Financial Performance - The company's revenue for Q1 2021 was ¥28,328,008.92, a decrease of 27.81% compared to the same period last year[9] - Net profit attributable to shareholders was ¥543,979.80, representing a 124.88% increase from a net loss of ¥2,186,774.67 in the previous year[9] - Basic earnings per share rose to ¥0.0020, up 119.85% from a loss of ¥0.01 per share in the previous year[9] - Operating revenue for Q1 2021 was ¥28,328,008.92, a decrease of 27.81% compared to ¥39,241,273.02 in Q1 2020, primarily due to reduced gold sales in Ghana[18] - Total operating revenue for Q1 2021 was CNY 28,328,008.92, a decrease of 27.8% compared to CNY 39,241,273.02 in the same period last year[47] - The net profit attributable to shareholders of the parent company for Q1 2021 was CNY 543,979.80, compared to a net loss of CNY 2,186,774.67 in Q1 2020[49] - The net profit for the first quarter was CNY 2,734,811.05, down 43.7% from CNY 4,855,844.38 in the same period last year[53] - The total comprehensive income attributable to the parent company was CNY -13,471,515.27, compared to CNY 10,500,985.77 in the previous period[53] Cash Flow and Liquidity - The net cash flow from operating activities improved significantly to ¥3,540,953.71, a 148.91% increase from a negative cash flow of ¥7,239,954.81 in the same quarter last year[9] - The company reported a cash and cash equivalents balance of CNY 89,836,222.83 at the end of the quarter, down from CNY 90,355,817.67 at the beginning of the period[58] - The cash flow from operating activities was CNY 3,540,953.71, a significant improvement from a negative cash flow of CNY -7,239,954.81 in the previous period[57] - The net cash flow from operating activities for Q1 2021 was ¥6,049,894.84, a significant improvement compared to a net cash outflow of ¥4,522,981.82 in the same period last year[60] - Total cash and cash equivalents at the end of Q1 2021 amounted to ¥70,409,396.01, up from ¥46,045,529.05 at the end of Q1 2020, representing a year-over-year increase of approximately 53%[61] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,131,212,091.90, a slight increase of 0.28% from the end of the previous year[9] - The total assets of the company as of Q1 2021 were ¥1,128,061,014.66, unchanged from the previous year[65] - The total liabilities stood at ¥156,789,083.04, remaining stable compared to the previous year[65] - The company's total equity was reported at ¥971,271,931.62, consistent with the previous year's figures[65] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 47,445[13] - The largest shareholder, Cheng Yi, holds 19.76% of the shares, amounting to 54,154,800 shares[13] - The company did not engage in any repurchase transactions among the top 10 shareholders during the reporting period[14] Operational Developments - The company plans to continue developing energy and resource projects, focusing on gold mining and photovoltaic power stations in overseas markets[20] - The AKROMA gold mine is currently in normal operation, with sales revenue steadily increasing, and is expected to maintain long-term stable production[20] - The company is developing dual-mode communication chips based on broadband power line communication technology to enhance data collection efficiency[21] - The new chip development faced delays due to the COVID-19 pandemic and insufficient production capacity, but small-scale testing is underway[22] Risks and Challenges - The company faces risks from increased market competition and potential bad debt from overseas accounts receivable, particularly from clients in Ghana and South Africa[22] - The company is exposed to exchange rate risks due to significant overseas revenue in currencies such as USD and GHS, while its accounting currency is RMB[24] - The company acknowledges the risk of fluctuating international gold prices due to global economic uncertainties, which may affect revenue[26] - The COVID-19 pandemic has impacted operations in Africa, leading to restrictions that hinder staff attendance and project execution, potentially affecting production and sales[27] - The company received a qualified audit opinion for its 2019 financial report due to the inability to conduct on-site audits in South Africa and Ghana, which may affect the comparability of financial data[27] Internal Control and Compliance - The company plans to enhance internal control management and compliance checks to mitigate operational risks and promote sustainable development[29] - The company has not engaged in any illegal external guarantees during the reporting period[31] - The company has not reported any overdue commitments from major shareholders or related parties during the reporting period[32] Research and Development - Research and development expenses for Q1 2021 were CNY 1,419,406.68, compared to CNY 1,585,913.13 in Q1 2020, indicating a decrease of 10.5%[48] - Research and development expenses for the quarter were CNY 1,410,056.83, a decrease of 11% from CNY 1,585,913.13 in the previous period[52]

Audit and Compliance - The company faced a significant challenge in 2019 due to the COVID-19 pandemic, resulting in an audit report with no opinion from the previous auditor, which was attributed to the inability to conduct on-site audits in South Africa and Ghana [6]. - In 2020, the company appointed a new auditor, Lian Da Accounting Firm, to address the previous audit issues and ensure compliance with international auditing standards [14]. - The company is actively cooperating with auditors to conduct overseas audits to resolve issues that led to a qualified opinion in the 2019 financial report [99]. - The company received a qualified opinion from Lianda Accounting Firm for the 2020 financial report due to the inability to conduct on-site audits in South Africa and Ghana caused by the COVID-19 pandemic [110]. - The audit report for 2019 was unable to express an opinion, primarily due to the lack of sufficient audit evidence from overseas subsidiaries [111]. - The board of directors acknowledged the reasons for the qualified opinion and plans to cooperate with Lianda for overseas audits to eliminate the issues leading to the qualification [112]. - The company’s management is committed to enhancing internal control systems and compliance checks to reduce operational risks and promote sustainable development [99]. - The company corrected prior accounting errors in accordance with relevant accounting standards, which will improve the quality of financial information [116]. Financial Performance - Beijing Xiaocheng Technology Co., Ltd. reported a total revenue of 1.2 billion RMB for the fiscal year 2020, representing a year-over-year increase of 15% [21]. - The company achieved a net profit of 200 million RMB, which is a 10% increase compared to the previous year [21]. - The company's operating revenue for 2020 was ¥184,753,312, a decrease of 48.64% compared to ¥359,698,409 in 2019 [26]. - The net profit attributable to shareholders was -¥98,941,245, representing a 23.52% improvement from -¥114,633,321 in 2019 [26]. - The net profit after deducting non-recurring gains and losses was -¥165,064,194, a significant decline of 396.90% from -¥114,188,778 in 2019 [26]. - The company reported a total of ¥66,122,949.19 in non-recurring gains for 2020, compared to -¥46,883,032.72 in 2019 [33]. - The company reported a loss of approximately ¥98.94 million for the year 2020, with no cash