Revenue and Profit - Revenue for Q1 2022 was ¥53,981,645.13, a decrease of 5.71% compared to ¥57,247,725.12 in the same period last year[3] - Net profit attributable to shareholders was -¥15,341,384.07, representing a decline of 490.05% from ¥3,933,218.28 in the previous year[3] - Operating profit for Q1 2022 was a loss of RMB 12,894,878.95, compared to a profit of RMB 11,239,893.46 in Q1 2021[16] - The net profit for the first quarter of 2022 was -12,250,434.19 CNY, compared to a profit of 11,197,421.74 CNY in the same period last year[17] - The total comprehensive income for the first quarter was -12,709,474.45 CNY, compared to 11,627,638.02 CNY in the same quarter last year[17] - The company reported a basic earnings per share of -0.0987 CNY, compared to 0.0319 CNY in the previous year[17] Cash Flow - The net cash flow from operating activities increased by 104.75% to ¥19,735,360.38, up from ¥9,638,917.51 year-on-year[3] - The net cash flow from operating activities was 19,735,360.38 CNY, up from 9,638,917.51 CNY in the previous year[19] - The net cash flow from investing activities was -137,286,150.10 CNY, compared to -23,579,219.42 CNY in the same period last year[19] - The net cash flow from financing activities was 75,162,820.43 CNY, significantly higher than 6,534,348.03 CNY in the previous year[20] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,058,872,936.50, down 6.77% from ¥1,135,776,651.18 at the end of the previous year[3] - Total assets decreased to RMB 1,058,872,936.50 from RMB 1,135,776,651.18, a reduction of 6.8%[14] - Total liabilities decreased to RMB 254,651,251.15 from RMB 320,184,355.37, a decline of 20.5%[15] - The total liabilities increased, impacting the overall financial position of the company, although specific figures were not disclosed in the provided content[19] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 8,779[9] - The company held 4,413,100 shares in its repurchase account, accounting for 2.76% of the total share capital[11] Research and Development - Research and development expenses increased by 58.36% to ¥4,083,266.30, due to the hiring of additional R&D personnel[7] - Research and development expenses increased to RMB 4,083,266.30, up 58.5% from RMB 2,578,489.11 in the previous year[16] Accounts Receivable and Prepayments - Accounts receivable decreased by 41.31% to ¥44,523,867.73 from ¥75,860,190.89, primarily due to collection of receivables[7] - Accounts receivable dropped to RMB 44,523,867.73 from RMB 75,860,190.89, a decrease of 41.2%[13] - Prepayments increased significantly by 264.62% to ¥26,234,689.05, attributed to new prepayments for racing cars[7] Borrowings - Short-term borrowings rose by 146.41% to ¥132,850,100.00, reflecting an increase in bank loans[7]

Financial Performance - The company reported a total revenue of RMB 1.2 billion for the year 2021, representing a year-on-year increase of 15% compared to 2020[15]. - The net profit attributable to shareholders was RMB 200 million, which is a 10% increase from the previous year[15]. - The company's operating revenue for 2021 was CNY 280,885,992.17, representing a 40.37% increase compared to CNY 200,097,574.02 in 2020[21]. - The net profit attributable to shareholders for 2021 was CNY 3,183,267.48, a significant turnaround from a net loss of CNY 50,981,973.82 in 2020, marking a 106.24% improvement[21]. - The net cash flow from operating activities for 2021 was CNY 73,745,194.03, which is a 2.53% increase from CNY 71,923,260.76 in 2020[21]. - The total assets at the end of 2021 amounted to CNY 1,135,776,651.18, reflecting a 91.38% increase from CNY 593,451,756.57 at the end of 2020[21]. - The net assets attributable to shareholders increased by 106.28% to CNY 730,975,464.71 at the end of 2021, up from CNY 354,362,350.93 at the end of 2020[21]. - The basic earnings per share for 2021 was CNY 0.0239, compared to a loss of CNY 0.4100 per share in 2020, indicating a 105.83% improvement[21]. - The company reported a quarterly revenue of CNY 102,687,753.88 in Q4 2021, which was the highest among the four quarters[25]. - The company achieved operating revenue of ¥280,885,992.17, a year-on-year increase of 40.37%[66]. - Net profit attributable to shareholders reached ¥3,183,267.48, up 106.24% year-on-year[66]. - Overall gross margin improved to 30.51%, reflecting a 12.05% increase compared to the previous year[66]. User Engagement and Market Expansion - User data showed an increase in active users by 25%, reaching a total of 500,000 users by the end of 2021[15]. - Future guidance indicates expected revenue growth of 20% for 2022, driven by new product launches and market expansion[15]. - The company plans to expand its market presence by opening 50 new racing venues across China in the next two years[15]. - The company anticipates further growth in user engagement and market expansion as the sports industry continues to recover and evolve post-pandemic[35]. - By 2025, the sports industry in Shanghai is expected to double in scale compared to 2020, reaching a total size of approximately 500 billion yuan, with the sports industry's added value accounting for about 2.0% of the city's GDP[36]. - The company plans to expand its chain of karting venues across major cities, expecting steady growth in revenue and profits in the coming years[69]. - The company is focusing on digital sports strategies to enhance its dual industry development of "vehicles" and "sports," driven by new technologies and concepts[35]. Research and Development - Research and development expenses increased by 20% to RMB 100 million, focusing on new energy vehicle technologies[15]. - The company is developing electric go-karts, with the first batch expected to be launched in 2022[70]. - The company is developing a new fuel data collection and analysis system aimed at improving efficiency and safety in racing[88]. - A new electric go-kart pedal adjustment technology is being researched to enhance user experience and meet consumer demands[89]. - The company is working on a new type of quick fuel connection to prevent oil spillage and improve service efficiency[89]. - The development of a load measurement technology for racing cars aims to enhance safety and operational reliability[88]. - The number of R&D personnel increased by 25% from 60 in 2020 to 75 in 2021[90]. - The proportion of R&D personnel with a bachelor's degree rose by 23.64%, from 55 in 2020 to 68 in 2021[90]. Strategic Initiatives - The company is exploring potential mergers and acquisitions to enhance its competitive position in the motorsport industry[15]. - The company aims to align with national policies that project the sports industry to reach a