Financial Performance - The company's operating revenue for 2021 was ¥505,470,902.13, a decrease of 40.37% compared to ¥847,680,612.10 in 2020[21] - The net profit attributable to shareholders was -¥678,241,830.06, showing an improvement of 26.56% from -¥923,478,255.00 in the previous year[21] - The net cash flow from operating activities was ¥140,497,622.42, reflecting a slight increase of 2.88% from ¥136,564,308.08 in 2020[21] - The total assets at the end of 2021 were ¥1,992,143,939.55, down 29.63% from ¥2,830,922,876.41 at the end of 2020[21] - The net assets attributable to shareholders decreased by 35.95% to ¥1,494,738,099.54 from ¥2,333,825,232.51 in 2020[21] - The basic earnings per share for 2021 was -¥0.81, an improvement of 26.36% from -¥1.10 in 2020[21] - The weighted average return on equity was -36.21%, a decline of 7.32% from -28.89% in the previous year[21] Operational Highlights - In Q1 2021, the company reported revenue of approximately ¥108.06 million, which increased to ¥157.23 million in Q2, but dropped to ¥85.76 million in Q3 before recovering to ¥154.41 million in Q4[23] - The net profit attributable to shareholders was ¥22.95 million in Q1, but turned negative in Q3 and Q4, with losses of ¥6.68 million and ¥716.95 million respectively[23] - The net cash flow from operating activities showed a significant improvement, moving from a negative ¥19.99 million in Q2 to a positive ¥157.38 million in Q4[23] - The mobile gaming market in China accounted for 76.06% of total revenue, reflecting a year-on-year growth of 7.57%[30] - The overseas market for Chinese self-developed games reached actual sales revenue of $18.01 billion, marking a year-on-year increase of 16.6%[31] - The company holds a total of 792 software copyrights, with 24 new copyrights added during the reporting period[35] - The company has 54 game licenses, indicating its strong position in the mobile gaming sector[35] - As of the end of the reporting period, the company operated a total of 69 game products, with 8 new games launched during the period[41] Strategic Initiatives - The company is focusing on expanding its game business while also developing new business areas in cultural entertainment and education driven by technological innovation[34] - The company is actively exploring VR products and plans to launch the VR game "EDM Storm" for testing in 2022[42] - The company has established a cloud gaming team and is collaborating with Huawei to enhance its cloud gaming offerings, including a cloud phone product and a PaaS service platform[42] - The company is expanding its overseas market presence, with operations in Japan, South Korea, Malaysia, Indonesia, and Vietnam[41] - The company has launched several new games targeting female audiences, such as "Good Morning Girl" and "Kyoto Smoke Rain Record," which have already been released in Hong Kong and Taiwan[41] - The company plans to optimize its marketing system and develop more high-quality cloud games to meet user demands[42] Financial Management - The company has initiated the establishment of a private equity fund through Tianzhou Venture Capital, aiming to incubate high-tech and high-growth projects[43] - The company has focused on optimizing its asset structure and has exited several underperforming investments, including subsidiaries like Zhongnan Tianzhou and Mengxiangzhe International Travel Agency[43] - The company's cash inflow from operating activities was ¥727,027,324.85 in 2021, a decrease of 32.56% from ¥1,077,966,980.06 in 2020[64] - The net cash inflow from investment activities increased by 60.34% to ¥852,672,959.30, primarily due to the recovery of structured deposits[65] - The net cash outflow from financing activities decreased by 75.30% to ¥23,722,013.91, mainly due to reduced bank loan repayments[66] - The net cash flow from financing activities increased by 236.23% to ¥89,937,986.09, driven by new long-term borrowings and employee stock incentive payments[66] Governance and Compliance - The company maintained independence from its controlling shareholders in terms of assets, personnel, finance, and operations[119] - The company is focused on maintaining a strong governance structure and ensuring compliance with relevant laws and regulations[119] - The company has implemented a governance special action plan since January 2021 to enhance its governance level, focusing on internal control and information disclosure[171] - The company has committed to avoiding competition with its controlling shareholders and related parties, and has adhered to this commitment throughout the reporting period[175] - The company has not reported any changes in the positions of directors, supervisors, or senior management during the reporting period[124] Employee Management - The total number of employees at the end of the reporting period was 462, including 52 at the parent company and 410 at major subsidiaries[145] - The company has a diverse management team with members holding various academic qualifications and professional certifications[130] - The company has implemented a dynamic compensation policy prioritizing performance while ensuring fairness, consisting of position salary, insurance allowances, and performance pay[147] - The company has established a training program