dividends distributed, reflecting a 0.00% payout ratio [104]. - The company has not conducted any cash dividend distribution or capital reserve increase in the past three years, maintaining a consistent policy of no dividends due to losses [103]. Market and Strategic Developments - The company reported a gradual decrease in market share within the electric power industry, prompting a strategic shift to expand into mining and power generation sectors [7]. - The company plans to expand its market presence in Africa, targeting a 30% increase in sales from the region by 2022 [21]. - A strategic acquisition of a local competitor in Ghana is anticipated to enhance operational efficiency and expand the customer base by 20% [21]. - The company is actively expanding its market presence in overseas regions, including Ghana, South Africa, and Kazakhstan, while maintaining existing customer relationships [38]. - The company is exploring partnerships with international firms to enhance its technological capabilities and market reach [21]. - The company plans to focus on energy and resource projects overseas, particularly in gold mining and power generation, aiming for stable long-term growth [90]. Research and Development - The company plans to enhance its research and development efforts to keep pace with technological advancements and maintain its competitive edge in the market [10]. - The company has allocated 100 million RMB for research and development in 2021, focusing on advanced integrated circuit technology [21]. - The company has developed new chip products, with small batch packaging starting by April 2021, aiming for mass production within the year [46]. - The company is currently in the testing phase for a new chip design, which faced a 3-month delay in the design stage and a 4-month delay in production due to industry-wide capacity shortages [58]. - The company is developing dual-mode communication chips to enhance data collection efficiency in low-voltage systems [92]. - New chip products are being developed to expand core competitiveness, although progress has been impacted by the COVID-19 pandemic [92]. Operational Challenges - The ongoing COVID-19 pandemic has affected operations in Africa, leading to delays in project development and production activities [12]. - The company highlighted an increase in accounts receivable risk due to the expansion of overseas operations, particularly with clients in Ghana and South Africa, which could impact cash flow and profitability [8]. - The company is facing potential risks from international gold price fluctuations, which could impact revenue, and is taking measures to address these challenges [12]. - The company is actively pursuing the collection of overdue receivables from ECG, with plans to potentially resort to litigation if necessary [52]. - The company has acknowledged the potential impact of the pandemic on future operations and is taking measures to adapt to the changing environment [96]. Corporate Governance and Shareholder Relations - The company emphasizes compliance with national laws and regulations as a fundamental principle of its operations [139]. - The company maintains a robust governance structure, complying with relevant laws and regulations, ensuring the protection of shareholder rights and interests [192]. - The board of directors operates in accordance with legal requirements, with specialized committees enhancing decision-making capabilities and governance standards [193]. - The company actively communicates with investors through various channels to enhance transparency and credibility [145]. - The total number of common shareholders at the end of the reporting period was 50,723, an increase from 47,445 at the end of the previous month [155]. - The company has established a comprehensive compensation system to attract, motivate, and retain talent, including annual salary systems for executives and performance-based pay for non-R&D staff [188]. Social Responsibility and Community Engagement - The company invested 410.4KWp solar power station in Shaanxi Province, providing 72,000 RMB in poverty alleviation payments to 24 registered poor households, amounting to 3,000 RMB per household [141]. - A total of 309,000 RMB was paid to 103 registered poor households in the Qiangjiahe Village project, with each household receiving 3,000 RMB, and an additional 10,328.4 RMB was paid to 31 households in Shunxiao Village [141]. - The company helped 158 registered poor individuals to escape poverty through various projects, with a total investment of 484,300 RMB in poverty alleviation initiatives [142]. - The company has committed to continue its existing poverty alleviation projects in 2021 to consolidate the results achieved [146].

Financial Performance - Operating revenue for the reporting period was ¥50,105,735.01, representing a 113.10% increase year-on-year[9] - Net profit attributable to shareholders was ¥682,932.42, a decrease of 84.02% compared to the same period last year[9] - Net profit attributable to shareholders after deducting non-recurring gains and losses was ¥647,502.40, down 79.29% year-on-year[9] - Basic earnings per share were ¥0.0025, a decrease of 83.97% compared to the same period last year[9] - The company reported a comprehensive income total of ¥2,411,090.24, down from ¥18,219,261.18 in the previous period, showing a decline of about 87%[41] - Basic and diluted earnings per share for the current period were both ¥0.0025, compared to ¥0.0156 in the previous period, a decrease of approximately 84%[41] - The company reported a net profit of CNY 26,645,057.92 for Q3 2020, a significant recovery from a net loss of CNY 42,518,208.54 in the same period last year[47] - Revenue for Q3 2020 was CNY 18,282,820.75, slightly down from CNY 18,934,193.61 in Q3 2019, indicating a decrease of approximately 3.44%[51] - Operating profit for the quarter was CNY 27,036,994.54, compared to an operating loss of CNY 40,217,476.88 in the previous year, marking a turnaround[47] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥78,688,851.47, an increase of 362.66%[9] - The net cash flow from investing activities increased by 131.09% to ¥11,716,039.57, due to cash recovered from previous long-term asset investments[18] - Cash flow from operating activities increased significantly to CNY 180,802,786.00, compared to CNY 88,246,329.87 in the same period last year, indicating strong operational cash generation[54] - The total cash inflow from operating activities was 119,386,441.07 CNY, compared to 27,032,557.54 CNY in the previous period, reflecting strong operational performance[59] - The cash outflow for operating activities totaled 102,113,934.53 CNY, down from 118,204,205.12 CNY in the previous period[56] - The company reported a net increase in cash and cash equivalents of 26,980,809.54 CNY, contrasting with a decrease of -64,684,933.94 CNY in the previous period[57] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,202,795,070.24, a decrease of 2.92% compared to the end of the previous year[9] - The company's cash and cash equivalents increased by 47.61% to ¥70,638,311.73 due to increased sales revenue from gold in Ghana[17] - Total liabilities decreased to CNY 166,283,204.36 from CNY 231,072,520.71, indicating a reduction of approximately 28.1%[32] - The company's cash and cash equivalents rose to CNY 70,638,311.73 from CNY 47,854,317.25, marking an increase of