total scale of ¥5 trillion by 2025[34]. - The company is committed to promoting the digital transformation of fitness management and the construction of smart sports venues[6]. - The company aims to enhance the digital transformation of sports events, focusing on intelligent technology applications in key areas such as event organization, participation, and viewing[8]. - The company is actively pursuing mergers and acquisitions to strengthen its market position and diversify its offerings[152]. - The company plans to leverage 5G and other new generation information technologies to improve venue management and event services[41]. Risk Management - The company emphasized risk management strategies in light of potential market volatility and regulatory changes[4]. - The company faces risks related to the inability to extend commercial promotion rights for major sports events, which could significantly impact its performance[129]. - The company is exposed to macroeconomic fluctuations that could affect its clients' marketing budgets and, consequently, its own business performance[131]. - The company recognizes the seasonal revenue fluctuations, particularly in Q4, and is working to diversify its revenue streams to mitigate this risk[132]. Governance and Compliance - The company has maintained a governance structure that complies with relevant laws and regulations, ensuring independent operations from its controlling shareholder[140]. - The board of directors consists of eight members, including three independent directors, which meets legal requirements[141]. - The company has established a complete independent financial management system, ensuring financial independence from the controlling shareholder[144]. - The company actively communicates with stakeholders to balance interests among shareholders, employees, and society[142]. - The company has a diverse board with independent directors, ensuring compliance and governance standards are met[148]. Employee Engagement and Incentives - The company implemented a new employee stock ownership plan and stock option incentive plan in October 2021, covering all core staff to enhance motivation[64]. - The total number of employees at the end of the reporting period is 448, with 141 in the parent company and 307 in major subsidiaries[180]. - The company has implemented a performance appraisal system linked to salary incentives, promoting long-term and stable development[181]. - The total number of employees participating in the employee stock ownership plan is 11, holding a total of 4,413,100 shares, which accounts for 2.76% of the company's total equity[189]. Future Outlook - The company plans to continue using the unused raised funds for committed investment projects[112]. - The company is committed to innovation, focusing on the development of new technologies to improve service delivery and customer satisfaction[155]. - The company provided guidance for the next quarter, expecting revenue to be between $160 million and $170 million, indicating a growth of 7% to 13%[163]. - New product launches are anticipated to contribute an additional $20 million in revenue over the next year[163]. - The company plans to optimize its event structure and develop proprietary IP events, particularly in the new energy vehicle sector[124].

上海力盛赛车文化股份有限公司 2021 年第三季度报告 证券代码:002858 证券简称:力盛赛车 公告编号:2021-074 上海力盛赛车文化股份有限公司 2021 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整,没 有虚假记载、误导性陈述或重大遗漏。 重要内容提示: 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准 确、完整,不存在虚假记载、误导性陈述或重大遗漏,并承担个别和连带 的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声 明:保证季度报告中财务信息的真实、准确、完整。 3.第三季度报告是否经过审计 □ 是 √ 否 一、主要财务数据 (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 | 本报告期比上年同期增 | 年初至报告期末 | 年初至报告期末比上年 | | --- | --- | --- | --- | --- | | | | | | 同期增减 | | 营业收入(元) | 61.525.404.38 | 6.60% | 178.198.238.29 | 46.06 ...

Financial Performance - The company's operating revenue for the first half of 2021 was ¥116,672,833.91, representing an increase of 81.48% compared to ¥64,288,847.29 in the same period last year[19]. - The net profit attributable to shareholders of the listed company was ¥6,938,534.99, a significant turnaround from a loss of ¥13,451,864.13 in the previous year, marking a 151.58% improvement[19]. - The net cash flow from operating activities increased by 14.26% to ¥36,924,437.77, compared to ¥32,316,675.10 in the same period last year[19]. - Total assets at the end of the reporting period reached ¥1,023,553,208.01, up 72.47% from ¥593,451,756.57 at the end of the previous year[19]. - The net assets attributable to shareholders of the listed company increased by 105.38% to ¥727,785,840.93, compared to ¥354,362,350.93 at the end of the previous year[19]. - Basic earnings per share improved to ¥0.0568 from a loss of ¥0.1071, reflecting a 153.03% increase[19]. - The weighted average return on net assets was 2.00%, a recovery from -3.10% in the same period last year, showing a 5.11% improvement[19]. - The company reported a total of 14,908,161.75 in sales of epidemic prevention materials, contributing significantly to its revenue[24]. - The sports segment contributed ¥89,543,607.04, accounting for 76.75% of total revenue, with a year-on-year growth of 39.28%[61]. - The karting business saw a significant increase of 249.72%, generating ¥11,996,976.49 in revenue[62]. Operational Highlights - The company operates multiple racing events, including the FIA Asian Formula 3 Championship, which hosted 5 races in the reporting period[28]. - The China Touring Car Championship (CTCC) held only 1 race in the first half of 2021 due to external safety incidents[28]. - The company has a diverse portfolio of racing events, including the China Karting Championship, which is the highest level of karting competition in China[28]. - The company operates various racing venues, including the Shanghai Tianma Circuit, which is a FIA Grade 4 circuit covering an area of 221 acres[31]. - The company has developed several proprietary racing event IPs, such as the Super Endurance Championship (SEC), which hosted 2 races in the reporting period[29]. - The company has hosted 5 events for the "Lisheng Super Track Festival" in the reporting period, promoting fan engagement[30]. - The company operates several racing experience centers, including the Wuhan Racing Experience Center, which spans 1.4 kilometers and officially opened in 2018[34]. - The Zhuzhou International Karting Track, opened in November 2017, is the first FIA-CIK standard karting track in South China, measuring 1.048 kilometers in length[35]. - The BMW Driving Experience Center in Shanghai, which opened in March 2017, covers an area of 45,000 