Semi-Annual Report 2025 Shenzhen China Bicycle Company (Holdings) Limited Semi-Annual Financial Report 2025 August 2025 1 Semi-Annual Report 2025 2 Semi-Annual Report 2025 | Debt investment | | | | --- | --- | --- | | Other debt investment | | | | Long-term account receivable | | | | Long-term equity investment | 830,481.86 | 830,481.86 | | Investment in other equity instrument | | | | Other non-current financial assets | | | | Investment real estate | | | | Fix assets | 2,772,051.24 | 2,931,163.10 | | Cons ...

深圳中华自行车（集团）股份有限公司 2024 年半年度报告全文 深圳中华自行车（集团）股份有限公司 2024 年半年度报告 2024 年 8 月 1 深圳中华自行车（集团）股份有限公司 2024 年半年度报告全文 第一节 重要提示、目录和释义 | --- | |---------------------------------------------------------------------| | | | 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 | | 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 | | 个别和连带的法律责任。 | | 公司负责人王胜洪、主管会计工作负责人孙龙龙及会计机构负责人 | | 主管人员)佘涵星声明：保证本半年度报告中财务报告的真实、准确、完整。 | | 所有董事均已出席了审议本次半年报的董事会会议。 | | 公司计划不派发现金红利，不送红股，不以公积金转增股本。 | 2 深圳中华自行车（集团）股份有限公司 2024 年半年度报告全文 目录 | --- | --- | |------------------------------- ...

Financial Performance - The company's operating revenue for 2023 was CNY 568,481,907.92, representing a 27.82% increase compared to CNY 444,762,238.25 in 2022[21]. - The net profit attributable to shareholders was CNY 17,901,948.24, a decrease of 335.05% compared to the previous year[22]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 18,493,684.11, a decrease of 341.93% year-on-year[22]. - Operating cash flow net amount was CNY 29,972,830.62, an increase of 111.47% compared to the previous year[22]. - Basic earnings per share were CNY 0.03, an increase of 400.00% year-on-year[22]. - Total assets at the end of 2023 were CNY 369,677,494.32, a decrease of 6.94% from the end of 2022[22]. - Net assets attributable to shareholders increased to CNY 308,761,246.16, a rise of 6.42% compared to the end of 2022[22]. - The company reported a significant increase in quarterly revenue, with Q4 revenue reaching CNY 219,979,262.51[26]. - The company experienced a net profit of CNY 12,848,010.13 in Q4, marking a substantial recovery from previous quarters[26]. - The company achieved a total revenue of RMB 568.48 million in 2023, representing a 28% increase compared to RMB 444.76 million in 2022[59]. - The jewelry and gold business accounted for 99.36% of total revenue, with sales increasing by 32.06% year-over-year[62]. Shareholder and Governance - The company plans not to distribute cash dividends or issue bonus shares for the year[4]. - The company underwent a significant change in its controlling shareholder, with Wansheng Industrial now holding 20% of the shares, thus becoming the controlling shareholder[20]. - The company’s actual controller is now Mr. Wang Shenghong following the change in controlling shareholder[20]. - The company held 4 shareholder meetings during the reporting period, reviewing a total of 16 proposals[109]. - The board of directors consists of 9 members, including 3 independent directors, and held 8 meetings to review 38 proposals[110]. - The supervisory board has 3 members and convened 5 meetings, reviewing 15 proposals during the reporting period[110]. - The company emphasizes transparent information disclosure, utilizing designated media for timely and accurate reporting[111]. - The company actively engages with investors through various platforms, including performance briefings and online Q&A sessions[111]. - The company has implemented measures to protect shareholder rights and enhance corporate governance structures[152]. Business Operations - The main products offered by the company include gold jewelry, Amini brand bicycles, and electric bicycles[19]. - The company has not reported any major changes in its main business since its listing[19]. - The company does not operate retail stores but provides supply management services to downstream jewelry brands[52]. - The company has established stable partnerships with major diamond suppliers, enhancing cost control and production efficiency[43]. - The company is actively expanding its customer base, engaging