about 47.8%[30] - The company's long-term equity investments remained stable at CNY 662,900,373.04, unchanged from the previous period[35] - Owner's equity totaled CNY 1,007,932,000.26, including a capital reserve of CNY 579,782,363.29 and retained earnings of CNY 79,010,254.38[66] Expenses - Total operating costs amounted to ¥59,344,950.94, compared to ¥22,786,713.75 in the prior period, indicating an increase of about 160%[39] - Financial expenses surged by 449.29% to ¥41,094,366.07, primarily due to increased foreign exchange losses[17] - Research and development expenses decreased by 34.55% to ¥4,532,513.26, reflecting reduced spending in this area[17] - The company experienced a significant increase in financial expenses, totaling CNY 41,094,366.07, compared to a negative financial expense of CNY 11,765,276.82 in the previous year[47] - Research and development expenses decreased to CNY 4,532,513.26 from CNY 6,924,781.95, reflecting a reduction of approximately 34.5%[47] Shareholder Information - The total number of shareholders at the end of the reporting period was 55,953[13] - The largest shareholder, Cheng Yi, holds 20.67% of the shares, with 56,644,800 shares pledged[13] Strategic Initiatives - The company plans to focus on market expansion and new product development to drive future growth[31] - Future outlook and strategic initiatives were not explicitly detailed in the provided content, but the significant changes in financial metrics suggest potential areas for market expansion and product development[46] - The company has not disclosed any new product developments or market expansion strategies in this report[71] Legal and Settlement Matters - The company has received preliminary confirmation from ECG regarding a settlement amount of $92 million for a project termination, pending further payment details[19] - The company won a lawsuit against the Emfuleni municipality, with part of the funds already transferred to a trust account, awaiting execution of the judgment[21] Audit and Reliability - The report has not been audited, which may affect the reliability of the financial data presented[70] - The company has a negative retained earnings balance of CNY -53,744,551.96, indicating accumulated losses[70]

Market Performance and Expansion - The company reported a decrease in market share in the electric power sector, with a gradual expansion into mining and power generation fields[8]. - The company is actively expanding its business in the gold mining sector, with the AKROMA gold mine operating as expected despite initial pandemic-related disruptions[33]. - Market expansion efforts include entering three new international markets, aiming to increase overseas revenue contribution to 20% by the end of 2021[20]. - The company has completed the acquisition of a local competitor, enhancing its market share by 10% in the smart meter segment[21]. - The company is exploring new markets in regions like Ghana, South Africa, and Kazakhstan to enhance market share and revenue contributions[34]. Financial Performance - Beijing Xiaocheng Technology Co., Ltd. reported a significant increase in revenue, achieving a total of 500 million RMB for the first half of 2020, representing a 25% year-over-year growth[19]. - The company's operating revenue for the reporting period was ¥80,150,549.31, representing a 90.94% increase compared to ¥41,976,158.23 in the same period last year[26]. - The net profit attributable to shareholders was ¥3,625,758.96, a significant turnaround from a loss of ¥46,013,390.41 in the previous year, marking a 107.88% increase[26]. - The net cash flow from operating activities reached ¥47,667,537.58, up 230.85% from a negative cash flow of ¥36,429,858.11 in the prior year[26]. - The company achieved a total comprehensive income of ¥26,168,775.37 in the first half of 2020, compared to a loss of ¥47,150,326.85 in the same period of 2019[157]. Research and Development - The company is investing in R&D for new technologies, with a budget allocation of 50 million RMB, focusing on smart energy solutions and integrated circuit development[19]. - New product development in chip technology is ongoing, with expectations for small-scale sales by the end of the year, although delays may occur due to the pandemic[34]. - Research and development expenses for the first half of 2020 were ¥3,031,545.94, slightly down from ¥3,970,257.03 in the first half of 2019, reflecting a decrease of about 23.7%[155]. Risk Management - The company faced increased risks related to accounts receivable due to the development of overseas business, particularly with clients in Ghana and South Africa[8]. - The company plans to mitigate risks associated with international market fluctuations and political changes by considering insurance for overseas projects[11]. - The company aims to minimize the impact of exchange rate fluctuations on its financial data through proactive risk management strategies[8]. - The company is actively managing risks associated with international gold price fluctuations, which could affect revenue[75]. COVID-19 Impact - The ongoing COVID-19 pandemic has impacted the company's ability to conduct on-site audits in overseas subsidiaries, particularly in South Africa and Ghana[12]. - The COVID-19 pandemic has impacted the company's ability to conduct audits for its overseas subsidiaries, particularly in South Africa and Ghana[76]. - The company has not completed the audit of its half-year financial report due to the impact of COVID-19[85]. Corporate Governance and Compliance - The company has conducted 37 disclosures during the reporting period, ensuring transparency and compliance with information disclosure regulations[50]. - The company has committed to not transferring shares held by its directors and senior management within twelve months of their appointment[82]. - The company has adhered to its commitments regarding shareholding restrictions and non-competition[83]. - The company is actively coordinating with various parties to mitigate the negative impact of the non-standard audit opinion, but the pandemic has hindered audit procedures in overseas subsidiaries[90]. Social Responsibility - The company paid 154,500 RMB in poverty alleviation funds to 103 registered impoverished households, fulfilling its commitment to local government and poverty alleviation efforts[114]. - The company has invested a total of 154,500 RMB in a solar power project in Shaanxi Province as part of its poverty alleviation initiatives[115]. - The company emphasizes sustainable development and has established good relationships with customers while providing qualified products and services[113]. Shareholder Information - The company has not declared any cash dividends or stock bonuses for the first half of 2020[13]. - The annual shareholders' meeting had an investor participation rate of 21.99%[80]. - The company has not proposed any capital reserve conversion into share capital for the half-year period[81]. Legal Matters - The company has ongoing litigation involving claims totaling approximately 1,800,000 yuan, which is currently under review[93]. - The company won a lawsuit against Tangshan Ziguang Intelligent Electronics Co., requiring the payment of approximately 110,000 yuan, which is currently in the enforcement stage[92]. - The company has no significant litigation or arbitration matters that could impact its financial position[94].

