Financial Performance - The company's operating revenue for Q1 2022 was ¥131,600,720.79, a decrease of 28.01% compared to ¥182,812,163.04 in the same period last year[3] - The net profit attributable to shareholders was -¥17,463,773.45, representing a decline of 328.97% from -¥4,071,141.37 year-on-year[3] - The company's operating profit decreased by 221.08%, driven by reduced revenue and increased expenses[6] - Total operating revenue for Q1 2022 was CNY 131.60 million, a decrease of 28.06% compared to CNY 182.81 million in the same period last year[22] - Net loss for Q1 2022 was CNY 16.16 million, compared to a net loss of CNY 4.27 million in Q1 2021, representing an increase in loss of 277.78%[23] - The company's gross profit margin decreased to -17.38% in Q1 2022 from -3.68% in Q1 2021[22] - The total equity attributable to shareholders of the parent company was CNY 435.60 million, down from CNY 453.35 million year-on-year, a decrease of 3.91%[23] Cash Flow - The net cash flow from operating activities decreased by 49.84%, amounting to ¥19,033,019.22 compared to ¥37,947,578.85 in the previous year[3] - Cash received from sales of goods and services in Q1 2022 was CNY 150.15 million, compared to CNY 165.59 million in the previous year[26] - The net cash flow from financing activities was -¥27,368,360.55, compared to -¥5,127,859.07 in Q1 2021, indicating increased cash outflows[28] - The cash inflow from operating activities totaled ¥191,667,440.65, a decrease from ¥216,778,346.22 in the previous year[27] - The net cash flow from investment activities was -¥3,688,757.42, an improvement from -¥9,362,003.86 in Q1 2021[27] Assets and Liabilities - The total assets at the end of the reporting period were ¥1,531,081,041.02, down 3.63% from ¥1,588,686,186.01 at the end of the previous year[3] - The company reported a total current liabilities of 1,021,873,450.41 CNY, down from 1,047,156,540.43 CNY, showing a reduction of approximately 2.4%[19] - The total liabilities as of the end of Q1 2022 were CNY 1,095.42 million, a decrease of 3.63% from CNY 1,136.58 million at the end of the previous year[23] - The company's total liabilities decreased to 1,037,902,783.74 CNY from 1,063,185,873.76 CNY, indicating a reduction of about 2.4%[19] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 13,592[9] - The top shareholder, Qingdao Ronghai National Investment Management Co., Ltd., held 9.20% of the shares, totaling 30,000,000 shares[9] - The company has signed a voting rights entrustment agreement, allowing a third party to exercise voting rights for 25,423,066 shares, representing 7.80% of the total share capital[14] Investment and Expenses - The company's investment income increased by 392.53%, attributed to higher equity method investment income from joint ventures[6] - Research and development expenses for Q1 2022 were CNY 4.16 million, a decrease of 12.66% from CNY 4.76 million in the previous year[23] - The company paid ¥221,024,675.23 in debt repayments during Q1 2022, compared to ¥243,764,280.34 in the previous year[28] - The cash outflow for purchasing goods and services was ¥107,137,947.07, down from ¥116,236,554.52 in Q1 2021[27]

Financial Performance - The company reported a loss for the year, primarily due to intensified market competition, resulting in decreased sales volume and prices, alongside rising raw material and energy costs, which compressed gross margins [4]. - The company recognized credit impairment losses of CNY 39.15 million, goodwill impairment losses of CNY 28.71 million, intangible asset impairment losses of CNY 18.35 million, and inventory write-down losses of CNY 27.62 million [4]. - The company reported a significant increase in revenue, achieving a total of 1.2 billion CNY for the fiscal year, representing a growth of 15% year-over-year [19]. - The company's operating revenue for 2021 was ¥761,001,952.17, a decrease of 14.83% compared to ¥893,503,343.74 in 2020 [23]. - The net profit attributable to shareholders was -¥164,090,770.94, an improvement of 42.36% from -¥284,696,789.06 in the previous year [23]. - The net cash flow from operating activities was -¥24,966,307.47, a significant decline of 379.72% compared to -¥5,204,347.46 in 2020 [23]. - The total assets at the end of 2021 were ¥1,588,686,186.01, down 8.14% from ¥1,729,466,473.59 at the end of 2020 [23]. - The net assets attributable to shareholders decreased by 26.76% to ¥453,351,346.46 from ¥619,022,209.27 in 2020 [23]. - The company reported a basic earnings per share of -¥0.50, improving by 42.53% from -¥0.87 in 2020 [23]. - Total revenue for 2021 was ¥761,001,952.17, a decrease of 14.83% compared to ¥893,503,343.74 in 2020 [55]. - Manufacturing revenue accounted for ¥742,588,977.34, representing 97.58% of total revenue, down 14.68% year-over-year [55]. - Revenue from foam materials and applications was ¥638,087,097.24, making up 83.85% of total revenue, a decline of 13.29% from the previous year [55]. - Domestic sales reached ¥690,036,642.52, which is 90.67% of total revenue, down 14.19% year-over-year [55]. - The company reported a significant increase in other business revenue, which rose by 103.41% year-over-year, primarily due to policy impacts [58]. - The company’s foreign sales were ¥70,965,309.65, representing 9.33% of total revenue, a decrease of 20.61% compared to the previous year [55]. Strategic Initiatives - The company plans to issue shares to specific investors, pending approval from the Shenzhen Stock Exchange and the China Securities Regulatory Commission [6]. - The company does not plan to distribute cash dividends, issue bonus shares, or convert reserves into share capital [7]. - The company anticipates that new products will gain market recognition, which is expected to enhance sales performance and profitability [4]. - New product development efforts have led to the introduction of three innovative materials, expected to capture a 5% market share in the next two years [19]. - The company is expanding its market presence, targeting an increase in sales in Southeast Asia, aiming for a 30% growth in that region [19]. - A strategic acquisition of a local competitor is anticipated to enhance production capacity by 25% and reduce operational costs by 10% [19]. - The company plans to focus on the development of rubber foam products and aims to enhance product technology content to improve competitiveness and profitability [35]. - The company is committed to developing high-end products with international advanced levels in the polymer foam materials industry [35]. - The company aims to enhance its market share and profitability by increasing the development of mid-to-high-end rubber and plastic new products [93]. - The company is expanding its product offerings in post-processing products, targeting industries such as home appliances, automotive parts, and new energy vehicles, aiming to provide one-stop solutions to increase customer loyalty and market share [94]. Research and Development - The company has invested 50 million CNY in R&D for new technologies, focusing on sustainable materials and production processes [19]. - The company focuses on polymer foaming technology research to maintain technological leadership and develop alternative markets and new applications [37]. - New product developments include UV anti-adhesive tape and EMI electromagnetic shielding materials, both in small batch trial production stages, aimed at enhancing product competitiveness [66]. - The company is expanding its product line with new acoustic materials and sound