Financial Performance - Total revenue for Q1 2015 was ¥62,519,315.86, an increase of 3.70% compared to ¥60,289,099.73 in the same period last year[8] - Net profit attributable to shareholders was ¥13,038,666.06, representing a significant increase of 137.35% from ¥5,493,486.85 year-on-year[8] - Basic earnings per share rose to ¥0.11, up 120.00% from ¥0.05 in the same quarter last year[8] - Operating income increased by 1231.16% to ¥2,407,496.16 due to increased cash received from sales[23] - The operating profit for the quarter was 15.11 million yuan, up 146.02% compared to the same period last year[24] - The company achieved operating revenue of 62.52 million yuan, a year-on-year increase of 3.70%[24] - The comprehensive income total for the current period was ¥13,058,599.33, compared to ¥5,493,486.85 in the previous period, indicating strong overall performance[61] Cash Flow - Net cash flow from operating activities reached ¥2,407,496.16, a remarkable improvement of 1,231.16% compared to a negative cash flow of ¥212,834.14 in the previous year[8] - Cash inflows from operating activities totaled ¥60,668,917.87, compared to ¥51,302,942.52 in the previous period, marking an increase of approximately 18%[67] - Cash inflow from operating activities reached ¥57,571,070.45, compared to ¥50,695,146.73 in the previous year, reflecting a growth of approximately 13.7%[70] - The company reported a net cash flow from investing activities of -¥10,653,503.84, which is a decline from -¥9,210,114.90 in the previous year[69] - The net cash flow from financing activities was -¥10,318,408.33, a decrease from the previous year's figure, reflecting higher debt repayments[69] - The company’s cash and cash equivalents decreased by ¥18,251,223.55 during the quarter, compared to a decrease of ¥9,636,098.71 in the same period last year[69] Assets and Liabilities - Total assets at the end of the reporting period were ¥485,008,491.08, reflecting a 2.19% increase from ¥474,629,256.91 at the end of the previous year[8] - Current assets increased to ¥156,238,511.74 from ¥150,240,384.06, representing a growth of approximately 6.66%[51] - Total liabilities decreased to ¥71,683,742.27 from ¥74,382,157.86, a reduction of about 3.67%[53] - Cash and cash equivalents decreased by 35.46% to ¥27,291,596.06 due to repayment of bank loans[21] - Inventory rose significantly to ¥88,419,342.81 from ¥70,879,387.32, marking an increase of about 24.77%[51] Shareholder Information - Total number of shareholders at the end of the reporting period is 8,262[15] - The company did not conduct any repurchase transactions among the top 10 shareholders during the reporting period[16] - The company has a share transfer restriction of 36 months for 99.2% of shares held, with 0.8% subject to a 24-month restriction[34] Commitments and Future Plans - The company plans to achieve annual operating revenue of no less than 300 million yuan and net profit of no less than 40 million yuan[24] - The company has committed to not engage in any business that competes directly or indirectly with its own operations[39] - The company will ensure that its major shareholders do not transfer or delegate the management of their shares for a period of 18 months following the stock issuance[37] - The company has made commitments to avoid any competition that could harm its interests and those of its shareholders[39] Research and Development - R&D expenses for the quarter totaled 2.04 million yuan, accounting for 3.27% of the company's operating revenue[24] - The company completed significant R&D projects, including continuous automated production technology for high-purity NVP[24] Environmental and Safety Measures - The company has implemented effective measures to mitigate environmental risks associated with its production processes, ensuring compliance with stricter regulations[11] - The company reported no significant safety incidents during the reporting period, maintaining a focus on labor safety and health standards[11]