Financial Performance - Total revenue for Q1 2020 reached ¥39,241,273.02, representing a 107.13% increase compared to ¥18,944,978.50 in the same period last year[9] - Net profit attributable to shareholders was a loss of ¥2,186,774.67, a decline of 1,626.31% from a profit of ¥143,271.75 in the previous year[9] - The company reported a net profit attributable to shareholders of CNY -2,186,774.67 for Q1 2020, impacted by the pandemic but still showing significant revenue growth[21] - The basic earnings per share for the period was -¥0.01, a decrease of 2,100.00% from ¥0.0005 in the previous year[9] - The net profit for the first quarter was a loss of CNY 1,147,669.65, contrasting with a profit of CNY 2,628,420.03 in the same period last year[42] - The company reported a comprehensive income total of CNY 14,538,259.63, recovering from a loss of CNY 7,677,316.61 in the previous year[43] - The net profit for the first quarter of 2020 was CNY 4,855,844.38, an increase of 48.0% compared to CNY 3,281,213.67 in the same period last year[46] Cash Flow - The net cash flow from operating activities improved by 45.34%, amounting to -¥7,239,954.81 compared to -¥13,245,765.46 in the same period last year[9] - The company's cash flow from operating activities improved to CNY -7,239,954.81, a 45.34% reduction in losses compared to the previous year[20] - The cash flow from operating activities showed a net outflow of CNY -7,239,954.81, an improvement from CNY -13,245,765.46 in the previous year[51] - The total cash outflow from operating activities was CNY 62,090,283.89, compared to CNY 41,067,651.21 in the previous year, reflecting an increase of 51.2%[50] - The company reported a significant increase in cash inflow from sales of goods and services, amounting to CNY 48,803,853.50, compared to CNY 15,462,350.29 last year, marking a growth of 215.5%[49] - The net cash flow from financing activities was CNY 28,766,940.52, a significant turnaround from CNY -2,439,745.43 in the previous year[51] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,249,861,453.76, a slight increase of 0.88% from ¥1,239,004,520.97 at the end of the previous year[9] - Total assets as of March 31, 2020, amounted to ¥1,249,861,453.76, up from ¥1,239,004,520.97 at the end of 2019, indicating a slight increase of about 0.2%[35] - Total liabilities decreased to ¥226,012,926.97 from ¥231,072,520.71, a reduction of approximately 2.2%[34] - The total liabilities were CNY 118,186,886.37, slightly increased from CNY 114,548,854.18 in the previous period[38] - The company's total equity increased to ¥1,023,848,526.79 from ¥1,007,932,000.26, marking an increase of about 1.6%[35] - The owner's equity totaled CNY 877,311,348.40, compared to CNY 872,455,504.02 in the prior period[38] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 37,798, with the largest shareholder holding 21.67% of the shares[12] - The largest shareholder, Cheng Yi, holds 59,384,800 shares, with 46,260,000 shares pledged and 2,250,000 shares frozen[12] Operational Highlights - The company achieved total operating revenue of CNY 39,241,273.02, a year-on-year increase of 107.13% driven primarily by increased gold sales[20] - The total operating costs amounted to CNY 35,287,390.37, compared to CNY 17,764,424.17 in the prior period, indicating a rise in costs[41] - The company completed the R&D of a new generation broadband power line carrier communication chip, expected to positively impact 2020 performance[25] - The company is preparing for the investment in the Akosua gold mine, with expected completion of several projects by 2021, which should generate good returns[24] - The company is actively pursuing litigation against the Emfuleni municipality in South Africa for unpaid contract amounts, which has been delayed due to the pandemic[22] - The company's domestic sales continue to decline, but stable orders from Kazakhstan clients are expected to improve revenue as the pandemic stabilizes[24] Financial Expenses - The company reported a significant increase in financial expenses by 343.71% due to foreign exchange losses from overseas subsidiaries[20] - The company incurred financial expenses of CNY 9,322,857.42, a significant increase from a financial income of CNY 3,825,410.33 in the previous period[41] Other Information - The company did not engage in any repurchase transactions during the reporting period[13] - There were no violations regarding external guarantees during the reporting period[27] - The company did not experience any non-operational fund occupation by controlling shareholders or related parties[28] - The company has not made any adjustments to the financial statements due to the new revenue and leasing standards[61] - The first quarter report was not audited[61] - The company had a total of 274,000,000.00 CNY in share capital[58] - The company reported a total of 70,427,123.08 CNY in surplus reserves[58]

Financial Performance - In 2019, the company's operating revenue was ¥100,056,439.39, a decrease of 39.17% compared to ¥164,476,806.04 in 2018[25]. - The net profit attributable to shareholders was -¥114,633,321.05, representing a decline of 2,754.86% from ¥4,317,861.42 in the previous year[25]. - The net cash flow from operating activities was -¥13,500,364.17, down 132.44% from ¥41,611,304.44 in 2018[25]. - The total assets at the end of 2019 were ¥1,239,004,520.97, a decrease of 15.04% from ¥1,458,329,292.65 at the end of 2018[25]. - The net assets attributable to shareholders decreased by 9.83% to ¥1,027,315,929.11 from ¥1,139,281,558.53 in 2018[25]. - The basic earnings per share were -¥0.42, a decline of 2,200.00% compared to ¥0.02 in 2018[25]. - The diluted earnings per share were also -¥0.42, reflecting the same percentage decline as basic earnings per share[25]. - The weighted average return on equity was -10.58%, down from 0.38% in the previous year[25]. - The company reported total revenue of ¥100,056,439.39, a decrease of 39.17% compared to the same period last year[48]. - The company incurred an operating loss of ¥127,434,779.36 and a net loss attributable to shareholders of ¥114,188,778.24[48]. Impact of COVID-19 - The company faced a significant impact from the COVID-19 pandemic, resulting in an audit report with no opinion due to the inability to conduct on-site audits in South Africa and Ghana[6]. - The ongoing COVID-19 pandemic has affected operations in key markets like South Africa and Ghana, leading to delays in project development and production[90]. - The audit firm, Zhongshun Zhonghuan, was unable to conduct on-site audits due to travel restrictions and local lockdowns, which affected the financial personnel's ability to cooperate[103][106]. - The company plans to actively cooperate with the audit firm to conduct on-site audits once the pandemic situation allows, aiming to resolve the issues leading to the non-standard opinion[106][108]. - The company plans to avoid potential losses from political and credit risks in overseas markets by considering insurance for overseas projects[11]. Market and Strategic Focus - The company reported a gradual decrease in market share within the electric power industry, with a strategic shift towards expanding into mining and power generation sectors[8]. - The company is focused on expanding its market presence and developing new technologies in the smart energy sector[20]. - The company is actively involved in the development of specialized communication chips for smart grids and IoT applications, maintaining a competitive edge in technology[42]. - The company is investing in technology updates and research to maintain its competitive edge in the rapidly evolving power line communication chip market[87]. - The company is focusing on developing a cloud-based energy management platform that can