Financial Performance - The company reported a significant amount of goodwill from acquisitions since its listing in 2011, which requires annual impairment testing under accounting standards [12]. - The company's operating revenue for 2019 was ¥1,064,171,650.10, a decrease of 28.50% compared to ¥1,488,450,311.14 in 2018 [30]. - The net profit attributable to shareholders was -¥1,207,531,281.10, representing a decline of 4709.76% from ¥26,195,080.58 in the previous year [30]. - The net cash flow from operating activities was -¥46,771,618.72, a decrease of 135.76% compared to ¥130,786,883.93 in 2018 [30]. - The total assets at the end of 2019 were ¥4,555,030,571.32, down 17.73% from ¥5,536,392,601.60 at the end of 2018 [30]. - The net assets attributable to shareholders decreased by 33.39% to ¥2,201,678,818.19 from ¥3,305,427,068.34 in 2018 [30]. - The basic earnings per share for 2019 was -¥1.70, a decline of 4350.00% from ¥0.04 in 2018 [30]. - The weighted average return on equity was -44.70%, down 45.50% from 0.80% in the previous year [30]. - The company reported a significant decline in net profit excluding non-recurring gains and losses, with a total of -¥1,212,218,337.32 for 2019 compared to ¥1,596,140.50 in 2018, a drop of 76046.84% [30]. - The company reported a total revenue of 1.5 billion RMB for the fiscal year 2019, representing a year-over-year increase of 12% [61]. Business Development and Strategy - The company completed acquisitions of several key firms, including Langfang New Saipu and Xian Aohua, enhancing its position as a comprehensive energy service provider [10]. - The company aims to expand its business into high-end equipment fields and oil and gas pipeline transportation [43]. - The company has initiated the establishment of merger and acquisition funds and industrial investment funds to optimize investment management and expand its industrial chain construction advantages [50]. - The company is actively developing and introducing innovative products to enhance its military equipment manufacturing capabilities [41]. - The company is exploring potential acquisitions in the software sector to enhance its product offerings and market presence [64]. Research and Development - The company has established a postdoctoral workstation and an academician expert workstation to foster talent development in a highly technical industry [8]. - The company plans to invest 200 million RMB in R&D for new technologies over the next three years [61]. - The company is investing in R&D for advanced seismic data processing technologies, with a budget allocation of 200 million RMB for the next fiscal year [64]. - The company has made significant investments in research and development, as evidenced by the introduction of new software and systems aimed at optimizing exploration and production processes [67]. - The company is actively pursuing research and development in oil and gas exploration technologies, with several patents pending in this area [84]. Software and Technology - The company has developed the EPoffice integrated research platform software, which is a customized technical solution for the oil and gas exploration and development industry, enhancing its market position in unconventional oil and gas prediction technologies [45]. - The company’s software segment is recognized as a pioneer in seismic data processing systems, with a high level of commercialization and advanced technology [44]. - The company has developed multiple software solutions for oil and gas exploration, including EPoffice Image+ (V5.3) and EPplatform (V2.3) [66]. - Hengtai Aipu's software solutions are designed to optimize resource evaluation and economic assessment in oil and gas projects, contributing to better investment decisions [70]. - The company has established a comprehensive software development framework, which includes various specialized applications for different aspects of oil and gas engineering [69]. Market and Revenue Trends - The company is expanding its market presence in Southeast Asia, targeting a 20% market share by 2022 [61]. - The company provided a future outlook projecting a revenue growth of 15% for the next fiscal year, driven by new product launches and market expansion [61]. - The company reported a total revenue of 1.2 billion RMB for the fiscal year 2019, representing a year-over-year increase of 15% [64]. - The company aims to reduce operational costs by 10% through efficiency improvements in the next fiscal year [61]. - The company reported a significant increase in receivables due to the rise in bank acceptance bills during the reporting period [53]. Financial Management and Governance - The company plans not to distribute cash dividends or issue bonus shares for the 2019 fiscal year [18]. - The company has a profit distribution policy emphasizing stable returns to investors, with a minimum cash dividend of 10% of the annual profit if conditions are met [162]. - The company’s cash dividend distribution is contingent on achieving an average distributable profit of at least 30% over the last three years [163]. - The company ensures that minority shareholders have opportunities to express their opinions during shareholder meetings [166]. - The company has a structured decision-making process for profit distribution, ensuring transparency and compliance with regulations [165]. Risks and Challenges - The company acknowledges the potential impact of external factors such as political and economic changes on its operations [17]. - The company faces risks related to intellectual property infringement due to the high market value and application of its proprietary technologies [9]. - The company has recognized impairment provisions for long-term equity investments and construction in progress during the reporting period [53]. - The company reported an asset impairment loss of ¥1,066,529,568.75, which accounted for 91.91% of total profit [133]. - The company has experienced a significant change in the proportion of major suppliers and customers due to a reduction in trade business scale [124]. Subsidiaries and Investments - The company’s Hong Kong subsidiary has a total asset scale of approximately 459.52 million, accounting for 14.77% of the company's net assets [55]. - The company has ongoing non-equity investments, but no significant equity investments were reported during the period [146]. - The company has established several new subsidiaries, which are not expected to significantly impact overall performance [155]. - The company has a long-term investment strategy, focusing on self-owned capital management [145]. - The company has a non-operating related party receivable from its wholly-owned subsidiary Chengdu Xiyou United Petroleum and Natural Gas Engineering Technology Co., with a year-end balance of approximately 421.77 million RMB [193].