at three levels: company-wide, departmental, and voluntary employee participation to enhance professional skills and overall quality[148] - The company encourages employees to engage in self-directed learning to improve their professional and comprehensive skills[148] Risk Management - The report highlights potential risks in the company's operations and outlines measures to address them[4] - The company has indicated that its ability to continue as a going concern is uncertain, as reflected in the audit report[21] - The company recognizes the risk of core personnel turnover and is committed to enhancing its talent incentive mechanisms to maintain a stable workforce[104] - The company faces intensified market competition due to advancements in AI and big data, necessitating a focus on technological innovation to sustain its competitive edge[105] - The company will continue to adjust its business strategies in response to regulatory policies affecting the gaming industry, ensuring compliance to mitigate potential risks[107]

Revenue and Profit - Revenue for Q3 2021 was ¥85,761,946.35, a decrease of 51.49% compared to the same period last year[4] - Net profit attributable to shareholders was -¥6,679,070.99, an increase of 55.50% year-on-year[4] - Net profit excluding non-recurring items was -¥7,539,649.09, a decrease of 47.44% compared to the previous year[4] - Operating income for the year-to-date was ¥351,056,316.14, down 36.70% year-on-year, primarily due to a decrease in game revenue[11] - Total operating revenue for Q3 2021 was ¥351,056,316.14, a decrease of 36.7% compared to ¥554,592,198.93 in the same period last year[26] - Net profit for Q3 2021 reached ¥33,309,186.51, an increase of 30.5% compared to ¥25,557,516.00 in Q3 2020[28] - Total comprehensive income attributable to the parent company reached CNY 38,234,736.65, up from CNY 23,910,126.74 in the previous period, representing a growth of 60.0%[29] - Basic and diluted earnings per share increased to CNY 0.05 from CNY 0.03, reflecting a 66.7% increase year-over-year[29] Cash Flow - Cash flow from operating activities was -¥16,882,416.43, a significant decline of 294.08% year-to-date[4] - The net cash flow from operating activities decreased by 294.08% to -16,882,416.43 RMB compared to the previous year[12] - Cash flow from investment activities showed a net outflow of CNY -60,798,231.30, compared to a slight inflow of CNY 1,682,379.00 in the prior period[31] - Total cash inflow from financing activities was CNY 110,660,000.00, significantly higher than CNY 26,660,715.80 in the previous period[32] - The company experienced a net increase in cash and cash equivalents of CNY 14,139,575.85, compared to a decrease of CNY -16,568,149.06 in the previous year[32] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,892,745,725.97, an increase of 2.18% from the end of the previous year[5] - The company's total assets as of Q3 2021 amounted to ¥2,892,745,725.97, a slight increase from ¥2,830,922,876.41 at the end of the previous year[23] - The total liabilities for Q3 2021 were ¥394,159,742.63, compared to ¥380,997,057.84 in the same period last year, reflecting a growth of 3.0%[24] - Total assets amounted to CNY 2,830,922,876.41, a decrease of CNY 11,094,915.75 compared to the previous period[36] - Total liabilities reached CNY 380,997,057.84, reflecting a decrease of CNY 11,094,915.75 from the prior period[37] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 40,976[14] - The largest shareholder, Hunan Tianhong Investment Group Co., Ltd., holds 12.70% of shares, amounting to 107,250,202 shares[14] - The company has a total of 73,149,104 restricted shares held by the executive, which are subject to lock-up until January 1, 2022[17] Research and Development - Research and development expenses were ¥66,261,889.40, a decrease of 39.85% year-on-year due to adjustments in the R&D team[11] - Research and development expenses for Q3 2021 were ¥66,261,889.40, down 39.9% from ¥110,163,847.09 in the previous year[27] Investment Income - Investment income for the year-to-date was ¥22,753,702.24, a decrease of 53.20% compared to the previous year[11] - The company reported an investment income of ¥22,753,702.24, a decrease of 53.2% compared to ¥48,621,969.74 in Q3 2020[27] Tax and Goodwill - The income tax expense increased by 555.42% to 3,295,896.34 RMB, mainly due to an increase in taxable income[12] - There is a risk of significant goodwill impairment if the fourth quarter does not show substantial improvement in gaming business performance[19] Other Financial Metrics - The company reported a basic earnings per share of -¥0.01, a decrease of 50.00% compared to the same period last year[4] - The weighted average return on net assets was -0.29%, a decrease of 0.17% year-on-year[4] - The company's cash and cash equivalents increased by 185.34% to 14,139,575.85 RMB, mainly due to increased cash flow from financing activities[12] - The company's cash and cash equivalents decreased to ¥1,046,421,351.55 from ¥1,099,792,525.88, indicating a decline of 4.8%[23] - Long-term equity investments increased to ¥219,430,658.45, up from ¥201,643,441.50, representing an increase of 8.8%[23] - The company reported a negative retained earnings of CNY -1,302,198,810.18[37] Compliance and Audit - The company adopted the new leasing standards effective January 1, 2021, with no significant impact on financial status or operating results[38] - The third quarter report was not audited[38]

