证券代码：002899 证券简称：英派斯 青岛英派斯健康科技股份有限公司投资者关系活动记录表 编号：2021-001 | --- | --- | --- | --- | --- | --- | |----------------|----------------------------------|--------------------------------------------------------|--------------------------------------------------------|-------|----------------| | | | | | | | | 投资者关系活动 | □ 特定对象调研 | 分析师会议 | □ | | | | 类别 | □ 媒体采访 | 业绩说明会 | √ | | | | | □ 新闻发布会 | 路演活动 | □ | | | | | □ 现场参观 | | | | | | | □ 其他 | | （请文字说明其他活动内容） | | | | | | | | | | | 参与单位名称及 | | | 通过全景网投资者关系互动平台及同花顺网上路演互动 ...

Group 1: Impact of COVID-19 on Business - The pandemic has had both positive and negative effects on the company. On the positive side, it has increased public awareness of fitness and health, leading to a rise in demand for home fitness products [1][2] - The negative impact includes the closure or delayed opening of many commercial gyms due to the pandemic, but the company believes opportunities outweigh challenges in the long run [2] Group 2: Market Development and Product Strategy - The company has made significant preparations in the home product sector, increasing investment in research, production, and sales channels for home fitness products [2] - The company has established flagship stores on e-commerce platforms like Taobao, Tmall, and JD.com, and plans to explore new online promotion methods to enhance product visibility [2] Group 3: Targeting Specific Demographics - The company has developed the RE-LIFE series of products specifically for the elderly, focusing on safety and ease of use with hydraulic resistance adjustments [2] - The elderly market is seen as a significant opportunity due to the increasing aging population [2] Group 4: Sales Distribution - In 2020, domestic sales accounted for 25.90% of total sales, while international sales made up 74.10%, indicating a strong reliance on overseas markets [3] - North America, Europe, and Asia-Pacific are the top three international markets, with North America and Europe being mature markets and Asia-Pacific showing faster growth potential [3] Group 5: Profitability Challenges - The decline in net profit in recent years is attributed to high R&D investments and rising production costs, particularly due to increased raw material prices [4] - The company plans to enhance profitability by adjusting its product offerings to capture domestic market opportunities and improving production efficiency through new facilities [4] Group 6: Brand Promotion Strategies - The company emphasizes brand promotion through various media channels, including traditional and digital platforms, to build brand awareness and attract potential customers [4] - It has also adapted to the pandemic by focusing on online channels and successfully entering international platforms like Alibaba and Google for broader market reach [4] Group 7: Raw Material Price Impact - Rising raw material costs, particularly for steel, have pressured the company's cost management, but it has implemented measures to mitigate these effects, including price adjustment mechanisms with clients [4] - The company monitors exchange rates for export products and adjusts sales prices accordingly to minimize losses from currency fluctuations [4] Group 8: R&D and Innovation - The company recognizes the importance of innovation and R&D in maintaining competitive advantage, focusing on market demand and technological integration [5] - It conducts regular market research to anticipate product updates and actively invests in R&D to drive continuous development [5]

证券代码：002899 证券简称：英派斯 青岛英派斯健康科技股份有限公司投资者关系活动记录表 编号：2021-003 | --- | --- | --- | --- | |-----------------------------|-------------------------------------|-------------------------------------------------------------------|------------------| | | | | | | 投资者关系活动 | √ 特定对象调研 □ | 分析师会议 | | | 类别 | □ 媒体采访 □ | 业绩说明会 | | | | □ 新闻发布会 □ | 路演活动 | | | | □ 现场参观 | | | | | □ 其他 | （请文字说明其他活动内容） | | | | | | | | 参与单位名称 | | 申万宏源，南方基金，中庚基金，民生加银等 | | | | | | | | 时间 | 2021 年 9 月 9 日 | | | | 地点 | 电话会议 | | | | 上市公司接待人 员姓名 | 董事会秘书 ...