with well-known brands with over 500 retail stores and smaller brands with 50-500 stores[44]. - The company focuses on optimizing supply chain management to reduce operational costs while ensuring product quality[41]. - The company is focusing on brand maintenance and market expansion for its bicycle and electric bicycle segments, with an emphasis on quality management[103]. Inventory and Procurement - The inventory balance for the jewelry business reached ¥82,088,217.67, an increase of 74.39% compared to the beginning of the period[54]. - The inventory composition includes finished products (¥35,771,819.51, 43.58%), raw materials (¥42,904,972.44, 52.27%), and work-in-progress (¥3,411,425.72, 4.16%)[55]. - The inventory increased by 70% to RMB 81.92 million, reflecting a rise in procurement for stock[60]. - The total procurement amount from the top five suppliers was ¥551,476,948.40, representing 97.62% of the annual total procurement[71]. Research and Development - Research and development expenses increased by 37.42% to ¥1,270,512.42, driven by higher personnel costs[74]. - The company is investing 50 million RMB in R&D for new technologies aimed at enhancing product performance and sustainability[126]. - The number of R&D personnel decreased by 21.43% to 11, with a corresponding drop in the proportion of R&D staff[76]. Compliance and Internal Control - The company’s financial report has been confirmed as true, accurate, and complete by its management team[4]. - The internal control system has been updated and improved according to the basic norms of enterprise internal control[144]. - The company has not encountered any significant internal control deficiencies during the reporting period[145]. - The internal control audit report issued a standard unqualified opinion, confirming effective financial reporting internal controls as of December 31, 2023[149]. - The company maintains independence in personnel, assets, and financial management, ensuring that its operations are not influenced by related parties[158]. Market Trends and Risks - The jewelry industry is witnessing a trend towards increased concentration, with larger brands gaining market share as consumer brand awareness grows[33]. - The jewelry market in China shows significant growth potential, particularly in diamond jewelry, which is expected to recover rapidly due to lower inventory levels and increased international trade[39]. - The competitive landscape in the jewelry market is intensifying, with a shift towards brand and quality competition, posing a risk to profitability[104]. - The company faces risks related to fluctuations in raw material prices, particularly for gold and diamonds, which could impact profit margins[104]. - The company is sensitive to market demand fluctuations, particularly in the jewelry sector, which could be affected by economic downturns[105]. Legal Matters - The company is involved in a lawsuit related to the urban renewal project with a claim amount of 30.859 million RMB, which has not formed a provision for liabilities[176]. - Another lawsuit involves a claim of 18.3481 million RMB, with a provision for bad debts increased to 90% as of 2023[176]. - The company has not reported any significant litigation or arbitration matters that would adversely affect its profits[176]. Future Outlook - The company provided guidance for the next fiscal year, projecting a revenue growth of 10% to 1.32 billion RMB[126]. - Overall, the company remains optimistic about future growth, driven by innovation and market expansion strategies[126].

一、监事会会议召开情况 1、监事会会议通知的时间和方式 本公司第十届监事会于 2023 年 8 月 14 日以电子邮件的方式向全体监事发出了 召开第四次会议的通知。 2、监事会会议的时间、地点和方式 会议于 2023 年 8 月 25 日（星期五）下午 15：30 在深圳市罗湖区翠竹街道贝 丽北路 89 号水贝金座大厦 8 楼会议室以现场会议结合线上视频的方式召开。 证券代码：000017、200017 证券简称：深中华 A、深中华 B 公告编号：2023-025 深圳中华自行车（集团）股份有限公司 第十届监事会第四次会议决议公告 本 公 司 及 监事 会 全 体 成 员 保 证 公 告内 容 真 实 、准 确、完 整 ，没 有虚 假 记 载 、 误 导 性 陈 述或 者 重 大 遗 漏 。 会议以赞成 3 票，反对 0 票，弃权 0 票审议通过了《关于 2023 年半年度募集 资金存放与使用情况的专项报告的议案》，公司独立董事就该议案内容发表了明确 同意的独立意见。具体内容详见同日刊登于巨潮资讯网(www.cninfo.com.cn)的 《2023 年半年度募集资金存放与使用情况的专项报告》。 三、备查文件 ...