Financial Performance - The company's operating revenue for the first half of 2021 was ¥265,294,369.79, a decrease of 29.78% compared to ¥377,815,321.86 in the same period last year[24]. - The net profit attributable to shareholders of the listed company was ¥45,390,296.87, an increase of 6.56% from ¥42,595,644.90 in the previous year[24]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥42,679,490.71, up 11.68% from ¥38,215,455.67 year-on-year[24]. - The net cash flow from operating activities was -¥27,809,348.39, a decline of 164.48% compared to -¥10,514,779.45 in the same period last year[24]. - The total assets at the end of the reporting period were ¥2,890,220,319.43, an increase of 2.09% from ¥2,830,922,876.41 at the end of the previous year[24]. - The net assets attributable to shareholders of the listed company were ¥2,382,932,215.91, reflecting a growth of 2.10% from ¥2,333,825,232.51 at the end of the previous year[24]. - The basic earnings per share remained unchanged at ¥0.05, with a diluted earnings per share also at ¥0.05[24]. - The weighted average return on net assets increased to 1.93%, up from 1.32% in the previous year[24]. Revenue and Costs - Operating costs decreased by 40.56% to ¥123,705,156.54 from ¥208,131,399.80, primarily due to reduced game revenue[44]. - The mobile network game segment generated ¥142,360,661.37 in revenue, a significant decrease of 42.20% year-over-year[46]. - The gross margin for mobile network games was 70.11%, reflecting a 20.13% increase compared to the previous year[46]. - Total operating revenue for the first half of 2021 was CNY 265,294,369.79, a decrease of 29.7% compared to CNY 377,815,321.86 in the first half of 2020[170]. - Total operating costs decreased to CNY 241,228,755.98, down 36.5% from CNY 379,096,222.97 year-over-year[170]. Investments and Capital - The company established a venture capital fund with a paid-in capital of 35 million, aiming to invest in high-tech and high-growth projects[35]. - The total investment amount for the reporting period reached ¥122,659,348.51, representing a significant increase of 114.12% compared to ¥57,285,402.88 in the same period last year[59]. - The company reported an investment income of ¥15,512,905.38, accounting for 33.62% of the total profit, primarily from equity method investments in joint ventures[52]. - The company has invested RMB 36,212,093.27 in the Xiangtan Huaxin High School construction project, with a total investment of RMB 155,974,888.82 by the end of the reporting period[61]. Shareholder and Equity Information - The company plans not to distribute cash dividends or bonus shares, nor to increase capital using capital reserves[6]. - The company granted a total of 45 million restricted stocks to 84 incentive objects at a price of 1.74 CNY per share on May 21, 2021[99]. - The total number of registered users for Game E in Q2 was 10,084, with a recharge of ¥2,417,438 and an ARPU of ¥924[50]. - The total number of ordinary shareholders at the end of the reporting period is 31,588[148]. - The largest shareholder, Hunan Tianhong Investment Group Co., Ltd., holds 12.70% of shares, totaling 107,250,202 shares, with a decrease of 16,750,000 shares during the reporting period[149]. Risks and Challenges - The company faces risks related to investment and merger integration, as well as goodwill impairment risks amounting to ¥768 million as of June 30, 2021[5][6]. - The company has a goodwill value of 768 million yuan as of June 30, 2021, which poses a risk of impairment if the acquired companies do not meet profit expectations[85]. - The company has invested in various subsidiaries and joint ventures to extend its business scope, which may involve risks such as decision-making errors and management challenges[84]. Cash Flow and Financial Position - The net cash flow from financing activities increased by 243.33% to ¥68,041,091.33 from -¥47,472,219.91, mainly due to new long-term borrowings[45]. - The net increase in cash and cash equivalents was ¥32,547,775.13, a 124.87% improvement from -¥130,845,914.13 in the previous year[45]. - The company's cash and cash equivalents at the end of the reporting period amounted to ¥418,797,625.41, an increase from ¥386,249,850.28 at the end of the previous year[54]. - The company reported a credit impairment loss of CNY 5,199,821.56, compared to a gain of CNY -785,104.73 in the previous year[172]. - Cash flow from operating activities showed a net outflow of CNY 27,809,348.39, a decline from the previous year's outflow of CNY 10,514,779.45[180]. Corporate Governance and Compliance - The company did not report any major asset or equity sales during the reporting period[78]. - The company has not engaged in derivative investments during the reporting period[77]. - The company has not experienced any bankruptcy reorganization matters during the reporting period[111]. - There were no significant litigation or arbitration matters reported during the period[112]. - The report indicates that the company maintains a clean record regarding its integrity and compliance with regulations[116].