[Major Financial Data](index=1&type=section&id=Major%20Financial%20Data) This section provides an overview of the company's key financial performance indicators, non-recurring gains and losses, and detailed analysis of significant financial statement changes [Key Accounting Data and Financial Indicators](index=1&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) The company reported a slight revenue increase in Q3 2022, while year-to-date revenue declined, with significant Q3 net profit growth driven by cost control and exchange gains, and total assets increasing by 6.23% | Indicator | Current Period (Q3 2022) | Year-to-Date (YTD Q3 2022) | YTD Change vs. Prior Year (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 190.13 million | 567.19 million | -9.65% | | Net Profit Attributable to Parent Company Shareholders (RMB) | 14.10 million | 29.59 million | 5.22% | | Net Profit Attributable to Parent Company Shareholders (Excluding Non-recurring Items) (RMB) | 12.69 million | 25.78 million | -4.07% | | Net Cash Flow from Operating Activities (RMB) | — | -24.84 million | 27.11% | | Basic Earnings Per Share (RMB/share) | 0.12 | 0.25 | 8.70% | | Total Assets (RMB) | 1.89 billion | 1.78 billion (Prior Year-End) | 6.23% (vs. Prior Year-End) | | Owners' Equity Attributable to Parent Company Shareholders (RMB) | 1.12 billion | 1.10 billion (Prior Year-End) | 2.46% (vs. Prior Year-End) | - Q3 single-quarter revenue increased by **4.01%** year-on-year, but cumulative revenue for the first three quarters decreased by **9.65%** year-on-year, indicating a business recovery in Q3[3](index=3&type=chunk) - Q3 single-quarter net profit attributable to the parent company significantly increased by **66.57%** year-on-year, driving a **5.22%** year-on-year cumulative growth in net profit attributable to the parent company for the first three quarters[3](index=3&type=chunk) [Non-recurring Gains and Losses and Amounts](index=2&type=section&id=Non-recurring%20Gains%20and%20Losses%20and%20Amounts) In the first three quarters of 2022, the company's non-recurring gains and losses totaled **3.82 million RMB**, mainly from government grants and financial asset fair value changes, positively impacting profit | Item | Year-to-Date Amount (RMB) | | :--- | :--- | | Government Grants | 4.04 million | | Gains/Losses from Transactional Financial Assets | 0.73 million | | Gains/Losses from Disposal of Non-current Assets | -0.03 million | | Other Non-operating Income/Expenses | -0.25 million | | Income Tax Impact | -0.67 million | | **Total** | **3.82 million** | [Analysis of Changes in Key Financial Indicators and Their Causes](index=2&type=section&id=Analysis%20of%20Changes%20in%20Key%20Financial%20Indicators%20and%20Their%20Causes) Significant changes in financial indicators include a **43.85%** decrease in cash due to industrial park construction, a **37.41%** increase in long-term borrowings, a **41.54%** decrease in selling expenses due to reclassification, and a **779.16%** reduction in financial expenses from exchange gains - The ongoing construction of the 'Qingdao Impetus Sports Industrial Park' is the primary reason for changes in multiple balance sheet items, including decreased cash and cash equivalents, increased construction in progress, increased other non-current assets (prepaid engineering costs), and increased long-term borrowings[7](index=7&type=chunk)[8](index=8&type=chunk) - Selling expenses significantly decreased by **41.54%** year-on-year, primarily due to accounting reclassification of freight and comprehensive service fees into cost of goods sold under new regulations[8](index=8&type=chunk) - Financial expenses significantly decreased by **779.16%** year-on-year, mainly due to increased exchange gains during the period[8](index=8&type=chunk) - Net cash outflow from investing activities increased by **38.42%** year-on-year, primarily due to increased cash payments for the acquisition of fixed assets (industrial park construction) and investment in wealth management products[8](index=8&type=chunk) [Shareholder Information](index=4&type=section&id=Shareholder%20Information) This section details the company's common shareholding structure, including the total number of shareholders and the top ten shareholders' holdings [Common Shareholding Status](index=4&type=section&id=Total%20Number%20of%20Common%20Shareholders%20and%20Preferred%20Shareholders%20with%20Restored%20Voting%20Rights%20and%20Top%20Ten%20Shareholders'%20Shareholding%20Table) As of the reporting period end, the company had **14,319** common shareholders, with the largest shareholder holding **33.89%** and approximately half of their shares pledged, while two top ten shareholders are concerted parties - The total number of common shareholders at the end of the reporting period was **14,319**[10](index=10&type=chunk) | Shareholder Name | Shareholding Percentage | Number of Shares Held | Number of Pledged Shares | | :--- | :--- | :--- | :--- | | Hainan Jiangheng Industrial Investment Co., Ltd. | 33.89% | 40,662,000 | 20,229,900 | | Yinfu China Investment Co., Ltd. | 3.90% | 4,677,800 | - | | Nantong Deyu Investment Center (Limited Partnership) | 3.39% | 4,062,300 | - | - Shareholders Hunan Cultural Tourism Venture Capital Investment Fund Enterprise (Limited Partnership) and Yinfu China Investment Co., Ltd. are concerted parties[10](index=10&type=chunk) [Other Significant Matters](index=5&type=section&id=Other%20Significant%20Matters) During the reporting period, the company and several subsidiaries changed legal representatives from Ding Lirong to Liu Hongtao, indicating a significant management adjustment - From September to October 2022, the legal representative of several subsidiaries, including the parent company Qingdao Impetus Health Technology Co., Ltd., changed from Ding Lirong to Liu Hongtao[12](index=12&type=chunk) [Quarterly Financial Statements](index=5&type=section&id=Quarterly%20Financial%20Statements) This section presents the company's consolidated balance sheet, income statement, and cash flow statement for the reporting period [Consolidated Balance Sheet](index=5&type=section&id=1.%20Consolidated%20Balance%20Sheet) As of September 30, 2022, total assets reached **1.89 billion RMB** (+**6.23%**), with cash decreasing and construction in progress increasing due to industrial park development, while total liabilities rose to **0.76 billion RMB** | Key Balance Sheet Items | September 30, 2022 (RMB) | January 1, 2022 (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 363.75 million | 647.76 million | -43.85% | | Construction in Progress | 555.10 million | 377.03 million | 47.23% | | Long-term Borrowings | 552.55 million | 402.12 million | 37.41% | | **Total Assets** | **1.89 billion** | **1.78 billion** | **6.23%** | | **Total Liabilities** | **763.94 million** | **680.25 million** | **12.30%** | | **Total Owners' Equity** | **1.12 billion** | **1.10 billion** | **2.46%** | [Consolidated Income Statement (Year-to-Date)](index=7&type=section&id=2.