Financial Performance - The company's operating revenue for the first half of 2018 was CNY 1,573,935,637.36, representing a 12.05% increase compared to CNY 1,404,655,123.26 in the same period last year[18]. - The net profit attributable to shareholders of the listed company reached CNY 147,859,394.06, a significant increase of 56.38% from CNY 94,550,793.24 in the previous year[18]. - The basic earnings per share increased by 37.84% to CNY 0.51, compared to CNY 0.37 in the same period last year[18]. - The total profit reached CNY 193,576,000, reflecting a significant growth of 61.23% compared to the previous year[27]. - The net profit after deducting non-recurring gains and losses was CNY 73,007,908.75, showing a marginal increase of 0.99% compared to CNY 72,290,428.74 in the same period last year[18]. Cash Flow and Assets - The net cash flow from operating activities improved by 26.34%, amounting to CNY -346,816,917.24, compared to CNY -470,824,378.00 in the previous year[18]. - Total assets decreased by 8.14% to CNY 2,429,870,464.01 from CNY 2,645,117,721.40 at the end of the previous year[18]. - The cash and cash equivalents decreased by CNY 72,151,476.12, a decline of 198.95% compared to an increase of CNY 72,916,495.77 in the previous period[40]. - The company reported a significant reduction in tax expenses, which increased by 79.18% to CNY 45,716,608.63, primarily due to an increase in total profit[40]. Market Strategy and Operations - The company’s market strategy focuses on deepening its presence in Central China while expanding into Southwest, East, Northwest, North, and South China markets[34]. - The company plans to enhance its processing capabilities in the Southwest region with a new project expected to be completed by August 2019, with a total investment of CNY 12,722,000[34]. - The company has established a product traceability system to ensure quality control throughout the production process[35]. - The company has 584 regional distributors, providing over 300,000 sales points directly to consumers[30]. Product and Revenue Segments - The revenue from the food processing segment was CNY 1,573,134,092.05, accounting for 99.95% of total operating revenue, with a year-on-year growth of 11.99%[40]. - The sales revenue of the meal products increased by 2,681.20% year-on-year, primarily due to the launch of the "Yueyang Port New District Edible Oil Processing Comprehensive Project" which began operations in June 2017[42]. - The gross profit margin for the food processing segment was 14.43%, reflecting an increase of 1.65% year-on-year[41]. Financial Management and Investments - The financial expenses decreased by 60.81% to CNY -895,131.54, mainly due to a reduction in the average daily balance of bank deposits[40]. - The investment income was CNY 17,191,686.67, contributing 8.88% to the total profit, but showed a decrease of 30.01% compared to the previous period[44]. - The company has committed to strict adherence to its promises regarding shareholding and capital management, ensuring compliance with regulations[78]. Shareholder and Equity Information - The company plans not to distribute cash dividends or issue bonus shares for this period[5]. - The total number of shares increased from 170,000,000 to 289,000,000 due to a capital increase and dividend distribution[107][108]. - The total number of common shareholders at the end of the reporting period was 23,613[115]. Risk Factors and Challenges - The fluctuation in raw material prices poses a risk, as over 60% of the raw materials are imported, which can significantly impact profitability[73]. - The company faces intensified market competition, particularly from larger players like Yihai Kerry and COFCO, which may affect brand promotion and market share[73]. - The reliance on international markets for raw materials means that changes in industry policies could impact the company's profitability[73]. Compliance and Governance - The company did not undergo any bankruptcy reorganization during the reporting period[85]. - There were no significant litigation or arbitration matters during the reporting period[86]. - The company has committed to adhering to various environmental protection laws in its future operations[99]. Accounting Policies and Financial Reporting - The company’s financial statements are prepared based on the assumption of going concern, indicating no significant issues affecting its ability to continue operations for at least 12 months from the reporting date[170]. - The company adheres to the latest accounting standards issued by the Ministry of Finance, ensuring that its financial statements reflect a true and complete picture of its financial status and operating results[172]. - The company uses aging analysis method for bad debt provision with specific percentages: 5.00% for accounts receivable within 1 year, 10.00% for 1-2 years, 20.00% for 2-3 years, 50.00% for 3-4 years, 60.00% for 4-5 years, and 100.00% for over 5 years[195].