会议于 2023 年 8 月 25 日（星期五）下午 14：00 在深圳市罗湖区翠竹街道贝 丽北路 89 号水贝金座大厦 8 楼会议室以现场会议结合线上视频的方式召开。 证券代码：000017、200017 证券简称：深中华 A、深中华 B 公告编号：2023-024 深圳中华自行车（集团）股份有限公司 第十一届董事会第六次会议决议公告 本 公 司 及 董事 会 全 体 成 员 保 证 公 告内 容 真 实 、准 确、完 整 ，没 有虚 假 记 载 、 误 导 性 陈 述或 者 重 大 遗 漏 。 一、董事会会议召开情况 1、董事会会议通知的时间和方式 本公司第十一届董事会于 2023 年 8 月 14 日以电子邮件方式向全体董事发出了 召开第六次会议的通知。 2、董事会会议的时间、地点和方式 3、董事会会议出席情况、主持人及列席人员 会议应参与表决董事九人，实际参与表决董事九人，会议由董事长王胜洪先生 主持。公司监事会成员和高级管理人员列席会议。 4、会议的召开符合有关法律、行政法规、部门规章、规范性文件和《公司章程》 的规定。 二、董事会会议审议情况 1、《2023 年半年度报告》及其摘要 会议以赞成 9 ...

Financial Performance - The company's revenue for Q1 2023 reached ¥151,527,917.92, representing a 201.57% increase compared to ¥50,246,951.40 in the same period last year[3] - Net profit attributable to shareholders was ¥2,848,657.72, a significant turnaround from a loss of ¥903,991.16 in the previous year, marking a 415.12% increase[3] - The net profit after deducting non-recurring gains and losses was ¥3,066,157.71, compared to a loss of ¥1,190,923.81 last year, reflecting a 357.46% improvement[3] - Basic and diluted earnings per share increased to ¥0.0041 from a loss of ¥0.0016, representing a 356.25% increase[3] - Total operating revenue for Q1 2023 reached CNY 151.53 million, a significant increase from CNY 50.25 million in the same period last year, representing a growth of 201.5%[18] - Net profit for Q1 2023 was CNY 3.56 million, a turnaround from a net loss of CNY 0.73 million in the same period last year[19] - Total comprehensive income for the first quarter was CNY 3,561,099.96, a decrease of 20.4% compared to the previous period[20] - The net profit attributable to the parent company was CNY 2,848,657.72, down 31.7% year-over-year[20] - Basic and diluted earnings per share were both CNY 0.0041, compared to CNY -0.0016 in the previous period[20] Cash Flow and Liquidity - The company's cash flow from operating activities showed a net outflow of ¥7,545,878.64, which is a 15.50% improvement from the outflow of ¥8,930,326.51 in the previous year[3] - Cash inflow from operating activities totaled CNY 291,774,127.59, significantly up from CNY 63,381,267.76 in the previous period, representing an increase of 360.5%[23] - Cash outflow from operating activities was CNY 299,320,006.23, compared to CNY 72,311,594.27 in the previous period, marking an increase of 314.5%[23] - Net cash flow from operating activities was CNY -7,545,878.64, an improvement from CNY -8,930,326.51 in the previous period[23] - The ending balance of cash and cash equivalents was CNY 43,376,990.71, compared to CNY 24,173,752.51 at the end of the previous period, an increase of 79.6%[24] Assets and Liabilities - Total assets at the end of the reporting period were ¥395,857,898.71, a slight decrease of 0.35% from ¥397,253,487.93 at the end of the previous year[3] - Total assets as of March 31, 2023, were CNY 395.86 million, slightly down from CNY 397.25 million at the beginning of the year[16] - Total liabilities decreased to CNY 87.45 million from CNY 92.41 million, a decline of 5.3%[16] Accounts Receivable and Inventory - Accounts receivable decreased by 44.75% to ¥138,170,643.10, indicating improved cash collection[8] - The company's accounts receivable decreased to CNY 138.17 million from CNY 250.07 million at the beginning of the year, a reduction of 44.7%[14] - Inventory increased by 227.80% to ¥158,022,696.51, reflecting a strategy to increase stock levels[8] - Inventory levels increased significantly to CNY 158.02 million from CNY 48.21 million, marking a rise of 228.5%[14] Expenses - Management expenses rose by 48.30% to ¥2,378,689.86, correlating with the increase in revenue[8] - The company reported a significant increase in management expenses to CNY 2.38 million from CNY 1.60 million, an increase of 48.5%[19] Litigation and Impairment - The company is currently involved in litigation concerning a sales contract dispute, with a total claim amount of CNY 24.97 million, and has already recognized an 80% credit impairment for this receivable[12] - The company has recognized a credit impairment loss of CNY 331.91 thousand in Q1 2023, compared to CNY 60.00 thousand in the previous year[19] Audit Status - The report was not audited, indicating that the figures may be subject to change upon final review[25]