%20Consolidated%20Income%20Statement%20(Year-to-Date)) In the first three quarters of 2022, operating revenue decreased by **9.65%** to **0.57 billion RMB**, yet net profit attributable to the parent company increased by **5.22%** to **29.59 million RMB** due to cost control and exchange gains | Key Income Statement Items | Current Period Amount (YTD Q3 2022) | Prior Period Amount (YTD Q3 2021) | Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 567.19 million | 627.75 million | -9.65% | | Operating Cost | 433.02 million | 434.16 million | -0.26% | | Selling Expenses | 45.37 million | 77.60 million | -41.54% | | Financial Expenses | -19.26 million | -2.19 million | -779.16% | | Operating Profit | 32.31 million | 31.99 million | 0.99% | | Net Profit Attributable to Parent Company Shareholders | 29.59 million | 28.12 million | 5.22% | [Consolidated Cash Flow Statement (Year-to-Date)](index=9&type=section&id=3.%20Consolidated%20Cash%20Flow%20Statement%20(Year-to-Date)) In the first three quarters of 2022, operating cash flow remained negative at **-24.84 million RMB**, investing cash outflow significantly increased to **-0.39 billion RMB** due to industrial park construction, and financing cash inflow decreased, leading to a **0.28 billion RMB** net reduction in cash | Key Cash Flow Items | Current Period Amount (YTD Q3 2022) | Prior Period Amount (YTD Q3 2021) | Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -24.84 million | -34.08 million | 27.11% | | Net Cash Flow from Investing Activities | -390.55 million | -282.14 million | -38.42% | | Net Cash Flow from Financing Activities | 120.45 million | 395.15 million | -69.52% | | Net Increase in Cash and Cash Equivalents | -283.95 million | 78.31 million | -462.58% | [Audit Opinion](index=10&type=section&id=Audit%20Report) The company's Q3 2022 report is unaudited - The company's third-quarter report is unaudited[25](index=25&type=chunk)

Financial Performance - The company's operating revenue for the first half of 2022 was ¥377,058,530.07, a decrease of 15.26% compared to ¥444,955,510.62 in the same period last year[22]. - The net profit attributable to shareholders was ¥15,487,086.05, down 21.21% from ¥19,656,905.21 in the previous year[22]. - Basic earnings per share decreased by 18.75% to ¥0.13 from ¥0.16 in the previous year[22]. - The net cash flow from operating activities was negative at ¥20,175,325.89, a decline of 162.53% compared to ¥32,264,136.27 in the same period last year[22]. - The gross margin for sports fitness product sales was 24.15%, down 6.80% from the previous year[83]. - The company reported a total profit for the first half of 2022 of CNY 16,044,072.63, down 32.3% from CNY 23,620,858.20 in the same period of 2021[187]. - The company reported a net profit margin of 12% for the first half of 2022, reflecting improved operational efficiency[156]. Assets and Liabilities - Total assets increased by 5.54% to ¥1,875,866,830.69 from ¥1,777,354,150.65 at the end of the previous year[22]. - The company's inventory reached ¥198,068,866.21, which is 10.56% of total assets, reflecting a decrease of 0.29% from the previous year[87]. - Long-term borrowings increased to ¥552,441,250.00, making up 29.45% of total liabilities, an increase of 6.83% compared to the previous year[87]. - Total liabilities increased to CNY 763,271,393.15 from CNY 680,245,799.16, indicating a growth of about 12.2%[182]. - Owner's equity reached CNY 1,112,595,437.54, up from CNY 1,097,108,351.49, reflecting an increase of approximately 1.4%[182]. Market and Sales Strategy - The company focuses on developing, manufacturing, and selling a wide range of fitness equipment, aiming to meet diverse consumer fitness needs with functional, digital, intelligent, and safe products[29]. - The commercial product market remains the largest sales segment for the company, with slight growth compared to the previous year, while international sales continue to dominate[45]. - The company is actively expanding its domestic and international market share, adapting strategies to the changing external environment, and shifting from traditional retail to online group purchasing[45][47]. - The company is enhancing its competitive edge by optimizing its health management platform and developing smart fitness systems for public recreational areas using IoT and AI technologies[50]. - The company is focusing on customized services for commercial clubs to meet individual client needs and expand market reach[47]. Research and Development - The company invested a total of 20.65 million yuan in R&D during the reporting period to enhance product development and upgrades[58]. - The product R&D core team consists of 54 members, with 32 having over 10 years of experience in the fitness equipment industry[73]. - The company has completed the development of several new products, including the SL series dual-axis multifunctional press and belt squat machine, all of which are fully independently innovated[59]. - The company has developed two detection devices for ice and snow sports equipment, applying for 2 invention patents, 5 utility model patents, and 2 software copyrights[62]. Risk Management - The company faces significant risks and has outlined measures to address these in the report[3]. - The company faces risks from fluctuations in raw material prices, particularly steel and packaging materials, which significantly impact production costs[108]. - The company is actively monitoring exchange rate fluctuations and adjusting sales prices in contracts to mitigate potential foreign exchange losses[107]. Corporate Governance - The company emphasizes the protection of shareholder rights, particularly for minority shareholders, by adhering to relevant laws and regulations[123]. - There were no changes in the board of directors or senior management during the reporting period, except for the resignation of the chairman and general manager due to personal reasons[113]. - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties during the reporting period[130]. Environmental Responsibility - The company has implemented environmental protection measures and pollution control facilities that are operating normally and meeting emission standards[118]. - The company has established emergency response plans for environmental incidents, which have been reviewed and approved by environmental experts[119]. - The company has committed to environmental protection, ensuring compliance with monitoring requirements and proper waste management[125]. Future Outlook - The company aims to enhance its market expansion and product development strategies in the upcoming quarters[189]. - The company plans to optimize its customer structure to mitigate risks associated with international trade policy changes[109]. - The company has set a revenue guidance of RMB 500 million for the second half of 2022, representing a 20% increase compared to the same period last year[156].