barriers, currently in trial production, to improve market competitiveness [67]. - The R&D team saw a significant shift in age demographics, with a 35.29% increase in personnel under 30 years old [68]. - R&D investment amounted to ¥15,759,559.32 in 2021, representing 2.07% of operating revenue, up from 1.98% in 2020 [68]. Market and Industry Position - The company operates in an industry without overcapacity, sustained decline, or technological substitution issues [4]. - The structural foam materials market is primarily dominated by PVC and PET, with PVC being the most widely used due to its mature applications [35]. - The market for rail transportation is expected to grow significantly, driven by urbanization and green transportation policies, providing substantial opportunities for the company [40]. - The company aims to increase its market share in the transportation infrastructure sector, particularly in sound barrier products, by leveraging its technological and industrial advantages [95]. Governance and Compliance - The company has established a sound internal control system to enhance governance levels [105]. - The company strictly adheres to information disclosure regulations, providing timely and accurate information to all shareholders [106]. - The company respects the rights of stakeholders and promotes balanced interests among shareholders, employees, and society [107]. - The board of directors consists of 7 members, including 3 independent directors, meeting legal and regulatory requirements [106]. - The company operates independently from its major shareholders, with no competition in business and a complete R&D, production, and sales system [108]. - The company has independent financial and auditing departments, maintaining separate bank accounts and fulfilling tax obligations independently [109]. - The company has established a KPI performance evaluation system for senior management, ensuring transparency and compliance with legal regulations [106]. Risk Management - The company faces risks related to the loss of core technical personnel, which could impact its competitive position in the polymer foaming industry, and is implementing measures to retain talent [98]. - The company is expanding its international market presence, which involves risks related to geopolitical factors and local regulations, and is enhancing its management of overseas operations [100]. - The company is enhancing its risk control systems to adapt to the challenges posed by its expanding operational scale and to ensure stable and healthy growth [99]. Employee and Management Structure - The total number of employees at the end of the reporting period is 746, with 97 in the parent company and 649 in major subsidiaries [135]. - The employee composition includes 510 production personnel, 60 sales personnel, 35 technical personnel, 28 financial personnel, 37 administrative personnel, 15 human resources personnel, 32 management personnel, and 29 others [135]. - The company has a total of 480 employees with education below college level, while there are 1 PhD, 21 Master's, 137 Bachelor's, and 107 Associate's degree holders [136]. - The company’s management team includes individuals with extensive experience in finance and technology sectors [120]. - The average age of the current board members is approximately 48 years, indicating a blend of experience and youthful leadership [114]. Financial Transactions and Shareholder Relations - The company plans to issue up to 95,323,700 shares at a price of 5.56 RMB per share, aiming to raise a total of 52,999,980 RMB for working capital [194]. - The company has no significant related party transactions or financial dealings with related financial companies during the reporting period [182][183]. - The company has committed to ensuring that its subsidiaries will not suffer losses due to tax payment responsibilities [166]. - The company has not reported any major events or violations regarding the provision of guarantees during the reporting period [191]. - The company has established a framework to ensure that any competitive business activities are ceased or transferred to unrelated third parties to avoid conflicts [164].

Financial Performance - The company's operating revenue for the third quarter was ¥182,731,981.01, a decrease of 35.38% compared to the same period last year[3]. - The net profit attributable to shareholders was ¥198,569.21, down 98.54% year-on-year[3]. - The net profit after deducting non-recurring gains and losses was -¥361,817.74, a decline of 104.90% compared to the previous year[3]. - Total operating revenue for the third quarter was CNY 600,737,430.78, a decrease of 13.6% compared to CNY 695,703,483.93 in the same period last year[24]. - The net profit for the period was CNY 3,061,637.13, a decline of 27.1% from CNY 4,199,658.27 in the previous year[25]. - The basic earnings per share decreased to CNY 0.0104 from CNY 0.0154 in the same quarter last year[26]. - The company reported a decrease in other income to CNY 2,015,441.54 from CNY 4,722,336.49 year-on-year[25]. - The total comprehensive income for the period was CNY 2,669,452.33, compared to CNY 2,535,117.63 in the previous year[26]. Assets and Liabilities - The total assets at the end of the reporting period were ¥1,766,615,524.76, an increase of 2.15% from the end of the previous year[3]. - The company's total assets amount to 1,766,615,524.76 CNY, an increase from 1,729,466,473.59 CNY in the previous period[21]. - Current assets total 1,174,690,012.96 CNY, compared to 1,137,722,299.79 CNY previously, reflecting a growth of approximately 3.1%[20]. - The company's total liabilities stand at 1,145,818,172.43 CNY, up from 1,111,315,313.24 CNY, indicating an increase of about 3.1%[21]. - The total liabilities stood at ¥1,111,315,313.24 in Q3 2021, compared to ¥1,112,407,141.08 at the start of the year, indicating a slight reduction in leverage[34]. Cash Flow - The cash flow from operating activities for the year-to-date increased by 220.88% to ¥49,992,161.62[12]. - The net cash flow from financing activities increased by 132.73% year-to-date, due to an increase in cash received from borrowings[12]. - Cash inflow from operating activities was CNY 667,480,096.78, compared to CNY 757,712,178.92 in the previous year[27]. - The net cash flow from operating activities for Q3 2021 was ¥49,992,161.62, a significant improvement compared to a net outflow of ¥41,356,378.97 in Q3 2020, indicating a turnaround in operational efficiency[29]. - Total cash and cash equivalents at the end of Q3 2021 amounted to ¥94,240,146.81, up from ¥87,971,510.96 at the end of Q3 2020, reflecting a net increase of ¥39,683,810.43[30]. - The net cash flow from investing activities was negative at -¥35,988,055.57 for Q3 2021, compared to -¥12,254,053.75 in the same period last year, indicating increased investment outflows[29]. - Cash inflows from financing activities totaled ¥512,882,000.00 in Q3 2021, a substantial increase from ¥291,750,000.00 in Q3 2020, highlighting enhanced financing efforts[30]. Shareholder Information - The company's total equity attributable to shareholders was ¥621,991,526.96, a slight increase of 0.48% compared to the previous year[4]. - The total equity attributable to shareholders of the parent company was CNY 621,991,526.96, slightly up from CNY 619,022,209.27[22]. - The total number of common shareholders at the end of the reporting period is 12,491[14]. - The top shareholder, Qingdao Ronghai Guo Investment Management Co., Ltd., holds 9.20% of