Financial Performance - Revenue for Q1 2018 reached ¥837,596,570.19, an increase of 27.95% compared to ¥654,630,757.98 in the same period last year[8] - Net profit attributable to shareholders was ¥53,761,004.44, up 4.91% from ¥51,244,266.57 year-on-year[8] - Basic earnings per share decreased by 52.94% to ¥0.32 from ¥0.68 in the previous year[8] - The weighted average return on equity was 2.76%, down 4.67% from 7.43% in the previous year[8] - The company expects net profit attributable to shareholders for the first half of 2018 to increase by 20.00% to 60.00%, ranging from ¥11,346.09 million to ¥15,128.13 million[19] Cash Flow and Assets - The net cash flow from operating activities improved by 33.80%, reaching -¥70,154,712.19 compared to -¥105,973,613.97 in the same period last year[8] - Cash and cash equivalents increased by 55.16% to ¥301,419,853.77 due to the redemption of financial products[16] - Total assets at the end of the reporting period were ¥2,368,214,507.55, a decrease of 10.47% from ¥2,645,117,721.40 at the end of the previous year[8] - Accounts receivable decreased by 66.02% to ¥9,179,870.62 primarily due to a reduction in credit sales[16] - Inventory decreased by 31.97% to ¥401,053,418.59 mainly due to a reduction in raw material stock[16] Expenses and Costs - Operating costs increased by 30.04% to ¥720,187,747.31 driven by higher sales volume[17] - The company reported a 44.11% increase in selling expenses to ¥45,109,878.82 due to higher advertising costs[17] - The company experienced a 48.02% increase in taxes payable to ¥35,380,643.75, attributed to an increase in corporate income tax[16] - The company recorded a significant decrease in financial expenses, down 159.97% to ¥369,936.46, due to currency exchange losses from the appreciation of the RMB[17] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 23,509[12] - Liu Jianjun, the largest shareholder, holds 29.71% of the shares, amounting to 50,501,846 shares[12] - The company did not engage in any repurchase transactions during the reporting period[13] Gains and Losses - Non-recurring gains and losses totaled ¥10,032,649.17, with government subsidies contributing ¥4,134,709.20[9] - Investment income surged by 532.06% to ¥11,337,420.83 due to increased returns from purchased financial products[17]

Financial Performance - The company's operating revenue for 2017 was CNY 3,301,935,061, representing a 22.70% increase compared to CNY 2,690,979,869 in 2016[16] - The net profit attributable to shareholders was CNY 191,353,000.36, a decrease of 6.99% from CNY 205,733,617.83 in the previous year[16] - The net profit after deducting non-recurring gains and losses was CNY 142,540,272.88, down 32.29% from CNY 210,514,838.03 in 2016[16] - The total profit for 2017 was RMB 246.56 million, a decrease of 8.30% from the previous year, while the net profit attributable to shareholders was RMB 191.35 million, down 6.99% year-on-year[30] - The basic earnings per share decreased by 25.47% to CNY 1.20 from CNY 1.61 in 2016[16] - The weighted average return on equity was 12.01%, down from 37.20% in the previous year, reflecting a decline of 25.19%[16] - The gross profit margin for the rapeseed oil series packaging was 15.76%, reflecting a decrease of 6.28% from the previous year[41] - The company achieved an operating income of CNY 2,175,282,340 and a net profit of CNY 121,843,836 for the year 2017, representing a growth of 2077.49% compared to the previous year[72] Assets and Liabilities - The company's total assets increased by 114.77% to CNY 2,645,117,721 at the end of 2017, compared to CNY 1,231,585,752 at the end of 2016[17] - The net assets attributable to shareholders rose by 189.09% to CNY 1,920,045,397 at the end of 2017, up from CNY 664,157,372.23 in 2016[17] - The company's total liabilities also increased from RMB 537.17 million to RMB 567.43 million following the reclassification of tax liabilities[20] - The company's cash and cash equivalents increased to ¥194,260,881.65, representing 7.34% of total assets, a decrease of 8.40% compared to the previous year[56] - Inventory increased significantly to ¥589,526,274.23, representing 22.29% of total assets, up by 3.29% due to increased raw material stock[56] Cash Flow - The net cash flow from operating activities was negative CNY 60,019,409.81, a significant decrease of 142.97% compared to CNY 139,686,817.13 in 2016[16] - The company's cash flow from operating activities showed a net outflow of RMB 105.97 million in Q1 2017, followed by a further outflow of RMB 364.85 million in Q2, before turning positive in Q3 and Q4[24] - The cash inflow from investment activities surged by 878,609.41%, totaling 1,649,343,095.10 yuan in 2017, primarily due to the redemption of financial products[51] - The net cash flow from financing activities increased by 3,079.15%, reaching 1,078,026,522.00 yuan in 2017, mainly due to the public offering of shares[51] Dividends and Profit Distribution - The company