Financial Performance - The company's operating revenue for Q1 2021 was ¥108,061,464.31, a decrease of 36.58% compared to ¥170,393,620.05 in the same period last year[8]. - Net profit attributable to shareholders was ¥22,954,224.17, an increase of 37.28% from ¥16,720,984.94 year-on-year[8]. - The net profit after deducting non-recurring gains and losses was ¥22,053,521.63, up 39.00% from ¥15,866,350.25 in the previous year[8]. - The company achieved operating revenue of 108.06 million yuan, a decrease of 36.58% compared to the same period last year, primarily due to a decline in revenue from older games[21]. - The net profit attributable to shareholders increased by 37.28% year-on-year to 22.95 million yuan, driven by reduced share-based payment expenses and lower labor costs from team adjustments[22]. - The company reported a significant increase in other non-current assets by 225.06% to 39.35 million yuan, attributed to increased land acquisition payments[20]. - The company reported a total comprehensive income attributable to the parent company was ¥23,167,132.30, compared to ¥17,529,321.25 in the previous year, marking a growth of 32.2%[54]. Cash Flow - The net cash flow from operating activities improved significantly, reaching -¥7,817,102.37, a 77.30% increase compared to -¥34,432,037.56 in the same period last year[8]. - The cash flow from operating activities showed a net outflow of ¥7,817,102.37, an improvement from a net outflow of ¥34,432,037.56 in the same quarter last year[58]. - The company raised ¥55,000,000.00 from financing activities, with a net cash inflow of ¥52,381,932.29 after accounting for outflows[59]. - The company reported a foreign exchange impact on cash and cash equivalents of ¥187,551.35 during the quarter[59]. - The net cash flow from operating activities was -10,772,855.99, compared to -45,371,766.12 in the previous period, indicating an improvement[61]. - Cash inflow from investment activities totaled 204,032,494.26, significantly higher than 10,446,000.00 in the prior period[62]. Assets and Liabilities - Total assets at the end of the reporting period were ¥2,921,180,377.54, a 3.19% increase from ¥2,830,922,876.41 at the end of the previous year[8]. - The total amount of trading financial assets increased by 35.25% to 66 million yuan, mainly due to new structured deposits during the reporting period[20]. - The total liabilities rose to CNY 447,278,042.09 from CNY 380,997,057.84, reflecting an increase of about 17.4%[42]. - The non-current liabilities increased significantly to CNY 112,481,081.38 from CNY 47,646,624.91, indicating a growth of approximately 136.0%[42]. - The company's total assets were reported at CNY 2,830,922,876.41, slightly down from 2,843,285,820.99[66]. - The total liabilities amounted to 333,350,432.93, remaining unchanged from the previous period[66]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 33,392[12]. - The largest shareholder, Hunan Tianhong Investment Group Co., Ltd., held 14.75% of the shares, amounting to 124,000,202 shares[12]. - Net assets attributable to shareholders increased by 0.99% to ¥2,356,992,364.81 from ¥2,333,825,232.51 at the end of the previous year[8]. Operational Insights - The proportion of revenue from the top five customers increased by 10.54% to 27.72% of total revenue, indicating a shift in customer dynamics[24]. - The company holds goodwill valued at 768 million yuan from acquisitions, which poses a risk of impairment if the acquired companies do not meet profit expectations[27]. - The company plans to enhance management levels and operational mechanisms to mitigate risks associated with investments and acquisitions[26]. Other Financial Metrics - Basic and diluted earnings per share were both ¥0.03, representing a 50.00% increase from ¥0.02 in the previous year[8]. - The company's current assets totaled CNY 1,144,168,980.17, compared to CNY 1,099,792,525.88 at the end of 2020, indicating an increase of about 4.0%[40]. - The company's inventory increased to CNY 22,085,557.51 from CNY 18,897,649.92, marking an increase of approximately 16.0%[40]. - The company's total equity increased to CNY 2,552,671,884.76 from CNY 2,547,426,885.00[46].

Financial Performance - The company reported a revenue of 847.68 million yuan, a year-on-year decrease of 31.62%[5] - Net profit loss amounted to 924 million yuan, a year-on-year decline of 2719.79%[5] - The decline in revenue and net profit was primarily due to delays in new game development and promotion caused by the COVID-19 pandemic[5] - The company recognized an impairment loss of 771 million yuan on goodwill from acquisitions, significantly impacting net profit[5] - The company's operating revenue for 2020 was ¥847,680,612.10, a decrease of 31.62% compared to ¥1,239,714,280.72 in 2019[19] - The net profit attributable to shareholders was -¥923,478,255.00 in 2020, representing a decline of 3052.52% from ¥31,277,663.87 in 2019[19] - The company reported a significant loss in the fourth quarter, with a net profit attributable to shareholders of -¥951,063,945.30[22] - The company reported a net profit of -650,703,494.99 yuan for 2020, resulting in a cumulative distributable profit of -1,158,318,942.05 yuan by year-end[112] Strategic Focus and Future Plans - The company plans to focus on optimizing its strategic layout, enhancing the quality of game products, and expanding into cloud gaming markets[6] - The company aims to steadily advance its publishing business and improve its education industry chain[6] - The company is focusing on optimizing its strategic layout by prioritizing online gaming as its main business while enhancing the competitiveness of mobile online games[38] - The company plans to further extend its education industry chain and increase its presence in the private education sector[38] - The company is actively exploring cloud gaming and developing female-oriented games as part of its ongoing business strategy[38] - The company has adjusted its strategic direction to focus on technological innovation in the education and cultural entertainment sectors to foster future growth[38] - The company plans to implement a new equity incentive plan for core management and technical personnel to support strategic development[100] - The company plans to continue its strategic development and market expansion in the future[98] Asset and Investment Management - The total assets at the end of 2020 were ¥2,830,922,876.41, down 28.37% from ¥3,952,267,380.67 at the end of 2019[20] - The net assets attributable to shareholders decreased by 26.85% to ¥2,333,825,232.51 at the end of 2020, compared to ¥3,190,351,204.55 at the end of 2019[20] - Long-term equity investments decreased by 70.19% compared to the beginning of the year, primarily due to impairment provisions and capital reduction of a subsidiary[29] - Fixed assets increased by 258.23% compared to the beginning of the year, mainly due to the consolidation of Xiangtan Huaxin[29] - Intangible assets grew by 47.7% compared to the beginning of the year, also due to the consolidation of Xiangtan Huaxin[29] - The company optimized its asset structure by liquidating underperforming investments, including the cessation