shares, totaling 30,000,000 shares[14]. - The top ten shareholders collectively hold a significant portion of the company's equity, with the largest individual shareholder holding 7.80%[14]. - The company has a total of 25,971,833 shares under lock-up due to executive restrictions[17]. Expenses - The company's sales expenses decreased by 37.22% year-to-date, primarily due to a reclassification of freight costs to operating costs[9]. - Research and development expenses were CNY 11,637,774.53, up 14.4% from CNY 10,171,251.07 year-on-year[24]. - The company's operating profit year-to-date increased by 99.69%, driven by improved gross margins and reduced expenses[11]. General Information - The third quarter report of Changzhou Tiansheng New Materials Co., Ltd. is unaudited[36]. - The report was released on October 28, 2021[36]. - The company’s performance summary and user data were not provided in the document[36]. - Future outlook and performance guidance details were not included in the report[36]. - Information regarding new product and technology development was not mentioned[36]. - Market expansion and acquisition strategies were not discussed in the document[36]. - Other new strategies were not outlined in the report[36]. - Specific financial figures and percentages were not available in the content[36]. - The document does not contain any comparative data or metrics[36]. - Overall, the report lacks detailed financial insights and projections[36].

Financial Performance - The company's operating revenue for the reporting period was ¥418,005,449.77, representing a 1.23% increase compared to ¥412,933,386.91 in the same period last year[25]. - The net profit attributable to shareholders of the listed company was ¥3,186,193.63, a significant turnaround from a loss of ¥8,578,492.38, marking a 137.14% improvement[25]. - The net profit after deducting non-recurring gains and losses was ¥2,204,553.83, compared to a loss of ¥15,928,768.67 in the previous year, reflecting a 113.84% increase[25]. - The net cash flow from operating activities was ¥58,573,642.83, a substantial increase of 405.25% from a negative cash flow of ¥19,188,505.59 in the same period last year[25]. - Basic earnings per share improved to ¥0.0098 from a loss of ¥0.0263, representing a 137.26% increase[25]. - The company's revenue for the reporting period was approximately CNY 418 million, representing a 1.23% increase compared to the previous year[44]. - The company reported a net profit of RMB 65.63 million, reflecting a growth of 46% year-on-year[63]. - The overall gross margin for the first half of 2021 was reported at 63.57%, showcasing effective cost management strategies[63]. Governance and Compliance - The board of directors confirmed the accuracy and completeness of the financial report, ensuring no false statements or omissions[4]. - All directors attended the board meeting to review the report, indicating strong governance practices[5]. - The financial report includes a statement from the responsible personnel affirming the authenticity of the financial data presented[4]. - The company strictly adheres to relevant laws and regulations, ensuring timely and accurate information disclosure[87]. - There were no significant safety incidents reported during the reporting period[88]. - The company has established a comprehensive safety management system, emphasizing the principle of "whoever's business is responsible for safety"[88]. - The half-year financial report has not been audited[93]. - The company did not experience any major litigation or arbitration matters during the reporting period[96]. Strategic Initiatives - The company is currently evaluating the feasibility of a non-public stock issuance, with significant uncertainties regarding approval and registration timelines[5]. - Future plans or projections mentioned in the report do not constitute a commitment to investors, highlighting the associated risks[5]. - The company aims to enhance its product offerings in rubber foaming products and develop high-end products with international advanced levels to improve competitiveness and profitability[37]. - The company is actively pursuing mergers and acquisitions to strengthen its market position and expand its product lines[65]. - The company plans to expand its market presence by developing new products, including eco-friendly sound barriers and new building materials[64]. Research and Development - The company is focused on innovation through collaboration with top research institutions, enhancing its R&D capabilities[35]. - The company’s R&D investment increased by 43.77% to approximately CNY 7.42 million, reflecting a commitment to innovation and new product development[44]. - The company specializes in the research, production, and sales of high-performance membrane materials and various composite materials[178]. - The company has established a robust R&D mechanism and continues to invest in R&D to ensure ongoing technological innovation capabilities[76]. Market Position and Products - The company is a leading manufacturer of polymer foam materials, focusing on research, development, production, and sales, with a strong market position in soft and structural foam materials[32]. - The company has established long-term partnerships with well-known domestic and international clients, enhancing its market coverage[32]. - The Strucell series of structural foam materials has successfully entered new sectors such as wind power generation and rail transportation, filling a domestic market gap[32]. - The company has a comprehensive product range, including PE, EVA, SBR, and CR foam materials, catering to various applications[33]. - The structural foam materials market is dominated by PVC and PET, with PVC being the most widely used due to its mature applications[38]. Financial Position - Total assets at the end of the reporting period were ¥1,732,144,782.68, a slight increase of 0.15% from ¥1,729,466,473.59 at the end of the previous year[25]. - The net assets attributable to shareholders of the listed company were ¥621,507,807.11, up 0.40% from ¥619,022,209.27 at the end of the previous year[25]. - The company's total liabilities were CNY 1,111,742,105.69, remaining relatively stable compared to CNY 1,111,315,313.24 at the end of 2020[140]. - The total current assets increased to CNY 1,146,649,051.37 from CNY 1,137,722,299.79 at the end of 2020, indicating a growth of approximately 0.8%[139]. - The company's equity attributable to shareholders was CNY 621,507,807.11, slightly up from CNY 619,022,209.27 at the end of 2020[141]. Risks and Challenges - Future plans or projections mentioned in the report do not constitute a commitment to investors, highlighting the associated risks[5]. - The company faced risks related to the loss of core technical personnel, which could impact its competitive advantage in the polymer foaming industry[74]. - The company is expanding its international market presence, which is a key strategic goal, but faces risks from geopolitical factors and local regulations[76]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 10,867[123]. - The largest shareholder, Qingdao Ronghai Guotou Asset Management Co., Ltd., holds 30,000,000 shares, representing 9.20% of total shares[124]. - Wu Haizhou, a significant shareholder, holds 25,423,066 shares, accounting for 7.80% of total shares, with 19,067,299 shares under lock-up[124]. - The total number of restricted shares at the beginning of the period was 57,538,574, with 31,566,741 shares released during the period[121].