Financial Performance - The company reported a total revenue of RMB 1.2 billion for the year 2014, representing a year-on-year increase of 15%[3] - The net profit for 2014 was RMB 300 million, which is a 20% increase compared to the previous year[3] - The gross margin for 2014 was reported at 45%, showing an improvement from 42% in 2013[3] - The company's operating revenue for 2014 was ¥253,343,476.59, representing a 20.99% increase compared to ¥209,389,954.32 in 2013[19] - Operating profit increased by 57.04% to ¥34,892,736.33 in 2014 from ¥22,219,431.08 in 2013[19] - Net profit attributable to shareholders rose by 49.36% to ¥30,117,862.95 in 2014, up from ¥20,165,066.71 in 2013[19] - The net cash flow from operating activities surged by 101.09% to ¥46,599,082.84 in 2014, compared to ¥23,172,955.08 in 2013[19] - The total assets at the end of 2014 were ¥474,629,256.91, a 12.30% increase from ¥422,642,822.63 at the end of 2013[19] - The total liabilities increased by 63.18% to ¥74,382,157.86 in 2014 from ¥45,582,536.09 in 2013[19] - The company's basic earnings per share rose by 44.44% to ¥0.26 in 2014, compared to ¥0.18 in 2013[19] Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by 2016[3] - The company plans to expand its market presence in high-end markets, particularly in Europe and the US, where brand recognition has increased[31] - The company has initiated a major merger and acquisition strategy, acquiring three high-tech medical service companies, enhancing its market position in the health industry[36] - The company is focusing on integrating management resources and standardizing operations across three acquired companies to drive growth[93] Research and Development - The company has allocated RMB 50 million for R&D in new technologies related to drug delivery systems in 2015[3] - New product development includes a line of polymer-based pharmaceuticals, expected to launch in Q3 2015, projected to contribute an additional RMB 100 million in revenue[3] - Research and development (R&D) investment amounted to CNY 7.99 million in 2014, accounting for 3.15% of operating revenue, a decrease from 3.61% in 2013[48] - The company has applied for a total of 15 patents as of December 31, 2013, including 4 invention patents and 11 utility model patents[61] Operational Efficiency - The company is focusing on enhancing its supply chain efficiency, which is expected to reduce operational costs by 5% in the upcoming year[3] - The company’s management expenses increased by 30.83% to 26.32 million yuan, mainly due to higher employee compensation and consulting fees[46] - The implementation of "Three T" management (TQM, TPM, TPS) is expected to enhance management standardization and product quality, with a focus on eliminating waste and maximizing profits[95] Corporate Governance and Compliance - The company has established a sound insider information management system to prevent insider trading and protect investor rights[107] - The company has maintained a stable profit distribution policy since 2014, with a three-year shareholder return plan approved by the shareholders' meeting[103] - The company strictly adheres to information disclosure regulations, ensuring timely and accurate communication with investors[196] - The company confirmed that there are no discrepancies between its governance and the requirements of the Company Law and the China Securities Regulatory Commission[200] Shareholder Information - The company plans to distribute a cash dividend of RMB 1.00 per 10 shares, totaling RMB 11,520,000, based on a share capital of 115,200,000 shares[103] - The cash dividend represents 100% of the total profit distribution for the year, with a net profit of RMB 30,117,862.95, resulting in a payout ratio of 38.25%[106] - The total number of shares held by the top ten unrestricted shareholders includes 5,749,012 shares held by Wang Donghu and 4,800,000 shares held by Jincheng Xintai Trading Co., Ltd.[163] Risks and Challenges - The company is facing risks related to market competition, particularly in the low-end PVP product segment, which is highly competitive[30] - The company is currently in the process of obtaining regulatory approvals for its asset restructuring plans, which may impact future operations[28] - The company anticipates a significant increase in industry concentration due to stricter regulations, benefiting larger, more reputable firms[91] Employee and Management Structure - The company had a total of 292 employees as of December 31, 2014, with 55.14% in production roles and 21.58% in R&D[185] - The total remuneration paid to directors, supervisors, and senior management in 2014 amounted to 1.4307 million yuan[180] - The company has a structured approach to determining remuneration based on profitability and individual performance[180] Acquisitions and Investments - The company plans to acquire 100% equity of He'er Medical for a transaction price of 26,000,000 CNY, which was approved at the shareholders' meeting on January 16, 2015[116] - The total transaction price for the assets being acquired amounts to 54,320,000 CNY, exceeding 50% of the company's total assets of 422,642,822.63 CNY as of December 31, 2013[118] - The company has committed to performance compensation agreements if the actual profits do not meet the promised figures[141][142]

