Financial Performance - The company's operating revenue for 2020 was ¥58,521,227,821.56, a decrease of 52.26% compared to ¥122,571,751,665.59 in 2019[28]. - The net profit attributable to shareholders for 2020 was ¥216,674,631.53, an increase of 19.98% from ¥180,588,393.68 in 2019[28]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥190,581,159.23, up 24.05% from ¥153,633,065.64 in 2019[28]. - The net cash flow from operating activities for 2020 was -¥1,194,437,407.66, a decline of 87.16% compared to -¥638,203,227.54 in 2019[28]. - The total assets at the end of 2020 were ¥13,040,822,493.37, an increase of 20.70% from ¥10,804,161,303.93 at the end of 2019[28]. - The net assets attributable to shareholders at the end of 2020 were ¥1,358,962,307.05, an increase of 18.99% from ¥1,142,098,669.65 at the end of 2019[28]. - The basic earnings per share for 2020 was ¥1.1348, a rise of 19.89% from ¥0.9465 in 2019[28]. - The diluted earnings per share for 2020 was also ¥1.1348, reflecting the same increase of 19.89% from ¥0.9465 in 2019[28]. - The weighted average return on equity for 2020 was 17.32%, slightly up from 17.22% in 2019[28]. - The company reported a significant increase in non-recurring gains, including government subsidies amounting to ¥56,222,447.96 in 2020[34]. Business Operations and Strategy - The company’s main business is B2B e-commerce services based on steel and related industry information services, which account for a significant portion of its operations[6]. - The company is expanding its business into other bulk commodity sectors, which may increase competition with existing players in those industries[9]. - The company plans to continuously optimize its organizational structure and improve management efficiency to adapt to rapid business expansion[9]. - The company aims to enhance its internet platform's security and stability by investing in new technologies and equipment[9]. - The company emphasizes the importance of maintaining a competitive talent incentive mechanism to prevent the loss of core executives and technical personnel[12]. - The company has established a relatively effective credit risk identification system for platform participants, although it still faces credit management risks[12]. - The company is focusing on digital transformation in the bulk commodity sector, aiming to ensure transaction authenticity through digitalization across production, circulation, and consumption[48]. - The company aims to build a comprehensive e-commerce ecosystem for bulk commodities, focusing on big data, industry research, and supply chain services[121]. Market and Competition - The steel industry is cyclical and significantly influenced by economic fluctuations, with the company facing increased pressure for energy transformation to achieve carbon neutrality goals[6]. - The company faces risks related to market competition as the e-commerce sector becomes increasingly concentrated and competitive[9]. - The company has established strategic partnerships with major commodity exchanges such as SHFE, DCE, and CME for derivative contract settlement standards[45]. - The company has been recognized as a leading third-party service provider in the bulk commodity industry, serving over 100,000 industrial and financial investment users globally[52]. Technology and Innovation - The company has taken measures to ensure data security, including server hosting and software security enhancements[9]. - The company has implemented blockchain technology to enhance transaction transparency and reduce user transaction risks[48]. - The company has developed a comprehensive data service system that updates real-time information related to price changes daily, providing valuable insights into market demand[48]. - The company has launched the "Steel Cloud SaaS" service, which transitioned from information to digital solutions, successfully serving multiple steel trading enterprises[61]. - The company is enhancing its digital risk control system to capture a larger market share in the trading sector[126]. - The company plans to increase investment in new technology applications and innovation, enhancing data collection capabilities[121]. Shareholder and Dividend Information - The company reported a cash dividend of 1.3 RMB per 10 shares (including tax) based on a total of 190,930,620 shares[12]. - The total cash dividend for 2020 was ¥24,820,980.60, representing 11.46% of the net profit attributable to ordinary shareholders[139]. - The total cash dividend for 2019 was ¥19,093,062.00, which accounted for 10.57% of the net profit attributable to ordinary shareholders[139]. - The total cash dividend for 2018 was ¥7,956,922.50, corresponding to 6.58% of the net profit attributable to ordinary shareholders[139]. Legal and Compliance - The company has maintained compliance with all regulatory obligations regarding information disclosure and approval procedures[151]. - The company has not faced any bankruptcy reorganization matters during the reporting period[180]. - The company has not issued any non-standard audit reports for the reporting period[172]. - The company has filed lawsuits against various entities, claiming a total of 1,075.32 million CNY for overdue payments and penalties, which have been settled[187]. - The company has successfully resolved multiple lawsuits, with total claims amounting to 522.82 million CNY, all of which have been paid by the defendants[191].