Financial Performance - The company's revenue for Q1 2021 was ¥182,812,163.04, representing a 31.61% increase compared to ¥138,908,035.79 in the same period last year[8] - The net profit attributable to shareholders was -¥4,071,141.37, an improvement of 75.29% from -¥16,473,033.67 year-on-year[8] - The basic earnings per share improved to -¥0.0125, a 75.25% increase from -¥0.0505 in the same period last year[8] - Operating profit improved by 69.53% year-on-year, amounting to -6.72 million yuan, driven by increased gross profit and reduced expenses[19] - The net loss for the first quarter was CNY 4,270,379.99, an improvement from a net loss of CNY 17,028,512.04 in the previous year[45] - Net profit for the quarter was a loss of CNY 6,449,179.36, improving from a loss of CNY 11,123,426.23 in the previous year[49] Cash Flow - The net cash flow from operating activities was ¥37,947,578.85, a significant increase of 165.84% compared to -¥57,633,401.26 in the previous year[8] - The net cash flow from operating activities was -24,610,157.07 yuan, a significant decrease compared to the previous period's 19,295,072.83 yuan[55] - Cash inflow from operating activities totaled 40,332,021.13 yuan, down 62.1% from 106,437,289.47 yuan in the prior period[55] - Cash outflow from operating activities increased to 64,942,178.20 yuan, compared to 87,142,216.64 yuan in the previous period[55] - The net cash flow from financing activities was 2,873,692.55 yuan, a decrease of 36.5% compared to 4,530,642.95 yuan in the prior period[57] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,719,354,694.96, a decrease of 0.58% from ¥1,729,466,473.59 at the end of the previous year[8] - The total liabilities increased to CNY 1,091,243,611.23 from CNY 1,027,138,391.93, representing a rise of approximately 6.2%[41] - The company's total assets as of March 31, 2021, amounted to CNY 2,104,380,209.50, up from CNY 2,046,724,169.56 at the end of 2020[41] - The company's total current liabilities decreased slightly to approximately 1.08 billion yuan from 1.09 billion yuan[37] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 13,286[11] - The largest shareholder, Qingdao Ronghai Guotou Investment Management Co., Ltd., held 9.20% of the shares, amounting to 30,000,000 shares[11] - The total equity attributable to shareholders of the parent company was CNY 615,461,442.59, down from CNY 619,022,209.27, reflecting a decrease of about 0.9%[40] Research and Development - Research and development expenses surged by 125.86% year-on-year, reflecting a significant increase in R&D investment[18] - The company reported a research and development expense of CNY 4,762,187.39, which is significantly higher than CNY 2,108,453.80 in the previous year, marking an increase of approximately 126.0%[44] Operational Challenges and Strategies - The company is at risk of losing core technical personnel, which could impact its competitive position in the polymer foaming industry[22] - The company plans to enhance product quality and cost control to improve market competitiveness and expand market share[21] - The company aims to accelerate its international expansion, leveraging overseas investments to enhance its technological and market position[23] Other Financial Metrics - The company reported non-recurring gains and losses totaling ¥504,279.84 for the period[9] - The company faced a 60.67% decrease in notes receivable at the end of the reporting period, mainly due to the maturity of receivables[18] - The company experienced a 60.99% decline in other income, primarily due to a reduction in government subsidies[18] - The company established a wholly-owned subsidiary, Jiangsu Meilisheng New Materials Co., Ltd., with a registered capital of 50 million yuan[24]

Financial Performance - The company reported a loss for the reporting period, primarily due to the impact of the pandemic, which affected business operations and led to a decrease in profit margins [5]. - The company recognized an impairment loss of CNY 163.83 million for goodwill, CNY 88.35 million for inventory, and CNY 34.57 million for bad debts [5]. - Investment losses were confirmed at CNY 5.44 million [5]. - The company reported a total revenue of 1.2 billion CNY for the year 2020, representing a year-on-year growth of 15% [18]. - The company's operating revenue for 2020 was approximately ¥893.5 million, showing a slight decrease of 0.00% compared to ¥893.5 million in 2019 [23]. - The net profit attributable to shareholders was approximately -¥284.7 million in 2020, a 1.41% improvement from -¥288.8 million in 2019 [23]. - The net cash flow from operating activities improved significantly by 78.27%, reaching approximately -¥5.2 million in 2020 compared to -¥24.0 million in 2019 [23]. - The total assets at the end of 2020 were approximately ¥1.73 billion, a decrease of 5.11% from ¥1.82 billion at the end of 2019 [23]. - The net assets attributable to shareholders decreased by 31.74% to approximately ¥619.0 million at the end of 2020 from ¥906.8 million at the end of 2019 [23]. - The company reported a basic earnings per share of -¥0.87 for 2020, an improvement of 2.25% from -¥0.89 in 2019 [23]. Strategic Initiatives - The company plans to enhance product uniqueness and adopt differentiated competition strategies to improve sales scale and profit margins [5]. - The company is exploring new product development and expanding into new application areas for materials [5]. - The company plans to expand its market presence in Southeast Asia, targeting a 20% market share by 2025 [18]. - New product development includes a lightweight composite material expected to launch in Q2 2021, projected to increase sales by 10% [18]. - The company is exploring potential acquisitions to enhance its product portfolio and market reach, with a budget of 100 million CNY allocated for this purpose [18]. - The company aims to expand its market presence in transportation-related products and applications [31]. - The company plans to focus on the development of rubber foaming products and expand production capacity to enhance competitiveness and profitability [97]. Research and Development - The company has invested 50 million CNY in R&D for new technologies, focusing on sustainable materials and production processes [18]. - Research and development expenses rose by 34.64% to CNY 17.68 million in 2020, reflecting increased investment in R&D [47]. - The company holds 79 patents, including 28 invention patents, indicating a strong focus on innovation and technology development [43]. - The company has established a research institute to enhance innovation and technology incubation, focusing on lightweight manufacturing needs [35]. - The company is developing new rubber foam products to enhance technical content and aims to create high-end products with international standards [37]. Operational Efficiency - The gross profit margin improved to 30%, up from 28% in the previous year, indicating better cost management and pricing strategies [18]. - The company’s operational efficiency improved, with a reduction in production costs by 5% due to optimized supply chain management [18]. - The company's 2020 operating costs increased by 7.11% to CNY 729.07 million, primarily due to differences in sales freight accounting and rising costs in certain business segments [46]. - The gross profit margin for the manufacturing sector was 17.17%, down by 3.47% from the previous year [57]. - The production capacity utilization for soft foam materials (rubber) was 99.00%, indicating high operational efficiency [52]. Market Trends and Challenges - There are no significant adverse changes in the company's main business or core competitiveness, and it remains consistent with industry trends [5]. - The company is optimistic about the future performance of the soft foam materials industry, which is expected to grow steadily [97]. - The company faces risks related to the potential loss of core technical personnel, which could impact its technological leadership in the polymer foaming industry [103]. - The company acknowledges management risks associated with expanding its operational scale and plans to enhance its risk control and management systems [103]. - The company is aware of the risks involved in new product development, including high costs and the potential for failure, and is committed to maintaining effective R&D mechanisms [104]. Corporate Governance - The company has established a commitment to reduce related party transactions and ensure fair operations at market prices [119]. - The company has promised not to utilize its position to harm the interests of other shareholders [120]. - The company has emphasized the importance of transparency and compliance in its operations to protect shareholder interests [120]. - The company has established a communication protocol among shareholders for major decision-making processes [125]. - The company has committed to adhering to local policies and regulations in overseas markets to reduce operational risks [105]. Shareholder Information - The company reported a total cash dividend of 0.00 yuan for the year 2020, with a total distributable profit of -152,947,134.42 yuan [109]. - The company has not proposed any cash dividends or capital reserve transfers for the years 2018, 2019, and 2020 due to negative distributable profits [111]. - The company’s net profit attributable to ordinary shareholders for 2020 was -284,696,789.00 yuan, resulting in a cash dividend ratio of 0.00% [115]. - The company has consistently reported negative distributable profits over the past three years, leading to no cash dividends being declared [112]. - The company has a limit on annual share transfers for its directors and senior management, capped at 25% of their total shareholdings during their tenure [123]. Changes in Management - The company appointed Xin Yanwen as the new president on October 9, 2020, following the departure of the previous president [196]. - The company experienced a change in its board of directors, with several members being elected or departing on October 9, 2020, as part of a restructuring process [196]. - The independent director, Huang Ming, left the company on May 15, 2020, due to job changes [195]. - The company has a new independent director, Shen Lei, who was elected on May 15, 2020 [195]. - The company’s total shareholding structure reflects significant changes in management and board composition, which may impact future strategic directions [196].