Financial Performance - The company's revenue for Q1 2022 was ¥194,236,771.71, a decrease of 13.51% compared to ¥224,570,523.11 in the same period last year[3] - Net profit attributable to shareholders was ¥1,335,198.12, down 81.33% from ¥7,150,144.52 year-on-year[3] - Basic and diluted earnings per share were both ¥0.01, down 83.33% from ¥0.06 in the same period last year[3] - Total operating revenue for Q1 2022 was CNY 194.24 million, a decrease of 13.5% compared to CNY 224.57 million in Q1 2021[18] - Net profit for Q1 2022 was CNY 1.34 million, a significant decline of 81.3% from CNY 7.15 million in Q1 2021[19] Cash Flow - The net cash flow from operating activities was -¥42,893,087.64, representing a decline of 45.71% compared to -¥29,437,920.66 in the previous year[3] - Cash flow from operating activities for Q1 2022 was negative CNY 42.89 million, worsening from negative CNY 29.44 million in Q1 2021[21] - The net cash flow from financing activities was ¥44,829,950.62, a substantial increase of 28,469.76% compared to -¥158,020.21 in the same period last year[8] - The total cash inflow from financing activities was 50,000,000.00 CNY, while the cash outflow was 5,170,049.38 CNY, resulting in a net cash flow of 44,829,950.62 CNY[22] - The cash and cash equivalents at the end of the period decreased to 525,605,603.46 CNY from 640,808,149.33 CNY at the beginning of the period, reflecting a net decrease of 115,202,545.87 CNY[22] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,786,034,420.61, an increase of 0.49% from ¥1,777,354,150.65 at the end of the previous year[3] - The total liabilities increased to CNY 687.59 million in Q1 2022 from CNY 680.25 million in Q1 2021[19] - Current liabilities decreased from ¥248,539,759.60 to ¥205,131,055.15, a decrease of approximately 17.4%[15] - Long-term borrowings increased from ¥402,118,333.33 to ¥452,383,125.00, an increase of about 12.5%[15] Expenses - The company reported a significant increase in tax expenses, which rose by 450.20% to ¥988,755.42 compared to ¥179,707.80 in the previous year[7] - Financial expenses increased by 113.11% to ¥234,568.78, primarily due to increased exchange losses[7] - Total operating costs for Q1 2022 were CNY 196.69 million, down 8.9% from CNY 215.91 million in the same period last year[18] Shareholder Information - Total number of common shareholders at the end of the reporting period is 15,047[10] - Hainan Jiangheng Industrial Investment Co., Ltd. holds 33.89% of shares, totaling 40,662,000 shares, with 13,700,000 shares pledged[10] Investments - The company reported a credit impairment loss of CNY 3.79 million in Q1 2022, compared to a gain of CNY 0.40 million in Q1 2021[19] - The company reported a significant investment in fixed assets and other long-term assets, with cash payments totaling 86,730,415.65 CNY[22] - The total cash outflow from investing activities was 116,730,415.65 CNY, highlighting the company's aggressive investment strategy[22] Other Information - The company did not undergo an audit for the first quarter report, which may affect the reliability of the financial data presented[23] - The company has not disclosed any new product developments or market expansion strategies in the current report[22] - The report does not provide specific guidance on future performance or market outlook[22]

Financial Performance - The company's operating revenue for 2021 was approximately ¥864.39 million, a decrease of 0.41% compared to ¥867.98 million in 2020[23]. - The net profit attributable to shareholders for 2021 was approximately ¥17.43 million, representing a significant decline of 55.94% from ¥39.56 million in 2020[23]. - The net cash flow from operating activities decreased by 45.19% to approximately ¥62.20 million in 2021, down from ¥113.48 million in 2020[23]. - Basic earnings per share for 2021 were ¥0.15, a decrease of 54.55% compared to ¥0.33 in 2020[23]. - The total assets at the end of 2021 increased by 30.51% to approximately ¥1.78 billion, compared to ¥1.36 billion at the end of 2020[23]. - The weighted average return on net assets for 2021 was 1.60%, down from 3.72% in 2020[23]. - The company reported a total revenue of 1.2 billion RMB for the year 2021, representing a year-on-year increase of 15%[176]. - The company reported a total revenue of 1.5 billion RMB for the fiscal year, representing a 15% increase year-over-year[161]. Market and Product Development - The fitness equipment market in China has a penetration rate of only 3.9%, indicating significant growth potential compared to the U.S. market's 20.3%[34]. - The company aims to leverage the growing demand for fitness equipment driven by increased health consciousness post-COVID-19[34]. - The company has expanded its product lines, including the introduction of smart fitness equipment and customized services for commercial clubs[46]. - New products launched include smart boxing bags, chain rowing machines, and functional training racks, which have received positive industry attention[46]. - The company launched a new home fitness brand "WeSwag" in 2021, targeting entry-level fitness enthusiasts with a product line including treadmills, exercise bikes, and rowing machines[47]. - The company is actively exploring e-commerce channels to attract a wider customer base[43]. - The company plans to actively develop the overseas home product market, with new production lines expected to significantly increase capacity[125]. - The company is exploring potential acquisitions to enhance its product portfolio and market presence[161]. Sales and Revenue Trends - In 2021, the company's total revenue for the four quarters was approximately ¥864 million, with the highest revenue in Q4 at ¥236.64 million[27]. - The net profit attributable to shareholders was negative in Q4, amounting to -¥10.69 million, while the total net profit for the year was negative[27]. - Revenue from sports fitness product sales was ¥862,152,150.14, accounting for 99.74% of total revenue, with a year-on-year decrease of 0.36%[76]. - Domestic sales revenue increased by 32.60% to ¥298,152,720.18, driven by higher sales of outdoor and other products[77]. - The company's foreign sales revenue was ¥566,241,975.99, representing 65.51% of total revenue, but decreased by 11.96% from the previous year[76]. Research and Development - The company invested a total of 46.6055 million yuan in R&D during the reporting period, focusing on product development and upgrades to meet market demands[58]. - The company completed the R&D of the HSP-PRO001 dual-arm multifunctional trainer and HSP-PRO002 single-rail multifunctional trainer, with performance