plans to distribute a cash dividend of CNY 2.30 per 10 shares, with no bonus shares issued[4] - The net profit attributable to shareholders in 2017 was RMB 191,353,000, with a cash dividend payout ratio of 21.43%[87] - In 2017, the company distributed cash dividends totaling RMB 39,100,000, which is 6.91% of the total distributable profit[87] - The company has a complete decision-making process for cash dividend distribution, ensuring the protection of minority shareholders' rights[83] Market and Competition - The competitive landscape in the packaged edible oil industry is intensifying, with the company leveraging its brand and market position to strengthen its core business[30] - The sales volume of packaged oil increased by 7.02% in 2017, indicating an expanding market presence[36] - The Southwest market saw a revenue increase of 21.7%, while the Northwest market experienced a significant growth of 55.1% in 2017[37] - The company aims to develop differentiated product varieties while maintaining its leading position in the rapeseed oil segment[76] Research and Development - Research and development investment increased by 183.65% year-on-year, amounting to 3,124,717.68 yuan in 2017, compared to 1,101,593.27 yuan in 2016[48] - The number of R&D personnel rose by 35.00%, increasing from 20 in 2016 to 27 in 2017[48] - Research and development investment increased by 30% in 2017, focusing on innovative processing technologies to enhance product quality[161] Corporate Governance - The company emphasizes the importance of corporate governance, adhering to relevant laws and regulations to ensure proper management and oversight[173] - The board of directors consists of 9 members, including 3 independent directors, ensuring compliance with legal and regulatory requirements[175] - The company maintains complete independence from its controlling shareholder, with no interference in decision-making or operational activities[174] - The company has established specialized committees, including a strategic development committee and an audit committee, to provide professional advice for decision-making[175] Environmental and Social Responsibility - The company is committed to environmental protection and has not been penalized for any major violations during the reporting period[127] - The company has established a targeted poverty alleviation program in Pingjiang County, providing ongoing support to local impoverished households[125] - The management team emphasized a commitment to sustainability, with plans to reduce carbon emissions by 15% over the next three years[161] Shareholder Information - The total number of shares increased from 75 million to 170 million, with a new issuance of 25 million shares at a price of 47.30 CNY per share[138] - Liu Jianjun, the largest shareholder, holds 29.71% of the shares, totaling 50,501,840 shares, with a decrease of 20,794,870 shares during the reporting period[142] - The company has committed to timely and sufficient disclosure of share reduction information in accordance with relevant laws and regulations[147] Internal Controls and Audit - The internal control audit report indicated that the company maintained effective internal controls related to financial reporting as of December 31, 2017[197] - The audit opinion was a standard unqualified opinion, confirming that the financial statements fairly reflect the company's financial position and results of operations[197] - There were no significant deficiencies in non-financial reporting identified in the internal control audit[197]

Financial Performance - Total assets increased to ¥2,442,452,971.04, representing a 98.32% increase compared to the previous year[8] - Net assets attributable to shareholders reached ¥1,921,561,231.82, up 189.32% year-over-year[8] - Operating revenue for the current period was ¥914,011,617.38, a 33.21% increase from the same period last year[8] - Net profit attributable to shareholders decreased by 24.89% to ¥57,313,541.10 compared to the previous year[8] - Basic earnings per share fell by 66.67% to ¥0.34[8] - The weighted average return on equity dropped to 3.05%, down 9.21% from the previous year[8] Cash Flow - Net cash flow from operating activities decreased by 42.90% to ¥178,452,430.63[8] - The net cash flow from operating activities decreased by 174.92% to -¥292,371,947.37 from ¥390,225,470.04, mainly due to increased material procurement payments[18] - The net cash flow from financing activities surged by 3186.02% to ¥1,116,697,885.80 from -¥36,185,681.80, primarily due to raised funds[18] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 24,229[12] - The largest shareholder, Liu Jianjun, holds 29.71% of the shares, totaling 29,706,968 shares[12] - Hunan Xingchuang Investment Management Co., Ltd. holds 20.17% of the shares, totaling 20,168,700 shares[12] Asset and Investment Changes - The company's financial data shows a significant increase in derivative financial assets, rising