square meters and integrates driving experiences with brand culture[33]. - The company manages multiple FIA-standard racetracks, which are expected to increase in number, enhancing the potential for hosting high-profile events like CTCC[40]. Strategic Initiatives - The company aims to expand its market presence by leveraging its dual industry drive of "automobile" and "sports" for future growth[27]. - The company is focused on enhancing its racing technology and services, contributing to the overall growth of the motorsport industry in China[27]. - The company aims to leverage new media trends to enhance audience engagement and transform traditional media partnerships into collaborative resource-sharing[41]. - The company plans to gradually improve revenue seasonality and reduce associated risks by diversifying business types and methods, aiming for increased revenue in the first three quarters[80]. - The company aims to enhance its competitiveness by attracting and retaining talented management and business personnel[79]. - The company plans to enhance its market expansion strategies through various subsidiaries and partnerships in the sports and automotive sectors[180]. Financial Management - The company has not classified any non-recurring gains as recurring gains in its financial reporting[24]. - The company has established a multi-tiered racing venue layout across key regions in China, enhancing customer engagement and supporting major racing events[56]. - The company has expanded its business model to include event services, focusing on high-quality execution for clients' events, which began in 2019[42]. - The company operates a closed-loop business model across the entire automotive sports industry chain, maximizing synergies and enhancing core competitiveness[54]. - The company reported a net cash increase of ¥404,452,353.22, a staggering 3,963.23% increase due to funds raised from a private placement[59]. - Operating costs rose to ¥77,531,409.37, a 41.56% increase from ¥54,767,564.87, primarily due to the normalization of operations post-pandemic[59]. - The management expenses decreased by 32.24% to ¥11,916,558.67, mainly due to reduced rental costs[59]. - The financial expenses increased by 36.92% to ¥3,058,807.42, attributed to foreign exchange losses[59]. Risk Factors - The company faces significant risks that may adversely affect its future development strategies and operational goals, as detailed in the management discussion section[5]. - The company faces risks related to high customer concentration, with the top five customers accounting for 33.99% of revenue in the first half of 2021[77]. - The company is at risk of not renewing commercial promotion rights for major events, which could significantly impact operational performance[78]. - The company is addressing talent shortages in the industry, which poses a risk to its operational and developmental capabilities[78]. - The company has implemented various contingency plans to mitigate risks associated with force majeure events that could lead to the postponement or cancellation of events[81]. Shareholder Information - The total number of shares after the recent changes is 126,320,000, with a breakdown of 29,086,556 restricted shares (23.03%) and 97,233,444 unrestricted shares (76.97%)[122]. - The company repurchased a total of 3,734,300 shares, representing 2.96% of the total share capital, with a total transaction amount of 40,017,812 RMB[125]. - The maximum repurchase price was 11.88 RMB per share, while the minimum was 9.79 RMB per share during the repurchase period[125]. - The company plans to use 40 million to 60 million RMB for share repurchase, with a maximum price of 15 RMB per share[124]. - The number of restricted shares decreased by 1,761,219 due to the release of certain executive lock-up shares[122]. - The company completed a non-public offering of 33,605,838 shares at a price of 11.62 RMB per share, which will be listed in August 2021[128]. - The total share capital increased from 126,320,000 to 159,925,838 shares due to the non-public offering[122]. - The company’s shareholders include significant holdings by executives, with a total of 30,847,775 restricted shares initially, now reduced to 29,086,556[126]. - The shareholder structure indicates a significant concentration of ownership, with the top two shareholders holding over 36% of the total shares[129]. Compliance and Governance - The company has not experienced any serious racing accidents since its establishment, thanks to robust safety measures and insurance coverage, which include public liability insurance and insurance for team members[80]. - The company has not faced any environmental penalties during the reporting period and adheres to environmental protection regulations[91]. - There were no significant lawsuits or arbitration matters during the reporting period[101]. - The company did not experience any non-operating fund occupation by controlling shareholders or related parties[96]. - The company has not engaged in any major contracts or guarantees during the reporting period[112]. - The company’s half-year financial report was not audited[98]. - There were no significant related party transactions during the reporting period[102]. - The company has not initiated any rural revitalization work as of the reporting period[92]. Accounting and Financial Reporting - The company adheres to the accounting standards, ensuring that financial statements accurately reflect its financial position, operating results, and cash flows[184]. - The accounting period is from January 1 to December 31 each year[185]. - The company uses Renminbi as its functional currency for accounting purposes[187]. - The company has a short operating cycle, using 12 months as the standard for classifying the liquidity of assets and liabilities[186]. - Financial assets are classified into three categories upon initial recognition: measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in profit or loss[194]. - Financial liabilities are classified into four categories upon initial recognition, including those measured at fair value with changes recognized in profit or loss[194]. - The company recognizes goodwill when the purchase cost exceeds the fair value of identifiable net assets acquired in a business combination[188]. - The company’s cash and cash equivalents include cash on hand and deposits that are readily available for payment[191]. - The company’s financial statements are consolidated, including all subsidiaries under its control[189]. - The company applies the effective interest method for subsequent measurement of financial assets measured at amortized cost[195].