Financial Performance - Operating revenue for the reporting period was ¥16,890,733,394.95, a decrease of 45.78% year-on-year[9] - Net profit attributable to shareholders was ¥53,300,726.11, representing a 5.73% increase compared to the same period last year[9] - Basic earnings per share for the reporting period were ¥0.2791, up 5.72% year-on-year[9] - The company reported a net profit of ¥149,828,459.37 for the year-to-date, reflecting a 4.49% increase compared to the same period last year[9] - Total operating revenue for the third quarter was ¥16,890,733,394.95, a decrease of 45.9% compared to ¥31,154,293,817.47 in the same period last year[56] - Net profit for the quarter was ¥85,871,642.09, compared to ¥88,507,325.70 in the previous year, indicating a slight decline of 1.8%[62] - The company reported a total comprehensive income of ¥85,756,200.22 for the current period, compared to ¥88,507,325.70 in the previous period, showing a decrease of 3.0%[65] - The company's net profit for the current period is 251,293,010.21, compared to 246,115,749.71 in the previous period, reflecting a slight increase[75] - The total profit for the current period is 324,423,607.70, compared to 258,542,313.35 in the previous period, reflecting an increase of approximately 25.4%[75] Assets and Liabilities - Total assets at the end of the reporting period reached ¥14,100,840,485.94, an increase of 30.51% compared to the end of the previous year[9] - The company's total liabilities reached CNY 10,837,613,365.17, compared to CNY 7,966,597,494.00, which is an increase of approximately 36.5%[46] - The equity attributable to shareholders of the parent company was CNY 1,293,473,096.66, up from CNY 1,142,098,669.65, showing an increase of about 13.2%[49] - The company's total assets increased to ¥1,541,601,486.11 from ¥1,531,833,302.45, representing a growth of 0.4%[56] - Total liabilities decreased to ¥788,728,029.16 from ¥844,544,900.03, a reduction of 6.6%[56] - The equity attributable to shareholders rose to ¥752,873,456.95, up from ¥687,288,402.42, marking an increase of 9.5%[56] Cash Flow - Net cash flow from operating activities was ¥531,500,981.72, a significant increase of 919.57% compared to the previous year[9] - The net cash flow from operating activities improved by 32.79%, reaching CNY -169,169,427.34 compared to CNY -251,713,181.32 in the previous year[27] - Cash inflow from operating activities totaled CNY 123.45 billion, up from CNY 103.79 billion year-over-year, representing an increase of approximately 18.9%[89] - Net cash outflow from operating activities was CNY -169.17 million, an improvement from CNY -251.71 million in the previous period[89] - Cash inflow from financing activities reached CNY 2.17 billion, compared to CNY 1.38 billion in the previous year, marking an increase of approximately 57.3%[92] Investments and Expenses - The company plans to invest CNY 10,400 million in the capital increase of its subsidiary, Shandong Longzhong, reducing its ownership from 51.76% to 41.67%[30] - Financial expenses increased by 95.95% to CNY 58,932,062.84 due to higher bank borrowings[27] - The company reported a significant increase in investment income, rising by 187.14% to CNY 2,350,604.26 compared to a loss of CNY -2,697,578.50 in the previous year[27] - Research and development expenses for the quarter were ¥25,649,590.83, slightly up from ¥24,361,457.71, reflecting a 5.3% increase[59] - Research and development expenses increased to ¥16,733,274.64 from ¥13,431,573.87, marking a growth of 24.5%[66] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 12,813[13] - The largest shareholder, Shanghai Xinye Investment Development Co., Ltd., held 25.21% of the shares[13] - The company received government subsidies amounting to ¥27,268,535.39 during the reporting period[11] - The company received government subsidies, leading to an 84.42% increase in other income to CNY 28,275,254.27 compared to CNY 15,331,574.61 in the previous year[27] Future Outlook - Future outlook includes potential market expansion and new product development strategies, although specific figures were not disclosed in the report[58]

Financial Performance - The company's operating revenue for the first half of 2020 was ¥24,008,862,573.43, a decrease of 51.27% compared to ¥49,268,906,545.12 in the same period last year[24] - Net profit attributable to shareholders for the first half of 2020 was ¥96,527,733.26, representing a 3.97% increase from ¥92,845,098.14 in the previous year[24] - The net cash flow from operating activities was -¥700,670,409.06, a decline of 130.60% compared to -¥303,842,913.63 in the same period last year[24] - Total assets at the end of the reporting period were ¥14,372,228,417.91, an increase of 33.02% from ¥10,804,161,303.93 at the end of the previous year[24] - The net assets attributable to shareholders at the end of the reporting period were ¥1,224,786,374.17, up 7.24% from ¥1,142,098,669.65 at the end of the previous year[24] - Basic earnings per share for the first half of 2020 were ¥0.6067, a 3.99% increase from ¥0.5834 in the same period last year[24] - The weighted average return on net assets was 8.09%, down from 9.23% in the previous year[24] Operational Challenges - The company faced significant operational challenges leading to a substantial decline in revenue[24] - Future outlook includes addressing operational risks and implementing strategic measures to enhance performance[6] E-commerce and Digital Transformation - The company has established a comprehensive e-commerce service model tailored to the steel industry, focusing on consignment trading and supply chain services[39] - The company has a strong focus on digital transformation in the steel trading sector, enhancing risk management through data accumulation[39] - The steel trading platform, Steel Silver, achieved a settlement volume of 2,105.64 million tons in the first half of 2020[39] - The platform settlement volume for Steel Silver E-commerce reached 21,056,400 tons, a growth of 47.64% compared to the previous year[51] - The company launched the "Steel Union Data" smart version, enhancing features such as AI search and multi-dimensional data retrieval[53] Financial Strategy and Investments - The company plans to publicly issue up to 250 million shares at a price not lower than CNY 5 per share, aiming to enhance liquidity and market competitiveness[53] - The company has invested CNY 284 million in Shandong Longzhong to support rapid business expansion in the energy and petrochemical sectors[53] - The company has a strong technical research and development capability, having developed various products including an online mall and risk control platforms[47] Risk Management - The company faces significant risks from the cyclical nature of the steel industry, which could directly impact its main business operations and profitability[89] - The company is exposed to market competition risks, particularly from other e-commerce platforms entering the steel trading sector, which could affect its customer base and