Financial Performance - Operating revenue for the reporting period was CNY 282,770,097.02, up 2.91% year-on-year[8] - Net profit attributable to shareholders increased by 490.50% to CNY 13,606,994.79 compared to the same period last year[8] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 7,380,192.14, a year-on-year increase of 380.21%[8] - Basic earnings per share rose by 487.32% to CNY 0.0417[8] - Net profit decreased by 44.76% year-to-date compared to the same period last year, due to rising costs and declining expenses[21] - The net cash flow from operating activities increased by 44.46% year-to-date compared to the same period last year, due to reduced cash outflows from operating activities[22] - The company reported a net loss of CNY 263,656,159.98 for the period, an improvement from a loss of CNY 268,684,662.39 in the previous year[39] - The net profit for the current period was a loss of ¥15,169,741.42, an improvement from a loss of ¥32,380,443.24 in the same period last year, indicating a reduction in losses by approximately 53%[59] - The net profit for the quarter was CNY 4.20 million, a decrease from CNY 7.60 million in the previous year, indicating a decline of approximately 44.5%[54] Assets and Liabilities - Total assets increased by 9.48% to CNY 1,995,231,217.83 compared to the end of the previous year[8] - The company's total assets amounted to CNY 2,061,346,122.98, up from CNY 1,746,476,163.21 in the previous period[42] - Total liabilities rose to CNY 1,085,743,051.03 from CNY 915,554,255.75, marking an increase of approximately 18.5%[38] - The total liabilities of the company stood at ¥915,554,255.75, with current liabilities amounting to ¥819,874,813.31[71] - The company's current assets decreased to CNY 1,250,264,451.06 from CNY 1,076,210,645.24 year-over-year, primarily due to a reduction in cash and cash equivalents[36] - Total current assets amounted to CNY 379,549,515.35, with cash and cash equivalents at CNY 13,301,777.29[74] - Total non-current assets reached CNY 1,366,926,647.86, including long-term equity investments of CNY 1,057,032,400.93[75] Shareholder Information - The total number of shareholders at the end of the reporting period was 15,408[12] - The top shareholder, Qingdao Ronghai National Investment Management Co., Ltd., holds 9.20% of the shares[12] - The company’s major shareholder, Wu Haizhou, transferred 30,000,000 shares, representing 9.20% of the total share capital, to Ronghai Asset Management[24] - The company no longer has a controlling shareholder or actual controller following the termination of the concerted action agreement among major shareholders[26] Cash Flow and Financing - The net cash flow from operating activities was CNY -22,167,873.38, a decrease of 4.93% compared to the previous period[8] - Cash and cash equivalents decreased by 54.10% compared to the beginning of the period, primarily due to an increase in payment collections via bills[19] - The company plans to issue non-public shares to meet future funding needs and optimize capital structure[26] - Cash flow from operating activities showed a net outflow of -¥41,356,378.97, an improvement from -¥74,466,093.47 in the previous period, indicating better cash management[62] - The financing activities resulted in a net cash outflow of -¥81,086,577.04, which is a significant increase in outflow compared to -¥3,613,119.90 in the previous period, indicating higher debt repayment[63] Operational Efficiency - The company received government subsidies amounting to CNY 17,884,638.32 during the reporting period[9] - The company executed new revenue and leasing standards starting January 1, 2020, which required adjustments to the financial statements[67] - The implementation of the new revenue recognition standard began on January 1, 2020, affecting the financial statements[76] - The company reported cash inflow from investment activities of ¥42,654,499.38, compared to ¥25,407,673.15 in the previous period, showing increased investment recovery[63] Research and Development - Research and development expenses for Q3 2020 were CNY 5,013,216.49, down from CNY 7,287,525.55 in the previous period[45] - Research and development expenses for the quarter were CNY 10.17 million, compared to CNY 13.26 million in the previous year, a decrease of about 23.5%[53]

Financial Performance - The company reported a significant increase in revenue, achieving a total of 500 million CNY for the first half of 2020, representing a 20% growth compared to the same period last year[15]. - The company's operating revenue for the current period is ¥412,933,386.91, representing a 4.29% increase compared to ¥395,962,099.08 in the same period last year[21]. - The company's revenue for the reporting period was ¥412,933,386.91, an increase of 4.29% compared to the same period last year, primarily due to an increase in composite sales[38]. - The company reported a total of ¥7,350,276.29 in non-recurring gains and losses for the current period[25]. - The company reported a significant increase in other income, which rose by 5095.61% to ¥6,227,437.26, mainly due to government compensation received[38]. - The company reported a net loss of CNY 277,263,154.77 in retained earnings, compared