Financial Performance - The company's operating revenue for Q1 2021 was ¥57,247,725.12, representing a 75.11% increase compared to ¥32,693,130.21 in the same period last year[8] - Net profit attributable to shareholders was ¥3,933,218.28, a significant turnaround from a loss of ¥2,621,810.76 in the previous year, marking a 250.02% increase[8] - Basic earnings per share increased to ¥0.0319 from a loss of ¥0.0208, reflecting a 252.63% improvement[8] - The weighted average return on equity rose to 1.10%, compared to -0.60% in the same period last year, an increase of 284.04%[8] - The total comprehensive income for the period was CNY 11,627,638.02, compared to CNY 2,713,686.32 in the previous year, showing a substantial improvement[40] - The total profit for the period was CNY 11,239,694.84, compared to a loss of CNY 684,296.58 in the same period last year[40] - The operating profit for the period was CNY 11,239,893.46, a recovery from a loss of CNY 682,901.18 in the previous year[40] Cash Flow and Liquidity - The net cash flow from operating activities decreased by 52.84% to ¥9,638,917.51 from ¥20,440,402.35 in the previous year[8] - The company’s cash flow from financing activities saw a significant increase of 279.76%, reaching CNY 6,534,348.03 compared to a negative CNY 3,634,982.40 in the previous period, due to borrowing from financial institutions[16] - The company reported a cash inflow from operating activities of CNY 86,996,957.17, down from CNY 105,691,422.65 in the previous period[46] - The company’s cash and cash equivalents decreased to CNY 103,497,510.48 from CNY 112,231,693.40, indicating a decline in liquidity[29] - The ending balance of cash and cash equivalents was 103,197,510.48 CNY, slightly down from 103,357,523.81 CNY[48] Assets and Liabilities - Total assets at the end of the reporting period were ¥605,531,219.98, up 2.04% from ¥593,451,756.57 at the end of the previous year[8] - The total liabilities increased to ¥171,412,487.90 from ¥132,904,791.37, reflecting a rise in financial obligations[35] - The total non-current liabilities rose to ¥17,870,608.16 from ¥4,461,863.89, indicating a shift in long-term financial commitments[35] - The total assets of Shanghai Lisheng Racing Culture Co., Ltd. as of the end of Q1 2021 amounted to CNY 459,439,812.61, reflecting an increase of CNY 15,165,951.78 compared to the previous period[58] - The total equity of the company remained at CNY 311,369,069.46, unchanged from the previous period[59] Shareholder Information - The total number of common shareholders at the end of the reporting period was 5,445[12] - The net assets attributable to shareholders decreased by 2.65% to ¥344,974,415.99 from ¥354,362,350.93 at the end of the previous year[8] - The company's equity attributable to shareholders decreased to ¥296,256,379.64 from ¥311,369,069.46, indicating a reduction in shareholder value[35] Government Support and Other Income - The company received government subsidies totaling ¥879,418.95 during the reporting period, including various support funds and tax rebates[9] - The company recorded a 71.05% decrease in other income, which fell to CNY 870,318.95 from CNY 3,006,455.06, due to a reduction in government subsidies received[16] - The company reported other income of CNY 516,356.36, compared to CNY 406,377.80 in the previous period, indicating growth[42] Research and Development - Research and development expenses for Q1 2021 were ¥2,578,489.11, slightly down from ¥2,883,115.62 in the previous year[38] - The company incurred research and development expenses of CNY 1,519,517.95, slightly down from CNY 1,633,016.91 in the previous period[42] Changes in Financial Reporting - The company has implemented a new leasing standard effective from January 1, 2021, adjusting the initial retained earnings and related financial statement items accordingly[56] - The company’s total non-current liabilities amounted to CNY 19,627,815.67, reflecting the impact of the new leasing standard[59] Audit Status - The first quarter report for 2021 was not audited, which may affect the reliability of the financial data presented[60]

Financial Performance - The company reported a total revenue of RMB 1.2 billion for the year 2020, representing a year-on-year increase of 15% compared to 2019[14]. - The net profit attributable to shareholders was RMB 150 million, which is a 10% increase from the previous year[14]. - The company's operating revenue for 2020 was ¥200,097,574.02, a decrease of 54.54% compared to ¥440,135,434.52 in 2019[20]. - The net profit attributable to shareholders for 2020 was -¥50,981,973.82, representing a decline of 307.87% from ¥24,525,755.97 in 2019[20]. - The net profit after deducting non-recurring gains and losses was -¥62,788,839.13 in 2020, a decrease of 638.35% compared to ¥11,663,124.23 in 2019[20]. - The overall gross margin was 18.46%, down 10.34% year-on-year[61]. - The event operation business generated revenue of ¥71,347,765.46, a decrease of 71.18% year-on-year, accounting for 35.66% of total revenue[61]. - The karting sales business achieved revenue of ¥14,206,944.69, an increase of 7.68% year-on-year, with a profit margin of 11.28%[64]. - The company reported a revenue of ¥200,097,574.02, a year-on-year decrease of 54.54%[61]. - Revenue from the sports segment was ¥179,014,661.59, accounting for 89.46% of total revenue, down 59.33% from the previous year[72]. Market Expansion and Strategy - The company plans to expand its market presence by opening 10 new racing venues in 2021, aiming for a 30% increase in user participation[14]. - Future guidance indicates an expected revenue growth of 20% for 2021, driven by new product launches and market expansion[14]. - The company is exploring potential acquisitions in the sports entertainment sector to enhance its service offerings[14]. - The company aims to leverage existing racing vehicles and modification services to meet the demand from individual enthusiasts for club racing teams[43]. - The company plans to open 40 new chain karting venues in first- and second-tier cities as part of its strategy to attract C-end consumers[65]. - The company is actively exploring monetization of sports and digital assets to create new profit models[65]. - The company aims to improve the efficiency of raised fund usage and investment returns through the acquisitions, enhancing its core business competitiveness[111]. Impact of COVID-19 - The company's financial performance was impacted by the COVID-19 pandemic, leading to a temporary halt in operations for several business segments in the first half of 2020[29]. - The company’s event operations faced disruptions due to COVID-19, with most revenue concentrated in the second half of the year[40]. - Due to the COVID-19 pandemic, automotive manufacturers largely