profitability[89] - The company has implemented risk control measures for its hedging activities, including matching hedging business with operational activities to mitigate price fluctuation risks[79] - The company has established a management system for hedging business to enhance internal controls and risk prevention measures[79] Shareholder and Corporate Governance - The company held four temporary shareholder meetings during the reporting period, with investor participation rates of 42.02%, 41.90%, and 35.25%[95] - The company plans not to distribute cash dividends or issue bonus shares for the half-year period[95] - The company’s management personnel, Zhang Shaohua, reduced his holdings by 1,600 shares without prior disclosure, resulting in a fine of 18,780.8 CNY[152] - The company did not experience any changes in its controlling shareholder during the reporting period[174] Legal and Compliance Issues - The company is currently involved in several lawsuits, with claims totaling approximately 496.38 million yuan, 522.82 million yuan, and 285.58 million yuan, among others[101][104] - The company has not experienced any major litigation or arbitration matters during the reporting period[101] - The company has no penalties or rectification measures during the reporting period, indicating a stable compliance status[111] Related Party Transactions - The company reported a total of 43,861.00 thousand yuan in related party transactions during the reporting period, accounting for 0.09% of similar transaction amounts[113] - The company has a related party transaction with Nanjing Steel Co., Ltd. amounting to 2,067.53 thousand yuan for raw material procurement, which is 0.09% of the approved transaction amount[113] Share Capital and Structure - The company reported a total share capital increase to 190,930,620 shares after a dividend distribution of 1.20 CNY per 10 shares and 2 bonus shares per 10 shares[159] - The company’s total number of shares before the recent changes was 159,108,850, representing 100% of the share capital[159] - The company’s shareholding structure includes 96.03% of unrestricted shares, totaling 183,450,479 shares[158] Miscellaneous - The company has not reported any significant environmental protection issues or major social responsibility initiatives[151] - The half-year financial report was not audited, indicating that the figures may be subject to change[200]

Financial Performance - Total revenue for the first half of 2019 reached ¥49,268,906,545.12, an increase of 10.54% compared to ¥44,571,678,294.35 in the same period last year[24] - Net profit attributable to shareholders was ¥92,845,098.14, representing a 53.48% increase from ¥60,491,706.92 in the previous year[24] - Net profit after deducting non-recurring gains and losses was ¥93,593,701.24, up 61.79% from ¥57,847,451.83 year-on-year[24] - Basic earnings per share increased to ¥0.5834, a rise of 53.57% compared to ¥0.3799 in the same period last year[24] - The weighted average return on net assets improved to 9.23%, up from 7.04% in the previous year, an increase of 2.19%[24] - The company achieved a settlement volume of 14.26 million tons on the Steel Silver platform during the first half of 2019, indicating strong operational performance[38] - In the first half of 2019, the company achieved operating revenue of CNY 4,926.89 million, a year-on-year increase of 10.54%[47] - The net profit attributable to shareholders was CNY 92.84 million, reflecting a significant growth of 53.48% compared to the same period last year[47] Assets and Liabilities - Total assets at the end of the reporting period were ¥9,704,969,818.44, a slight increase of 0.40% from ¥9,666,339,418.15 at the end of the previous year[24] - Net assets attributable to shareholders increased to ¥1,048,405,167.01, reflecting a growth of 9.52% from ¥957,275,622.65 at the end of the previous year[24] - The company reported a net cash flow from operating activities of RMB -303.84 million, an improvement of 48.47% from RMB -589.63 million in the previous year[53] - The total amount of financial assets at the end of the period was ¥24,480,000, with a decrease of ¥2,040,000 in fair value[67] - The total approved guarantee amount for the reporting period is CNY 400,000,000[150] - The actual guarantee amount incurred during the reporting period is CNY 228,653,850, which represents 57.16% of the approved amount[150] Operational Strategies - The company has established a comprehensive big data platform, which includes various commodity price indices recognized by major financial institutions, enhancing its market credibility[36] - The company operates a third-party platform that provides a full range of e-commerce solutions for the steel industry, including consignment trading and supply chain services[38] - The company has developed mobile applications and platforms to enhance user experience and engagement, reflecting the growing demand for mobile access to trading information[38] - The company has established a strong resource advantage with a large number of upstream and downstream clients in the steel information industry[47] - The company has developed a comprehensive e-commerce ecosystem since the launch of the Steel Silver e-commerce platform in November 2013, achieving record daily transaction volumes[47] - The company is actively optimizing its organizational structure and enhancing internal management processes to adapt to rapid growth and improve efficiency[86] Research and Development - The company invested RMB 40.35 million in R&D, marking a significant increase of 58.76% compared to RMB 25.41 million in the previous year[53] - Research and development efforts are focused on enhancing product offerings, with a budget allocation of 1,200 million for new technology initiatives in 2019[141] Legal Matters - The company has ongoing litigation involving a claim for 23.0408 million yuan against a construction group, with 10 million yuan already received[102] - The company is involved in multiple lawsuits regarding unpaid amounts, with some cases still pending judgment[104] - The company has filed lawsuits against various entities for unpaid amounts totaling CNY 10.43 million and CNY 11.1077 million, with some payments already received and others still pending[111] - The company has been actively pursuing overdue payments through legal channels, indicating a proactive approach to debt recovery[111] Shareholder Information - The largest shareholder, Shanghai Xingye Investment Development Co., Ltd., holds 25.20% of the shares, totaling 40,104,743 shares[174] - The company had a total of 10,530 common shareholders at the end of the reporting period[170] - The company reported a total of 40,104,743 shares held by Shanghai Xingye Investment Development Co., Ltd., the largest shareholder[177] - The top 10 unrestricted shareholders collectively hold 58,000,000 shares, with no known relationships or concerted actions among them[177] Future Outlook - The company anticipates a net profit of approximately 37.63 million to 56.98 million RMB for the period from July to September, reflecting a growth of 3.80% to 57.17% compared to the same period last year[82] - Future guidance indicates a projected revenue growth of 20% year-over-year for the upcoming fiscal year[141] - The company plans to continue its market expansion strategy, focusing on increasing sales volume and revenue in the upcoming quarters[144] - The future outlook remains positive, with expectations of continued revenue growth driven by market demand and product innovation[144]