of operations for several projects, thereby reducing potential losses[42] Research and Development - Research and development expenses amounted to approximately ¥137.14 million, a decrease of 12.20% from the previous year's ¥156.20 million, attributed to adjustments in the R&D team[45] - The number of R&D personnel decreased to 504, representing 68.48% of the total workforce[65] Shareholder and Equity Management - The company will not distribute cash dividends or issue bonus shares for the reporting period[9] - The company has not proposed any cash dividend distribution plan despite having a positive profit available for distribution to ordinary shareholders[115] - The company has committed to avoiding competition with similar businesses and has adhered to this commitment[117] - The company has strictly fulfilled its commitments regarding share transfer limitations post-IPO[118] - The company has terminated its 2019 stock option and restricted stock incentive plan, with commitments fulfilled as of the reporting period[118] Market Presence and Operations - The company has expanded its overseas market presence, establishing operations in Japan, South Korea, Singapore, Indonesia, and Vietnam[40] - The company operated a total of 90 game products by the end of the reporting period, with a quarterly total user base exceeding 84 million and active users surpassing 26 million[48] - The mobile gaming segment generated ¥408.00 million, accounting for 48.13% of total revenue, reflecting a significant decline of 44.37% from ¥733.44 million in the previous year[47] Compliance and Governance - The audit firm Tianzhi International has been engaged for 13 years, with an audit fee of 1.5 million CNY for the current period[126] - There were no significant changes in accounting estimates or prior period accounting errors during the reporting period[124] - The company has not reported any changes in its controlling shareholder or actual controller during the reporting period[176][177] Employee and Management Structure - The total number of employees in the company is 737, with 44 in the parent company and 693 in major subsidiaries[199] - The company has a total of 922 employees receiving compensation during the reporting period[199] - The professional composition includes 357 technical personnel, 189 sales personnel, 132 administrative personnel, and 59 financial personnel[200] - The company has maintained a stable management team with no significant changes reported during the period[195]

Financial Performance - Operating revenue for the reporting period was ¥176,776,877.07, a decrease of 21.01% year-on-year[6]. - Net profit attributable to shareholders of the listed company was -¥15,009,954.60, a decline of 136.24% compared to the same period last year[6]. - Basic earnings per share were -¥0.02, down 140.00% from the previous year[7]. - The company experienced a 76.00% decline in net profit attributable to shareholders for the year-to-date, totaling ¥27,585,690.30[6]. - The net loss for the period was CNY 27,070,076.88, compared to a net profit of CNY 20,564,000.00 in the same quarter last year[36]. - The net profit for the third quarter was CNY -12,825,872.19, compared to a net profit of CNY 43,685,844.24 in the same period last year[38]. - The total profit for Q3 2020 was CNY -13,879,983.62, compared to CNY 45,545,362.41 in the previous year[37]. - The company reported a total comprehensive income of CNY 21,881,952.44 for Q3 2020, down from CNY 115,748,212.11 in the same period last year, a decrease of 81.1%[46]. Assets and Liabilities - Total assets at the end of the reporting period reached ¥3,996,445,456.26, an increase of 1.12% compared to the end of the previous year[6]. - Total assets as of September 30, 2020, were CNY 3,580,659,337.05, an increase from CNY 3,513,061,718.01 at the end of 2019[33]. - Total liabilities decreased to CNY 433,777,306.51 from CNY 468,258,984.33 year-over-year[33]. - The total assets of the company amounted to 3,952,267,380.67 yuan, with total liabilities not specified in the provided data[61]. - Total liabilities amounted to CNY 680,623,346.56, with current liabilities at CNY 600,274,158.02, reflecting a decrease of CNY 2,924,378.74 compared to the previous period[62]. - Non-current liabilities totaled CNY 80,349,188.54, which is a decrease of CNY 2,924,378.74 from the previous period[62]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 34,296[11]. - Hunan Tianhong Investment Group Co., Ltd. holds 14.56% of shares, totaling 124,000,202 shares, with 120,910,997 shares pledged[11]. - The second-largest shareholder, Yuan Xionggui, owns 11.45% with 97,532,139 shares, of which 73,149,104 shares are under sale conditions[11]. - The top ten shareholders collectively hold significant stakes, with the largest shareholder holding over 14%[11]. - There were no repurchase transactions conducted by the top ten shareholders during the reporting period[12]. - The company has established a relationship of concerted action between Hunan Tianhong Investment and shareholder Xiao Le[12]. Cash Flow - Net cash flow from operating activities was ¥19,213,461.08, an increase of 153.98% year-on-year[6]. - Cash flow from operating activities improved by 111.57% to ¥8,698,681.63, primarily due to a decrease in cash payments for goods and services[17]. - The net cash flow from operating activities was -102,918,039.98 yuan, compared to -90,219,572.90 yuan in the previous period, indicating a decline in operational cash flow[57]. - Total cash inflow from operating activities was 102,125,455.92 yuan, up from 83,014,193.17 yuan year-on-year, reflecting an increase of approximately 23%[55]. - Cash outflow for operating activities increased to 205,043,495.90 yuan from 173,233,766.07 yuan, representing a rise of about 18%[57]. Financial Adjustments and Standards - The company confirmed that there were no adjustments or restatements of previous years' accounting data for this reporting period[6]. - The company executed the new revenue recognition standards starting January 1, 2020, which is not expected to have a significant impact on its financial results[63]. - The company has adjusted its financial statements in accordance with new revenue and leasing standards starting from 2020[59]. Other Financial Indicators - The weighted average return on net assets was -0.46%, a decrease of 1.70% compared to the previous year[7]. - The company reported a total of ¥3,714,016.11 in non-recurring gains and losses for the year-to-date[8]. - Accounts receivable decreased by 46.09% to ¥192,289,846.33, primarily due to reduced new accounts receivable and recovery of previous year's receivables[17]. - Prepayments increased by 123.41% to ¥162,277,357.30, mainly due to an increase in procurement prepayments[17]. - Fixed assets rose by 142.68% to ¥132,918,837.39, primarily due to the acquisition of Xiangtan Huaxin Education Technology Co., Ltd.[17]. - Financial expenses increased by 230.14% to ¥464,656.50, mainly due to reduced interest income and increased interest expenses[17]. - The company reported a significant increase in asset disposal gains by 933.04% to ¥2,099,513.04, primarily from the disposal of properties[17].