canceled promotional activities in the first half of the year, affecting revenue recognition[45]. - The company anticipates a gradual reduction in the negative impact of COVID-19 as vaccination efforts progress, while maintaining cost control and operational efficiency[122]. Assets and Liabilities - The total assets of the company reached RMB 2.5 billion, reflecting a 12% increase from the previous year[14]. - The company's total assets at the end of 2020 were ¥593,451,756.57, down 19.75% from ¥739,462,888.77 at the end of 2019[20]. - The company's equity assets decreased by 84.02% at the end of the reporting period compared to the previous period, primarily due to impairment provisions related to the joint venture WSC Asia Limited impacted by COVID-19[53]. - Accounts receivable decreased by 52.39% at the end of the reporting period compared to the previous period, attributed to a decline in revenue and collections due to the pandemic[53]. - The company reported an asset impairment loss of -23,962,345.64 CNY, primarily due to goodwill impairment and depreciation of certain fixed assets[91]. Research and Development - Research and development expenses increased by 20% to RMB 100 million, focusing on new energy vehicle technologies[14]. - Research and development expenses amounted to 14,609,644.97 CNY, which is 7.30% of the operating revenue, up from 4.33% the previous year[85]. Customer Engagement and Events - User engagement metrics showed a growth of 25% in active users across the company's platforms[14]. - The company has implemented new strategies to enhance customer experience, including the introduction of an online booking system for events[14]. - The company is focused on expanding its event portfolio and enhancing user engagement through innovative racing formats and community events[30]. - The company launched the "Super Endurance Championship" (SEC) in 2020, hosting 4 rounds of endurance races across its circuits[30]. - The company managed to conduct 12 events for the Lisheng Super Track Festival in 2020, promoting motorsport culture and community engagement[31]. Shareholder and Equity Information - The company has no plans to distribute cash dividends or issue bonus shares for the fiscal year 2020[6]. - The company will not distribute cash dividends for 2020 due to the adverse impacts of the COVID-19 pandemic and has repurchased 2,403,300 shares for a total of ¥26,481,702[134]. - The company has maintained a consistent approach to share repurchases, treating them as equivalent to cash dividends in its financial reporting[141]. - The company has established a commitment that any share reduction price will not be lower than the issuance price during the two years following the expiration of the lock-up period[143]. Compliance and Governance - The company has not engaged in any major related party transactions during the reporting period[164][165][166][167][168]. - The company has maintained compliance with environmental regulations and has not faced any penalties related to environmental protection[180]. - The company has not faced any delisting situations or bankruptcy restructuring matters[157]. - The company has not initiated any poverty alleviation plans during the reporting year[178].

Financial Performance - Operating revenue for the reporting period was CNY 57,713,528.18, down 47.34% year-on-year, and CNY 122,002,375.47 for the year-to-date, down 55.96% compared to the same period last year[8] - Net profit attributable to shareholders was CNY 5,405,762.95, a decrease of 51.24% year-on-year, with a year-to-date loss of CNY 8,046,101.18, down 151.23%[8] - Basic earnings per share were CNY 0.0430, down 51.08% year-on-year, with diluted earnings per share also at CNY 0.0430[8] - The company's operating revenue for Q3 2020 was CNY 122,002,375.47, a decrease of 55.96% compared to CNY 277,017,226.06 in the same period last year[18] - The company reported a total profit for the year-to-date period of CNY -1,891,266.57, compared to CNY 11,408,689.56 in the same period last year[53] - The net profit for Q3 2020 was CNY 635,187.28, a significant decline from CNY 26,210,801.42 in Q3 2019[50] - The total profit for Q3 2020 was CNY -2,054,078.87, compared to a profit of CNY 29,285,544.69 in the previous year[50] Cash Flow - The net cash flow from operating activities was CNY 24,987,814.39, an increase of 683.29% year-on-year, and CNY 57,304,489.49 for the year-to-date, up 205.82%[8] - The net cash flow from operating activities for Q3 2020 was ¥57,304,489.49, a significant improvement compared to a net outflow of ¥54,154,735.14 in Q3 2019[58] - Total cash inflow from operating activities was ¥256,091,983.86, while cash outflow was ¥198,787,494.37, resulting in a net cash flow of ¥57,304,489.49[58] - Cash inflow from investment activities was ¥101,621,300.34, while cash outflow was ¥114,011,884.44, leading to a net cash outflow of ¥12,390,584.10[59] - The company’s cash flow from financing activities was negatively impacted by a significant increase in debt repayment, which totaled ¥56,431,170.86 in Q3 2020[62] Assets and Liabilities - Total assets at the end of the reporting period were CNY 643,486,999.60, a decrease of 12.98% compared to the end of the previous year[8] - The company's accounts receivable decreased by 42.54% to CNY 118,917,475.82 from CNY 206,960,334.14, primarily due to reduced revenue caused by the pandemic[18] - The company's total liabilities decreased to CNY 139,546,205.05 from CNY 223,815,319.88, representing a reduction of about 37.6%[34] - The company's total equity decreased to CNY 503,940,794.55 from CNY 515,647,568.89, reflecting a decrease of approximately 2.7%[35] - Short-term borrowings decreased significantly to CNY 18,000,000.00 from CNY 55,507,360.41, a reduction of about 67.6%[38] Shareholder Information - The total number of shareholders at the end of the reporting period was 7,132[12] - The largest shareholder, Xia Qing, held 23.99% of the shares, with 22,725,000 shares pledged[12] Government Subsidies and Other Income - Non-recurring gains and losses amounted to CNY 6,384,680.66, primarily from asset disposal gains and government subsidies[10] - The company received government subsidies amounting to CNY 1.5 million during the reporting period[20] - The company recorded a significant increase in other income by 182.06% to CNY 7,051,126.24, primarily due to increased government subsidies compared to the previous year[18] Investment and Expenses - The company’s investment income was CNY -422,357.73, reflecting a loss due to the impact of the pandemic on joint ventures[18] - Research and development expenses for the third quarter were CNY 4,429,473.36, slightly down from CNY 4,524,873.64 year-over-year[41] - The company reported a financial expense of CNY -2,581,177.10 for the third quarter, compared to CNY 1,838,715.44 in the previous period, indicating a significant improvement[41] Share Buyback and Fund Usage - As of January 10, 2020, the company completed a share buyback of 678,800 shares, accounting for 0.5374% of the total share capital, with a total expenditure of approximately CNY 9.997 million[20] - The company reported a total of CNY 195,200 in actual use of raised funds during the year, with cumulative usage amounting to CNY 144.0787 million[24] Other Financial Metrics - The weighted average return on net assets was 1.27%, a decrease of 1.34% compared to the previous year[8] - The company has no overdue external guarantees or non-operating fund occupation by controlling shareholders during the reporting period[26][27] - The company has engaged in wealth management with a total investment of CNY 47.8 million in bank financial products, with no overdue amounts reported[26]