Financial Performance - The company's operating revenue for the first half of 2020 was ¥24,008,862,573.43, a decrease of 51.91% compared to ¥49,928,548,003.89 in the same period last year[25]. - Net profit attributable to shareholders of the listed company was ¥96,527,733.26, an increase of 3.82% from ¥92,975,181.98 in the previous year[25]. - The net cash flow from operating activities was -¥700,670,409.06, a decline of 96.67% compared to -¥356,259,547.59 in the same period last year[25]. - Basic earnings per share were ¥0.6067, reflecting a 3.85% increase from ¥0.5842 in the previous year[25]. - The net profit after deducting non-recurring gains and losses was ¥82,626,530.95, a decrease of 11.39% from ¥93,244,238.29 in the previous year[25]. - The company's total revenue from consignment trading services dropped by 94.38% to ¥1,930,181,284.65, while gross margin was only 5.24%[63]. - The company achieved a revenue of 713.13 million yuan, but incurred an overall loss of 806.27 million yuan during the reporting period[121]. Assets and Liabilities - Total assets at the end of the reporting period were ¥14,372,228,417.91, an increase of 33.02% from ¥10,804,161,303.93 at the end of the previous year[25]. - Net assets attributable to shareholders of the listed company were ¥1,224,786,374.17, up 7.24% from ¥1,142,098,669.65 at the end of the previous year[25]. - Accounts receivable increased by 80.63% to ¥3,784,056,770.05, indicating a significant rise in credit sales[67]. - The company reported a total investment in derivatives of 1,927.47 million yuan, with a year-end investment amount of 8,983.4 million yuan, reflecting a 0.60% increase in net assets[81]. Cash Flow - The company faced significant challenges in cash flow management, as indicated by the negative cash flow from operating activities[25]. - Net cash flow from operating activities decreased by 96.67% to -¥700,670,409.06, attributed to increased business volume[63]. - Net cash flow from investing activities improved by 277.63% to ¥8,913,177.26, due to the recovery of investment funds from exiting certain shares[63]. - Net cash flow from financing activities increased by 312.12% to ¥753,498,630.76, driven by increased borrowings[63]. Business Operations - The steel trading platform, Steel Silver, achieved a settlement volume of 2,105.64 million tons in the first half of 2020[39]. - The platform settlement volume of Steel Silver E-commerce reached 21.05 million tons, an increase of 47.64% compared to the same period last year[51]. - The company has established a comprehensive e-commerce service model tailored to the steel industry, enhancing transaction efficiency[36]. - The company has developed a robust data collection and analysis system, providing valuable insights and market trends to clients[36]. - The company is focused on expanding its service offerings, including credit sales and pre-purchase services, to meet diverse customer needs[39]. Research and Development - R&D investment grew by 32.69% to ¥53,539,315.91, reflecting the company's focus on high-end IT talent and technology equipment[63]. - The company has strong technical research and development capability, having developed various systems including an online mall, POP management system, and ERP system[48]. Risk Management - The company faces risks related to fluctuations in the steel industry, which is cyclical and can impact profitability[89]. - The electronic commerce sector presents competitive risks, as increased competition from other platforms could affect customer acquisition and profitability[90]. - The company has implemented a targeted risk management system and established an effective credit risk identification system for platform participants, although it still faces credit management risks[92]. Shareholder and Governance - The company plans not to distribute cash dividends or issue bonus shares[8]. - The company has undergone several changes in its board and supervisory roles, with multiple new appointments made on May 6, 2020[195]. - The company does not plan to distribute cash dividends or issue bonus shares for the half-year period[98]. - The company has appointed a new financial director, Li Yongsheng, following the resignation of the previous director, Xiao Bin[192]. Legal Matters - There are no significant litigation or arbitration matters reported during the period[103]. - The company is currently involved in several lawsuits, with amounts claimed including 30.33 thousand yuan and 285.58 thousand yuan, among others[103]. - The company has ongoing litigation involving claims for payment totaling 85.51 million yuan, with the case currently in the first instance[109]. - The company has ongoing litigation for claims totaling 125.47 million yuan related to goods delivery, which is still pending judgment[109]. Related Party Transactions - The company is involved in a related party transaction with Nanjing Steel Co., totaling 2,067.53 million yuan for raw material procurement[114]. - The company is pursuing a related party transaction involving the sale of 94.69% equity in Shanghai Ciyuan Consulting Co., with a proposed offer price of 6.98 yuan per share[118]. - The company has a related party debt of 40 million yuan owed to its controlling shareholder[123]. - The company received interest-free loans from its controlling shareholder, totaling RMB 74.5 million, which is beneficial for its development and aligns with the interests of all shareholders[126]. Market Position and Strategy - The company is focused on expanding its market presence and enhancing its product offerings through strategic appointments and management changes[192]. - The company is exploring new strategies to enhance its market position while managing existing liabilities[135].