Financial Performance - The company's revenue for 2022 was CNY 444,762,238.25, representing a 169.15% increase compared to CNY 165,246,577.95 in 2021[21]. - The net profit attributable to shareholders was -7,616,378.75 CNY, a decrease of 283.37% compared to the previous year[22]. - The operating revenue for 2022 was 444,762,238.25 CNY, an increase from 165,246,577.95 CNY in 2021[22]. - The net cash flow from operating activities was -261,419,066.03 CNY, a decline of 1,767.86% year-over-year[22]. - The basic and diluted earnings per share were both -0.013 CNY, a decrease of 225.00% compared to the previous year[22]. - Total assets at the end of 2022 were 397,253,487.93 CNY, an increase of 308.01% from 2021[22]. - The net assets attributable to shareholders increased to 290,129,318.51 CNY, a rise of 3,153.10% compared to the previous year[22]. - The weighted average return on equity was -14.30%, an improvement of 5.74% from the previous year[22]. - The company reported a significant quarterly revenue of 295,598,911.94 CNY in Q4 2022, contributing to the overall annual revenue[26]. Corporate Governance - The company underwent a significant change in control, with Wan Sheng Industrial becoming the controlling shareholder, holding 20% of the shares[20]. - The board of directors has completed its re-election process, with Wan Sheng Industrial influencing the majority of board seats[20]. - The company has a commitment to ensuring the accuracy and completeness of its financial reports, as stated by its management[4]. - The company has established a complete accounting system and independent financial decision-making capabilities, with no shared bank accounts with the controlling shareholder[101]. - The company maintains an independent operational structure, with no reliance on the controlling shareholder for production or operations[100]. - The company respects the rights of stakeholders and emphasizes transparent communication with suppliers and customers[98]. - The company has a transparent performance evaluation and incentive mechanism for its directors and senior management[98]. - The company ensures compliance with governance regulations, with no significant discrepancies noted in its governance practices[99]. Market and Industry Trends - The market for gold products in China accounted for 57.02% of the jewelry market share in 2022, highlighting the dominance of gold in consumer preferences[32]. - The jewelry industry is experiencing increased concentration, with smaller brands merging into larger ones due to rising consumer brand awareness and changing standards[34]. - The market in third and fourth-tier cities is becoming a significant growth area for jewelry companies, driven by urbanization and increased consumer spending potential[35]. - Companies are focusing on building strong sales channels as a core competitive advantage, particularly in high-value retail environments[36]. - Brand and design capabilities are emerging as new drivers of industry growth, with consumers prioritizing design and craftsmanship over purity[36]. - The penetration rate of diamond jewelry in China is expected to grow significantly, with a recovery in diamond imports and consumption anticipated[36]. - E-commerce is rapidly developing, with companies adopting omnichannel marketing strategies to enhance brand visibility and sales[37]. - Supply chain management is becoming a crucial operational strategy for jewelry companies, focusing on cost reduction and efficiency improvements[37]. Business Strategy and Expansion - The company plans not to distribute cash dividends or issue bonus shares for the year[4]. - The company is actively expanding its customer base, targeting well-known brands with over 500 retail stores and smaller brands with 50-500 stores[38]. - The company plans to further develop its jewelry business and expand into the electric bicycle and lithium battery materials sectors following the influx of raised funds[52]. - The company aims to enhance its supplier system and