Financial Performance - Operating revenue for the reporting period was CNY 103,417,145.14, down 30.44% year-on-year, and year-to-date revenue was CNY 394,138,870.62, down 46.34%[7] - Net profit attributable to shareholders was a loss of CNY 52,647,420.18, a decrease of 8.28% year-on-year, with a year-to-date loss of CNY 154,763,976.58, down 59.87%[7] - Basic earnings per share were CNY -0.07, a decrease of 8.28% year-on-year, while diluted earnings per share were also CNY -0.07[7] - The net loss for the third quarter was CNY 54,774,718.69, compared to a net loss of CNY 37,888,820.24 in the same period last year[57] - The net profit for the quarter was a loss of ¥149,847,847.04, compared to a loss of ¥82,535,335.70 in the previous year, representing an increase in loss of 81.5%[65] - The comprehensive loss for the quarter was CNY 115,415,589.98, compared to a loss of CNY 11,798,320.18 in the previous year[58] Assets and Liabilities - Total assets at the end of the reporting period were CNY 4,486,988,847.85, a decrease of 1.49% compared to the end of the previous year[7] - The total liabilities rose to CNY 2,124,037,078.68 from CNY 1,968,509,252.18, indicating an increase of approximately 7.9%[48] - The company's total assets decreased to CNY 4,486,988,847.85 from CNY 4,555,030,571.32, a decline of about 1.5%[49] - The total liabilities decreased to CNY 1,851,120,344.95 from CNY 1,906,201,660.87[56] - The total owner's equity decreased to CNY 2,362,951,769.17 from CNY 2,586,521,319.14, a decline of about 8.7%[49] Cash Flow - The net cash flow from operating activities was CNY 3,592,046.12, down 64.25% year-on-year, but increased by 156.83% year-to-date[7] - The net cash flow from operating activities increased by 156.83% year-on-year, mainly due to the return of deposits and the settlement of restricted funds[25] - Cash flow from operating activities generated a net amount of ¥118,906,265.81, a significant recovery from -¥209,225,592.99 in the prior year[72] - Total cash inflow from operating activities was ¥899,251,665.32, while cash outflow was ¥780,345,399.51, resulting in a positive cash flow[72] - The company reported a significant increase in cash inflow from operating activities, which totaled ¥104,458,552.92, compared to ¥349,823,492.61 in the previous period[74] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 38,044[11] - The top shareholder, Li Liping, held 13.68% of the shares, amounting to 97,400,280 shares[11] Research and Development - Research and development expenses decreased by 32.21% year-on-year, primarily due to a reduction in R&D projects as a result of the pandemic[24] - Research and development expenses were CNY 6,548,693.20, down from CNY 12,893,014.09 in the previous year[56] - Research and development expenses increased to ¥1,348,856.74 from ¥1,121,085.28, reflecting a focus on innovation[67] Financial Management - The company's financial expenses increased by 63.28% year-on-year, mainly due to a decrease in interest income[24] - Financial expenses surged to ¥80,196,521.81, primarily due to interest expenses of ¥75,215,516.74, compared to ¥38,305,807.03 in the previous year[67] Investments and Acquisitions - The company plans to restructure receivables from Range Company by exchanging all receivables for oil field block assets, with a transaction price of $96.5 million, of which $2.5 million will be paid in cash and the remaining $94 million will offset debts owed to the company[29] - The company approved a capital reduction of $13.5 million for Energy Prospecting Technology USA Inc., reducing its investment from $34.75 million to $21.25 million, with $12.02 million already received[30] - The company is establishing the Hai Sheng Langfang Blue Sky Fund with a total initial scale of RMB 300 million, with the company committing to 50% of the fund[31] - The company is also setting up the Fuhua Tongxin Industrial M&A Fund with an initial scale of RMB 1 billion, in collaboration with Dongfang Fuhua[31] Compliance and Legal Matters - The company has received an arbitration notice regarding a claim for equity repurchase and overdue payment, but the arbitration process is currently suspended[36] - The company has no violations regarding external guarantees or non-operating fund occupation by controlling shareholders during the reporting period[39][40] Changes in Equity - Long-term investments in equity rose to CNY 425,479,544.39 from CNY 362,143,105.21, an increase of about 17.5%[47] - Owner's equity totaled CNY 2,188,800,104.17, down from CNY 2,297,767,722.60 in the previous period[56]

Financial Performance - The company's operating revenue for Q1 2021 was ¥87,629,159.75, representing a 42.35% increase compared to ¥61,559,420.67 in the same period last year[7] - The net profit attributable to shareholders was -¥53,684,451.31, a decrease of 26.67% from -¥42,382,334.97 year-on-year[7] - The basic earnings per share for the period was -¥0.08, a decrease of 33.33% from -¥0.06 in the same period last year[7] - The diluted earnings per share also stood at -¥0.08, reflecting the same percentage decrease of 33.33%[7] - The net profit for the first quarter of 2021 was -27,301,488.28 CNY, compared to -16,595,472.67 CNY in the same period last year, indicating a decline in profitability[48] - The total comprehensive income for the first quarter was -27,301,488.28 CNY, reflecting a worsening financial position compared to -16,595,472.67 CNY in the same quarter last year[49] Cash Flow - The net cash flow from operating activities was -¥16,748,375.03, a significant decline of 138.23% compared to ¥43,804,118.00 in the previous year[7] - Cash inflow from operating activities decreased by 43.58% year-on-year, primarily due to lower collection of receivables[16] - The company reported cash inflows from operating activities of 178,178,261.61 CNY, while cash outflows totaled 194,926,636.64 CNY, leading to a net cash outflow from operating activities[52] - The financing activities resulted in a net cash outflow of -57,648,537.93 CNY, compared to -188,899,509.40 CNY in the previous year, showing a reduced cash outflow in financing[53] Assets and Liabilities - The total assets at the end of the reporting period were ¥3,158,781,342.59, down 8.92% from ¥3,468,215,504.10 at the end of the previous year[7] - The company's current assets totaled CNY 1,436,035,219.28, down from CNY 1,728,022,756.29 at the end of 2020, indicating a decrease of about 17.0%[33] - The company's total liabilities were CNY 1,906,856,903.01, down from CNY 2,184,468,441.38, showing a decrease of approximately 12.7%[35] - The total equity attributable to shareholders of the parent company was CNY 880,753,762.07, down from CNY 923,956,396.08, reflecting a decline of about 4.7%[36] Revenue and Costs - Operating costs for Q1 rose by 41.80% year-on-year, correlating with the increase in sales of high-end equipment manufacturing[16] - Total operating costs for Q1 2021 amounted to CNY 142,401,448.97, up from CNY 108,393,709.30 in the previous period[43] - The company's revenue for Q1 increased by 42.35% year-on-year, reaching 87.63 million yuan, primarily due to higher sales in high-end equipment manufacturing[18] Investment and Financing - Investment income in Q1 skyrocketed by 309.34% year-on-year, attributed to gains from equity disposals[16] - Cash inflow from investing activities increased by 59.95% year-on-year, mainly from the disposal of equity stakes in Aohua and Huashengxin[17] - The net cash flow from investment activities was 84,138,650.00 CNY, with total cash inflows of 386,091,650.00 CNY and outflows of 301,953,000.00 CNY[56] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 35,454[11] - The top five customers accounted for 62.13% of total sales, with the largest customer contributing 28.28% of total sales[19] Risks and Future Plans - The company faces significant risks including industry volatility, talent retention, and potential impairment of goodwill due to acquisitions[20][21] - The company plans to enhance core business growth, improve cash flow, and address short-term debt issues through asset disposals and better receivable management[24]