Financial Performance - Total revenue for Q1 2020 was ¥6,371,777,551.69, a decrease of 70.77% compared to ¥21,798,718,911.58 in the same period last year[8] - Net profit attributable to shareholders was ¥35,056,490.28, an increase of 8.92% from ¥32,184,839.43 year-on-year[8] - Net profit excluding non-recurring gains and losses was ¥29,354,182.14, down 9.69% from ¥32,502,242.55 in the previous year[8] - Operating revenue for Q1 2020 was ¥6,371,777,551.69, a decrease of 70.77% compared to ¥21,798,718,911.58 in Q1 2019, primarily due to the change from gross to net revenue recognition in consignment sales[24] - Operating costs for Q1 2020 were ¥6,160,658,077.44, down 71.49% from ¥21,610,318,285.46 in Q1 2019, reflecting the same accounting change[27] - The company achieved operating revenue of ¥6,371,777,551.69, a decrease of 70.77% compared to the same period last year[28] - Operating profit for the period was ¥84,153,396.27, an increase from ¥60,625,088.01 in the previous period[69] - Net profit for the period was ¥64,397,034.36, compared to ¥58,468,081.14 in the previous period[69] Cash Flow and Liquidity - Net cash flow from operating activities was -¥297,422,677.16, a decline of 196.44% compared to ¥308,400,816.52 in the same period last year[8] - The net cash flow from operating activities was negative at -¥297,422,677.16, compared to a positive ¥308,400,816.52 in the previous period, highlighting cash flow challenges[80] - The company’s cash and cash equivalents increased by 32.02% to ¥727,668,986.10 as of March 31, 2020, compared to ¥551,188,771.61 at the beginning of the year, due to increased bank borrowings[24] - Cash and cash equivalents increased to ¥727,668,986.10 from ¥551,188,771.61, representing a growth of 32.0%[45] - The company reported a cash increase of $34,442,112.49 during the period, compared to $313,963,093.80 in the previous period, showing a decline in cash generation[86] - The cash flow from operating activities was impacted by an increase in payments to employees, totaling $45,904,451.71, compared to $43,278,115.54 in the previous period[87] Assets and Liabilities - Total assets at the end of the reporting period were ¥13,172,391,695.81, an increase of 21.92% from ¥10,804,161,303.93 at the end of the previous year[8] - The total amount of short-term borrowings increased by 32.55% to ¥2,078,206,143.57 as of March 31, 2020, compared to ¥1,567,831,184.85 at the beginning of the year, reflecting the company's funding needs[24] - Total liabilities increased to ¥10,265,502,039.50, a rise of 29.0% compared to ¥7,966,597,494.00[51] - Current liabilities totaled ¥10,227,445,086.51, up 29.0% from ¥7,927,613,371.84[51] - The company's total assets increased to ¥1,544,251,004.78 from ¥1,531,833,302.45[61] - Total liabilities decreased slightly to ¥839,535,063.36 from ¥844,544,900.03[61] Shareholder Information - The company reported a total of 12,530 shareholders at the end of the reporting period[12] - The basic earnings per share for the period was ¥0.2203, an increase of 8.95% from ¥0.2022 in the same period last year[8] - The company’s equity attributable to shareholders increased to ¥1,179,753,472.49 from ¥1,142,098,669.65, a rise of 3.3%[54] Research and Development - The company increased R&D expenses by 34.29% to ¥24,027,134.44 in Q1 2020, compared to ¥17,892,526.56 in Q1 2019, focusing on high-end IT personnel and technology investments[27] - Research and development expenses for the period were ¥24,027,134.44, up from ¥17,892,526.56 in the previous period[66] - Research and development expenses rose to ¥14,543,503.23, up 31.1% from ¥11,099,067.09 in the previous period, indicating a focus on innovation[73] Market and Operational Strategy - The company plans to publicly issue up to 250 million shares at a price not lower than ¥5 per share to enhance liquidity and market competitiveness[35] - The company continues to enhance its diversified service system and innovative product service models to meet market demands[35] - The company is focused on improving platform service quality and controlling operational costs to maintain stable operating profits[28] - The company is actively adapting to market changes and enhancing internal controls to improve operational efficiency and competitiveness[31] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[78] Other Financial Metrics - Government subsidies recognized in the current period amounted to ¥6,575,601.72, contributing to other income[8] - The company’s investment income rose by 174.93% to ¥495,684.71 in Q1 2020, compared to a loss of ¥661,541.09 in Q1 2019, due to increased subsidy funds[27] - The company reported a total comprehensive income of ¥64,397,034.36, an increase from ¥58,468,081.14 in the previous period[72]

Financial Performance - The company's operating revenue for 2019 was ¥122.57 billion, an increase of 27.61% compared to ¥96.06 billion in 2018[29]. - The net profit attributable to shareholders for 2019 was ¥180.59 million, representing a 49.34% increase from ¥120.93 million in 2018[29]. - The net profit after deducting non-recurring gains and losses was ¥153.63 million, up 33.32% from ¥115.24 million in 2018[29]. - The total assets at the end of 2019 reached ¥10.80 billion, an increase of 11.77% from ¥9.67 billion at the end of 2018[29]. - The basic earnings per share for 2019 was ¥1.1349, a 49.41% increase from ¥0.7596 in 2018[29]. - The net cash flow from operating activities for 2019 was -¥638.20 million, a decline of 90.34% compared to -¥335.30 million in 2018[30]. - The company received government subsidies amounting to ¥56.90 million in 2019, significantly higher than ¥13.67 million in 2018[35]. - The weighted average return on net assets for 2019 was 17.22%, an increase of 3.64% from 13.58% in 2018[29]. - The total net assets attributable to shareholders at the end of 2019 were ¥1.14 billion, up 19.31% from ¥957.28 million at the end of 2018[29]. - The company achieved operating revenue of ¥12,257,175.17 million, a year-on-year increase of 27.61%[57]. - Net profit attributable to shareholders reached ¥180,588.39 million, up 49.34% compared to the previous year[61]. Dividend Distribution - The company plans to distribute a cash dividend of 1.2 RMB per 10 shares and issue 2 bonus shares for every 10 shares held, based on a total of 159,108,850 shares[15]. - The total cash dividend amount for 2019 is 19,093,062 CNY, which represents 10.57% of the net profit attributable to ordinary shareholders of the listed company[122]. - The cash dividend payout ratio for 2019 is 37.50% of the distributable profit[121]. - The company has committed to maintaining a minimum cash dividend ratio of 20% during its growth phase with significant capital expenditure plans[121]. - The proposed profit distribution plan for 2019 is subject to approval at the annual general meeting[122]. Business Expansion and Strategy - The company has experienced rapid expansion in asset, personnel, and business scale, necessitating adjustments in management and organizational structure[10]. - The company is focused on maintaining its competitive advantage in the steel e-commerce sector while exploring opportunities in other bulk commodity markets[9]. - The company has expanded its overseas presence by establishing a joint venture with SGX in Singapore and acquiring India's SteelMint, enhancing its customer base along the Belt and Road regions[45]. - The company has made significant investments in various sectors, including non-ferrous metals and energy chemicals, to diversify its service offerings[45]. - The company aims to build a comprehensive e-commerce ecosystem for bulk commodities, integrating big data, industry research, expert consulting, e-commerce platforms, intelligent cloud storage, logistics, and supply chain services[106]. Risk Management - The company has implemented a credit risk management system