Financial Performance - The company's operating revenue for the first half of 2020 was ¥64,288,847.29, a decrease of 61.60% compared to ¥167,430,920.77 in the same period last year[16]. - The net profit attributable to shareholders of the listed company was a loss of ¥13,451,864.13, a decline of 391.18% from a profit of ¥4,619,703.26 in the previous year[16]. - The basic and diluted earnings per share were both -¥0.1071, a decrease of 392.62% from ¥0.0366 in the same period last year[16]. - The company's revenue for the reporting period was ¥64,288,847.29, a decrease of 61.60% compared to ¥167,430,920.77 in the same period last year, primarily due to the impact of COVID-19 on domestic events[50]. - The net profit attributable to shareholders was a loss of ¥13,451,864.13, representing a decline of 391.18% year-on-year[50]. - The company's revenue in the sports industry was 64,288,847.29, a decrease of 61.60% compared to the previous year, with a gross margin of 14.81%, down 10.13% year-on-year[56]. - The racetrack operations generated revenue of 16,657,863.33, down 47.85% year-on-year, while event operations saw a revenue drop of 66.29% to 29,086,752.00[57]. - The company reported a net loss of approximately 3.68 million yuan in the first half of 2020, compared to a loss of 3.01 million yuan in the same period of 2019[87]. - The total comprehensive income for the first half of 2020 was a loss of CNY 8,204,019.85, compared to a profit of CNY 13,643,294.17 in the first half of 2019[162]. Cash Flow and Assets - The net cash flow from operating activities improved to ¥32,316,675.10, compared to a negative cash flow of ¥57,344,862.30 in the same period last year, representing a 156.35% increase[16]. - The company's total assets at the end of the reporting period were ¥657,536,465.40, down 11.08% from ¥739,462,888.77 at the end of the previous year[16]. - The company's current assets totaled RMB 347,889,972.81, down from RMB 437,184,603.71 at the end of 2019, indicating a decrease of about 20.3%[152]. - Cash and cash equivalents increased to RMB 128,693,244.75 from RMB 124,098,580.07, reflecting a growth of approximately 3.4%[151]. - Accounts receivable decreased significantly from RMB 206,960,334.14 to RMB 121,310,098.43, a reduction of around 41.4%[151]. - The company reported cash inflow from investment activities of ¥2,357,860.00, a decrease from ¥7,045,808.34 in the previous year[173]. Operational Impact of COVID-19 - Due to the COVID-19 pandemic, all domestic events were suspended, impacting the operations of the racing teams and automotive promotional activities[25]. - The company operates several key racing events, including the FIA Asian Formula 3 Championship and the China Touring Car Championship, with all events in 2020 expected to be postponed to the second half of the year due to the pandemic[25][26]. - The company's racing team operations are significantly impacted by the distribution of race events, with all planned events postponed to the second half of the year due to the pandemic[39]. - The automotive event promotion business has been severely affected by the pandemic, leading to cancellations of promotional activities by automotive manufacturers[40]. Business Strategy and Development - The company plans to expand its "Saka Alliance" brand to create a network of karting venues across China, similar to Starbucks, to increase consumer participation in motorsports[47]. - The company is focused on expanding its service offerings in the automotive sports industry, including training and equipment sales[24]. - The company aims to enhance its market presence through strategic operations in the racing culture sector[185]. - The company is actively exploring and nurturing the motorsport industry, which is still in its early stages in China, aiming to improve profitability in this niche market[79]. Risk Management - The company faces various risk factors and has outlined countermeasures in its report, emphasizing the importance of investor awareness of these risks[5]. - The company emphasizes enhancing customer satisfaction through professional event operation services to retain commercial promotion rights[89]. - The company plans to strengthen management and maintenance of facilities to minimize the risk of losing FIA certification[90]. - The shortage of high-quality talent in the industry poses a significant risk to the company's development, particularly in new business segments[90]. Shareholder and Equity Information - The company does not plan to distribute cash dividends or issue bonus shares for the first half of 2020[97]. - The total number of shares before the change was 126,320,000, with 51.55% being restricted shares, which decreased to 24.42% after the change[129]. - The total number of restricted shares held by major shareholders decreased significantly, with 夏青's shares reducing from 30,300,000 to 22,725,000[132]. - The total number of shareholders at the end of the reporting period was 6,829, indicating a stable shareholder base[134]. Research and Development - The company reduced its R&D expenditure to ¥5,727,518.46, down 21.61% from ¥7,306,672.57, due to the pandemic's impact on revenue[52]. - The company has allocated 300 million CNY for research and development in new technologies related to automotive safety and performance[86]. Compliance and Governance - The financial statements are prepared on a going concern basis, with no significant doubts regarding the company's ability to continue operations for the next 12 months[188]. - The company adheres to accounting policies for accounts receivable, fixed asset depreciation, intangible asset amortization, and revenue recognition[190]. - The financial statements comply with the requirements of the enterprise accounting standards, accurately reflecting the company's financial position, operating results, and cash flows[191].