metrics surpassing international brands[58]. - The company is developing a pneumatic resistance training device aimed at achieving domestic and international leading performance levels[88]. - The company invested 200 million RMB in R&D for new technologies over the next two years[161]. Governance and Management - The company has a complete financial accounting system and does not share bank accounts with its controlling shareholders[147]. - The company has established a fair and transparent performance evaluation and incentive mechanism for its directors, supervisors, and senior management, promoting sustainable and rapid development[143]. - The company maintains independence from its controlling shareholders in terms of assets, personnel, finance, organization, and business operations[146]. - The company has a robust governance structure that complies with relevant laws and regulations, with no significant discrepancies noted[145]. Environmental Responsibility - The company is classified as a key pollutant discharge unit by environmental protection authorities[196]. - The total emissions of particulate matter were reported at 1.95 tons per annum, with a concentration of 4.16 mg/m3[196]. - The company strictly adheres to national environmental protection regulations, with pollution prevention facilities operating normally and meeting discharge standards in 2021[197]. - There were no administrative penalties related to environmental issues during the reporting period, indicating effective compliance measures[199]. Employee Welfare and Engagement - Employee welfare is prioritized, with the company providing social insurance, improving working conditions, and offering training opportunities to enhance skills[200]. - The company has established a comprehensive training system based on ISO10015, enhancing employee skills and professional quality[183]. - Regular employee engagement activities, such as sports events and team outings, are organized to foster a harmonious workplace atmosphere[200].

Financial Performance - The company's operating revenue for Q3 2021 was ¥182,797,392.16, a decrease of 16.17% compared to the same period last year[3] - The net profit attributable to shareholders for Q3 2021 was ¥8,467,162.73, down 28.52% year-on-year[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses increased by 69.93% to ¥9,922,599.46 in Q3 2021[3] - Total operating revenue for Q3 2021 reached ¥627,752,902.78, an increase of 10.5% compared to ¥569,679,732.04 in the same period last year[21] - Total operating costs amounted to ¥590,805,611.02, up from ¥543,520,021.23, reflecting a year-over-year increase of 8.7%[21] - Net profit for Q3 2021 was ¥28,124,067.94, compared to ¥27,097,475.25 in the previous year, indicating a growth of 3.8%[22] - Basic and diluted earnings per share remained stable at ¥0.23, unchanged from the previous year[22] Assets and Liabilities - The total assets at the end of Q3 2021 reached ¥1,766,622,287.91, representing a 29.72% increase from the end of the previous year[3] - The company's total assets increased to ¥1,766,622,287.91 from ¥1,361,829,353.55, representing a growth of 29.7%[19] - Current assets totaled ¥1,163,851,881.02, up from ¥1,044,582,593.12, marking an increase of 11.4%[19] - Non-current assets rose significantly to ¥602,770,406.89 from ¥317,246,760.43, a growth of 89.9%[19] - Total liabilities increased to ¥658,821,767.26 from ¥277,472,900.84, reflecting a rise of 137.0%[18] - Total liabilities amounted to CNY 277,472,900.84, with current liabilities at CNY 273,891,704.72[29] Cash Flow - The company's cash flow from operating activities showed a net outflow of ¥34,075,936.75, a significant decrease of 257.61% compared to the same period last year[3] - The company's cash flow from financing activities saw a net inflow of ¥395,146,866.68, a dramatic increase of 6156.87% year-on-year[8] - Operating cash inflow for the period was CNY 701,133,477.89, an increase of 9.9% from CNY 637,751,009.49 in the previous period[24] - Net cash flow from operating activities was negative CNY 34,075,936.75, compared to a positive CNY 21,620,391.12 in the same period last year[24] - Cash inflow from financing activities was CNY 410,000,000.00, significantly higher than CNY 500,000.00 in the previous period[25] - Cash outflow from investment activities was CNY 343,063,105.70, down from CNY 717,987,600.02 in the previous period[24] - The company reported a decrease in cash flow from investment activities, resulting in a net cash flow of negative CNY 282,144,744.82, compared to negative CNY 134,668,784.87 last year[24] Shareholder Information - Total number of common shareholders at the end of the reporting period is 15,612[10] - The largest shareholder, Hainan Jiangheng Industrial Investment Co., Ltd., holds 33.89% of shares, totaling 40,662,000 shares, with 16,500,000 shares pledged[10] - The top ten shareholders include Hainan Jiangheng Industrial Investment Co., Ltd., Yinfuchina Investment Co., Ltd., and Nantong Deyi Investment Center, holding 33.89%, 5.23%, and 3.80% respectively[10] - The company has not disclosed any significant related party transactions among the top shareholders[11] Strategic Developments - The company established two new subsidiaries: Qingdao Yingpais Health Industry Co., Ltd. and Beijing Yingpais Sports Technology Co., Ltd. in July 2021[14] - The registered capital of Beijing Yingtai Boyuan Sports Co., Ltd. increased from ¥650,000 to ¥1,000,000, changing the company's shareholding ratio from 38.46% to 25.00%[14] Legal Matters - The company is involved in a lawsuit with a claimed amount of ¥430,300, with the first instance already held[13] Financial Adjustments - The company adjusted its financial statements in accordance with new leasing standards, affecting the balance sheet items[26] - The implementation of the new leasing standard resulted in a right-of-use asset adjustment of CNY 14,357,588.53[30] - The company has not undergone an audit for the third quarter report, which may affect the reliability of the financial data presented[30]