to mitigate risks associated with false information and transaction security on its platform[14]. - The company acknowledges the potential risks from internet-related issues, including system failures and cyberattacks, which could disrupt operations[15]. - The company emphasizes the importance of risk management and governance structures to ensure sustainable and healthy development[10]. - The company is facing risks related to macroeconomic conditions, e-commerce industry regulations, and data security[112][113]. Legal Matters - The company is involved in several lawsuits, including a claim for 1,700 million yuan and overdue payment penalties against Jiang Zhong Group Co., Ltd., which has been settled with full payment received[152]. - The company has ongoing litigation regarding a claim of 23.0408 million yuan against China Railway Fifteenth Bureau Group Co., Ltd., with the case still in trial[153]. - The company has successfully resolved a dispute with New East Alliance E-commerce (Shanghai) Co., Ltd., resulting in a compensation of 85,000 yuan for tax losses[150]. - The company has maintained a proactive approach in managing its receivables through litigation and settlements[162]. - The total amount claimed in lawsuits as of December 2019 is CNY 12,025,000, reflecting the company's efforts to enforce its receivables[171]. Technological Development - The company has established a comprehensive big data service system, becoming one of the most authoritative databases in the bulk commodity sector, with real-time data integration across various platforms[45]. - The company is developing a shipping big data system, with core algorithms and management systems over 50% completed[81]. - The company completed the transition of its data center to a new system, optimizing market data and research systems to enhance data sharing and value-added services[106]. - The company has established a standardized system for information personnel to meet the requirements of "standardization and globalization" in its data work[106]. - The company is focused on developing and promoting products and services to provide high-level services to government agencies, industries, and financial clients[106]. Market Position and Competition - The company faces competition from both established and new entrants in the e-commerce space, which could affect its customer base and profitability[9]. - The company has leveraged government policies supporting e-commerce and big data, positioning itself favorably within the industry[45]. - The company has developed multiple price indices, including the MyBCIC and MySpic, which are recognized by major international trading platforms, providing critical market insights for clients[44]. - The company has expanded its user base to over 100,000 global industrial and financial investment users, covering the entire industry from black metals to non-ferrous metals, energy chemicals, and agricultural products[48]. Asset Management - Accounts receivable increased due to the expansion of the supply chain business, with a significant rise in accounts receivable amount[49]. - Inventory levels rose as a result of the expanded scale of the steel e-commerce business[49]. - The cash inflow from financing activities was 2,185,556,622.22 yuan, up 51.42% year-on-year, while cash outflow increased by 52.85%[64]. - The company has established a robust data collection and quality control system, enhancing its brand reputation and industry standing[44]. Employee Incentives - The company has implemented an employee stock ownership plan, approved in 2016, to incentivize its workforce[176]. - The company granted a total of 3.4375 million restricted stocks to 187 incentive objects, representing 0.62% of the total share capital during the first unlocking period[178]. - The company repurchased and canceled 117,500 restricted stocks at a repurchase price of 28.38 CNY per share due to 9 incentive objects not meeting the conditions[178]. Corporate Governance - The company has consistently adhered to its commitments regarding related party transactions and competition avoidance[123]. - The controlling shareholder, Shanghai Xingye Investment Development Co., Ltd., committed to bear any costs related to social insurance and housing fund violations that occurred between January 1, 2007, and the date of the company's IPO[131]. - The company executed a change in accounting policies effective January 1, 2019, in accordance with new financial instrument standards issued by the Ministry of Finance, which is not expected to significantly impact financial results[138].

Financial Performance - Operating revenue for the reporting period was ¥31,154,293,817.47, representing a year-on-year growth of 13.12%[8] - Net profit attributable to shareholders was ¥50,410,295.21, reflecting a significant increase of 39.04% compared to the same period last year[8] - The basic earnings per share for the reporting period was ¥0.3168, up 39.13% year-on-year[8] - Operating profit rose by 58.59% to ¥258,639,428.81 for the first three quarters of 2019, driven by the expansion of the information services and Steel Silver E-commerce businesses[28] - The company expects significant growth in cumulative net profit compared to the same period last year, primarily due to steady growth in core information and transaction service businesses[34] - The company reported a 67.74% increase in tax and additional fees to ¥27,610,936.02, linked to the expansion of the information services and Steel Silver E-commerce platform[28] - The company reported a total operating cost of ¥80,831,392,500.36, an increase from ¥71,924,667,014.73 in the previous period[76] - The total comprehensive income attributable to the parent company was ¥50,410,295.21, up from ¥36,256,560.79, reflecting a growth of approximately 39%[67] Assets and Liabilities - Total assets at the end of the reporting period reached ¥15,370,926,159.94, an increase of 59.01% compared to the previous year[8] - Total liabilities reached ¥12,622,478,527.00, compared to ¥7,192,321,215.18, marking an increase of 75.5%[46] - The total equity attributable to shareholders of the parent company increased to ¥1,101,245,666.30 from ¥957,275,622.65, a rise of 15%[49] - As of September 30, 2019, the total current assets amounted to ¥14,946,509,288.16, an increase of 62.5% from ¥9,235,846,921.57 on December 31, 2018[43] - The company's total assets increased to ¥1,558,094,114.87, compared to ¥1,476,947,755.59 in the previous period, marking a growth of 5.5%[59] - Total liabilities rose to ¥883,163,190.02, up from ¥869,566,946.20, indicating a 1.1% increase[59] Cash Flow - The net cash flow from operating activities was reported at -¥251,713,181.32, indicating a decline of 1,078.66% compared to the previous year[8] - Operating cash inflows totaled CNY 103.79 billion, an increase from CNY 83.34 billion year-over-year, reflecting a growth of approximately 24.6%[95] - Operating cash outflows amounted to CNY 104.04 billion, compared to CNY 83.31 billion in the previous period, indicating a rise