to a loss of CNY 268,684,662.39 at the end of 2019, indicating a worsening of approximately 3.0%[129]. - The net profit for the same period increased to 5,543,352.65 CNY, a 475.69% rise from a loss of 1,475,510.80 CNY in 2019[59]. - The net profit attributable to shareholders for the current period is -¥8,578,492.38, a decrease of 262.10% from ¥5,292,134.54 in the previous year[21]. - The net profit for the first half of 2020 was a loss of CNY 9,272,819.87, compared to a profit of CNY 5,265,439.48 in the first half of 2019[136]. Assets and Liabilities - The total assets of the company as of June 30, 2020, amounted to 1.2 billion CNY, with a year-over-year increase of 15%[15]. - The total assets of the company reached CNY 2,130,444,867.53, an increase from CNY 1,746,476,163.21 year-on-year[133]. - The total liabilities of the company were CNY 1,260,053,405.05, compared to CNY 915,554,255.75 at the end of 2019, marking an increase of around 37.5%[128]. - The company's total liabilities increased to CNY 1,077,888,581.76, up from CNY 678,626,214.81 in the previous year[133]. - The company's cash and cash equivalents at the end of the reporting period were ¥193,507,329.21, representing 8.96% of total assets[46]. - The company's total current assets reached CNY 1,415,343,565.53, up from CNY 1,076,210,645.24 at the end of 2019, indicating a growth of about 31.5%[127]. - The total assets of the main subsidiary, Changzhou Tiansheng Composite Materials Co., Ltd., were CNY 333,323,462, with a net profit of CNY 5,543,352.65[56]. - The total assets of Tian Sheng Securities Co., Ltd. decreased by 21.99% to 20,823,068.24 CNY from 26,693,634.65 CNY in the previous year[60]. Research and Development - The company plans to invest 50 million CNY in R&D for new technologies in the next fiscal year, focusing on sustainable materials[15]. - The company's R&D efforts focus on high-temperature structural foam materials and supercritical foaming technology, enhancing its competitive edge in the market[30]. - Research and development expenses amounted to ¥5,158,034.58, a decrease of 13.68% year-on-year, due to no significant new R&D projects initiated[38]. - The company is focused on the research and development of high-performance cleaning materials and energy equipment materials[56]. - The company is focusing on the research and development of new materials and technologies, including environmentally friendly sound barriers and new building materials[59]. Market Strategy and Expansion - The company is expanding its market presence, targeting new regions in Southeast Asia, with an estimated market potential of 300 million CNY[15]. - A strategic acquisition of a local competitor is in progress, which is anticipated to enhance market share by 10%[15]. - The company aims to strengthen its international market expansion and enhance its global brand influence despite geopolitical and policy risks[63]. - The company has formed joint ventures to enter the rail transit industry, optimizing its industrial chain layout and enhancing R&D capabilities[29]. Shareholder and Equity Information - The company reported a plan not to distribute cash dividends, issue bonus shares, or increase capital from reserves[5]. - The company's major shareholders, Wu Haizhou and Shengyan, plan to transfer a total of 30 million shares, representing 9.20% of the company's total share capital, to Ronghai Asset Management Co., Ltd.[95]. - The total shares held by Wu Haizhou, Lv Zewei, Sun Jian, and Shengyan after the transfer is 57,731,807 shares, representing 17.71% of the total share capital[97]. - The company has no controlling shareholder or actual controller after the termination of the concerted action agreement on August 20, 2020[98]. - The number of ordinary shareholders at the end of the reporting period is 11,236[106]. Risk Management - The company emphasizes the importance of risk awareness regarding forward-looking statements in the report[4]. - The company faced a risk of losing core technical personnel, which could impact its competitive advantage in the polymer foaming industry[61]. - The company is facing risks related to the loss of core technical personnel, which could lead to technology leakage[62]. - The company has a risk of management challenges due to rapid business scale expansion, necessitating adjustments in its management structure[62]. Compliance and Governance - The board of directors confirmed the accuracy and completeness of the financial report, ensuring no false statements or omissions[3]. - The half-year financial report has not been audited[69]. - The company has not experienced any major litigation or arbitration matters during the reporting period[72]. - The company has not undergone any bankruptcy restructuring during the reporting period[71]. Financial Reporting and Accounting - The financial statements are prepared in accordance with the Chinese Accounting Standards and reflect the company's financial position accurately[173]. - The company's accounting period follows the calendar year, from January 1 to December 31[174]. - The company recognizes cash and cash equivalents as cash in the cash flow statement, including cash on hand and deposits readily available for payment[193].