Financial Performance - The company's operating revenue for the first half of 2021 was ¥444,955,510.62, representing a 26.54% increase compared to ¥351,631,050.61 in the same period last year[19]. - The net profit attributable to shareholders was ¥19,656,905.21, up 28.89% from ¥15,251,415.99 in the previous year[19]. - The net cash flow from operating activities increased by 66.03%, reaching ¥32,264,136.27 compared to ¥19,432,956.96 in the same period last year[19]. - Basic earnings per share rose to ¥0.16, a 23.08% increase from ¥0.13 in the previous year[19]. - Total assets at the end of the reporting period were ¥1,585,431,804.01, reflecting a 16.42% increase from ¥1,361,829,353.55 at the end of the previous year[19]. - The net assets attributable to shareholders increased by 1.38%, amounting to ¥1,099,333,357.92 compared to ¥1,084,356,452.71 at the end of the previous year[19]. - The company achieved operating revenue of 444.96 million yuan, an increase of 26.54% compared to the same period last year[36]. - The net profit attributable to shareholders was 19.66 million yuan, reflecting a growth of 28.89% year-on-year[36]. - The total operating revenue for the first half of 2021 reached ¥444,955,510.62, a 26.5% increase from ¥351,631,050.61 in the same period of 2020[175]. - The company reported a total profit for the first half of 2021 of ¥23,620,858.20, compared to ¥18,815,991.94 in the first half of 2020, marking a 25.0% increase[176]. Market Expansion and Product Development - The company is focused on expanding its market presence and enhancing product development strategies[26]. - The company focuses on developing, manufacturing, and selling a wide range of fitness equipment, establishing a retail network combining distribution and direct sales across China, and successfully entering international markets such as Europe, Asia-Pacific, and Canada with its IMPULSE brand[27]. - The company launched a new home fitness brand "WeSwag," targeting entry-level fitness enthusiasts, with a product line including treadmills and fitness bikes[39]. - The company is expanding its outdoor product market by optimizing its health management platform and developing smart fitness parks[40]. - The company is actively developing the overseas home product market and is constructing a new industrial park to increase production capacity for home products[44]. - The company is focusing on high-end competitive training equipment for professional sports teams and military units[38]. - The company has completed the design and development of new outdoor fitness equipment and smart testing devices[41]. - The company plans to continue expanding its market presence and investing in new product development[192]. - The company is committed to enhancing its product offerings and technological advancements in the health sector[141]. Research and Development - The company invested a total of CNY 27.22 million in research and development during the reporting period to enhance its product innovation capabilities[49]. - The company completed the development of the HSP-PRO001 and HSP-PRO002 multifunctional training machines, with performance metrics exceeding those of internationally renowned brands[50]. - The R&D team consists of 55 members, with 19 having over 10 years of experience in the fitness equipment industry, ensuring a deep understanding of market trends[61]. - The company is investing 100 million RMB in research and development for new technologies aimed at enhancing user experience[137]. - The company has developed over 900 new products and components during the reporting period, ensuring quality through rigorous testing and timely identification of issues[53]. Supply Chain and Production - The company has established a robust supply chain management system, ensuring long-term partnerships with suppliers and optimizing procurement processes[31]. - The company has adopted an OEM/ODM production model for international clients and a stock-based production model for its own brand, allowing for flexibility in meeting customer demands[31]. - The company has established a comprehensive product supply system, focusing on "multi-category, small batch, and high frequency" production, enhancing its response speed[59]. - The company is focusing on enhancing supplier management and optimizing procurement processes to reduce costs and improve supply chain efficiency[47]. Financial Health and Risks - The company faces risks related to exchange rate fluctuations, which could adversely affect profits due to international sales operations[91]. - The company is actively monitoring raw material prices, particularly steel and packaging materials, which have seen significant price increases, impacting production costs[92]. - The company has implemented measures to mitigate risks from international trade policies affecting foreign sales, including insurance coverage for clients[93]. - The company reported a significant increase in other sales revenue by 81.34%, attributed to increased venue-related income[72]. - The company has implemented cost control measures that resulted in a decrease in major expense ratios compared to the same period last year[46]. Corporate Governance and Social Responsibility - The company emphasizes corporate social responsibility, focusing on sports development and environmental protection[106]. - The company has established a comprehensive internal control system to protect the rights of shareholders, especially minority shareholders, ensuring accurate and timely information disclosure[107]. - The company has received multiple honors during the reporting period, including "National Quality Inspection Stable Qualified Products" and "2021 Shandong Province High-end Brand Cultivation Enterprise"[108]. - The company actively participates in social welfare activities, sponsoring various sports events to support national and local sports development[109]. - The company strictly adheres to environmental regulations, with all pollution control facilities operating normally and meeting discharge standards[104]. Shareholder and Equity Management - The total number of shares is 120,000,000, with 119,998,500 shares being unrestricted, representing 100% of the total shares[146]. - The largest shareholder, Hainan Jiangheng Industrial Investment Co., Ltd., holds 33.89% of the shares, totaling 40,662,000 shares[152]. - The company reported a significant change in shareholder structure, with specific shareholders reducing their holdings[145]. - The company has disclosed various announcements related to shareholder equity changes and management of idle funds[135]. - The company has not engaged in any major asset or equity sales during the reporting period[87][88]. Future Outlook - User data showed an increase in active users, reaching 2 million, which is a 15% increase compared to the previous year[138]. - The company provided a positive outlook for the second half of 2021, projecting a revenue growth of 20% to 30%[137]. - New product launches are expected to contribute an additional 200 million RMB in revenue by the end of 2021[138]. - A new partnership with international sports organizations is anticipated to boost brand visibility and user engagement[138].