by 298.74% to ¥9,759,540 from ¥2,447,600 due to increased floating profits from non-highly effective hedging contracts[16] - Accounts receivable increased by 83.32% to ¥12,716,207.88 from ¥6,936,765.05, primarily due to an increase in credit sales[16] - Inventory rose by 80.29% to ¥421,982,669.41 from ¥234,061,363.84, mainly due to an increase in raw material stock[16] - The company's operating costs increased by 33.72% to ¥2,037,405,239.14 from ¥1,523,663,814.66, attributed to higher sales volume[17] - The company reported a 216.70% increase in investment income, reaching ¥19,911,365.09 compared to ¥6,287,228.03 from the previous year, driven by investments in bank principal-protected financial products[17] - The total assets increased significantly, with fixed assets rising by 393.89% to ¥568,764,097.32 from ¥115,160,594.88 due to the completion of construction projects[16] - The company's capital reserve increased by 904.82% to ¥1,216,280,785.16 from ¥121,044,539.91, reflecting the absorption of public investment[16] Compliance and Governance - The company did not engage in any repurchase transactions during the reporting period[16] - There were no overdue commitments from controlling shareholders, related parties, or acquirers during the reporting period[22] - The company did not have any non-operating fund occupation by controlling shareholders or related parties during the reporting period[27] - There were no violations regarding external guarantees during the reporting period[26] Investor Relations - The company engaged in investor communication activities, including a session on September 11, 2017, and another on September 14, 2017, as documented on their official website[28]

Financial Performance - The company's revenue for the first half of 2017 was CNY 1,404,655,123.26, representing a 17.11% increase compared to CNY 1,199,402,170.66 in the same period last year[14]. - The net profit attributable to shareholders decreased by 26.77% to CNY 94,550,793.24 from CNY 129,116,720.66 year-on-year[14]. - Basic earnings per share fell by 37.21% to CNY 1.08 from CNY 1.72 in the same period last year[14]. - The company's operating revenue for the reporting period was ¥1,404,655,123.26, representing a year-on-year increase of 17.11% compared to ¥1,199,402,170.66 in the same period last year[35]. - The net profit for the same period was 94.55 million CNY, a decrease of 26.77% compared to the previous year[31]. - The company reported a significant decrease of 25.23% in construction in progress, primarily due to the transfer of assets to fixed assets[41]. - The company reported a total comprehensive income of CNY 65,224,193.24, down from CNY 143,249,480.66, a decline of 54.5%[135]. - The company reported a significant increase in investment income due to the revaluation of remaining equity at fair value on the date of loss of control[173]. Cash Flow and Assets - The net cash flow from operating activities was negative at CNY -470,824,378.00, a decline of 705.78% compared to CNY 77,721,998.81 in the previous year[14]. - The net cash flow from financing activities surged by 3,186.02% to ¥1,116,697,885.80, attributed to the receipt of raised funds[35]. - The company's inventory increased by 122.66% to ¥521,151,677.63, reflecting a rise in raw material stockpiling[35]. - The company's cash and cash equivalents at the end of the reporting period were ¥260,741,550.51, a decrease of 4.81% from the previous year[41]. - The total assets of Daodaoquan Grain and Oil Co., Ltd. reached approximately RMB 2.39 billion as of June 30, 2017, compared to RMB 1.23 billion at the beginning of the period, reflecting a growth of 94.3%[124]. - Total liabilities decreased slightly to approximately RMB 448.97 million from RMB 477.22 million, a decline of 5.9%[126]. - The company reported a significant increase in prepayments, which rose to approximately RMB 261.40 million from RMB 159.87 million, reflecting a growth of 63.5%[125]. Market and Business Strategy - The main business remains focused on packaging edible vegetable oils, with a variety of products including rapeseed oil, corn oil, sunflower oil, and blended oils[21]. - The company’s market expansion strategy includes significant growth in the Southwest market by 14% and the East China market by 35%[32]. - The company is focusing on strengthening its brand influence in the Central and Southern regions while expanding into the Southwest, East China, Northwest, and South China markets[32]. - The company’s market share in the domestic packaging oil market aims to enter the top three[32]. - The company plans to enhance its online sales platform, aiming for a 50% increase in e-commerce revenue by the end of 2017[75]. - The company is considering strategic acquisitions to enhance its supply chain, with a budget of 200 million RMB allocated for potential deals[77]. Risk Management - The company has implemented a strict hedging policy to manage risks associated with trade oil