expand customer resources, particularly with well-known jewelry brands and listed companies, to increase revenue significantly[90]. - The bicycle business will focus on brand maintenance and national market expansion, with efforts to stabilize order business and improve after-sales service in key regions[90]. - The company is exploring opportunities in the new energy and lithium battery materials sector, driven by policy support and technological advancements[90]. Financial Management and Capital Structure - The company successfully raised ¥294,000,000 through a private placement of 138 million shares, aimed at supplementing working capital for its jewelry business[51]. - The company completed a private placement of A-shares in November 2022, raising RMB 294 million, increasing registered capital from RMB 551 million to RMB 689 million, enhancing financial strength and competitiveness[182]. - The non-public offering improved the company's total assets and net asset scale, leading to a decrease in the asset-liability ratio and enhancing financial stability and debt repayment capacity[196]. - The company’s financial structure has become more rational, improving its overall strength and risk resistance capabilities[196]. - The company has extended the authorization for the board to manage the non-public offering until December 29, 2022, to ensure compliance with regulatory requirements[191]. Risks and Challenges - The company faced uncertainty regarding its ability to continue as a going concern, as indicated by the negative net profits over the last three years[22]. - The company faces risks from fluctuations in raw material prices, particularly gold and diamonds, which could impact profit margins and operating performance[91]. - The competitive landscape in the jewelry market is intensifying, with a shift towards brand and quality competition, posing a risk to profitability if the company cannot maintain its advantages[91]. - The company is sensitive to market demand fluctuations, as jewelry is a discretionary purchase, and economic downturns could adversely affect its operations[92]. Employee and Management Information - The total remuneration paid to directors, supervisors, and senior management in 2022 amounted to 1.3951 million yuan[116]. - The total number of employees at the end of the reporting period is 63, with 36 in the parent company and 27 in major subsidiaries[126]. - The professional composition includes 8 production personnel, 16 sales personnel, 18 technical personnel, 7 financial personnel, and 14 administrative personnel[126]. - The company plans to conduct targeted training activities annually to enhance employee quality, focusing on professional skills and management capabilities[128]. Related Party Transactions - The company ensures to minimize related party transactions with Wansheng Industrial and will conduct any unavoidable transactions in a fair and public manner[146]. - As of the date of the commitment letter, there are no undisclosed related party transactions between Wansheng Industrial and the company[146]. - Wansheng Industrial commits not to engage in any business that competes directly or indirectly with the company's existing operations[146]. - The company guarantees that related party transactions will be conducted at fair market prices and will not harm the interests of the company and its shareholders[146]. Legal and Compliance Matters - The company underwent a restructuring process due to severe debt issues, with the court approving the restructuring plan on November 5, 2013, and concluding the bankruptcy proceedings on December 27, 2013[154]. - The company has not experienced any significant changes in accounting policies or estimates during the reporting period, and the adoption of new accounting standards has had no impact on the financial statements[156][157][160]. - The company reported zero significant defects in financial reporting and non-financial reporting for the year 2022[134]. - The internal control audit report confirmed that the company maintained effective financial reporting internal controls as of December 31, 2022[135].