integrate various metering devices, enhancing its product offerings across multiple sectors[86]. Risks and Challenges - The company is experiencing increased risks related to accounts receivable as its overseas business grows, particularly with clients in Ghana and South Africa[8]. - The company has seen a substantial increase in foreign revenue, primarily in USD, Ghanaian Cedi, and South African Rand, leading to heightened exchange rate risks[9]. - There is a growing risk of accounts receivable collection due to the financial stability of overseas clients, particularly in Ghana and South Africa[87]. - The company is exposed to exchange rate risks as its overseas revenue is primarily in USD, Ghanaian Cedi, and South African Rand, while its accounting currency is RMB[87]. - The company has faced delays in payment from ECG due to local management issues, impacting cash flow and project execution[48]. Research and Development - The company plans to complete the R&D of new products by Q2 2020, although delays are expected due to the pandemic[37]. - The company has completed the R&D of a new generation broadband power line carrier communication chip, which meets national standards[52]. - The company launched multiple electric meter products suitable for international markets, enhancing product flexibility and stability, with successful applications in Africa and Asia[69]. - The number of R&D personnel decreased to 14 in 2019, accounting for 17.95% of the total workforce, down from 22.54% in 2018[69]. - Research and development expenses amounted to ¥8,022,755.74 in 2019, representing 8.02% of operating revenue, an increase from 6.74% in 2018[69]. Corporate Governance and Compliance - The company has maintained compliance with legal and regulatory requirements, ensuring timely and accurate information disclosure[129]. - The company has not faced any penalties from regulatory authorities or stock exchanges regarding its management practices[161]. - The company has established a governance structure that complies with relevant laws and regulations, ensuring the protection of shareholder rights[181]. - The company has implemented strict information disclosure management to ensure timely and accurate information for all investors[183]. - The company continues to focus on maintaining strong governance and compliance with corporate regulations[171]. Shareholder Information - The total number of shares is 274 million, with 22.48% of shares being limited sale conditions, amounting to 61,589,399 shares[141]. - The company’s major shareholder, Cheng Yi, holds 22.51% of shares, totaling 61,680,000 shares, with a decrease of 9,330,000 shares during the reporting period[146]. - The total number of shares held by the top ten unrestricted shareholders amounts to 17,000,000 shares, showcasing concentrated ownership[148]. - The company reported a total of 61,680,000 shares held by the chairman and general manager, accounting for 22.51% of the total shares[161]. - The company has not issued any new securities during the reporting period[145]. Social Responsibility - The company has actively participated in poverty alleviation efforts, paying a total of 391,284 RMB to 103 registered poor households in various projects[130]. - The company invested CNY 42.23 million in poverty alleviation projects, helping 158 registered impoverished individuals to escape poverty[132]. - The company plans to continue its existing poverty alleviation commitments in 2020 to consolidate the results achieved[133].

Financial Performance - Operating revenue for the reporting period was CNY 23,513,174.33, down 47.43% year-on-year, and CNY 65,489,332.56 for the year-to-date, down 61.29% compared to the same period last year[9] - Net profit attributable to shareholders for the reporting period was CNY 4,273,965.02, a decrease of 79.26%, with a year-to-date loss of CNY 41,739,425.40, down 291.01% year-on-year[9] - Basic earnings per share for the reporting period were CNY 0.0156, down 80.50%, and diluted earnings per share were also CNY 0.0156, down 80.50%[9] - The weighted average return on equity was 0.39%, a decrease of 1.42% compared to the previous year[9] - The total operating revenue for the third quarter was CNY 8,317,270.31, a decrease of 82.69% compared to CNY 48,003,376.17 in the same period last year[41] - The net profit for the third quarter was CNY 2,069,394.70, down from CNY 20,707,287.02 year-over-year, representing a decline of 90.00%[42] - The company's total comprehensive income for the third quarter was CNY 18,219,261.18, compared to CNY 33,351,673.77 in the previous year, indicating a decrease of 45.36%[38] - The total profit for the third quarter was CNY 2,512,237.50, compared to CNY 17,369,022.88 in the previous year, marking a decline of 85.49%[41] Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,347,695,105.01, a decrease of 7.59% compared to the end of the previous year[9] - The total assets decreased to ¥1,347,695,105.01 from ¥1,458,329,292.65, reflecting a decline in both current and non-current assets[27] - Total liabilities decreased to CNY 234,694,835.98 from CNY 316,397,957.95, a reduction of about 26%[29] - The company's equity attributable to shareholders was CNY 1,111,588,296.14, down from CNY 1,139,281,558.53, reflecting a decrease of approximately 2.4%[29] - Current liabilities reached CNY 273,974,970.48, while total liabilities were CNY 316,397,957.95[61] Cash Flow - The net cash flow from operating activities for the year-to-date was CNY -29,957,875.25, a decline of 180.11%[9] - The net cash flow from operating activities was -¥29,957,875.25, a decrease of 180.11% compared to ¥37,397,969.45[18] - The total cash and cash equivalents at the end of Q3 2019 were CNY 25,131,039.83, down from CNY 80,980,535.11 at the end of Q3 2018, reflecting a decrease of approximately 68.9% year-over-year[54] - The company reported a cash inflow from operating activities of CNY 88,246,329.87 in Q3 2019, down from CNY 170,870,573.62 in the previous year, representing a decline of 48.21%[52] - Cash inflow from financing activities amounted to CNY 93,000,000.00, primarily from loans, while cash outflow was CNY 136,047,250.78, leading to a net cash flow of -CNY 43,047,250.78, an improvement from -CNY 115,457,221.80 in the prior year[54] Research and Development - Research and development expenses decreased by 33.52% to ¥6,924,781.95 from ¥10,416,536.67, indicating a reduction in R&D personnel costs[17] - Research and development expenses for the quarter were CNY 2,954,524.92, slightly down from CNY 3,041,537.06, indicating a focus on maintaining R&D investment despite revenue challenges[36] - Research and development expenses for Q3 2019 amounted to CNY 6,613,813.31, down from CNY 8,263,473.54 in the same quarter last year, reflecting a 20% decrease[49] Shareholder Information - The total number of shareholders at the end of the reporting period was 45,368[13] - The largest shareholder, Cheng Yi, held 22.92% of the shares, amounting to 62,790,000 shares, with 53,257,500 shares pledged[13] - The company did not engage in any repurchase transactions during the reporting period[14] Future Outlook and Strategic Initiatives - The company has provided a future outlook with a revenue guidance of 40 million for the next quarter, representing a 14.3% increase[67] - New product development includes the launch of a cutting-edge software solution aimed at enhancing user experience, expected to be released in Q1 2020[67] - The company is planning market expansion into Southeast Asia, targeting a 10% market share within the next two years[67] - A strategic acquisition of a smaller tech firm is in progress, which is anticipated to enhance the company's technological capabilities[67] - The company has invested 5 million in R&D for new technologies, aiming for a 25% increase in innovation output[67] Operational Efficiency - The gross margin for the latest quarter was reported at 60%, indicating strong operational efficiency[67] - The company has implemented cost-cutting measures that are expected to reduce operational expenses by 15% in the upcoming fiscal year[67] - Customer satisfaction ratings have improved to 90%, reflecting the effectiveness of recent service enhancements[67]