Financial Performance - The company reported a net profit loss attributable to shareholders of 1.021 billion yuan due to impairment provisions for goodwill, long-term equity investments, fixed assets, and other receivables [4]. - The company's operating revenue for 2020 was ¥695,937,681.19, a decrease of 34.60% compared to ¥1,064,171,650.10 in 2019 [19]. - The net profit attributable to shareholders for 2020 was -¥1,209,103,633.94, showing a slight decrease of 0.13% from -¥1,113,263,626.00 in 2019 [19]. - The total assets at the end of 2020 were ¥3,468,215,504.10, representing a decline of 23.86% from ¥4,596,557,677.00 at the end of 2019 [19]. - The net assets attributable to shareholders decreased by 58.03% to ¥923,956,396.08 in 2020 from ¥2,513,802,456.77 in 2019 [19]. - The basic earnings per share for 2020 was -¥1.70, unchanged from the diluted earnings per share [19]. - The company reported a quarterly operating revenue of ¥301,798,810.57 in Q4 2020, which was the highest among the four quarters [22]. - The net profit attributable to shareholders in Q4 2020 was -¥1,092,536,536.89, significantly impacting the annual results [22]. - The company experienced a significant drop in revenue from ¥1,488,450,311.00 in 2018 to ¥695,937,681.19 in 2020 [19]. - The company has indicated uncertainty regarding its ability to continue as a going concern due to negative net profits over the last three years [19]. Market and Operational Strategy - The company plans to focus on core business areas, ensuring steady growth in main operations and improving quality, efficiency, and profitability [5]. - The management aims to strengthen accounts receivable collection and explore new financing channels to address short-term cash flow difficulties [5]. - The company will focus on deepening existing market penetration while exploring new market opportunities [5]. - The company emphasizes the importance of risk awareness regarding future plans and performance forecasts, clarifying that these do not constitute commitments to investors [5]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share within the next two years [51]. - The company is exploring partnerships with international firms to leverage new technologies and expand its service offerings [52]. - The company aims to enhance its market presence through continuous software innovation and development of integrated solutions [60]. Research and Development - The company has a strong focus on research and development, particularly in neutron source technology, which has applications across multiple industries [33]. - Investment in R&D increased by 25% year-over-year, focusing on advanced geological data processing technologies [52]. - The company is investing in R&D for advanced seismic interpretation technologies, with a budget allocation of 200 million RMB for 2021 [54]. - The company has allocated 100 million RMB for research and development in new technologies for oil extraction processes [55]. - The company is committed to ongoing research and development to support its growth and market expansion initiatives [79]. Software and Technology - The company’s software segment is a pioneer in seismic data processing systems, holding complete intellectual property rights and leading technology in the domestic market [34]. - The company has developed the EPoffice integrated research platform software, which is a customized technical solution for the oil and gas exploration and development industry, featuring various API interfaces and SDK development packages [35]. - The company has established a comprehensive software portfolio to support various geological analysis and exploration needs [59]. - The software copyrights cover various applications, including seismic data interpretation, reservoir modeling, and gas pipeline calculations, showcasing the company's diverse capabilities [61][62][63]. - The company has developed various software solutions, including EPoffice GeoTalk and EPoffice FRS+, with multiple versions released since 2015 [58]. Acquisitions and Investments - The company completed an asset swap with Range Resources Limited, acquiring 100% equity of Range Resources Trinidad Limited for $2.5 million in cash and $94 million in receivables, gaining exploration rights in multiple oil fields [41]. - The company has completed two strategic acquisitions in the past year, enhancing its capabilities in seismic data processing [51]. - A strategic acquisition of a smaller tech firm for 500 million RMB was completed to enhance its software capabilities [54]. - The company has made significant investments in new product development and market expansion strategies [176]. Financial Management and Cash Flow - The company does not plan to distribute cash dividends or issue bonus shares for the year [6]. - The net cash flow from operating activities for 2020 was ¥166,947,284.08, an increase of 456.94% compared to -¥46,771,618.72 in 2019 [19]. - The company reported a significant reduction in sales volume in the new business development segment, with a decrease of 85.71% in sales volume to 8,321.57 tons [110]. - The company’s cash flow from operating activities must be positive and meet certain thresholds to qualify for cash dividends [150]. Legal and Compliance - The company has not faced any delisting situations following the annual report disclosure [171]. - The company has not reported any significant litigation or arbitration matters during the reporting period [173]. - The company is focused on ensuring compliance with legal obligations and maintaining financial stability amid ongoing litigation [175]. - The company has engaged in a legal settlement regarding a compensation dispute with Beijing Bank, which was mediated in March 2021 [181]. Future Outlook - The company provided a revenue guidance for 2021, projecting a growth rate of 15% to 20% [54]. - The company expects a revenue growth of 10% for the next fiscal year, driven by new product launches and market expansion strategies [51]. - The company plans to implement a new customer relationship management system to enhance user engagement and retention [69]. - The company aims to reduce operational costs by 15% through efficiency improvements and technology integration in the upcoming fiscal year [157].