Financial Performance - The company's operating revenue for 2019 was ¥440,135,434.52, representing a 17.34% increase compared to ¥375,091,438.02 in 2018[6]. - The net profit attributable to shareholders for 2019 was ¥24,525,755.97, a decrease of 36.00% from ¥38,322,414.87 in 2018[6]. - The net cash flow from operating activities significantly increased to ¥79,354,951.65, up 1,279.65% from ¥5,751,832.70 in 2018[6]. - Total assets at the end of 2019 reached ¥739,462,888.77, a 25.75% increase from ¥588,048,942.25 in 2018[6]. - The net assets attributable to shareholders increased by 2.67% to ¥439,603,638.56 from ¥428,155,025.82 in 2018[6]. - The basic earnings per share for 2019 was ¥0.19, down 36.67% from ¥0.30 in 2018[6]. - The company reported a weighted average return on equity of 5.66%, a decrease of 3.61% from 9.27% in 2018[6]. - The overall gross margin was 28.80%, an increase of 0.11% year-on-year[57]. - The event operation business generated revenue of 247,559,544.98 yuan, a significant year-on-year increase of 177.92%, accounting for 56.25% of total revenue[57]. - The karting sales business reported revenue of 13,194,124.58 yuan, a year-on-year increase of 259.70%[59]. - The racetrack operation business generated revenue of 74,672,215.48 yuan, a year-on-year decrease of 10.87%[58]. - The automotive event promotion business saw revenue decline to 51,925,043.34 yuan, down 60.56% year-on-year[59]. Shareholder Returns - The company repurchased a total of 678,800 shares for a total amount of RMB 9,997,164, which is considered as cash dividends for the year[4]. - The company plans not to distribute cash dividends, issue bonus shares, or convert reserves into share capital for the year[5]. - The total cash dividend amount for 2019 was 9,997,164.00 CNY, which accounted for 100% of the total profit distribution[136]. - The cash dividend amount in 2018 was 3,789,600.00 CNY, representing 9.89% of the net profit attributable to ordinary shareholders[135]. - The company has a cash dividend policy that mandates at least 10% of the distributable profit to be paid as cash dividends annually, ensuring returns to shareholders[132]. - The company did not propose a cash dividend distribution plan for 2019 despite having a positive profit available for distribution to ordinary shareholders[135]. Business Expansion and Acquisitions - The company has adjusted its business scope to include sports facility construction and management, event planning, and various technology services[16]. - In 2019, the company completed the acquisition of 51% stakes in TOP SPEED (SHANGHAI) LIMITED and Shanghai Qingsu Events Planning Co., expanding its event service model[34]. - The company completed the acquisition of 51% stakes in TOP SPEED (SHANGHAI) LIMITED and Shanghai Qingsu Event Planning Co., Ltd., enhancing its involvement in international motorsport events[50]. - The company established Wuhan Lisheng Weijiu Sports Culture Co., Ltd. to expand its karting alliance business and increase market share[111]. - The company is actively seeking quality upstream and downstream resources for investment and acquisition to accelerate growth[121]. - The company is focusing on expanding its karting business through the establishment of karting venues, aiming to create a "Starbucks" model for karting facilities nationwide[52]. Market and Industry Trends - In 2019, China's automotive production and sales reached 25.72 million and 25.77 million units, respectively, maintaining its position as the world's largest automotive market for eleven consecutive years[42]. - The automotive modification market in China exceeded 160 billion yuan in 2018, growing at over 30% annually, indicating significant potential for future growth[44]. - The government aims for the sports industry to exceed 5 trillion yuan by 2025, highlighting the importance of motorsports in driving consumer engagement[44]. - The company anticipates continued growth in the automotive aftermarket, projected to reach approximately 2.3 trillion yuan by 2023[44]. - The Chinese automotive market is still in a growth phase, providing significant opportunities for the company's development in motorsport[114]. Risk Management - The company is exposed to risks from macroeconomic fluctuations that could impact its clients' marketing budgets and, consequently, its own operational performance[125]. - The company has implemented comprehensive safety measures and insurance to mitigate risks associated with racing accidents[127]. - The company recognizes the risk of talent shortages in the industry and is focused on enhancing internal management and employee engagement to attract and retain skilled personnel[125]. - The company faces risks related to the renewal of commercial promotion rights for major events, which could significantly impact its operating performance[123]. Strategic Initiatives - The company aims to leverage its racing events and facilities to promote motorsport culture and attract more participants and audiences in the future[27]. - The company plans to enhance existing event promotion efforts and introduce new events to diversify offerings and reduce dependency on specific events[107]. - The company intends to develop a driving instructor training system to enhance its core competitiveness in automotive activity promotion[116]. - The company is focusing on integrating racing technology into civilian vehicle development, targeting high-performance models and aftermarket modifications[116]. - The company aims to create a comprehensive APP that integrates social, informational, and