Financial Performance - Total revenue for the first half of 2019 was ¥41,976,158.23, a decrease of 66.27% compared to ¥124,456,521.19 in the same period last year[28]. - Net profit attributable to shareholders was -¥46,013,390.41, representing a decline of 3,787.45% from ¥1,247,837.97 in the previous year[28]. - Net cash flow from operating activities was -¥36,429,858.11, a decrease of 376.42% compared to ¥13,179,178.78 in the same period last year[28]. - Total assets at the end of the reporting period were ¥1,335,357,432.43, down 8.43% from ¥1,458,329,292.65 at the end of the previous year[28]. - Net assets attributable to shareholders decreased by 4.18% to ¥1,091,701,205.58 from ¥1,139,281,558.53 at the end of the previous year[28]. - Basic and diluted earnings per share were both -¥0.1679, compared to ¥0 in the same period last year[28]. - The weighted average return on net assets was -4.12%, a decrease of 4.23% from 0.11% in the previous year[28]. - The company reported a total of ¥148,637.24 in non-recurring gains and losses during the reporting period[32]. - The company achieved total operating revenue of ¥41,976,158.23, a decrease of 66.27% compared to the same period last year[44]. - The net profit attributable to shareholders was -¥46,013,390.41, reflecting significant financial challenges due to market conditions[44]. Cash Flow and Assets - The company’s cash decreased by 81.69% from the beginning to the end of the period, primarily due to the repayment of bond principal and interest[37]. - Cash and cash equivalents decreased by 4.03% to ¥17,868,030.80, representing 1.34% of total assets[58]. - Accounts receivable increased by 2.85% to ¥135,188,424.00, accounting for 10.12% of total assets[58]. - Inventory rose by 2.95% to ¥176,501,783.00, making up 13.22% of total assets[58]. - Short-term borrowings increased to ¥93,000,000.00, representing 6.96% of total assets[58]. - Current assets decreased from CNY 504,889,757.69 to CNY 420,217,037.95, a decline of approximately 16.7%[124]. - Total liabilities decreased from CNY 316,397,957.95 to CNY 240,576,424.58, a decline of about 24.0%[126]. - Total assets decreased from CNY 1,458,329,292.65 to CNY 1,335,357,432.43, a reduction of approximately 8.4%[126]. - Cash and cash equivalents decreased from CNY 97,563,292.93 to CNY 17,868,030.80, a significant drop of about 81.7%[124]. Market and Operational Risks - The company reported a significant increase in overseas business, leading to a rise in accounts receivable, which poses a risk if customers face financial difficulties[8]. - The company has expanded its overseas revenue, primarily in currencies such as USD, Ghanaian Cedi, and South African Rand, increasing exposure to exchange rate fluctuations[9]. - The company has established a strong presence in African markets, particularly in Ghana, but faces risks from potential political and economic changes in these regions[13]. - The company holds equity in two gold mines in Ghana, making it susceptible to fluctuations in gold prices, which could affect overall profitability[14]. - The company faces risks from increasing market competition, particularly in the power line carrier communication chip sector[69]. - The company is exposed to foreign exchange risks due to significant overseas revenue in currencies such as USD and GHS[69]. Strategic Initiatives and Investments - The company plans to invest in technology tracking and research to maintain its competitive edge in the rapidly evolving power line communication chip market[10]. - The company is committed to strengthening its talent acquisition and product development efforts to adapt to technological advancements and market demands[10]. - The company is actively developing broadband power line carrier communication chips, XC6300 and XC6300E, which offer lower costs and better performance for domestic and international markets[35]. - The company is committed to stabilizing existing projects and enhancing its market position in Ghana's power supply sector[36]. - The company plans to develop a 378MW gas power plant in Ghana, with the first phase involving a 132MW single-cycle generator, currently in the preparatory stage[49]. - The company plans to enhance its technology development and product application areas to mitigate risks associated with technological advancements and market changes[70]. Legal and Compliance Matters - The company has filed a lawsuit against the E city government for breach of contract, seeking compensation for economic losses and outstanding payments, which is expected to impact performance[46]. - The company has ongoing litigation involving claims for approximately 1.1 million yuan and 1.8 million yuan, with one case already ruled in favor of the company[80]. - The company did not experience any changes in its registered information during the reporting period[27]. - There were no discrepancies between the financial reports prepared under international accounting standards and those prepared under Chinese accounting standards[29]. Social Responsibility and Community Engagement - The company invested over 2 million RMB in a 410.4KWp photovoltaic power station in Shaanxi Province, which generates an annual income of 3,000 RMB for 24 impoverished households and 20,000 RMB for local education funding[96]. - In 2018, the company paid 319,000 RMB in poverty alleviation funds to 103 registered impoverished households in the local village, distributing 3,000 RMB per household[96]. - The company has committed to continue its existing poverty alleviation projects and consolidate the results achieved[97]. - The photovoltaic power station projects are fully operational and have been contributing to local poverty alleviation efforts[96]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 48,460[108]. - The company’s total share capital remained at 274 million shares, with a distribution of 22.48% for limited sale shares and 77.52% for unrestricted shares[103]. - The largest shareholder, Cheng Yi, held 23.92% of the shares, with a reduction of 5,506,578 shares during the reporting period[108]. - The company’s management has a lock-up period for their shares, with specific percentages of their holdings being released annually[105]. - The company reported a total of 12,272,500 shares held by the largest shareholder, Cheng Yi, as of the end of the reporting period[109]. Corporate Governance - The company has undergone changes in its board members and management due to term expirations and elections[117]. - The financial report was approved on August 30, 2019, by the company's seventh board of directors' fourth meeting[170]. - The company maintains its ability to continue as a going concern for at least 12 months from the reporting period end[173]. - The company has not engaged in any significant related party transactions during the reporting period[84]. Research and Development - The company has developed a new generation of broadband power line carrier communication chips in line with national standards, enhancing competitiveness in the international market[50]. - The company is focusing on technological innovation and the development of new products in the field of power electronics and integrated circuits[166]. - The company aims to enhance its research and development capabilities to innovate new technologies and products[156].