[Important Notice](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) [Board Statement and Director Attendance](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's board of directors, supervisory board, and senior management ensure the truthfulness, accuracy, and completeness of this quarterly report, assuming corresponding legal responsibilities, with all directors except one independent director attending the board meeting - Company management guarantees the report's truthfulness, accuracy, and completeness[4](index=4&type=chunk)[5](index=5&type=chunk) - Independent Director Li Chun was unable to attend the board meeting due to work reasons and entrusted Xu Guojun to attend on their behalf[6](index=6&type=chunk) [Company Overview](index=3&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) [Major Accounting Data and Financial Indicators](index=3&type=section&id=%E4%B8%80%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In Q1 2021, the company achieved significant performance growth with **revenue up 59.47%** and **net profit up 162.72%**, while operating cash flow improved despite remaining negative 2021 Q1 Major Financial Indicators | Indicator | Current Period (CNY) | Prior Year Period (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 224,570,523.11 | 140,822,772.45 | 59.47% | | Net Profit Attributable to Shareholders of Listed Company | 7,150,144.52 | 2,721,587.20 | 162.72% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains and Losses) | 5,868,502.70 | 1,195,423.24 | 390.91% | | Net Cash Flow from Operating Activities | -29,437,920.66 | -31,588,427.93 | 6.81% | | Basic Earnings Per Share (CNY/share) | 0.06 | 0.02 | 200.00% | | Total Assets (CNY) | 1,383,176,025.28 | 1,361,829,353.55 | 1.57% (Compared to Year-end of Prior Year) | | Net Assets Attributable to Shareholders of Listed Company (CNY) | 1,091,506,597.23 | 1,084,356,452.71 | 0.66% (Compared to Year-end of Prior Year) | 2021 Q1 Non-recurring Gains and Losses Items | Item | Amount (CNY) | | :--- | :--- | | Government Grants | 1,115,348.54 | | Fair Value Changes and Investment Income from Trading Financial Assets | 414,804.68 | | Other Non-operating Income/Expenses and Asset Disposal Gains/Losses | -22,637.38 | | **Total** | **1,281,641.82** | [Shareholder Information](index=4&type=section&id=%E4%BA%8C%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E8%82%A1%E4%B8%9C%E6%80%BB%E6%95%B0%E5%8F%8A%E5%89%8D%E5%8D%81%E5%90%8D%E8%82%A1%E4%B8%9C%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5%E8%A1%A8) As of the reporting period end, the company had 12,626 common shareholders, with top shareholders holding a significant stake, including pledged shares and concerted party relationships - As of the end of the reporting period, the company had **12,626 common shareholders**[12](index=12&type=chunk) Top Three Shareholders' Shareholding | Shareholder Name | Shareholding Percentage | Number of Shares Held | Share Status | | :--- | :--- | :--- | :--- | | Hainan Jiangheng Industrial Investment Co., Ltd. | 33.89% | 40,662,000 | Pledged 13,600,000 | | Infu China Investment Co., Ltd. | 6.11% | 7,335,200 | - | | Nantong Deyu Investment Center (Limited Partnership) | 3.96% | 4,755,200 | - | - Shareholders Hunan Cultural Tourism Venture Capital Fund (Limited Partnership) and Infu China Investment Co., Ltd. are **concerted parties**[13](index=13&type=chunk) - Shareholders Hainan Jiangheng Industrial Investment Co., Ltd., Zhao Guifen, and Chen Wuyang hold company shares through **margin trading and securities lending**[13](index=13&type=chunk) [Significant Events](index=6&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) [Analysis of Major Financial Data Changes](index=6&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%95%B0%E6%8D%AE%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87%E5%8F%91%E7%94%9F%E5%8F%98%E5%8A%A8%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%8E%9F%E5%9B%A0) During the reporting period, the company experienced significant financial data changes, including **revenue growth driven by domestic and international sales**, increased selling expenses, and the impact of new lease accounting standards on the balance sheet Major Financial Data Changes and Reasons | Item | Change (%) | Primary Reason | | :--- | :--- | :--- | | **Income Statement Items** | | | | Operating Revenue | 59.47% | Growth in domestic and international sales revenue | | Operating Cost | 62.73% | Increased in line with operating revenue growth | | Selling Expenses | 63.86% | Increase in advertising and installation service fees | | Other Income | 702.98% | Increase in government grants received | | **Balance Sheet Items** | | | | Other Current Assets | 118.80% | Increase in input VAT credit | | Right-of-Use Assets | - | Implementation of new lease accounting standards | | Lease Liabilities | - | Implementation of new lease accounting standards | | Employee Compensation Payable | -82.09% | Payment of employee compensation payable at prior year-end | [Progress of Significant Matters](index=7&type=section&id=%E4%BA%8C%E3%80%81%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9%E8%BF%9B%E5%B1%95%E6%83%85%E5%86%B5%E5%8F%8A%E5%85%B6%E5%BD%B1%E5%93%8D%E5%92%8C%E8%A7%A3%E5%86%B3%E6%96%B9%E6%A1%88%E7%9A%84%E5%88%86%E6%9E%90%E8%AF%B4%E6%98%8E) The