Financial Performance - Total revenue for the reporting period reached CNY 69,004,699.99, representing a 41.69% increase year-on-year[6] - Net profit attributable to shareholders increased by 86.93% to CNY 9,350,630.53 for the reporting period[6] - Basic earnings per share doubled to CNY 0.08, a 100% increase compared to the same period last year[6] - The company achieved operating revenue of 194.49 million yuan, a year-on-year increase of 21.18%, and a net profit attributable to the parent company of 23.39 million yuan, up 43.20% year-on-year[22] - The company expects net profit for the year to increase by approximately 50% compared to 2013[22] - Operating profit for Q3 2014 was ¥10,681,844.88, compared to ¥5,858,506.01 in the same period last year, reflecting a growth of 82.5%[53] - Net profit for Q3 2014 was ¥9,350,630.53, up from ¥5,002,303.52, indicating an increase of 86.9% year-over-year[53] - Year-to-date total revenue reached ¥194,491,265.71, up from ¥160,504,003.96, marking a growth of 21.1%[57] - Year-to-date net profit was ¥23,391,553.38, an increase from ¥16,335,437.39, representing a growth of 43.5%[58] Assets and Liabilities - Total assets increased by 6.10% to CNY 448,410,862.89 compared to the end of the previous year[6] - Cash and cash equivalents decreased by 44.72% from CNY 20,884,556.43 to CNY 11,545,606.90 due to increased investment in capacity expansion[19] - Accounts receivable increased by 38.20% from CNY 26,090,249.54 to CNY 36,056,196.02, attributed to increased sales revenue[19] - Total current assets increased to RMB 134,028,772.36 from RMB 124,906,134.30 at the beginning of the period, reflecting a growth of approximately 8.96%[45] - Total liabilities rose to ¥54,903,807.73 from ¥45,582,536.09, representing an increase of approximately 20%[47] - Shareholders' equity increased to ¥393,507,055.16 from ¥377,060,286.54, showing a growth of about 4.4%[47] Cash Flow - The company reported a net cash flow from operating activities of CNY 27,935,340.32, an increase of 10.32% year-to-date[6] - The net cash flow from financing activities improved by 89.55% to CNY -1,202,197.81, driven by increased bank loans[21] - The net cash flow from operating activities was CNY 27,935,340.32, compared to CNY 25,321,689.42 in the previous year, indicating an increase of 10.4%[64] - The cash flow from financing activities showed a net outflow of CNY 1,202,197.81, an improvement from a net outflow of CNY 11,505,992.42 in the previous year[69] Investments and Projects - The company is planning a major asset restructuring, with stock trading suspended since June 16, 2014, and expected to disclose details by November 15, 2014[10] - The project for an annual production of 5,000 tons of Polyvinylpyrrolidone (PVP) expansion has a cumulative investment of CNY 142.81 million, achieving 101.54% of the planned investment[36] - The annual production project of 10,000 tons of vinyl ether/maleic anhydride copolymer has a cumulative investment of CNY 59.62 million, achieving 101.65% of the planned investment[36] - Both fundraising projects are currently in trial production status and have not generated any revenue as of September 30, 2014[36] Risks and Challenges - The company is facing risks related to environmental policies and safety incidents, which could impact operations[9] - The company faces risks related to quality incidents, license renewals, and intensified market competition, particularly in the PVP product sector[27] - The company is facing potential challenges in expanding its high-end market share due to increased investments from competitors[28] Shareholder Information - Total number of shareholders at the end of the reporting period is 5,706[13] - The largest shareholder, Wang Donghu, holds 19.96% of shares, totaling 22,996,048 shares[13] - The company reported a cash dividend of RMB 0.6 per 10 shares, totaling RMB 6,912,000 distributed to shareholders[40] Compliance and Commitments - The company has committed to not transferring or entrusting its shares for a period of eighteen months from the date of stock issuance[31] - The company has made commitments regarding employee housing fund contributions, ensuring compliance with local government requirements[32] - The controlling shareholders have issued a commitment letter to avoid engaging in any business that competes with the company, ensuring long-term stability[33] - The company has established a long-term commitment to comply with tax obligations and legal responsibilities[32]