Financial Performance - Operating revenue for the reporting period was CNY 103,417,145.14, a decline of 30.44% compared to the same period last year[7]. - Net profit attributable to shareholders of the listed company was a loss of CNY 40,581,641.79, representing an 8.69% decrease year-on-year[7]. - The net cash flow from operating activities was CNY 3,592,046.12, down 64.25% year-on-year[7]. - For the first nine months of the year, operating income decreased by 46.34% compared to the same period last year, mainly due to the impact of the COVID-19 pandemic on business expansion[17]. - The company reported a net loss of CNY 1,136,601,357.20, compared to a loss of CNY 1,020,034,260.15 in the previous period[43]. - The net loss for the quarter was CNY 42,071,157.04, compared to a net loss of CNY 25,185,258.60 in the same period last year[51]. - The company reported a comprehensive loss of CNY 102,736,314.01 for the quarter, compared to a comprehensive income of CNY 905,241.46 in the previous period[52]. - The company reported a comprehensive loss of ¥168,299,796.97 for the quarter, compared to a loss of ¥4,304,571.38 in the previous year[60]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 4,528,491,668.28, a decrease of 1.48% compared to the end of the previous year[7]. - Total current assets decreased from CNY 1,913,497,356.39 to CNY 1,659,778,522.79, a decline of approximately 13.2%[40]. - Total non-current assets increased from CNY 2,683,060,321.04 to CNY 2,868,713,145.49, an increase of about 6.9%[41]. - Total liabilities increased from CNY 1,484,657,686.47 to CNY 1,602,350,992.42, reflecting an increase of approximately 7.9%[42]. - The company's total assets decreased from CNY 4,596,557,677.43 to CNY 4,528,491,668.28, a decline of about 1.5%[43]. - The company's equity attributable to shareholders decreased from CNY 2,513,802,456.77 to CNY 2,347,628,855.49, a decrease of approximately 6.6%[43]. - Total liabilities amounted to CNY 1,484,657,686.47, with total equity at CNY 3,111,899,990.96, resulting in total assets of CNY 4,596,557,677.43[76]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 38,044[11]. - The top shareholder, Li Liping, held 13.68% of the shares, totaling 97,400,280 shares[11]. Cash Flow - The company's cash flow from operating activities showed a significant decline, impacting liquidity and operational flexibility[40]. - Cash and cash equivalents decreased from CNY 392,024,247.83 to CNY 158,213,659.23, a reduction of approximately 59.7%[40]. - The company recorded cash inflow from operating activities totaling ¥899,251,665.32, an increase from ¥676,336,551.92 in the previous period[67]. - Cash flow from financing activities resulted in a net outflow of ¥214,894,483.63, compared to a net inflow of ¥281,613,793.93 in the previous period[71]. Research and Development - The company's research and development expenses decreased by 32.21% year-on-year, primarily due to a reduction in R&D projects as a result of the pandemic[17]. - Research and development expenses were ¥21,528,872.62, a decrease of 32.2% from ¥31,760,335.71 year-on-year[57]. - Research and development expenses increased to ¥1,348,856.74 from ¥1,121,085.28, reflecting a focus on innovation[62]. Financial Expenses - The company's financial expenses increased by 131.75% year-on-year, mainly due to a decrease in interest income[17]. - The company experienced a significant increase in financial expenses, rising to CNY 28,771,740.94 from CNY 5,493,623.59[50]. - Financial expenses increased to ¥55,858,827.95, compared to ¥24,103,340.71 in the same period last year[59]. - The company incurred financial expenses of ¥42,362,001.26, a significant increase from ¥5,027,998.81 in the previous period[62]. Other Financial Activities - Non-operating income included government subsidies amounting to CNY 2,859,011.04[8]. - The company plans to restructure receivables from Range Company by exchanging all receivables for oil field block assets, with a transaction value of $96.5 million, of which $2.5 million will be paid in cash and the remaining $94 million will offset debts owed to the company[24]. - The company approved a capital reduction of $13.5 million for Energy Prospecting Technology USA Inc., reducing its actual investment from $34.75 million to $21.25 million[25]. - The company is establishing the Hai Sheng Langfang Blue Sky Fund with a total initial scale of RMB 300 million, with the company committing to 50% of the fund[26]. - The company is also setting up the Fuhua Tongxin Industrial M&A Fund with an initial scale of RMB 1 billion[26]. - The company has initiated the cancellation of its subsidiary, Tibet Hengtai Aipu Investment Management Co., Ltd., and is transferring its equity in several companies to streamline its asset management[27]. - The company is currently in arbitration regarding a claim for equity repurchase and overdue payment losses, which is temporarily suspended as of October 14, 2020[29]. - The company has not reported any violations regarding external guarantees or non-operational fund occupation by controlling shareholders during the reporting period[33][34].