of about 25%[95] - The net cash flow from financing activities was CNY 261.44 million, a turnaround from a negative CNY -140.55 million in the previous year[97] Shareholder Information - The company had a total of 11,825 common shareholders at the end of the reporting period[12] - The largest shareholder, Shanghai Xingye Investment Development Co., Ltd., held 25.21% of the shares, totaling 40,104,743 shares[12] - The company did not engage in any repurchase transactions during the reporting period[18] - The company repurchased and canceled 29,600 shares of restricted stock that no longer met incentive conditions, reducing total shares from 159,138,450 to 159,108,850[31] Research and Development - R&D expenses increased by 58.46% to ¥64,711,028.33, as the company invested in high-end IT personnel and technology equipment[28] - Research and development expenses for the period were ¥24,361,457.71, significantly higher than ¥15,422,758.64 in the previous period, showing a 57.5% increase[60] - Research and development expenses rose to ¥13,431,573.87, up from ¥8,601,771.90, indicating a significant investment in innovation[70] - Research and development expenses for the current period amount to CNY 38,071,829.15, up from CNY 23,588,786.37, representing an increase of approximately 61.5%[86] Inventory and Prepayments - Inventory surged by 498.12% to ¥5,009,247,419.84, reflecting the expanded business scale of the subsidiary Steel Silver E-commerce[28] - Prepayments increased by 115.12% to ¥9,005,353,828.15, attributed to the growth of the Steel Silver E-commerce platform[28] - The prepayments increased significantly to ¥6,322,337,848.03 from ¥5,150,827,739.27, an increase of 22.7%[40] - The company reported a significant increase in prepayments, which rose to ¥206,263,369.38 from ¥190,254,145.43, a growth of 8.5%[56]

Financial Performance - Total revenue for the first half of 2019 reached ¥49.93 billion, an increase of 12.02% compared to ¥44.57 billion in the same period last year[27]. - Net profit attributable to shareholders was ¥92.98 million, representing a 53.70% increase from ¥60.49 million year-on-year[27]. - Net profit after deducting non-recurring gains and losses was ¥93.24 million, up 61.19% from ¥57.85 million in the previous year[27]. - Basic earnings per share increased to ¥0.5842, reflecting a growth of 53.78% from ¥0.3799[27]. - Total assets at the end of the reporting period were ¥11.81 billion, a 22.22% increase from ¥9.67 billion at the end of the previous year[27]. - Net assets attributable to shareholders rose to ¥1.05 billion, marking a 9.53% increase from ¥957.28 million[27]. - The weighted average return on net assets was 9.25%, up from 7.04% in the previous year, an increase of 2.21%[27]. - The company reported a total loss of non-operating income of -269,056.31, primarily due to losses from fixed asset disposal and fair value changes of financial assets[34]. - The company’s government subsidies amounted to 5,785,700.74, contributing positively to its financial performance[34]. Operational Highlights - The company achieved a settlement volume of 14.26 million tons on the Steel Silver platform in the first half of 2019, indicating strong operational performance[40]. - The company has established a comprehensive big data platform, creating multiple price indices such as MyBCIC and MySpic, which are recognized by major industry players[40]. - The inventory increased year-on-year, driven by the expansion of the Steel Silver e-commerce business in the steel spot trading service[41]. - The company operates a closed-loop ecosystem for bulk commodities, integrating data services, e-commerce, and supply chain services[37]. - The company has a significant presence in the black metal industry, with a comprehensive layout across various sectors including non-ferrous metals and energy chemicals[42]. - The company has developed mobile applications to enhance user experience and engagement in the bulk commodity market[40]. - The company has established a strong resource advantage with a large number of upstream and downstream clients in the steel information industry[49]. - The company has developed a comprehensive e-commerce ecosystem since the launch of the Steel Silver e-commerce platform in November 2013, achieving record daily transaction volumes[49]. Research and Development - The company invested RMB 40.35 million in R&D, marking a significant increase of 58.76% compared to RMB 25.41 million in the previous year[56]. - The company holds 1 utility model patent, 41 registered trademarks, and 85 software copyrights as of the end of the reporting period[49]. Risks and Challenges - The company faces various operational risks, which are discussed in detail in the report[7]. - The company faces risks related to fluctuations in the steel industry, which could significantly affect its main business operations and profitability[89]. - Increased competition in the e-commerce sector poses a risk to the company's customer base and profitability, especially if other players enter the steel e-commerce market[89]. - The company has implemented measures to manage credit risks associated with its e-commerce platform, although challenges remain in maintaining participant trust and transaction security[90]. Shareholder and Equity Information - The company implemented an employee stock incentive plan, granting 343.75 million shares to 187 individuals, with the first unlock period completed in July 2017[115]. - The total stock options granted under the incentive plan for the subsidiary Steel Silver E-commerce amounted to 5.3724 million shares, with the first exercise completed in March 2017[118]. - The company raised a total of RMB 6,975,000 through the issuance of 4,650,000 shares during the reporting period[124]. - The company’s shareholding in Steel Silver E-commerce decreased from 42.66% to 42.26% after the third stock option incentive plan[124]. - The total number of ordinary shareholders at the end of the reporting period was 10,530[172]. Legal Matters - The company has ongoing litigation involving a claim for 1,600.35 million CNY against China Railway Fourth Engineering Group, with 1,261 million CNY already paid and the remaining amount under a payment term[109]. - The company has initiated multiple lawsuits for unpaid amounts totaling over 1,000 million CNY, with various stages of litigation ongoing[109]. - The company has received a favorable ruling in a lawsuit against Handan Luliang Material Co., requiring payment of 127.91 million CNY[103]. Future Projections - The estimated cumulative net profit for the year is projected to be between ¥130.61 million and ¥149.96 million, representing a year-on-year increase of 35.00% to 55.00%[84]. - Basic earnings per share are expected to be between ¥0.8207 and ¥0.9423, reflecting a growth of 35.07% to 55.09% compared to the previous year[84]. - The company anticipates a net profit of approximately ¥37.63 million to ¥56.98 million for the period from July 1 to September 30, indicating a year-on-year increase of 3.80% to 57.17%[88].