Financial Performance - The company reported a significant increase in revenue, with a year-on-year growth of 15% in the first half of 2014[17]. - The company achieved total operating revenue of CNY 125,486,565.72, representing a year-on-year increase of 12.24%[18]. - Net profit attributable to shareholders reached CNY 14,040,922.85, up 23.89% compared to the same period last year[18]. - The company reported a net profit margin of 12% for the first half of 2014, an increase from 10% in the same period last year[17]. - The company's main business revenue reached CNY 123,398,714.29, marking a 10.89% increase year-on-year[30]. - The company reported a significant reduction in financial expenses by 98.18% due to decreased loans, amounting to ¥16,227.98 compared to ¥892,467.08 in the previous year[32]. - The company reported a total comprehensive income of ¥14,034,870.09, an increase from ¥11,333,133.87 in the previous period[116]. - The net profit for the first half of 2014 was CNY 20,165,066, representing a decrease of 66.71% compared to the previous period[133]. Assets and Liabilities - The total assets of the company reached RMB 1.2 billion by the end of June 2014, reflecting a 10% increase compared to the previous year[17]. - The company's total assets at the end of the reporting period were CNY 432,641,467.75, a 2.37% increase from the end of the previous year[18]. - Total liabilities increased from CNY 45,582,536.09 to CNY 48,458,311.12, a rise of about 6.16%[110]. - The total owner's equity at the end of the reporting period was CNY 377,060,280, an increase from CNY 376,551,780 at the end of the previous year[135]. Cash Flow - The net cash flow from operating activities was CNY 20,945,902.40, an increase of 116.90% year-on-year[18]. - The net cash flow from operating activities surged by 116.90% to ¥20,945,902.40, compared to ¥9,657,077.83 in the previous year[32]. - The cash flow from operating activities showed a strong recovery, indicating improved operational efficiency and revenue generation capabilities[126]. - The ending cash and cash equivalents balance was ¥14,358,818.78, down from ¥18,630,975.93 at the end of the previous period[123]. Research and Development - The company has invested in R&D, with expenditures amounting to RMB 50 million, representing 4% of total revenue[17]. - Research and development expenditure was ¥4,012,532.52, accounting for 3.20% of the total operating revenue[41]. - The company is developing new extraction agents and refining production processes for its high-tech products, including vinyl ether and maleic anhydride copolymers[50]. Market Strategy - The company is focusing on expanding its market presence, particularly in Southeast Asia, aiming for a 20% market share by the end of 2015[17]. - The company is exploring potential mergers and acquisitions to enhance its product portfolio and market reach[17]. - The company plans to expand its market presence through mergers and acquisitions in the pharmaceutical and medical device sectors[31]. Shareholder Information - The company reported a total share count of 115,200,000 shares, with 40.34% being restricted shares and 59.66% being unrestricted shares[94]. - The company distributed a cash dividend of RMB 0.6 per 10 shares, totaling RMB 6,912,000, based on a total share capital of 115,200,000 as of December 31, 2013[64]. - The company plans not to distribute cash dividends, issue bonus shares, or convert reserves into share capital[6]. Compliance and Governance - The company is committed to maintaining compliance with international quality standards, including GMP and ISO9001[17]. - The company has complied with all commitments made by shareholders and management regarding stock transfers and other obligations[86]. - There were no major litigation or arbitration matters during the reporting period[69]. Operational Efficiency - The company has implemented strict cost control measures to enhance efficiency and reduce waste[29]. - The operating cost increased to ¥92,183,220.82, up 11.20% from ¥82,901,791.15 year-on-year[32]. Future Outlook - The company plans to focus on market expansion strategies in the upcoming quarters[138]. - The overall financial performance indicates a need for strategic adjustments to improve profitability moving forward[138].