证券代码：300148 证券简称：天舟文化 编号：2020-056 天舟文化股份有限公司 关于参加湖南辖区上市公司 2020 年度投资者网上集 体接待日活动的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整， 没有虚假记载、误导性陈述或者重大遗漏。 为进一步加强与投资者的互动交流，天舟文化股份有限公司（以 下简称"公司"）将参加由中国证券监督管理委员会湖南监管局、湖 南省上市公司协会与深圳市全景网络有限公司联合举办的"湖南辖区 上市公司2020年度投资者网上集体接待日"活动。现将有关事项公告 如下： 本次投资者网上集体接待日活动将通过深圳市全景网络有限公 司提供的互联网平台举行，投资者可登陆"全景·路演天下"网站 （http://rs.p5w.net）参与公司本次投资者集体接待日活动，活动时间 为2020年9月11日（星期五）下午15:00-17:00。 届时，公司董事会秘书喻宇汉先生、证券事务代表姜玲女士将通 过网络在线问答互动的形式与投资者进行交流。 欢迎广大投资者积极参与！ 特此公告。 天舟文化股份有限公司董事会 二〇二〇年九月八日 ...

Financial Performance - The company's operating revenue for the first half of 2020 was approximately ¥377.82 million, a decrease of 28.96% compared to ¥531.85 million in the same period last year[19]. - The net profit attributable to shareholders of the listed company was approximately ¥42.60 million, down 42.08% from ¥73.54 million year-on-year[19]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately ¥38.22 million, a decline of 44.84% compared to ¥69.28 million in the previous year[19]. - Basic and diluted earnings per share were both ¥0.05, down 44.44% from ¥0.09 in the previous year[19]. - The weighted average return on net assets was 1.32%, a decrease of 0.94% from 2.26% in the previous year[19]. - The net profit for the reporting period was CNY 10,514,779.45, a decrease of 73.43% compared to the previous period[21]. - The company's net profit for the first half of 2020 was CNY 38,383,388.19, a decrease of 45% compared to CNY 69,779,644.58 in the same period of 2019[161]. - The total comprehensive income for the first half of 2020 was CNY 39,184,473.84, a decrease of 45% from CNY 71,192,779.37 in the first half of 2019[162]. Assets and Liabilities - Total assets at the end of the reporting period were approximately ¥3.91 billion, a decrease of 1.00% from ¥3.95 billion at the end of the previous year[19]. - The company's total assets as of June 30, 2020, amounted to CNY 3,483,225,908.42, a slight decrease from CNY 3,513,061,718.01 at the end of 2019[157]. - The total liabilities decreased to CNY 388,016,269.58 from CNY 468,258,984.33, showing a reduction of approximately 17%[158]. - The company's equity attributable to shareholders increased to CNY 3,095,209,638.84 from CNY 3,044,802,733.68, reflecting a growth of about 1.65%[158]. Cash Flow - The net cash flow from operating activities improved significantly, with a net outflow of approximately ¥10.51 million, an improvement of 73.43% from a net outflow of ¥39.57 million in the same period last year[19]. - The cash flow from operating activities improved by 73.43%, resulting in a net cash outflow of ¥10.51 million compared to ¥39.57 million in the previous year[45]. - The cash inflow from sales of goods and services was 69,974,722.65 CNY, up from 58,951,822.71 CNY in the first half of 2019, reflecting a growth in revenue[169]. - The company experienced a net decrease in cash and cash equivalents of 130,845,914.13 CNY in the first half of 2020, compared to a decrease of 182,284,318.50 CNY in the same period of 2019[168]. Investments and Acquisitions - The company invested CNY 95 million to gain control of Huaxin High School, which is expected to accommodate 5,000 students upon completion[39]. - The company invested CNY 170 million to acquire an 18.889% stake in Juesheng Co., with a performance compensation clause allowing for buyback if financial metrics are not met[97]. - The company utilized RMB 1,153,384,584.50 from the 2016 private placement for various projects, including RMB 538,902,946.64 for the acquisition of Youai Network[68]. Intellectual Property and Product Development - The company holds 299 book copyrights and 746 software copyrights, with 33 new software copyrights added during the reporting period[32]. - The company launched 33 new software copyrights during the reporting period, enhancing its intellectual property portfolio[34]. - The company is focused on integrating culture and technology, primarily engaging in book publishing and mobile game development[30]. Market and Operational Strategy - The company is actively expanding its international game distribution, with successful launches in markets such as Vietnam, Japan, and South Korea[42]. - The publishing and education sectors showed resilience, with new products launched that align with national educational initiatives[38]. - The company plans to focus on expanding its market presence and developing new products in the upcoming quarters[176]. Risks and Challenges - The company faces risks related to goodwill impairment, with goodwill valued at approximately ¥1.54 billion as of June 30, 2020, which may impact future operating performance if the acquired companies do not meet profit expectations[6]. - The company aims to mitigate risks related to intellectual property infringement by implementing robust management and protection measures for its products[83]. - The company is committed to addressing technical risks that could affect user experience and data integrity in its mobile gaming operations[87]. Shareholder and Equity Information - The company did not distribute cash dividends or issue new shares from capital reserves for the reporting period[92]. - The total amount of external guarantees approved during the reporting period was 10,600.00 million CNY, with an actual guarantee balance of 3,627.00 million CNY at the end of the reporting period, accounting for 1.12% of the company's net assets[118]. - The total number of ordinary shareholders at the end of the reporting period was 33,117[132]. Employee and Management Initiatives - The company plans to enhance talent acquisition and retention strategies to support business growth and maintain operational stability[82]. - The first employee stock ownership plan raised at least CNY 40 million, with a total of 8,636,161 shares purchased, representing 1.02% of the company's total equity[102].