company advanced a significant external investment by participating in the establishment of an equity investment fund, which has completed its industrial and commercial registration - The company's participation in an equity investment fund has completed industrial and commercial registration, with a fund size of **CNY 31 million** and the company's subscribed capital of **CNY 10 million**[19](index=19&type=chunk) [Use of Raised Funds](index=8&type=section&id=%E4%BA%94%E3%80%81%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E6%8A%95%E8%B5%84%E9%A1%B9%E7%9B%AE%E8%BF%9B%E5%B1%95%E6%83%85%E5%86%B5) The company's IPO raised **CNY 433 million**, with **CNY 194 million** cumulatively used by period-end, and **CNY 239 million** remaining, including **CNY 180 million** in large-denomination certificates of deposit - IPO net proceeds totaled **CNY 433 million**, with **CNY 194 million** cumulatively used by the end of the reporting period, leaving a balance of **CNY 239 million**[23](index=23&type=chunk) [Wealth Management](index=8&type=section&id=%E5%85%AB%E3%80%81%E5%A7%94%E6%89%98%E7%90%86%E8%B4%A2) During the reporting period, the company invested **CNY 75 million** of its own funds in bank wealth management products, with **CNY 50 million** outstanding and no overdue unrecovered amounts Wealth Management Overview (Unit: CNY 10,000) | Specific Type | Source of Funds | Amount Incurred | Outstanding Balance | Overdue Unrecovered Amount | | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 7,500 | 5,000 | 0 | [Financial Statements](index=10&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) [Financial Statement Details](index=10&type=section&id=%E4%B8%80%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the company's unaudited consolidated and parent company financial statements for Q1 2021, including the balance sheet, income statement, and cash flow statement, reflecting the financial position, operating results, and cash flows [Consolidated Balance Sheet](index=10&type=section&id=1%E3%80%81%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of March 31, 2021, total assets were **CNY 1.38 billion**, total liabilities **CNY 292 million**, and net assets attributable to shareholders **CNY 1.09 billion**, with new right-of-use assets and lease liabilities due to new lease standards Consolidated Balance Sheet Major Items (Unit: CNY) | Item | March 31, 2021 | December 31, 2020 | | :--- | :--- | :--- | | Total Assets | 1,383,176,025.28 | 1,361,829,353.55 | | Total Liabilities | 291,669,428.05 | 277,472,900.84 | | Equity Attributable to Parent Company Owners | 1,091,506,597.23 | 1,084,356,452.71 | [Consolidated Income Statement](index=15&type=section&id=3%E3%80%81%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) In Q1 2021, total operating revenue reached **CNY 225 million**, up **59.47%**, with operating profit at **CNY 9.34 million** and net profit attributable to parent company shareholders at **CNY 7.15 million**, resulting in **basic EPS of CNY 0.06** Consolidated Income Statement Major Items (Unit: CNY) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Total Operating Revenue | 224,570,523.11 | 140,822,772.45 | | Operating Profit | 9,343,041.37 | 3,795,629.62 | | Total Profit | 9,320,403.99 | 3,787,779.07 | | Net Profit Attributable to Parent Company Shareholders | 7,150,144.52 | 2,721,587.20 | | Basic Earnings Per Share | 0.06 | 0.02 | [Consolidated Cash Flow Statement](index=20&type=section&id=5%E3%80%81%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) Net cash flow from operating activities was **-CNY 29.44 million**, an improvement from the prior year, while net cash flow from investing activities significantly decreased to **CNY 4.40 million** due to increased investment payments Consolidated Cash Flow Statement Major Items (Unit: CNY) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -29,437,920.66 | -31,588,427.93 | | Net Cash Flow from Investing Activities | 4,397,245.38 | 232,695,509.12 | | Net Cash Flow from Financing Activities | -158,020.21 | -7,019,454.17 | | Net Increase in Cash and Cash Equivalents | -24,691,137.61 | 195,629,601.58 | [Notes on Financial Statement Adjustments](index=23&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E8%B0%83%E6%95%B4%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company adopted new lease accounting standards from January 1, 2021, retrospectively adjusting initial financial statements, primarily impacting prepaid expenses, right-of-use assets, and lease liabilities without affecting owner's equity - The company adopted new lease accounting standards from **January 1, 2021**, and retrospectively adjusted the opening financial statements accordingly[55](index=55&type=chunk)[59](index=59&type=chunk) Major Impact of New Lease Standards on Opening Consolidated Balance Sheet (Unit: CNY) | Item | Adjustment Amount | | :--- | :--- | | Prepaid Expenses | -2,606,857.14 | | Right-of-Use Assets | +14,357,588.53 | | Lease Liabilities | +11,750,731.39 | [Audit Report](index=27&type=section&id=%E4%B8%89%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's 2021 first-quarter report is unaudited - This quarterly report is **unaudited**[63](index=63&type=chunk)