Financial Performance - The company's operating revenue for 2021 was CNY 165,246,577.95, representing a 40.21% increase compared to CNY 117,857,480.17 in 2020[21]. - The net profit attributable to shareholders was a loss of CNY 1,986,692.82, a decrease of 152.48% from a profit of CNY 3,785,834.68 in 2020[21]. - The net cash flow from operating activities increased by 297.59% to CNY 15,673,932.87, up from CNY 3,942,228.96 in the previous year[22]. - The basic earnings per share for 2021 was -CNY 0.0036, a decline of 152.17% from CNY 0.0069 in 2020[22]. - The total assets at the end of 2021 were CNY 97,363,437.22, reflecting a 6.13% increase from CNY 91,742,769.99 at the end of 2020[22]. - The net assets attributable to shareholders decreased by 18.22% to CNY 8,918,538.16 from CNY 10,905,230.98 in 2020[22]. - The weighted average return on equity was -20.04%, a decrease of 62.05% from 42.01% in 2020[22]. - The net profit after deducting non-recurring gains and losses was -CNY 4,548,872.83, a decline of 248.09% from CNY 3,071,751.90 in 2020[21]. Market Trends - The jewelry market in China is dominated by gold jewelry, which holds a market share of 60.13%, while diamonds and jade account for 13.97% and 9.85% respectively[31]. - The demand for gold jewelry has shown a stable growth trend, particularly benefiting from the recovery of the economy and the release of pent-up consumer demand post-pandemic[32]. - The import value of diamond jewelry in China reached its highest level in 2021, indicating a strong rebound in the market[33]. - The jewelry industry is experiencing increased concentration, with larger brands gaining market share as consumer preferences shift towards quality and brand value[34]. Business Operations - The company operates in the bicycle and lithium battery materials sector, with a focus on electric bicycles and related components[45]. - The implementation of the new national standard for electric bicycles has enhanced safety performance and is expected to increase the market for lithium battery applications[44]. - The company has established a comprehensive supply chain with major diamond suppliers, enhancing its cost control and product quality[40]. - The company has implemented a closed-loop business process and risk control system, ensuring effective management of supply, information, and funds[43]. - The company is actively expanding its customer base, targeting well-known brands with over 500 retail stores, as well as smaller regional brands[41]. Inventory and Sales - As of the end of the reporting period, the company's jewelry business inventory balance was approximately 7.69 million yuan, an increase of 27.92% compared to the beginning of the period[49]. - The inventory distribution includes finished jewelry at 1.97 million yuan (25.59%), raw materials (gold) at 3.42 million yuan (44.48%), and diamonds at 1.62 million yuan (21.14%)[50]. - Jewelry and gold sales volume increased by 68.59% to 73,628 pieces, reflecting strong demand in this segment[64]. - The jewelry and gold business accounted for 80.43% of total revenue, with sales reaching CNY 132.92 million, up 52.66% year-over-year[61]. Corporate Governance - The company has no controlling shareholder or actual controller, ensuring independent business operations[100]. - The company is committed to improving its governance structure in compliance with relevant laws and regulations[100]. - The company has a diverse board with members holding various professional backgrounds, including finance, law, and engineering[110]. - The independent directors have extensive experience in auditing, legal affairs, and investment management, contributing to the company's governance[110]. - The company has maintained a stable management team with no resignations or dismissals reported during the year[108]. Restructuring and Financing - The company plans to raise up to 29.36 million CNY through a private placement of A-shares to enhance liquidity, which may lead to a change in control[56]. - The company has resolved significant debt issues through restructuring, achieving a positive net asset value and maintaining stable operations in its core bicycle business[149]. - The company aims to introduce a restructuring party with a net asset valuation of no less than 2 billion yuan and a projected net profit of at least 200 million yuan in the year of restructuring[151]. - The company plans to issue up to 137,836,986 new shares through a private placement, with approval from the China Securities Regulatory Commission[136]. Employee and Management - The total number of employees at the end of the reporting period was 61, with 35 in the parent company and 26 in major subsidiaries[125]. - The professional composition of employees includes 19 technical personnel, 12 sales personnel, and 11 production personnel[125]. - The company has a total of 61 employees with varying educational backgrounds, including 1 with a master's degree, 21 with bachelor's degrees, and 21 with associate degrees[126]. - The company conducted regular training activities aimed at enhancing employee skills and management quality[128]. Challenges and Risks - The overall economic environment remains challenging, with pressures from demand contraction and supply shocks impacting business operations[54]. - The company is facing multiple pressures including demand contraction and supply shocks, which are impacting operational efficiency and costs[95]. - The company is monitoring the impact of local COVID-19 outbreaks on its supply chain and operational costs[95].