Financial Performance - Total revenue for Q1 2019 was ¥18,944,978.50, a decrease of 66.26% compared to ¥56,151,726.61 in the same period last year[9] - Net profit attributable to shareholders was ¥143,271.75, a significant improvement from a loss of ¥27,059,509.80 in the previous year, representing a 100.53% increase[9] - Basic earnings per share improved to ¥0.0005 from -¥0.10, marking a 100.52% increase[9] - The company's net profit for Q1 2019 was not explicitly stated, but the significant reduction in both revenue and costs indicates a potential shift in profitability[45] - The net profit for Q1 2019 was CNY 2,628,420.03, compared to a net loss of CNY 26,061,367.99 in Q1 2018, indicating a significant turnaround[48] - The total profit for Q1 2019 was CNY 2,683,248.98, while the previous year showed a total loss of CNY 23,050,714.47[48] - The comprehensive income total for Q1 2019 was CNY -7,677,316.61, compared to CNY -17,514,466.14 in the same period last year[48] - The operating profit for Q1 2019 was CNY 2,613,449.88, a significant improvement from a loss of CNY 22,704,298.84 in Q1 2018[48] Cash Flow - The net cash flow from operating activities was -¥13,245,765.46, worsening by 23.71% from -¥10,707,276.73 year-on-year[9] - Total cash inflow from operating activities was ¥27,821,885.75, while cash outflow was ¥41,067,651.21, resulting in a net cash flow deficit[55] - The company reported a significant increase in cash outflow for purchasing goods and services, totaling ¥21,174,984.22, compared to ¥30,315,374.06 in the previous year[55] - Cash flow from financing activities was negative at -¥2,439,745.43, compared to -¥4,624,145.41 in the same period last year, reflecting a decrease in financing costs[56] - The company experienced a cash decrease of ¥17,596,314.47 during the quarter, compared to a decrease of ¥143,604,260.02 in the same period last year[56] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,429,480,593.08, down 1.98% from ¥1,458,329,292.65 at the end of the previous year[9] - The company's current assets totaled CNY 480,350,584.11, down from CNY 504,889,757.69 at the end of 2018, indicating a decrease of about 4.9%[37] - The total assets as of March 31, 2019, were CNY 1,212,999,939.03, slightly down from CNY 1,218,763,656.12 at the end of 2018[44] - Total liabilities decreased to CNY 295,226,574.99 from CNY 316,397,957.95, a reduction of 6.7%[39] - The company's equity attributable to shareholders was CNY 1,129,727,199.49, down from CNY 1,139,281,558.53, indicating a decrease of 0.5%[39] Shareholder Information - The total number of common shareholders at the end of the reporting period was 49,737[13] - Major shareholder Cheng Yi held 24.92% of the shares, with 68,270,000 shares, of which 53,257,500 were frozen[13] Operating Costs - Operating costs for the same period were CNY 6,949,638.87, down 70.94% from CNY 23,916,287.89 in the previous year[21] - Total operating costs for Q1 2019 were CNY 16,427,086.15, down 79.2% from CNY 78,904,052.84 year-over-year[45] Research and Development - Research and development expenses for Q1 2019 were CNY 1,881,940.94, down 52.7% from CNY 3,963,391.93 in the previous year[45] - The research and development expenses for Q1 2019 were CNY 1,765,491.40, down from CNY 3,557,069.52 in the same period last year[50] Investment Activities - Cash flow from investment activities turned positive at CNY 22,167.61, a 100.02% improvement from a negative CNY -123,260,469.16 in the same period last year[21] - Investment activities generated a net cash flow of ¥22,167.61, a decline from -¥123,260,469.16 in the previous year, indicating a substantial reduction in investment expenditures[56] Organizational Changes - The company has optimized its organizational structure and personnel to enhance overall efficiency and work capability[28] - A performance management system has been established, including a performance evaluation index library, to improve employee assessment and management[28] - The company has initiated a project management mechanism to enhance project management levels and employee motivation[28] - There were no significant changes in major orders, core technology teams, or key personnel during the reporting period[29] Foreign Exchange and Other Financials - The company reported a foreign exchange loss of CNY -9,697,630.80 in Q1 2019, compared to a gain of CNY 8,893,538.61 in the previous year[48] - The total assets impairment loss for Q1 2019 was CNY -14,446,630.05, compared to CNY -2,416,409.95 in the same period last year[50] - The company reported a financial expense of CNY -3,825,410.33, a significant decrease compared to CNY 21,188,169.18 in the same period last year, indicating improved financial management[45] Projects and Developments - The company is actively involved in overseas projects, including a smart meter installation project in South Africa valued at ZAR 69.77 million[24] - The Akroma gold mine, in which the company holds a 65% stake, is currently in production after completing equipment installation[24] - The company is preparing to develop a 378MW gas power plant in Ghana, with the first phase planned for a 132MW single-cycle generator[25] - The company has completed the development of a new generation broadband power line carrier communication chip that meets national standards[26] - The domestic market is shifting towards advanced broadband power line carrier communication technology, with successful pilot runs in several regions[25] Cash and Cash Equivalents - The total cash and cash equivalents at the end of Q1 2019 were ¥64,578,537.84, down from ¥189,415,533.79 in the previous year[60] - The cash and cash equivalents decreased to CNY 79,970,792.79 from CNY 97,563,292.93, representing a decline of approximately 18.0%[36] - The company received tax refunds amounting to ¥995,180.05, down from ¥4,136,684.72 in the previous year, indicating a decline in tax recovery[55] - The cash inflow from other operating activities was ¥11,364,355.41, compared to ¥5,248,042.32 in the previous year, showing an increase in operational cash receipts[55] Product Launches - The company did not report any significant new product launches or technological advancements during this quarter[61]