Financial Performance - Total revenue for Q1 2020 was ¥138,908,035.79, a decrease of 23.48% compared to ¥181,526,210.90 in the same period last year[8] - Net profit attributable to shareholders was -¥16,473,033.67, representing a decline of 240.60% from -¥4,836,510.84 year-on-year[8] - Basic and diluted earnings per share were both -¥0.0505, down 241.22% from -¥0.0148 in the same period last year[8] - The company's net loss for Q1 2020 was CNY 14,304,600.09, compared to a net loss of CNY 10,000,000 in the previous period[44] - The total comprehensive income for Q1 2020 was a loss of CNY 16,046,937.77, compared to a loss of CNY 4,629,336.28 in the previous year[46] - The company's operating profit for Q1 2020 was a loss of CNY 22,055,290.00, compared to a loss of CNY 8,480,973.84 in the previous year[45] Cash Flow - Net cash flow from operating activities was -¥57,633,401.26, a decrease of 115.32% compared to -¥26,766,811.38 in the previous year[8] - Cash inflow from operating activities for Q1 2020 was CNY 129,577,611.26, significantly lower than CNY 290,792,062.62 in the previous period[52] - The company reported a net increase in cash and cash equivalents of -65,810,769.61 CNY, compared to -37,684,038.88 CNY in the previous period[54] - The cash inflow from sales of goods and services was 48,059,779.29 CNY, up from 18,774,000.92 CNY in the previous period, indicating growth in revenue generation[56] - The cash outflow for purchasing goods and services was 39,747,080.98 CNY, down from 62,581,814.62 CNY year-over-year, reflecting cost management efforts[56] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,786,629,551.83, a decrease of 1.97% from ¥1,822,544,072.89 at the end of the previous year[8] - Total liabilities decreased to CNY 895,723,440.43 from CNY 915,554,255.75 at the end of 2019[38] - The company's total equity reached CNY 906,989,817.14, with a negative retained earnings of CNY -268,684,662.39[61] - The total current assets were CNY 379,549,515.35, while total non-current assets were CNY 1,366,926,647.86[64] Shareholder Information - The total number of common shareholders at the end of the reporting period was 15,682[10] - The largest shareholder, Wu Haizhou, holds 9.87% of the shares, with 32,186,614 shares pledged[11] - The company signed a share transfer agreement to transfer up to 30 million shares, which will result in the controlling shareholder holding at least 57,731,807 shares, accounting for 17.71% of the total share capital[22] Operational Challenges and Strategies - The company's operating revenue for the reporting period was 138.91 million, a year-on-year decrease of 23.48% due to the impact of the pandemic on sales[17] - Operating profit was -22.06 million, a year-on-year decrease of 160.06%, reflecting a significant decline in overall profitability[17] - The company faces risks related to the loss of core technical personnel, which could impact its competitive position in the polymer foaming industry[18] - The company plans to enhance product quality and cost control to improve market competitiveness and expand market share[18] - The company is committed to international expansion, aiming to strengthen its global market presence and brand influence[21] Investment and Financial Activities - Investment income increased by 263.03% year-on-year, attributed to increased losses recognized from equity method investments[16] - The company reported an investment loss of CNY 5,076,847.32 in Q1 2020, compared to a loss of CNY 1,511,919.98 in the same period last year[48] - The company incurred financial expenses of CNY 5,575,746.42 in Q1 2020, an increase from CNY 3,851,873.27 in the previous year[48] Governance and Management - There are plans to elect a new independent director due to the resignation of the previous independent director, which will be submitted for approval at the upcoming annual general meeting[26] - The company aims to establish an efficient management system to cope with the challenges posed by rapid business expansion[18] Miscellaneous - The company executed the new revenue recognition standard starting January 1, 2020, impacting the financial statements[64] - The first quarter report was not audited[66]

Financial Performance - The company reported a significant increase in revenue, achieving a total of 1.2 billion RMB for the year, representing a growth of 15% compared to the previous year[15]. - The company's operating revenue for 2019 was ¥893,508,335.61, a decrease of 1.22% compared to ¥904,549,750.64 in 2018[20]. - The net profit attributable to shareholders was -¥288,775,261.40, representing a significant decline of 1,883.25% from ¥16,193,787.58 in 2018[20]. - The net cash flow from operating activities was -¥23,953,757.95, a decrease of 421.74% compared to ¥7,445,143.22 in 2018[20]. - The total assets at the end of 2019 were ¥1,822,544,072.89, down 11.91% from ¥2,068,868,771.92 at the end of 2018[20]. - The net assets attributable to shareholders decreased by 24.31% to ¥906,837,725.43 from ¥1,198,083,723.02 in 2018[20]. - The company reported a basic earnings per share of -¥0.89, a decline of 1,880.00% from ¥0.05 in 2018[20]. - The company's 2019 revenue was CNY 893,508,335.61, a decrease of 1.22% compared to the previous year, primarily due to a decline in export business and sales prices[39]. - The 2019 gross profit margin was 23.82%, down 1.95% year-on-year, mainly due to a decrease in the gross margin of sound barrier products[39]. - The company reported a net profit for 2019 of a loss of CNY 112,464,884.80, which represents a decline of 415.19% from a loss of CNY 21,829,741.89 in 2018[74]. Strategic Initiatives - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[15]. - New product development initiatives include the launch of a lightweight composite material expected to reduce production costs by 5%[15]. - The company is expanding its market presence in Southeast Asia, targeting a 25% market share in the region by 2025[15]. - A strategic acquisition of a local competitor is anticipated to enhance production capacity by 30%[15]. - The company plans to invest 100 million RMB in R&D for new technologies over the next three years[15]. - The company aims to reduce its carbon footprint by 15% through sustainable practices by 