Financial Performance - The company's revenue for Q3 2021 was CNY 29,113,392.89, a decrease of 27.61% compared to the same period last year[1] - Net profit attributable to shareholders was CNY 575,788.96, down 76.65% year-on-year[1] - The net profit after deducting non-recurring gains and losses was CNY 326,846.26, a decline of 86.26% compared to the previous year[1] - Basic earnings per share were CNY 0.001, down 77.78% year-on-year[1] - Net profit for Q3 2021 was CNY 2,202,660.68, a decrease from CNY 6,030,862.82 in the same period last year[15] - The company reported a total comprehensive income of CNY 2,202,660.68 for Q3 2021, down from CNY 6,030,862.82 in the same period last year[15] Cash Flow and Liquidity - The net cash flow from operating activities was CNY -5,824,421.10, representing a decrease of 281.09% year-to-date[1] - The net cash flow from operating activities was negative CNY 5,824,421.10, compared to a positive CNY 3,216,397.73 in the previous year[17] - The net cash inflow from investment activities amounted to 64,500.00, while the cash outflow was 5,957.99, resulting in a net cash flow of -5,957.99 from investment activities[18] - The net cash inflow from financing activities was 9,825,000.00, entirely from minority shareholders' investments[18] - The net increase in cash and cash equivalents was -5,830,379.09, with a beginning balance of 19,887,978.05, leading to an ending balance of 14,057,598.96[18] Assets and Liabilities - Total assets at the end of the reporting period were CNY 95,740,667.64, an increase of 4.36% from the end of the previous year[1] - Current assets totaled CNY 90,292,190.42, up from CNY 86,757,465.88, indicating a growth of about 6%[11] - Total liabilities increased, with accounts payable rising to CNY 12,888,008.62 from CNY 9,606,144.94, an increase of approximately 34%[11] - Total liabilities as of Q3 2021 were CNY 67,895,717.28, compared to CNY 66,100,480.31 in the previous year[12] - The company reported a total non-current asset value of CNY 5,448,477.22, up from CNY 4,985,304.11, reflecting an increase of about 9.3%[11] Equity and Shareholder Information - The company's equity attributable to shareholders increased by 17.80% to CNY 12,846,513.28 compared to the previous year[1] - Total equity attributable to shareholders was CNY 12,846,513.28, an increase from CNY 10,905,230.98 year-over-year[12] Expenses - Research and development expenses rose by 201.61% to CNY 3,373,918.21, driven by increased spending in the jewelry and gold business[4] - Sales expenses decreased by 42.60% to CNY 1,386,181.37, attributed to lower costs in the jewelry and gold business[4] - Total operating costs for Q3 2021 were CNY 82,925,156.41, up from CNY 77,676,054.36 year-over-year[14] Other Significant Events - The company plans to raise up to CNY 29,360,000 through a non-public offering of A-shares to supplement working capital, which may lead to a change in control[8] - The company terminated the cooperation contract for the "Zhonghua Garden Phase II Urban Renewal Project" due to regulatory changes, which introduced significant uncertainty[8] - The company has not yet received formal approval from the China Securities Regulatory Commission for the non-public offering, pending further announcements[8] - The company has not undergone an audit for the third quarter report[20] - The report does not apply to the new leasing standards for the current year[19]

Financial Performance - The company's operating revenue for Q1 2021 was CNY 23,163,329.56, representing a 211.57% increase compared to CNY 7,434,449.73 in the same period last year[8]. - The net profit attributable to shareholders was a loss of CNY 211,535.36, an improvement of 64.26% from a loss of CNY 591,902.33 in the previous year[8]. - The net cash flow from operating activities increased by 204.25%, reaching CNY 1,399,162.83, compared to CNY 459,865.86 in the same period last year[8]. - The company's operating revenue for the first quarter was CNY 4,550,349.53, an increase from CNY 2,946,875.03 in the previous period[43]. - The