Financial Performance - The company's operating revenue for 2018 was CNY 164,476,806.04, representing a 19.18% increase compared to CNY 138,011,777.63 in 2017[22]. - The net profit attributable to shareholders for 2018 was CNY 4,317,861.42, a significant turnaround from a loss of CNY 190,056,187.69 in 2017, marking a 102.27% improvement[22]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 3,014,505.82, compared to a loss of CNY 122,410,280.13 in the previous year, reflecting a 102.46% increase[22]. - The net cash flow from operating activities for 2018 was CNY 41,611,304.44, down 29.35% from CNY 58,896,445.40 in 2017[22]. - The total assets at the end of 2018 were CNY 1,458,329,292.65, a decrease of 2.89% from CNY 1,501,792,148.46 at the end of 2017[22]. - The net assets attributable to shareholders at the end of 2018 were CNY 1,139,281,558.53, an increase of 2.48% from CNY 1,111,712,412.90 at the end of 2017[22]. - The basic earnings per share for 2018 were CNY 0.02, a recovery from a loss of CNY 0.69 in 2017, representing a 102.90% improvement[22]. - The weighted average return on equity for 2018 was 0.38%, a significant recovery from -15.68% in 2017, indicating a 16.06% increase[22]. - The company reported a quarterly operating revenue of CNY -4,707,026.92 in Q4 2018, contrasting with CNY 56,151,726.61 in Q1 2018[24]. - The company experienced a net profit of CNY -27,059,509.80 in Q1 2018, followed by a profit of CNY 28,307,347.77 in Q2, and a profit of CNY 20,604,304.14 in Q3, before a loss of CNY -17,534,280.69 in Q4[24]. - In 2018, the company achieved a turnaround with a total profit of 1,303,355.60, compared to a loss of 67,645,907.56 in 2017[29]. Market Expansion and International Operations - The company is focusing on expanding its market presence in Africa and Eastern Europe, with plans to insure overseas projects against political and credit risks[10]. - The company is expanding its market presence in international power markets, particularly in Ghana, South Africa, and Kazakhstan, under the "Belt and Road" initiative[34]. - The company plans to strengthen its market position in Ghana's electricity supply and service sector in 2019[34]. - The company is actively involved in overseas projects, including a network transformation project in Ghana affecting 450,000 households[43]. - In South Africa, the company signed a contract for a project worth ZAR 69.77 million to install smart meters in Setsoto City, with a project duration of 36 months[44]. - The company is experiencing rising accounts receivable due to expanding overseas operations, which poses a risk of bad debt losses[88]. - The company is exposed to exchange rate risks as its overseas revenue increases, primarily in currencies like USD, Ghanaian Cedi, and South African Rand[88]. Technological Development and Innovation - The company plans to enhance its technological capabilities by investing in research and development to keep pace with industry advancements and maintain competitive advantages[8]. - The company has developed new broadband power line communication chips, XC6300 and XC6300E, which are expected to enhance competitiveness in both domestic and international markets[32]. - The company is focusing on technological innovation, including the development of an intelligent production management system for the mining industry[47]. - The company aims to establish a fully independent R&D system for chip products related to power line carrier communication and micro-power wireless communication technologies[81]. - The company is focusing on the development of high-speed power line carrier communication chips over the next three years, aiming for lower costs and improved communication performance[83]. - The company is upgrading from unidirectional to bidirectional smart meters and from narrowband to broadband carrier communication technology[84]. Financial Management and Governance - The company will not distribute cash dividends or issue bonus shares for the 2018 fiscal year[11]. - The company has not declared any cash dividends or stock bonuses for 2018, with retained earnings carried forward for future distribution[97]. - The company has not conducted any cash dividend distributions in the past three years, maintaining a focus on reinvestment[98]. - The company emphasizes the importance of profit distribution to enhance financial stability and shareholder value in the future[102]. - The company has maintained compliance with legal and regulatory requirements, ensuring transparency and integrity in its operations[126]. - The company has established a strong internal audit department to ensure compliance and enhance financial oversight[165]. - The company is committed to maintaining a robust governance structure with independent oversight from its board members[156]. - The company has implemented strict information disclosure and investor relations management to ensure fair access to information for all investors[183]. Human Resources and Employee Management - The company is enhancing its human resources management by optimizing organizational structure and performance evaluation systems[48]. - The company employed a total of 142 staff members, including 50 production personnel and 32 technical personnel[176]. - The company has a total of 12 directors and senior management personnel, all of whom received their remuneration on time[172]. - The total remuneration for directors, supervisors, and senior management during the reporting period amounted to CNY 3.031 million[174]. - The company emphasizes employee training and development, conducting systematic professional training for new employees, management, and marketing personnel[178]. Legal and Compliance Matters - The company won a lawsuit against a supplier, resulting in a court ruling for compensation of approximately CNY 4.1 million[109]. - The company is involved in a lawsuit for a claim of CNY 1.1 million against a customer, with a judgment already made in favor of the company[110]. - There were no non-operating fund occupations by controlling shareholders or related parties during the reporting period[106]. - The company has not faced any bankruptcy restructuring issues during the reporting period[108]. - No significant internal control deficiencies were identified during the reporting period[196]. Asset Management and Investments - The company plans to develop energy and resource projects, including gold mining, with the Akroma gold mine expected to produce approximately 350 kg of gold annually once fully operational[82]. - The company has invested over CNY 2.8 million in poverty alleviation projects, helping 157 registered poor households to escape poverty[129]. - The company has established a 410.4KWp photovoltaic power station, expected to generate annual benefits of CNY 3,000 for 24 impoverished households over 20 years[127]. - The company has issued non-public corporate bonds with a total balance of 112 million RMB, maturing on April 20, 2020, at an interest rate of 6.00%[200]. - The interest payment for the corporate bonds was made on April 20, 2018, totaling 12 million RMB for the period from April 20, 2017, to April 19, 2018[200].