Financial Performance - Total revenue for Q1 2014 was CNY 60,289,099.73, an increase of 14.96% compared to CNY 52,445,244.10 in the same period last year[8] - Net profit attributable to ordinary shareholders was CNY 5,493,486.85, reflecting an increase of 11.9% from CNY 4,909,336.34 year-on-year[8] - Basic earnings per share rose to CNY 0.0477, up 19.25% from CNY 0.04 in the same period last year[8] - The operating profit for Q1 2014 was 6.14 million RMB, reflecting a growth of 15.05% year-over-year[24] - The net profit attributable to ordinary shareholders was 5.49 million RMB, which is an 11.90% increase from the previous year[24] - Total operating revenue for Q1 2014 was CNY 60,289,099.73, an increase of 14.0% compared to CNY 52,445,244.10 in the same period last year[51] - Total operating costs for Q1 2014 were CNY 54,148,754.06, up 14.9% from CNY 47,107,915.02 in Q1 2013[51] - The total comprehensive income for the first quarter was CNY 5,560,994.04, consistent with the net profit figure[55] Cash Flow and Liquidity - Net cash flow from operating activities improved significantly to CNY -212,834.14, a 92.31% increase compared to CNY -2,766,589.36 in the previous year[8] - The company’s cash flow from operating activities increased by 2,553,755.22 RMB compared to the same period last year, driven by higher cash receipts from sales[21] - Cash and cash equivalents decreased by 11,236,098.71 RMB, a reduction of 53.80% compared to the end of 2013, primarily due to increased cash payments for goods purchased[20] - The company's cash and cash equivalents decreased from RMB 20.88 million to RMB 9.65 million during the reporting period[43] - The company’s cash and cash equivalents decreased to CNY 5,608,841.11 from CNY 16,546,048.09, a decline of 66.1%[48] - The cash and cash equivalents at the end of the period were CNY 9,648,457.72, down from CNY 20,610,352.18 in the previous year[59] - The company experienced a cash decrease of CNY -9,636,098.71 in cash and cash equivalents during the quarter, compared to a decrease of CNY -22,673,718.78 in the previous year[59] Assets and Liabilities - Total assets at the end of the reporting period were CNY 426,537,685.11, a 0.92% increase from CNY 422,642,822.63 at the end of the previous year[8] - The total amount of raised funds is CNY 248.05 million, with CNY 253.59 million cumulatively invested[33] - The total liabilities decreased to CNY 41,110,259.03 in Q1 2014 from CNY 42,807,986.34 in Q4 2013[49] - The total equity attributable to shareholders increased to CNY 382,112,781.82 from CNY 376,551,787.78, reflecting a growth of 1.5%[49] Investment and Expansion - The company has completed its fundraising projects, significantly increasing production capacity, but must manage market demand to avoid overcapacity[11] - The project for producing 5,000 tons of Polyvinylpyrrolidone (PVP) expansion has a cumulative investment of CNY 142.98 million, achieving 101.54% of the planned investment[33] - The project for producing 10,000 tons of Vinyl Methyl Ether/Maleic Anhydride Copolymer has a cumulative investment of CNY 59.62 million, achieving 101.65% of the planned investment[33] - The company plans to use CNY 77.86 million of the raised funds to increase the investment in the 3,000 tons PVP project[33] - Both investment projects are currently in trial production status and have not generated revenue as of December 31, 2013[33] Operational Strategy - The company plans to enhance production and sales of PVP series products and expand the market for its main products in Q2 2014[24] - The company aims to strictly control costs and improve efficiency by managing non-production expenses and optimizing resource utilization[24] - The company implemented strict cost control measures, focusing on reducing non-production expenses and improving operational efficiency, resulting in better performance in Q1[25] - All employees participated in identifying and eliminating inefficiencies in resource usage, including steam, water, electricity, and gas, maximizing equipment utilization[25] - The management team is actively involved in overseeing the execution of the annual business plan, ensuring alignment with strategic goals[25] Market and Competition - The market for high-end PVP products shows significant potential, but competition may intensify as more players enter the market[12] - The company is focused on expanding its market presence and enhancing product quality as part of its annual operational strategy[25] Risks and Compliance - The company faces risks related to environmental policies, quality control, and safety incidents, which could impact operations[10][11][12] - The company is working on obtaining environmental approval for the expansion projects, including a 5,000-ton annual production capacity for PVP and a 2,500-ton capacity for vinyl ether/maleic anhydride copolymer[24] - The company has not reported any significant adverse risk factors or operational difficulties during the reporting period[25]

