huaton Meat Products Co., Ltd. reported a commitment from major shareholders to not transfer or delegate management of their shares for 36 months post-IPO[24] - The company has established a lock-up period for shares, extending 6 months if the stock price falls below the IPO price for 20 consecutive trading days[25] - Shareholders are restricted to transferring no more than 25% of their shares annually while in management positions[25] - The company emphasizes compliance with the Company Law of the People's Republic of China and Shenzhen Stock Exchange regulations regarding shareholding changes[25] - Any violation of share transfer commitments will result in the proceeds being returned to the company[25] - The company has outlined specific conditions under which the lock-up period may be extended, ensuring shareholder stability[25] - The management team has made commitments to uphold these shareholding regulations to maintain investor confidence[25] - The company is focused on adhering to regulatory requirements to ensure transparency and accountability in its operations[25] Share Repurchase and Stock Price Stabilization - The commitment to not repurchase shares during the lock-up period aims to protect shareholder interests[24] - The company is actively monitoring its shareholding structure to comply with legal and regulatory standards[25] - Zhejiang Huaton Meat Products Co., Ltd. reported a commitment to extend the lock-up period for shares by 6 months if the stock price falls below the IPO price for 20 consecutive trading days[26] - The company has committed to not transfer or manage shares directly or indirectly held for 12 months post-IPO, ensuring shareholder confidence[27] - The company will repurchase shares if the stock price falls below the audited net asset value per share at the end of the previous accounting year[27] - The management has pledged to comply with relevant laws and regulations to prevent any improper influence on the company[27] - The company will limit annual share transfers by directors and senior management to no more than 25% of their total holdings during their tenure[27] - A commitment was made to ensure that any stock repurchase will not affect the company's compliance with listing conditions[27] - The company will strictly adhere to the regulations regarding related party transactions and fund management to protect shareholder rights[27] - The management has promised to publicly disclose any failure to fulfill commitments and apologize to shareholders[26] - The company will ensure that any shareholding changes comply with the Company Law and relevant stock exchange rules[27] - The company has established a framework to stabilize stock prices through potential buybacks if necessary[27] - The company plans to repurchase shares with a minimum fund of 10 million yuan within 12 months from the date of listing[28] - The repurchase price will not exceed the audited net asset value per share at the end of the previous fiscal year[28] - The company commits to stabilizing its stock price if it falls below the audited net asset value for 20 consecutive trading days[28] - The company will notify creditors and relevant authorities upon the approval of the share repurchase plan[28] - The source of funds for the repurchase includes self-owned funds and bank loans[28] - The company will publicly explain any failure to fulfill its commitments and apologize to shareholders and the public[28] IPO Commitments and Responsibilities - The board of directors has reviewed the IPO application documents and confirmed their accuracy and completeness[29] - The company will bear civil compensation responsibilities for any losses incurred by investors due to false statements in the prospectus[29] - The company has made long-term commitments regarding the accuracy of the prospectus content[29] - The company reserves the right to temporarily withhold cash dividends until commitments are fulfilled[29] - The company reported a commitment to actively fulfill all obligations related to its initial public offering and listing, accepting supervision from regulatory authorities and investors[31] - The company will publicly disclose reasons for any failure to fulfill commitments during the shareholders' meeting and apologize to investors[31] - If the company fails to fulfill commitments and causes losses to investors, it will be liable for compensation[31] - The company will propose supplementary or alternative commitments to protect investors' interests in case of non-fulfillment[31] - The company will stop receiving remuneration from the issuer until relevant commitments are fulfilled[31] - The actual controller, directors, supervisors, and senior management have committed to fulfilling all obligations related to the initial public offering and listing[31] - The company will cease cash dividends and restrict the transfer of its shares until commitments are met[31] - Any profits gained from non-fulfillment of commitments will be returned to the issuer[31] - The company will ensure that the remuneration of directors and senior management is linked to the execution of compensation measures[31] - The company will actively support the implementation of employee stock ownership plans linked to compensation measures[31] Future Performance Expectations - The net profit attributable to shareholders for the first half of 2017 is expected to increase by 35.00% to 65.00%, ranging from 51.75 million to 63.25 million CNY[33] - The net profit for the first half of 2016 was 38.34 million CNY, indicating significant growth year-over-year[33] - The expected performance improvement is primarily due to the expansion of production and sales scale, as well as the complete sale of live pigs during the first half of 2017[34] Compliance and Governance - There are no violations regarding external guarantees during the reporting period[35] - There are no non-operating fund occupations by controlling shareholders or their affiliates during the reporting period[36] - The company has not engaged in any research, communication, or interview activities during the reporting period[37]