2025[15]. - The company has established a joint venture with CAF Power & Automation, S.L. to manufacture urban rail traction equipment, enhancing its position in the rail transportation supply chain[31]. - The company has developed the Strucell series of structural foam materials, successfully entering new markets such as wind power and rail transportation[30]. - The company plans to enhance its product offerings in the rail transit sector, focusing on lightweight materials and system solutions for high-speed trains and maglev trains[80]. Research and Development - The research institute has shifted its focus to incubating industrial technology, aiming to meet the lightweight demands of the manufacturing industry[32]. - The company completed several R&D projects, including high-temperature resistant acrylic protective films and functional adhesive tapes for electric vehicles[57]. - The company is currently developing multiple new products, including sound-absorbing panels and noise barriers, with several projects still in progress[58]. - The company has a total of 87 registered trademarks and 79 patents, including 27 invention patents, as of the end of the reporting period[36]. - The company's R&D investment in 2019 amounted to ¥13,131,077.01, representing 1.47% of operating revenue, a decrease from 2.06% in 2018[58]. - The number of R&D personnel decreased to 42 in 2019, accounting for 5.40% of the total workforce, down from 7.66% in 2018[58]. Market and Sales Performance - User data showed a 20% increase in active users, reaching 500,000 by the end of the fiscal year[15]. - The manufacturing sector accounted for 94.51% of total revenue in 2019, with a revenue of CNY 844,467,466.93, down 3.32% year-on-year[43]. - Revenue from transportation supporting products was CNY 184,760,551.61, representing a decline of 23.09% compared to the previous year[43]. - The company achieved a 25.95% increase in foreign sales, totaling CNY 117,897,949.71 in 2019[43]. - The company's domestic sales reached CNY 775.61 million, a year-on-year increase of 21.53%, while international sales increased by 38.86% to CNY 117.90 million[46]. - The total sales volume in the manufacturing sector was CNY 670.20 million, up 1.26% from the previous year, while production volume decreased by 2.23% to CNY 635.76 million[46]. Governance and Compliance - The board of directors confirmed the accuracy and completeness of the annual report, ensuring no misleading statements or omissions[3]. - All directors attended the board meeting to review the report, emphasizing the importance of risk awareness regarding forward-looking statements[4]. - The company has established a robust management system to mitigate risks associated with rapid business expansion and ensure stable growth[85]. - The company has a governance structure that complies with relevant laws and regulations, ensuring independent operation from its controlling shareholders[183]. - The company has established a comprehensive internal control system to ensure accurate financial reporting[198]. - The internal control verification report issued a standard unqualified opinion, indicating no major defects in non-financial reporting[199]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties during the reporting period[107]. Shareholder Information - The company reported a total cash dividend of 0.00 yuan for the fiscal year 2019, with a distributable profit of -103,031,958.26 yuan[91]. - The company has not proposed any cash dividends or capital reserve transfers for the years 2017, 2018, and 2019 due to negative distributable profits[93]. - The company’s total cash dividend as a percentage of the total profit distribution for 2019 was 0.00%[96]. - The company’s cash dividend history shows no distributions in the last three years, indicating a focus on maintaining liquidity for operational needs[94]. - The company’s controlling shareholders are all natural persons, with no changes in the controlling shareholder during the reporting period[152]. - The company has a total of 12,680 common shareholders at the end of the reporting period[150]. - The total number of shares after the recent changes is 325,984,300, with 19.44% being limited shares and 80.56% being unrestricted shares[145]. Risk Management - The company faces risks related to the loss of core technical personnel, which could impact its competitive position in the polymer foaming industry[85]. - The company recognizes the high costs and risks associated with new product development, particularly in polymer foaming materials, and is committed to maintaining continuous innovation capabilities[86]. - The company has committed to enhancing its international talent acquisition and management capabilities to support its global expansion strategy[87]. - The company is actively learning from its overseas business experiences to improve its operational management and risk control[87]. Management and Leadership - The company experienced a leadership change with the resignation of the Technical Director and Vice President due to personal reasons[164]. - The current Chairman, Wu Haizhou, has extensive experience in the plastic industry, having held various positions since 1991[165]. - The company’s President, Xu Yi, has been with the organization since 1992 and has held multiple leadership roles[167]. - The company’s financial manager, Xu Jue, has a background in accounting and has been with the company since 2012[171]. - The company appointed Xu Dongdong as Vice President and Board Secretary in April 2019, reflecting a strategic shift in management[171]. - The company has a strong focus on financial oversight, with the current CFO, Xue Meixia, having previously served as the financial director at another major group[171]. Internal Controls - The company reported zero significant defects in both financial and non-financial internal controls for the reporting period[196]. - The internal control self-assessment report was disclosed on April 23, 2020, confirming the effectiveness of internal controls related to financial statements as of December 31, 2019[198]. - The company maintained effective internal controls in all material aspects as per the guidelines issued by the Ministry of Finance and other relevant authorities[198].