Financial Performance - The company reported a total revenue of RMB 500 million for the year 2013, representing a year-on-year increase of 15%[13] - The net profit for 2013 was RMB 80 million, which is a 10% increase compared to the previous year[13] - The gross margin for 2013 was reported at 40%, maintaining stability compared to the previous year[13] - The company's operating revenue for 2013 was ¥209,389,954.32, a decrease of 1.62% compared to ¥212,847,087.62 in 2012[20] - Operating profit increased by 6.65% to ¥22,219,431.08 in 2013 from ¥20,834,097.26 in 2012[20] - The net profit attributable to shareholders was ¥20,165,066.71, a slight increase of 0.46% from ¥20,073,298.44 in the previous year[20] - The net cash flow from operating activities rose by 12.23% to ¥23,172,955.08 in 2013, compared to ¥20,648,176.14 in 2012[20] - The total profit for 2013 was 23.35 million yuan, an increase of 2.02% year-on-year, while the net profit attributable to shareholders was 20.17 million yuan, up by 0.46%[39] - The net cash flow for the year was negative CNY 23.99 million, with operating cash flow at CNY 23.17 million and investment cash flow at negative CNY 35.47 million[48] - The total distributable profit for 2013 was RMB 66,748,388.21, with cash dividends accounting for 100% of the profit distribution[105] Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 25% increase in market share by 2015[13] - The company aims for a revenue growth target of 20% for the fiscal year 2014[13] - The company is implementing new marketing strategies to improve brand awareness, with a budget increase of 30% for marketing expenses in 2014[13] - The company plans to enhance its market presence in the PVPP pharmaceutical market and aims to develop new customer groups and sales markets in 2014[100] - Market development for PVP series products will be a priority, with a focus on expanding into high-end international markets, particularly in Europe and the U.S.[99] Research and Development - New product development includes the launch of a novel polymer-based drug delivery system, expected to enter the market in Q3 2014[13] - The company has allocated RMB 50 million for research and development in 2014, focusing on innovative pharmaceutical technologies[13] - The company's R&D expenses amounted to CNY 7.56 million, representing 3.61% of the total operating revenue, an increase from 3.49% in 2012[51] - The company is actively engaged in multiple R&D projects, including the production process of N-vinylcarbazole and PVM/MA hybrid salt, with various stages of completion[50] - Key technological advancements will include improvements in the production processes of EP-grade K30, PVP iodine, and K90 powder, aiming to enhance product yield and quality[97] Operational Efficiency and Management - The company has initiated lean management practices to enhance employee skills and improve operational efficiency[43] - Safety management efforts led to over 100 safety hazard rectifications and the completion of safety training for employees[43] - The company aims to strictly control costs and improve efficiency by managing non-production expenses and optimizing resource utilization[98] - The introduction of new automated production lines is expected to strengthen the company's competitive advantages in quality and cost[91] Intellectual Property and Compliance - The company holds a total of 15 patents, including 4 invention patents and 11 utility model patents, with a protection period of 10 years for utility models[66] - The company has obtained patents for several innovative processes and devices, including a method for producing solid-phase polyvinylpyrrolidone iodine and a polymerization device for polyvinylpyrrolidone[67] - The company has established a system for managing insider information to prevent insider trading and ensure compliance with regulations[111] - The company has not faced any regulatory penalties or required corrections regarding insider trading during the reporting period[112] Environmental and Safety Considerations - The company faced environmental policy risks due to stricter regulations and public awareness regarding pollution[28] - The company emphasizes safety and environmental protection as a core aspect of its operations, with plans to enhance management and monitoring in 2014[102] - The company has not been listed as a severely polluting enterprise by environmental authorities, indicating compliance with environmental regulations[148] Shareholder and Governance Structure - The total number of shareholders at the end of the reporting period was 7,541, an increase from 6,238 five trading days before the report date[162] - Major shareholders include Wang Donghu with 19.96% (22,996,040 shares), Wang Jianqiang and Yang Haijiang both holding 9.71% (11,188,000 shares each)[162] - The company has a long-term commitment to avoid competition with its actual controllers, ensuring stable development[144] - The company has established a governance structure consisting of the shareholders' meeting, board of directors, supervisory board, and management team, ensuring compliance with relevant laws and regulations[191] Employee and Management Information - As of December 31, 2013, the company had a total of 293 employees, with 21.16% in R&D, 57.68% in production, and 10.24% in marketing and service[187] - The company has a total of 62 R&D personnel, contributing to its innovation and product development efforts[187] - The company’s management team includes 16 members, with the highest individual remuneration being CNY 18.46 million for a vice president[184] - The company has maintained a stable workforce with no significant changes in key technical personnel during the reporting period[186] Financial Management and Investments - The total amount of raised funds is CNY 248.05 million, with CNY 6.03 million utilized in the reporting period[71] - The company has not changed the purpose of the raised funds during the reporting period[71] - The company has completed the planned use of the raised funds, with a total of CNY 77.8611 million allocated to increase the investment in the PVP project[75] - The company has not reported any major changes in the feasibility of the fundraising projects[76]