net profit for the first quarter was a loss of CNY 211,484.40, compared to a loss of CNY 733,036.17 in the same period last year[42]. - The total comprehensive income for the first quarter was a loss of CNY 211,484.40, compared to a loss of CNY 733,036.17 in the previous year[42]. - The basic and diluted earnings per share for the first quarter were both CNY -0.0004, compared to CNY -0.0011 in the previous period[42]. - The company reported a net loss of CNY 1,206,791,899.16 for Q1 2021, compared to a loss of CNY 1,206,590,547.58 in the previous quarter[37]. Assets and Liabilities - The company's total assets decreased by 6.04% to CNY 86,197,389.31 from CNY 91,742,769.99 at the end of the previous year[8]. - As of March 31, 2021, the company's total assets amounted to 86.20 million yuan, a decrease from 91.74 million yuan at the end of 2020[31]. - The total liabilities decreased to CNY 58,404,841.44 from CNY 57,116,373.36, indicating a reduction of approximately 2.25%[37]. - The company's equity attributable to shareholders was CNY 5,063,572.70, down from CNY 5,264,924.28, reflecting a decline of about 3.81%[37]. Cash Flow - The company's cash and cash equivalents increased to 21.28 million yuan from 19.89 million yuan at the end of 2020[31]. - Cash inflow from operating activities totaled CNY 12,177,064.78, compared to CNY 7,466,357.72 in the previous period, indicating a growth of 63.5%[52]. - Cash outflow from operating activities was CNY 9,261,190.69, significantly higher than CNY 3,801,957.06 in the previous period, representing an increase of 143.5%[52]. - The total cash inflow from financing activities was CNY 3,250,000.00, with no cash outflows reported during the period[53]. Operational Metrics - The weighted average return on net assets improved to -1.96% from -8.67% year-on-year, reflecting a 6.71% increase[8]. - Accounts receivable decreased by 14.03% to CNY 47,310,280.32, primarily due to increased cash collections from customers[15]. - Prepayments increased by 142.79% to CNY 1,982,489.68, mainly due to higher prepayments by subsidiaries[15]. - The company's research and development expenses rose by 130.89% to CNY 856,296.32, driven by increased R&D activities in subsidiaries[15]. - The operating costs increased by 190.73% to CNY 20,752,454.71, primarily due to the growth in jewelry and gold business costs[15]. - Total operating costs for Q1 2021 amounted to CNY 23,368,934.41, up from CNY 8,330,675.93 in Q1 2020, indicating an increase of about 181%[40]. - The gross profit margin decreased, with operating costs rising faster than revenue, leading to a net loss for the period[40]. Future Plans and Developments - The company plans to raise up to 29.36 million yuan through a private placement of A-shares, which will be used to supplement working capital[16]. - The company aims to enhance its market presence and product offerings through strategic investments and potential acquisitions in the upcoming quarters[34]. - The company is currently awaiting approval from the China Securities Regulatory Commission for its private placement application, with no certainty on the approval timeline[16]. - The company has not disclosed any specific future outlook or performance guidance for the upcoming quarters[54]. - There were no significant mergers or acquisitions reported during the first quarter[54]. Miscellaneous - The company received the "High-tech Enterprise Certificate" on December 11, 2020, allowing it to enjoy a reduced corporate income tax rate of 15% for three years (2020-2022) instead of the standard 25%[17]. - The company has not engaged in any securities or derivative investments during the reporting period[20][21]. - There are no overdue commitments from the company's actual controllers, shareholders, or related parties during the reporting period[25]. - The first quarter report was not audited, indicating that the figures may be subject to change upon final review[54]. - The company did not report any significant new product launches or technological advancements during the first quarter[54].