Business Performance - The company's operating revenue for 2018 was ¥96,055,091,854.17, representing a 30.34% increase compared to ¥73,697,051,320.85 in 2017[30]. - The net profit attributable to shareholders for 2018 was ¥120,927,925.37, a significant increase of 151.00% from ¥48,178,021.03 in 2017[30]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥115,237,906.86, up 115.28% from ¥53,529,591.72 in 2017[30]. - The company's cash flow from operating activities showed a net outflow of ¥335,301,905.02, an improvement of 73.34% compared to a net outflow of ¥1,257,798,828.52 in 2017[30]. - Basic earnings per share for 2018 were ¥0.7596, reflecting a 151.27% increase from ¥0.3023 in 2017[30]. - The company reported a total revenue of ¥27,540,836,825.35 in Q3 2018, with a net profit of ¥36,256,560.79 for the same quarter[31]. - The company achieved a trading volume of 61.465 million tons on the Steel Silver e-commerce platform, with an average daily trading volume of 245,900 tons[43]. - The settlement volume on the Steel Silver platform reached 27.602 million tons, an increase of 24.38% compared to the same period last year[43]. - The company reported a total distributable profit of 36,044,836.11 yuan for the year, with the cash dividend amounting to 100% of the total profit distribution[129][132]. Financial Health - Total assets at the end of 2018 were ¥9,666,339,418.15, a decrease of 5.36% from ¥10,213,820,114.86 at the end of 2017[30]. - The net assets attributable to shareholders increased by 16.14% to ¥957,275,622.65 at the end of 2018, compared to ¥824,256,489.07 at the end of 2017[30]. - The company's cash and cash equivalents decreased year-on-year due to improved capital utilization[47]. - Accounts receivable increased year-on-year due to the expansion of supply chain business and increased sales on credit[47]. - The company reported an asset impairment of CNY 33,994,401.15, which accounted for 15.84% of total profit[93]. - The company’s cash dividend distribution plan aligns with its articles of association and dividend management policies[129]. Risk Management - The company faces risks related to credit management on its e-commerce platform, which could impact long-term business development if trust is compromised[12]. - The company emphasizes the importance of risk management and has established a credit risk identification system for platform participants[15]. - The company anticipates facing risks related to macroeconomic conditions and the lack of regulatory frameworks in the e-commerce industry[119]. - The company has implemented effective measures to ensure data security, including server hosting and enhanced software security, to mitigate risks from potential system failures and cyberattacks[120]. - The company faces credit management risks on its e-commerce platform due to the high stakes and time-sensitive nature of steel transactions, which could impact user trust and long-term business development[120]. Strategic Initiatives - The company aims to maintain its competitive edge in the steel e-commerce sector despite increasing competition from other comprehensive and specialized websites[10]. - The company is expanding its business into other bulk commodity sectors, which may increase competition with existing players in those markets[10]. - The company is focused on continuous investment in new technologies and equipment to maintain a secure and stable data network[16]. - The company has developed a comprehensive big data service system, establishing a complete and independent commodity data collection and quality control system[43]. - The company’s strategic investments, such as in Shandong Longzhong, aim to enhance its big data capabilities and expand its commodity database[43]. - The company plans to enhance its technology investment and strengthen the construction of the big data center platform to improve user experience and platform efficiency[119]. Organizational Structure - The company is actively optimizing its organizational structure and management processes to adapt to rapid growth, enhancing management efficiency and performance evaluation mechanisms[11]. - The company has established a comprehensive internet ecosystem for bulk commodities, integrating data, information, trading platforms, and supply chain services[52]. - The company has established a big data business working group to enhance data collection and integration for the commodity industry[84]. Shareholder and Governance - The company has committed to not transferring or entrusting the management of its shares for 36 months from the date of listing, ensuring stability among major shareholders[136]. - Major shareholders, including Zhu Junhong and Xia Xiaokun, have pledged that during their tenure, the annual transfer of shares will not exceed 25% of their total holdings[136]. - The company has not faced any violations regarding social insurance and housing fund payments during the commitment period, ensuring compliance with regulations[141]. - The company has promised to fully subscribe to the shares from its 2018 placement plan, demonstrating financial commitment and support for its capital structure[145]. - The company has established measures to ensure that any potential losses from non-compliance with commitments will be compensated, safeguarding investor interests[147]. Legal Matters - The company has ongoing litigation involving claims totaling approximately 1,000,000 CNY, with some cases resulting in favorable judgments[171]. - The company has successfully executed a mediation agreement with China Railway 10th Bureau Group, resulting in the full payment of 609.24 million CNY owed[180]. - The company is pursuing claims for VAT invoices totaling 1,575.42 million CNY against New East Alliance, with ongoing litigation[180]. - The company has initiated legal proceedings against multiple parties for contract disputes, with claims ranging from 36.19 million CNY to 2,304.08 million CNY[179]. - The company has reported no significant litigation or arbitration matters that would impact its financial position[171]. Research and Development - The company invested ¥59,917,063.07 in R&D, marking a 28.61% increase year-on-year, focusing on high-end IT personnel and technology equipment[60]. - The number of R&D personnel increased to 482, accounting for 20.10% of the total workforce[88]. - R&D investment amounted to ¥59,917,063.07, representing 0.06% of operating revenue[88]. - R&D expenses surged by 102.28% to ¥49,682,092.09, reflecting increased investment in high-end IT personnel and technology[83]. E-commerce Platform - The e-commerce platform processed a total transaction amount of ¥1,174.26 billion, with an average order value of ¥246,800[59]. - The number of registered users for the information data business reached 2.7872 million, with 53,000 paying users, resulting in an ARPU of ¥4,947.17[59]. - The company’s active customer base on the e-commerce platform was 23,000, with a total of 475,900 orders processed during the reporting period[59]. - The company’s mobile applications and WeChat services have enhanced user experience and engagement, catering to the growing demand for mobile access to trading information[43]. Dividend Policy - The company has implemented a profit distribution plan, proposing a cash dividend of 0.50 RMB per 10 shares, based on a total of 159,138,450 shares[16]. - The company has not distributed cash dividends in the previous two years (2016 and 2017), indicating a shift in its dividend policy for 2018[132]. - The total number of shares for the dividend distribution is based on 159,138,450 shares, with no stock dividends or capital reserve transfers planned[129][132].