Financial Performance - The company's operating revenue for 2019 was approximately ¥1.24 billion, representing a 10.08% increase compared to ¥1.13 billion in 2018[17]. - The net profit attributable to shareholders was approximately ¥31.28 million, a significant recovery from a loss of ¥1.09 billion in 2018, marking a 102.88% increase[17]. - The net profit after deducting non-recurring gains and losses was approximately ¥26.70 million, also a recovery from a loss of ¥1.14 billion in the previous year, reflecting a 102.34% increase[17]. - The basic earnings per share improved to ¥0.04 from a loss of ¥1.32 per share in 2018, marking a 103.03% increase[17]. - The weighted average return on equity was 0.98%, a significant improvement from -29.99% in the previous year[17]. - The company reported a total revenue of 487,504,172.95 CNY in Q4 2019, with a total annual revenue of 1,239,814,280.72 CNY[20]. - The net profit attributable to shareholders in Q4 2019 was -83,099,567.32 CNY, marking a significant decline compared to previous quarters[20]. - The gross margin for 2019 was reported at 45%, showing a slight improvement from 42% in 2018[30]. - The company achieved an operating revenue of 1,239.71 million yuan in 2019, representing a year-on-year growth of 10.08%[46]. - The net profit attributable to shareholders increased by 102.88% to CNY 31,277,663.87, primarily due to a reduction in goodwill impairment provision by CNY 1,004 million compared to the previous year[59]. Cash Flow and Assets - The net cash flow from operating activities decreased by 40.10% to approximately ¥87.47 million from ¥146.03 million in 2018[17]. - The total assets of the company at the end of 2019 were approximately ¥3.95 billion, an increase of 3.69% from ¥3.81 billion at the end of 2018[17]. - The net assets attributable to shareholders increased by 3.93% to approximately ¥3.19 billion from ¥3.07 billion in 2018[17]. - The operating cash flow net amount for 2019 was 87,470,255.80 CNY, a decrease of 40.10% compared to the previous year[18]. - The total cash inflow from operating activities increased by 3.09% to CNY 1,235.13 million, while cash outflow rose by 9.09% to CNY 1,147.66 million, resulting in a net cash flow from operating activities decrease of 40.10% to CNY 87.47 million[82][83]. - The net cash flow from investing activities improved by 59.31%, with cash outflows for investments decreasing compared to the previous year, resulting in a net outflow of CNY 204,803,182.23[61]. - The net cash flow from financing activities surged by 593.80% to CNY 68,797,696.56, driven by proceeds from employee stock incentives and new borrowings[61]. Investments and Acquisitions - The company is exploring potential acquisitions to enhance its content offerings, with a budget of 300 million RMB allocated for this purpose[30]. - The company invested 75 million yuan to gain controlling interest in Huaxin Senior High School, which is expected to accommodate 5,000 students[54]. - The company has established several new subsidiaries in 2019, including Hainan Hongjing Information Technology Co., Ltd. and Hainan Blue Rabbit Information Technology Co., Ltd., both with a registered capital of CNY 10 million[73][74]. - The company has invested 10,899.8 million in the acquisition of Magic Times, with a 100% completion rate[107]. - The company has allocated CNY 37.5 million to acquire a 25% stake in "Sijiyou" using CNY 9.7 million of its own funds and CNY 27.8 million from raised funds[113]. Market Expansion and Product Development - User data indicated an increase in active users by 20% compared to the previous year, reaching 2 million active users[31]. - The company expects a revenue growth of 10% for the upcoming fiscal year, projecting a total revenue of 1.65 billion RMB[30]. - New product launches are anticipated to contribute an additional 200 million RMB in revenue in 2020[31]. - The company is investing 100 million RMB in research and development for new technologies in the education sector[30]. - Market expansion efforts include entering three new provinces, aiming for a 25% increase in market share[31]. - The company aims to enhance its market presence through the introduction of new gaming experiences and technologies[34]. - The company plans to launch nearly ten new games in 2020, including MMORPG "Wang Xian 2" and card game "Dark Blacksmith Shop" among others[123]. Risks and Challenges - The company faces risks related to goodwill impairment, with goodwill valued at ¥1.54 billion as of December 31, 2019, which may impact future performance if the acquired companies do not meet profit expectations[6]. - The company recognizes the risk of content homogenization in the gaming industry and is focusing on enhancing game differentiation to retain user engagement[132]. - The company anticipates challenges in the educational sector due to government policies aimed at reducing student workload, which may impact sales of supplementary educational materials[131]. - The company is committed to addressing technical risks associated with its mobile gaming operations, including network failures