sales[21]. - The company faces risks related to food safety and quality control, which could adversely affect its brand image and sales[64]. - The fluctuation of rapeseed oil prices poses a significant risk to the company's profitability, influenced by domestic policies and international market conditions[65]. - The company is exposed to risks from potential changes in national policies regarding edible oil pricing and transgenic raw materials, which could impact its operations[67]. Shareholder and Dividend Information - The company plans to distribute a cash dividend of CNY 4.1 per 10 shares, with no bonus shares issued[5]. - The company plans to reduce shareholding by up to 25% within two years after the lock-up period ends, with no cumulative reduction into the next year[79]. - The company commits to timely and sufficient disclosure of shareholding reduction information, with a notice to be published three trading days prior to any reduction[81]. Corporate Governance and Compliance - The company has not engaged in any major related party transactions during the reporting period, ensuring transparency in operations[91]. - The company has not experienced any penalties or rectification situations during the reporting period, reflecting compliance with regulations[89]. - The company has committed to reducing and standardizing related party transactions, enhancing corporate governance[85]. - The audit report for the half-year was issued with a standard unqualified opinion, confirming the accuracy of the financial statements[123]. Research and Development - The company is investing 100 million RMB in research and development for new technologies aimed at improving production efficiency[75]. - The company has 19 proprietary patents covering various aspects of product design and manufacturing[28]. Environmental and Social Responsibility - The management team emphasized the importance of sustainability in operations, with a goal to reduce waste by 20% over the next year[76]. - The company has engaged in social responsibility initiatives, although specific details on the impact were not provided in the report[101].

Financial Performance - The company's operating revenue for the reporting period was CNY 1,404,655,123, representing a 17.11% increase compared to CNY 1,199,402,170 in the same period last year[13] - Net profit attributable to shareholders was CNY 94,550,793.24, a decrease of 26.77% from CNY 129,116,720.66 in the previous year[13] - The net cash flow from operating activities was negative CNY 470,824,378.00, a decline of 705.78% compared to CNY 77,721,998.81 in the same period last year[13] - Basic earnings per share decreased by 37.21% to CNY 1.08 from CNY 1.72 in the previous year[13] Assets and Equity - Total assets at the end of the reporting period were CNY 2,385,729,919, an increase of 93.71% from CNY 1,231,585,752 at the end of the previous year[14] - Net assets attributable to shareholders increased by 178.49% to CNY 1,849,617,810 from CNY 664,157,372.23 at the end of the previous year[14] Dividends - The company plans to distribute a cash dividend of CNY 4.1 per 10 shares, with no bonus shares issued[4] Business Focus and Strategy - The main business remains focused on packaging edible vegetable oils, with a variety of products including canola oil, corn oil, sunflower oil, and blended oils[21] - The company engages in trade oil and bulk oil sales, although these contribute less to overall profit margins[23] - The company has implemented strict hedging operations for trade oil sales to mitigate risks[24] - The company’s market expansion strategy includes significant growth in the Southwest market by 14% and the East China market by 35%[42] - The design capacity of the Yuyuan Yueliang Grain and Oil Terminal is 1.6 million tons per year, which is expected to become a profit growth point for the company[42] - The company has signed distribution contracts with six regional distributors in the South China market, laying a foundation for future growth[42] Sales and Product Development - The company’s packaging oil sales volume has increased compared to the previous year, indicating a positive market development[39] - The company aims to become a leading brand in the canola oil sector, enhancing brand influence and loyalty in the central and southern regions of China[43] Innovation and Quality Control - The company has 19 proprietary patents related to product design, manufacturing, and production equipment[36] - The company has implemented a quality management system certified by ISO9001, ensuring strict quality control throughout the production process[32] - The company has established a product traceability system through its subsidiaries, ensuring quality control from raw materials to consumers[45] - The online detection system implemented in production further guarantees product quality, enhancing consumer experience and credibility[45] Operational Efficiency - The fully operational intelligent warehouse enables precise management of orders, goods tracking, and automated material handling, leading to efficiency improvements and cost reductions[46] - The implementation of the NC system integrates various management systems, achieving centralized information and streamlined processes[46]