Financial Performance - The company's operating revenue for the reporting period was ¥290,721,725.48, a decrease of 50.37% compared to ¥585,783,477.76 in the same period last year[30]. - The net profit attributable to shareholders of the listed company was -¥75,985,455.26, representing a decline of 348.72% from -¥16,933,913.77 in the previous year[30]. - The net cash flow from operating activities was ¥115,314,219.69, an increase of 152.59% compared to -¥219,271,870.66 in the same period last year[30]. - The total assets at the end of the reporting period were ¥4,275,949,613.08, a decrease of 6.97% from ¥4,596,557,677.43 at the end of the previous year[30]. - The net assets attributable to shareholders of the listed company were ¥2,448,282,854.19, down 2.61% from ¥2,513,802,456.77 at the end of the previous year[30]. - The basic earnings per share for the reporting period was -¥0.11, a decrease of 450.00% from -¥0.02 in the same period last year[30]. - The diluted earnings per share also stood at -¥0.11, reflecting a 450.00% decline compared to -¥0.02 in the previous year[30]. - The weighted average return on net assets was -3.06%, a decrease of 2.57% from -0.49% in the same period last year[30]. - The company reported a total revenue of 1.5 billion RMB for the first half of 2020, representing a year-over-year increase of 15%[55]. - The company reported a total revenue of 1.5 billion RMB for the first half of 2020, representing a year-over-year increase of 12%[57]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion RMB for the first half of 2020, representing a year-over-year growth of 20%[60]. Acquisitions and Investments - The company has completed acquisitions of several key companies, including Langfang New Saipu and Xian Aohua, enhancing its position as a comprehensive energy service provider[9]. - A strategic acquisition of a smaller tech firm is planned to enhance the company's software capabilities and broaden its product offerings[56]. - The company has made strategic acquisitions, including major companies like Landocean Gas-Tech Services Inc, to enhance its operational capabilities[131]. - Hengtai Aipu invested RMB 294 million as a limited partner in the Beijing Yifeng Hengtai Intelligent Manufacturing Industry M&A Fund, which has a total scale of RMB 600 million[150]. - The company has agreed to transfer its 10.0827% stake in Shuyuan Technology, receiving RMB 9 million in transfer payments[178]. Research and Development - The company has established a post-doctoral workstation and an academician expert workstation to cultivate high-quality technical and management talent, ensuring a positive talent management cycle[7]. - The company has invested 200 million RMB in R&D for new technologies aimed at improving oil and gas exploration efficiency[55]. - The company is actively involved in the research and development of new technologies, including intelligent electric drive logging vehicles and pulse neutron logging equipment[132]. - The company is focusing on R&D for new technologies, allocating 10% of its revenue towards innovation initiatives[60]. - The company has developed over 20 sets of oil and gas exploration and development software products, achieving domestic leading and international advanced levels[53]. Risks and Challenges - The company reported a significant decline in international oil prices due to the collapse of OPEC+ negotiations in March 2020, leading to challenges for oil service enterprises[5]. - The company faces risks related to capital operations, including long investment recovery periods and uncertainties in expected returns from investment funds[13]. - The company acknowledges potential adverse impacts from uncontrollable factors such as political and economic changes[15]. - The company recognizes the risk of goodwill impairment due to significant goodwill generated from mergers and acquisitions since its listing in 2011, which may affect profit certainty in the future[133]. - The company faces risks related to intellectual property infringement, which could affect its competitive advantage in the market[132]. Intellectual Property and Technology - The company emphasizes the importance of managing intellectual property rights to protect its proprietary technologies from infringement[8]. - The company has a total of 307 software copyrights, 26 registered trademarks, and 229 patents as of June 30, 2020[54]. - The company has a focus on innovation, with a significant number of patents related to oil and gas exploration technologies, enhancing its competitive edge in the industry[84]. - The company is committed to maintaining all rights to its software, ensuring proprietary technology remains a competitive advantage[67]. - The company has a diverse patent portfolio that supports its operations in various international classifications, indicating a broad scope of technological applications[83]. Market Expansion and Strategy - The company is focusing on market expansion in Southeast Asia, targeting a 25% increase in market share by the end of 2021[55]. - The company plans to implement a new marketing strategy that aims to increase brand awareness by 30% over the next year[55]. - The company is expanding its market presence in Southeast Asia, targeting a 30% increase in market share by the end of 2021[60]. - The company aims to enhance its military-civilian integration capabilities and expand its product offerings in the defense sector[39]. - The company plans to enhance its cloud technology development and business expansion in the energy and smart city sectors through the ChatUS cloud platform[103]. Financial Management - The company has implemented measures to manage accounts receivable risks, including establishing a customer credit system and optimizing financial structures[12]. - The company is focused on optimizing resource allocation and improving financial management across its subsidiaries[9]. - The company aims to optimize management and resource allocation to enhance operational efficiency and financial management across its subsidiaries[132]. - The company is committed to optimizing its asset structure and enhancing overall profitability through financial strategies and improved management practices[135]. - The company did not distribute cash dividends or bonus shares for the half-year period, nor did it increase capital through reserves[140].