Financial Performance - The company's operating revenue for 2016 was CNY 3,992,121,272.05, representing a 105.39% increase compared to CNY 1,943,697,587.14 in 2015[21]. - The net profit attributable to shareholders for 2016 was CNY 92,185,413.26, which is a 22.61% increase from CNY 75,183,905.30 in 2015[21]. - The net profit after deducting non-recurring gains and losses was CNY 73,515,745.98, up 44.33% from CNY 50,934,780.19 in 2015[21]. - The net cash flow from operating activities reached CNY 264,127,314.56, a 90.57% increase from CNY 138,596,916.75 in 2015[21]. - The basic earnings per share for 2016 was CNY 0.688, reflecting a 22.86% increase from CNY 0.56 in 2015[21]. - Total assets at the end of 2016 were CNY 1,412,735,131.67, a decrease of 2.94% from CNY 1,455,481,446.36 at the end of 2015[22]. - The net assets attributable to shareholders increased by 10.53% to CNY 808,619,651.40 from CNY 731,576,238.14 in 2015[22]. - The company reported a quarterly revenue of CNY 1,294,980,186.07 in Q4 2016, which was the highest among the four quarters[26]. - The company received government subsidies amounting to CNY 20,182,932.82 in 2016, down from CNY 27,512,651.77 in 2015[27]. - The weighted average return on equity for 2016 was 12.03%, an increase from 10.74% in 2015[21]. Business Operations - The main business revenue primarily comes from food products, including fresh pork, fresh poultry, ham, and marinated products[5]. - The company operates across two main industry chains: livestock and poultry, with revenue derived from both[6]. - The company focuses on an integrated business model in the livestock and poultry slaughtering industry, covering feed processing, livestock breeding, slaughtering, and meat processing[31]. - The main products include fresh pork, fresh poultry, Jinhua ham, and marinated products, with fresh meat sales being the primary revenue source[31]. - The company has established a national pig procurement platform, with a production model based on sales forecasts and orders[33]. - The company has introduced advanced slaughtering and processing technologies from leading international manufacturers, enhancing product quality[37]. - The company has a unique regional distribution model for fresh meat, allowing for timely responses to market demand changes[40]. - The company is located in the economically vibrant Yangtze River Delta, benefiting from a large consumer market and high disposable income[41]. - The company has ongoing construction projects, including a new production line and a ham storage facility, which will enhance its operational capacity[36]. Risk Factors - The company faces significant risks related to food safety, which could severely impact its brand and sales if any incidents occur[5]. - Animal epidemic risks are critical, as outbreaks can lead to decreased supply and consumer panic, affecting sales of poultry and pork products[6]. - Fluctuations in raw material prices, particularly for live pigs and poultry, can adversely affect the company's operating performance if sales prices cannot be adjusted in time[7]. - The company is exposed to risks from consumer confidence in the livestock industry, which could be affected by quality incidents in the sector[7]. - Changes in tax incentives for agricultural products could have a substantial negative impact on the company's financial performance[7]. - The company faces challenges from small-scale competitors and must navigate the cyclical nature of the livestock market[89]. Shareholder and Dividend Information - The company reported a profit distribution plan to distribute cash dividends of 1.05 RMB per 10 shares to all shareholders, based on a total of 178,666,700 shares[8]. - The cash dividends for 2016 represented 20.35% of the net profit attributable to shareholders, which was 92.19 million CNY[122]. - The cash dividend payout ratio for 2016 was 100% of the distributable profit[122]. - The company has a cash dividend policy that complies with its articles of association and shareholder resolutions[119]. - The total number of shares for the 2016 dividend distribution was 17,866,670 shares[122]. - The company did not propose any stock dividends or capital reserve transfers for the 2016 fiscal year[122]. Research and Development - R&D investment rose by 123.00% to ¥8,470,345.10, with R&D personnel increasing by 64.52% to 51[64]. - The company is focusing on R&D projects including quality control and traceability technology for the entire chicken industry chain[63]. - The company plans to increase R&D investment and introduce advanced equipment to improve product technology content[95]. Market Expansion and Strategy - The company aims to leverage its recent IPO to strengthen its market position and expand its operations nationally[45]. - The company plans to further increase its market share and profit growth through the completion of new slaughtering projects in the coming years[47]. - The company plans to expand its pig farming scale and improve self-sufficiency in slaughtered pigs through the establishment of a pig farming base[94]. - The company will enhance brand influence through advertising, customer experience, and participation in agricultural expos[95]. - The company plans to enhance its online sales platform, expecting a 35% increase in e-commerce sales by the end of 2017[130]. Corporate Governance - The company has established a comprehensive corporate governance structure to ensure fair treatment of all shareholders[165]. - The company has committed to protecting consumer rights and maintaining a balance of interests among stakeholders[166]. - The company has outlined strict compliance with the Company Law of the People's Republic of China and the Shenzhen Stock Exchange listing rules regarding shareholding changes and disclosures[189]. Initial Public Offering (IPO) - The company successfully completed its initial public offering on December 27, 2016, issuing 44.67 million shares at a price of 6.55 RMB per share, raising a total of 292.57 million RMB[172]. - The net proceeds from the IPO amounted to 260.24 million RMB after deducting issuance costs of 32.33 million RMB[172]. - The company has committed to actively fulfill all promises made regarding the initial public offering and listing, accepting supervision from regulatory authorities and investors[136].