transactional features to better serve C-end customers[116]. Financial Management - The company reported a net cash outflow from investing activities of -61,638,612.63 CNY, a decrease of 217.83% compared to the previous year[78]. - The company’s total cash and cash equivalents decreased by 151.74% to -49,454,586.44 CNY, influenced by acquisition payments and stock buybacks[79]. - The company’s cash and cash equivalents decreased by 12.62% to CNY 124,098,580.00, mainly due to cash acquisitions of TOP SPEED and Qingsu Racing[85]. - The company has implemented a new OA system to improve process management and budget control, enhancing overall operational efficiency[118]. Compliance and Governance - The company has a structured approach to managing control risks, ensuring the protection of minority shareholders' rights through regulatory compliance[130]. - The company has not encountered any significant changes in project feasibility or issues with the use of raised funds[103]. - The company has not reported any significant guarantees or entrusted loans during the reporting period[176][179]. - The company has not experienced any non-operating fund occupation by controlling shareholders or related parties during the reporting period[152]. Performance Commitments - The company committed to achieving a net profit of RMB 620 million, 840 million, 882 million, and 926 million for the years 2018 to 2021, respectively, after deducting non-recurring gains and losses[146]. - The first performance commitment for Jiangxi Saiki was set at RMB 1,460 million for the period from August 2018 to December 2019, while the second commitment was RMB 3,268 million for the period from August 2018 to December 2021[146]. - The performance commitments for Qingsu Events were set at RMB 600 million, 660 million, and 726 million for the years 2019 to 2021, with a cumulative commitment of RMB 1,986 million[149]. - The company plans to compensate for the shortfall in performance commitments by transferring 16% of Jiangxi Saiki's equity and cash compensation of RMB 256.80 million[149].

Financial Performance - The company's operating revenue for Q1 2020 was ¥32,693,130.21, a decrease of 45.38% compared to ¥59,859,309.52 in the same period last year[8] - The net profit attributable to shareholders was -¥2,621,810.76, an improvement of 34.74% from -¥4,017,669.71 year-on-year[8] - The basic earnings per share were -¥0.0208, reflecting a 34.29% improvement from -¥0.0320 in the same period last year[8] - The company reported a net profit margin decline, reflecting challenges in revenue generation during the quarter[40] - The net profit for Q1 2020 was CNY 1,087,087.24, compared to a net loss of CNY 1,177,703.44 in Q1 2019, indicating a significant turnaround[42] - The company's comprehensive income totalled CNY 2,713,686.32 in Q1 2020, compared to a loss of CNY 1,177,703.44 in the previous year[43] Cash Flow - The net cash flow from operating activities was ¥20,440,402.35, a significant increase of 144.69% compared to -¥45,735,904.01 in the previous year[8] - Cash flow from operating activities improved to ¥20,440,402.35, a turnaround from a negative cash flow of ¥45,735,904.01 in the previous period[16] - Total cash inflow from operating activities was ¥105,691,422.65, while cash outflow was ¥85,251,020.30, resulting in a net cash inflow[50] - The company reported a net cash outflow from investing activities of ¥37,306,735.04, compared to a larger outflow of ¥92,735,021.69 in the same period last year[50] - The company experienced a net cash outflow from financing activities of ¥3,634,982.40 in Q1 2020, compared to a net outflow of ¥2,606,970.23 in Q1 2019[51] Assets and Liabilities - Total assets at the end of the reporting period were ¥698,683,591.31, down 5.51% from ¥739,462,888.77 at the end of the previous year[8] - Total liabilities decreased to CNY 180,322,336.10 from CNY 223,815,319.88[34] - Current liabilities totaled CNY 148,513,602.30, a reduction from CNY 192,006,586.08[34] - Owner's equity totaled CNY 518,361,255.21, slightly up from CNY 515,647,568.89[35] - The company’s cash and cash equivalents decreased to ¥103,357,523.81 from ¥124,098,580.07[32] Shareholder Information - The total number of shareholders at the end of the reporting period was 7,785[12] - The largest shareholder, Xia Qing, holds 23.99% of the shares, amounting to 30,300,000 shares, with 22,725,000 shares pledged[12] Government Subsidies and Other Income - The company received government subsidies totaling ¥2,934,558.14 during the reporting period, compared to ¥1,250,000 in the same period last year[9] - Other income for the parent company was CNY 406,377.80, a decrease from CNY 1,250,000.00 in the previous period[44] Financial Expenses - The company reported a significant increase in financial expenses, rising by 277.97% to ¥2,733,958.68, mainly due to foreign exchange losses[16] - The company’s financial expenses for Q1 2020 were CNY 2,733,958.68, a notable increase from CNY 723,330.54 in the same period last year[41] Investments - The company has invested ¥1,800,000 in bank wealth management products, with an outstanding balance of ¥3,413,480[23] - The company’s deferred tax assets rose by 43.19% to ¥6,820,921.41, reflecting losses that led to deferred tax recognition[16] Other Financial Metrics - The weighted average return on net assets was -0.60%, an improvement from -0.94% in the previous year[8] - The company experienced a significant increase in credit impairment losses, amounting to CNY 4,343,016.70 compared to CNY 1,211,005.72 in the previous year[41]