Financial Performance - The company reported a significant amount of goodwill from acquisitions since its listing in 2011, which requires annual impairment testing, posing a risk if future operating conditions deteriorate [12]. - The company's operating revenue for 2019 was ¥1,064,171,650.10, a decrease of 28.50% compared to ¥1,488,450,311.14 in 2018 [30]. - The net profit attributable to shareholders was -¥1,113,263,626.00, representing a decline of 3,739.77% from a profit of ¥30,586,094.28 in the previous year [30]. - The net cash flow from operating activities was -¥46,771,618.72, a decrease of 135.76% compared to ¥130,786,883.93 in 2018 [30]. - The total assets at the end of 2019 were ¥4,596,557,677.43, down 16.98% from ¥5,536,392,601.60 in 2018 [30]. - The net assets attributable to shareholders decreased by 24.05% to ¥2,513,802,456.77 from ¥3,309,818,082.04 in 2018 [30]. - The basic earnings per share for 2019 was -¥1.56, a decline of 4,000.00% from ¥0.04 in 2018 [30]. - The weighted average return on equity was -37.89%, down 38.82% from 0.93% in the previous year [30]. - The company reported a total revenue of 1.5 billion RMB for the fiscal year 2019, representing a year-over-year increase of 12% [61]. - The gross margin for the year was reported at 45%, an improvement from 42% in the previous year [62]. Acquisitions and Investments - The company completed acquisitions of several key companies, including Langfang New Saipu and Xian Aohua, enhancing its position as a comprehensive energy service provider [10]. - The company is exploring potential acquisitions to bolster its technology portfolio and expand its service offerings [61]. - The company made a significant equity investment of 90 million yuan, acquiring a 1.26% stake in a non-securities investment management firm [140]. - The total investment in another non-securities business amounted to approximately 99.96 million yuan, with a 49% ownership stake [142]. Research and Development - The company invested 200 million RMB in R&D for new technologies, focusing on advanced seismic data processing solutions [61]. - The company has a strong focus on software development for oil and gas exploration, with multiple versions of seismic interpretation and fracture prediction software released over the years [69]. - The company has made significant advancements in the field of oil well logging technology, with multiple patents related to neutron logging methods and data processing [86]. - The company has a robust pipeline of new technologies aimed at improving the efficiency of oil extraction and processing operations [85]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 15% market share by 2022 [61]. - The company aims to expand its business into high-end equipment fields such as oil and gas pipeline transportation and supercritical CO2 compression power generation [44]. - The company is actively pursuing market expansion through the development of new technologies and software solutions tailored for the oil and gas industry [66]. - The company is focusing on market expansion in Southeast Asia, targeting a 20% market share increase in the region by 2021 [63]. Financial Management and Risks - The company has set up measures to manage accounts receivable risks, including provisions for bad debts [13]. - The company acknowledges potential adverse impacts from uncontrollable factors such as political and economic changes [17]. - The company faces risks related to intellectual property infringement due to the high market value and application of its proprietary technologies [9]. - The company has established independent financial departments and accounting systems to ensure financial independence from its controlling shareholders [167]. Governance and Compliance - The company has committed to maintaining transparency and timely disclosure of information to protect the rights of all shareholders [176]. - The company must distribute at least 30% of the average distributable profit over the last three years in cash dividends, unless special circumstances arise [160]. - The company’s cash dividend distribution plan must be approved by a majority of the board and independent directors [162]. - The company has not conducted any profit distribution in 2018 and 2017, maintaining a consistent policy of no cash dividends [164]. Technology and Innovation - The company has developed various software products, including GasPro (V4.1) and BeneDes (V4.0), enhancing its service offerings in oil and gas field development [72]. - The company is actively expanding its cloud-based solutions, such as the vCloudDesk and IUser platforms, to improve operational efficiency [72]. - The company has developed a method for predicting remaining oil in isolated fracture-cave bodies, which is currently under review [82]. - The company emphasizes the importance of software innovation in driving its business strategy and market expansion [67]. Operational Challenges - The company did not report any significant differences between financial data under international and Chinese accounting standards [33]. - The company has established a collaborative cloud platform for exploration and development, enhancing teamwork and project management capabilities [72]. - The company has reported a significant focus on R&D, with multiple patents related to seismic imaging and reservoir prediction technologies authorized in 2019 [80]. - The company has no significant influence from related party debts on its operating results and financial statements [191].

Financial Performance - Total revenue for Q1 2020 was ¥61,559,420.67, a decrease of 81.02% compared to ¥324,262,195.21 in the same period last year[9] - Net profit attributable to shareholders was -¥42,382,334.97, representing a decline of 939.04% from ¥5,051,305.30 in the previous year[9] - Basic and diluted earnings per share were both -¥0.06, a decrease of 700.00% compared to ¥0.01 in the previous year[9] - Revenue for the first quarter was 61.56 million yuan, a decrease of 81.02% compared to the same period last year, mainly due to the impact of COVID-19 pandemic and strict epidemic prevention measures[23] - Operating costs for the first quarter decreased by 79.87% compared to the same period last year, corresponding to the decline in revenue[20] - Investment income decreased by 76.68% year-on-year in the first quarter, primarily due to increased losses from affiliated companies[20] - The net loss for Q1 2020 was CNY 47,499,139.84, compared to a profit of CNY 43,026.87 in the same period last year[46] - The net profit for the first quarter of 2020 was -16,595,472.67 CNY, a slight improvement from -16,654,267.65 CNY in the same period last year[50] Cash Flow - The net cash flow from operating activities improved to ¥43,804,118.00, a 121.34% increase from -¥205,219,952.95 in the same period last year[9] - Cash inflow from investment activities increased by 292.26% year-on-year, mainly