Financial Performance - The company's revenue for Q1 2017 was CNY 654,630,757.98, representing a 17.15% increase compared to CNY 558,805,087.21 in the same period last year[8] - Net profit attributable to shareholders decreased by 2.41% to CNY 51,244,266.57 from CNY 52,512,182.88 year-on-year[8] - The net profit after deducting non-recurring gains and losses fell by 16.46% to CNY 43,922,276.39 compared to CNY 52,578,674.14 in the previous year[8] - The basic earnings per share decreased by 2.86% to CNY 0.68 from CNY 0.70 in the same period last year[8] - The weighted average return on equity was 7.43%, down from 10.42% in the previous year[8] - The gross margin for Q1 2017 was reported at 35%, an increase from 32% in the previous quarter[26] Cash Flow and Assets - The net cash flow from operating activities was negative at CNY -105,973,613.97, a decline of 319.04% from CNY 48,379,922.33 in the same period last year[8] - Total assets increased by 92.01% to CNY 2,306,607,268.80 from CNY 1,201,325,696.39 at the end of the previous year[8] - Net assets attributable to shareholders rose by 168.66% to CNY 1,784,293,892.73 from CNY 664,157,372.23 at the end of the previous year[8] - Cash and cash equivalents increased by 499.04% to ¥1,161,409,948.37 due to the receipt of raised funds[16] - Fixed assets rose by 161.91% to ¥301,617,912.15 as a result of increased investments from subsidiaries[16] Non-Recurring Gains and Expenses - The company reported non-recurring gains of CNY 7,321,990.18, primarily from government subsidies and fair value changes of financial assets[9] - Management expenses increased by 33.93% to ¥9,908,517.77, attributed to costs related to the company's listing efforts[18] - The company reported a fair value loss of 48,414,180.00 yuan on futures investments during the reporting period, with an initial investment of 31,507,350 yuan[37] Future Outlook and Growth Strategies - The company expects a revenue growth guidance of 10-15% for the next quarter, driven by new product launches and market expansion strategies[27] - Research and development efforts have led to the introduction of two new product lines, which are projected to contribute an additional 200 million RMB in revenue over the next year[25] - The company is planning to expand its market presence in Southeast Asia, targeting a 5% market share within the next 18 months[26] - A strategic acquisition of a local competitor is under consideration, which could enhance the company's supply chain efficiency by 30%[27] - Future product innovations are expected to leverage advanced technologies, potentially increasing production efficiency by 25%[25] Shareholder Commitments and Management - The company has committed to a share buyback program of up to 100 million RMB to enhance shareholder value[27] - The company plans to reduce its shareholding by up to 25% within two years after the lock-up period ends, with no cumulative reduction allowed to carry over to the next year[28] - Shareholders have committed to not interfere with the company's management activities and to adhere strictly to their commitments regarding shareholding reductions[30] - The company will disclose any shareholding reductions three trading days in advance, ensuring transparency[31] - If commitments are not fulfilled, the company will apologize to shareholders and the public, and may propose new commitments or remedial measures[32] Compliance and Related Party Transactions - The company has committed to reducing and standardizing related party transactions, as evidenced by the commitment letter issued by the controlling shareholder[34] - The company is focused on maintaining compliance with commitments made to minority shareholders[34] - There were no violations regarding external guarantees during the reporting period[39] - The company did not experience any non-operating fund occupation by controlling shareholders or related parties during the reporting period[40] Operational Developments - The company’s subsidiary obtained a port operation license, enhancing its operational capabilities in edible oil logistics[21] - The company initiated trial operations for the "Yueyang Lingang New Area Edible Oil Processing Comprehensive Project" on March 25, 2017[21] - The company is in the process of trial production, which is expected to impact net profit due to associated costs[35] - The company reported a 319.04% decrease in cash generated from operating activities, totaling -¥105,973,613.97, due to increased material procurement payments[19] - The total amount of futures investments at the end of the reporting period was 37,537,002 yuan, funded by self-owned capital[38]