and cyber threats, to ensure a stable user experience[133]. Corporate Governance and Compliance - The company has committed to a non-compete obligation for 60 months starting from the date of share registration, prohibiting any employment or investment in similar businesses during this period[143]. - The company has established a long-term commitment to avoid competition with its subsidiaries, ensuring no direct or indirect operation of competing businesses[144]. - The company has ensured that all commitments made by its major shareholders and related parties have been strictly adhered to as of the report date[144]. - The company has outlined a clear strategy for performance compensation in case of unmet profit targets, prioritizing stock compensation[145]. Subsidiary Performance - The subsidiary "Guangzhou Youai Network Technology Co., Ltd." reported a net profit of CNY 160.95 million for the period[116]. - The subsidiary "Beijing Magic Era" generated a net profit of CNY 3.65 million during the reporting period[116]. - The subsidiary Youai Network reported a consolidated net profit of CNY 160.95 million, a decrease of 23.61% year-on-year, primarily due to a prior year's gain from fair value remeasurement of CNY 51 million[119]. - The subsidiary Shenqi Times achieved a net profit of CNY 3.65 million, an increase of 185.23% year-on-year, mainly due to a reduction in asset impairment provisions[120].

Financial Performance - Total revenue for Q1 2020 was ¥170,393,620.05, a decrease of 32.51% compared to ¥252,455,809.02 in the same period last year[7]. - Net profit attributable to shareholders was ¥16,720,984.94, down 68.75% from ¥53,511,577.24 year-on-year[7]. - Basic earnings per share decreased by 71.43% to ¥0.02 from ¥0.07 in the previous year[7]. - The company reported a net loss of CNY 414,216,652.81 in retained earnings as of March 31, 2020, compared to a loss of CNY 430,937,637.75 at the end of 2019[44]. - The total comprehensive income for Q1 2020 was ¥11,886,825.86, down from ¥47,494,202.03 in the same period last year, a decrease of about 75.0%[52]. - The company reported a total of 25,573.8 million in funds raised, with 23,106.9 million allocated for various projects[28]. Assets and Liabilities - Total assets at the end of the reporting period were ¥3,993,373,593.34, an increase of 1.04% from ¥3,952,267,380.67 at the end of the previous year[9]. - Total liabilities decreased to CNY 651,389,768.28 from CNY 680,623,346.56, a reduction of about 4.29%[43]. - The company's equity attributable to shareholders rose to CNY 3,214,252,552.27 from CNY 3,190,351,204.55, an increase of approximately 0.75%[44]. - Current liabilities totaled CNY 600,274,158.02, with accounts payable at CNY 337,115,281.98[67]. - The company reported a goodwill of CNY 1,536,300,805.42, indicating significant intangible assets[66]. Cash Flow - The net cash flow from operating activities improved by 20.99%, reaching -¥34,432,037.56 compared to -¥43,580,318.17 in the same period last year[7]. - Cash inflow from operating activities was CNY 245,535,507.06, down from CNY 280,924,177.57 in the previous period, reflecting a decline of approximately 12.6%[56]. - Cash and cash equivalents decreased to CNY 402,571,638.00 from CNY 521,929,380.74, a decline of about 22.83%[41]. - The company reported a net cash outflow of CNY 119,357,742.74 for the period, compared to CNY 109,456,222.10 in the previous period[59]. Investments and Projects - The company faced risks related to investment and acquisition integration, with goodwill valued at RMB 1.539 billion, which may be impaired if acquired companies do not meet profit expectations[23]. - The company has completed 100% of the investment in the content planning and book publishing project, amounting to 7,604.24 million CNY[27]. - The marketing network construction project has been terminated and changed, with an investment of 230.86 million CNY, achieving 100% completion[27]. - The company has shifted the use of unutilized raised funds from various projects to acquire a 25% stake in Sijiyou, which was completed in 2018[29]. - The educational content resource development and service platform project was terminated as the partner organization was classified as a public welfare unit and could not engage in external investments[31]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 34,975[12]. - The largest shareholder, Hunan Tianhong Investment Group Co., Ltd., held 19.57% of the shares, amounting to 165,333,202 shares[12]. Management and Expenses - Management expenses increased by 43.30% to RMB 36.64 million, mainly due to an increase in share-based payment expenses[17]. - Research and development expenses for Q1 2020 were ¥39,141,717.88, slightly up from ¥38,768,127.88 in the previous period, showing an increase of about 0.9%[50]. Regulatory and Reporting Changes - The company has implemented new revenue and leasing standards starting in 2020, affecting the financial statements[63]. - The company adopted new revenue recognition standards starting January 1, 2020, which is not expected to significantly impact operational results[74].