from the disposal of construction funds and fixed assets[21] - Cash outflow from financing activities increased by 64.92% year-on-year, primarily due to increased loan repayments and related fees[21] - Operating cash flow for the first quarter was 43,804,118.00 CNY, compared to -205,219,952.95 CNY in the previous year, indicating a significant recovery[54] - The company reported a net cash outflow from investing activities of -1,519,580.22 CNY, an improvement from -38,926,146.58 CNY in the same period last year[55] - Cash flow from financing activities resulted in a net outflow of -188,899,509.40 CNY, compared to a net inflow of 378,606,242.49 CNY in the previous year[55] Assets and Liabilities - Total assets at the end of the reporting period were ¥4,561,605,605.09, down 2.59% from ¥4,683,095,462.40 at the end of the previous year[9] - The company's current assets decreased to CNY 1,723,416,995.32 from CNY 1,899,810,848.13, reflecting a reduction of about 9.3%[35][38] - Cash and cash equivalents dropped significantly from CNY 392,024,247.83 to CNY 173,022,341.61, a decrease of approximately 55.9%[35][38] - The company's total liabilities decreased to CNY 1,417,977,300.81 from CNY 1,492,451,267.69, a reduction of approximately 5%[37][38] - The total equity attributable to shareholders of the parent company decreased from CNY 2,611,340,351.54 to CNY 2,569,010,326.77, a decline of about 1.6%[38] Shareholder Information - The total number of common shareholders at the end of the reporting period was 31,394[13] - The largest shareholder, Yinchuan Zhongneng New Finance Technology Co., Ltd., held 10.67% of shares, totaling 76,000,000 shares[13] - The company did not engage in any repurchase transactions among the top 10 shareholders during the reporting period[14] Governance and Compliance - The company reported a commitment to maintain independent financial operations, ensuring a separate accounting system and independent bank accounts[27] - The company is actively pursuing mergers and acquisitions, including the establishment of the Fuhua Tongxin Industrial M&A Fund[27] - The company guarantees that its management personnel will not hold positions outside of the company, ensuring independence in operations[28] - The company is committed to avoiding any business competition with its controlling shareholders and their subsidiaries[28] - The company has established a commitment to independent governance structures, including a fully independent board of directors and management team[28] - The company is ensuring compliance with legal and regulatory requirements in all related party transactions[28] - The company is committed to transparency in its operations and will disclose any potential conflicts of interest[28] - The company is actively working to protect the interests of its shareholders by avoiding any actions that could harm their interests[28] Changes in Financial Reporting - The company has adopted new revenue and leasing standards starting from 2020, impacting financial reporting[59] - The company has not undergone an audit for the first quarter report[66]

Financial Performance - Operating revenue for the reporting period was ¥148,665,774.68, a decrease of 37.87% year-on-year, with cumulative revenue of ¥734,449,252.44, down 32.13%[7] - Net profit attributable to shareholders was -¥37,336,800.06, a decline of 240.06% compared to the same period last year, with a cumulative loss of -¥54,270,713.83, down 269.39%[7] - Basic earnings per share were -¥0.06, reflecting a decrease of 200.00% year-on-year[7] - The company's total revenue from January to the end of the reporting period was CNY 734,449,252.44, down from CNY 1,082,129,040.57 in the previous year[52] - The total operating costs for the same period were CNY 754,924,063.98, a decrease from CNY 1,056,742,592.82 in the previous year[52] - The net profit for the current period was ¥28,383,127.85, a significant recovery from a net loss of ¥60,788,457.72 in the previous period[58] - The total comprehensive income for the current period was ¥28,383,127.85, a recovery from a comprehensive loss of ¥60,788,457.72 in the previous period[59] Assets and Liabilities - Total assets at the end of the reporting period reached ¥5,748,640,285.09, an increase of 3.83% compared to the previous year[7] - The company's total assets as of September 30, 2019, were CNY 4,434,529,443.54, slightly down from CNY 4,437,753,392.59 at the end of 2018[41] - The company's total liabilities amounted to CNY 1,206,491,485.30, compared to CNY 1,238,098,562.20 in the previous year[42] - The company's total liabilities as of September 30, 2019, were approximately 1.550 billion yuan, down from 1.935 billion yuan at the end of 2018[37] - The total equity attributable to shareholders reached CNY 3,309,818,082.04, contributing to total equity of CNY 3,601,007,932.64[72] - The company's total liabilities to equity ratio is approximately 0.54, indicating a balanced capital structure[72] Cash Flow - The company reported a net cash flow from operating activities of -¥209,225,592.99, a decrease of 265.42%[7] - Cash inflows from operating activities totaled ¥676,336,551.92, down from ¥1,290,415,134.77 in the previous period[61] - The total cash inflow from investment activities was ¥367,615,834.33, while cash outflow was ¥919,174,971.51, resulting in a net cash flow of -¥551,559,137.18, worsening from -¥241,157,411.13 year-over-year[66] - The net cash flow from financing activities was ¥281,613,793.93, a recovery from a negative cash flow of -¥115,345,613.35 in the same period last year[67] - The total cash and cash equivalents at the end of the period decreased to ¥2,837,209.50 from ¥85,680,949.58, indicating a decline of approximately 96.7%[67] Shareholder Information - The top ten shareholders collectively hold 15.64% of the company's total shares, with the largest shareholder, Yinchuan Zhongneng New Finance Technology Co., Ltd., holding 10.67%[11][12] - The company did not engage in any repurchase transactions among the top ten shareholders during the reporting period[12] Inventory and Receivables - Accounts receivable decreased by 62.91% compared to the previous period, mainly due to the settlement of receivables from Xinjinhua Machine and Xinsaipu[17] - Inventory increased by 59.2% compared to the previous period, primarily due to longer production cycles for Xinjinhua Machine products[17] - Other receivables increased by 43.33% compared to the previous period, mainly due to project guarantee deposits paid by Xinjinhua[17] Investment Activities - The company plans to transfer 70% of the equity in Zaozhuang Guangrun Environmental Technology Co., Ltd. for 21 million yuan, with the transaction completed on September 11, 2019[24] - The company signed a total contract worth 650 million yuan for the construction of a natural gas utilization project, which will be executed in two phases[26] - The company plans to reduce its investment in its wholly-owned subsidiary EPT by $5.6 million, decreasing the actual investment from $40.3536 million to $34.7536 million[27] - The company’s subsidiary Gaochi Energy intends to acquire a 15% stake in Zaozhuang Guanghua Environmental Protection for a consideration of 4.5 million yuan, increasing its ownership to 30%[27] - The company is in the process of establishing Shenhong Capital Management Co., with a planned investment of 5 million yuan for a 10% stake[27] Research and Development - The company reported a significant increase in research and development expenses, totaling CNY 12,893,014.09, up from CNY 10,788,658.86 in the previous year[45] - Research and development expenses for the third quarter were CNY 428,894.67, significantly higher than CNY 1,978.77 in the same period last year[49] - Research and development expenses surged to ¥1,121,085.28 from ¥23,964.53, indicating a focus on innovation[58] Financial Ratios and Metrics - The weighted average return on net assets was -1.08%, down from -0.74% in the previous year[7] - Financial expenses decreased by 46.85% year-on-year, mainly due to a reduction in borrowing scale and lower interest and fee expenses[19] - Investment income decreased by 209.86% year-on-year, primarily due to increased losses from associated companies[19]

Financial Performance - Total revenue for the reporting period was ¥585,783,477.76, a decrease of 30.50% compared to ¥842,830,977.18 in the same period last year[31]. - Net profit attributable to shareholders was -¥16,933,913.77, representing a decline of 139.36% from ¥43,018,487.57 in the previous year[31]. - Net cash flow from operating activities was -¥219,271,870.66, a significant decrease of 313.20% compared to -¥53,066,921.51 in the same period last year[31]. - Basic and diluted earnings per share were both -¥0.02, a decrease of 133.33% from ¥0.06 in the same period last year[31]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion RMB for the first half of 2019, representing a year-on-year growth of 20%[153]. - The company reported a total revenue of 3,338,100.0 RMB for the reporting period[120]. - The company reported a net profit of 37.55 million yuan for the first half of 2019, representing an increase from 32.65 million yuan in the same period of 2018, which is a growth of approximately 15.5%[149]. Strategic Acquisitions and Investments - The company has completed acquisitions of several key companies, enhancing its position as a comprehensive energy service provider[12]. - The company has completed a strategic acquisition of a smaller tech firm for 500 million RMB, which will enhance its software offerings[60]. - The company established a merger fund with an investment of CNY 180 million for the development of a new manufacturing base in Chongqing and a research center in Beijing[97]. - The company has made commitments to avoid any illegal occupation of assets or funds from its subsidiaries[149]. - The company has outlined a strategy to ensure long-term stable development through proper governance of related transactions[150]. Research and Development - The company is focused on optimizing management and resource allocation to enhance operational efficiency and synergy among subsidiaries[13]. - The company has maintained a strong emphasis on research and development, as evidenced by the continuous updates and new releases of its software products[56]. - The company is investing 100 million RMB in R&D for new technologies in seismic data processing over the next two years[58]. - The company is actively engaged in research and development of new technologies, including a three-dimensional imaging system for gas tree inner wall detection[66]. - The company has a strong focus on market expansion, leveraging its software capabilities to enhance operational efficiency in gas pipeline management[67]. Market Expansion and User Growth - User data showed an increase in active users by 20% compared to the previous year, reaching 500,000 active users[59]. - The company is expanding its market presence in Southeast Asia, targeting a 25% increase in market share by 2020[58]. - The company is planning to expand its market presence in Southeast Asia, targeting a 10% market share by the end of 2020[153]. - The company is actively pursuing market expansion through strategic investments and partnerships in the energy sector[192]. Risk Management - The company recognizes the risk of goodwill impairment due to significant acquisitions since its listing in 2011, which could impact future profit certainty[14]. - The company has implemented measures to manage accounts receivable risks, including setting aside provisions for bad debts[15]. - The company acknowledges the impact of uncontrollable factors such as political and economic changes on its operations[17]. - The company faces risks from potential infringement of intellectual property rights due to the high market value of its proprietary technologies[11]. Technology and Innovation - The company is engaged in high-tech energy services, including software development for oil and gas exploration, cloud computing, and big data services[38]. - The company has developed a total of 69 software copyrights under its subsidiary, focusing on dynamic analysis and production diagnostics for oil and gas fields[67]. - The company has developed various seismic data processing methods, including amplitude compensation and parameter expansion imaging methods, which are crucial for enhancing data accuracy[78]. - The company aims to enhance its competitive edge through proprietary software solutions in the energy sector[63]. Operational Efficiency - The company is focused on integrating advanced technologies into its existing product lines to improve overall service delivery[67]. - The overall operational efficiency is projected to improve by 23% due to the implementation of integrated analysis systems[68]. - The company has implemented cost-cutting measures that are projected to save 50 million RMB annually[62]. Corporate Governance - The company emphasizes the importance of maintaining independence in operations, finance, and management to protect shareholder interests[149]. - The company has established measures to avoid related party transactions that could harm the interests of other shareholders[149]. - The company has committed to maintaining independence in its operations and governance, ensuring compliance with all regulatory requirements[156]. Future Outlook - The company provided a future outlook with a revenue guidance of 3 billion RMB for the full year 2019, indicating a growth target of 10%[58]. - The company expects a revenue growth of 10% for the second half of 2019, projecting total revenue to reach approximately 3.3 billion RMB for the full year[62]. - Future outlook remains positive with a focus on digital transformation and enhancing customer engagement through innovative solutions[60].