Group 1: Company Background and Market Challenges - The company, Shandong Ruifeng High Polymer Materials Co., Ltd., faces growth pressure in its original business due to a sluggish macroeconomic environment and increasing competition in the PVC and ACR product sectors [1][2] - The ACR product industry has low entry barriers, while MBS products are affected by price competition from foreign counterparts, intensifying market competition [2] Group 2: Product Development and Competitive Advantages - The company has shifted focus to synthetic materials, benefiting from supportive industrial policies, with high polymer synthetic materials being essential across various sectors [2] - The main products include PBT fibers and resins, PBAT, and TPEE, with TPEE being a key future product direction due to its wide application in automotive, medical, and high-end electrical sectors [3][4] Group 3: Financial Performance and Profitability - TPEE products have a high added value, with a gross margin exceeding 40% [4] - The company has made performance commitments for the next three years, ensuring net profits of no less than 50 million, 65 million, and 78 million yuan for 2016, 2017, and 2018, respectively, totaling 193 million yuan [5] Group 4: Future Development Strategy - The company aims to strengthen its material industry through a combination of organic growth and external expansion, targeting to become a strong, technologically advanced, and profitable new materials listed company [5][6] - Post-transaction, the company will maintain operational independence while enhancing management and financial practices to improve asset quality and sustainable profitability [6][7]

Group 1: Company Background and Market Context - The company faces growth pressure in its original business due to a sluggish macroeconomic environment and intense competition in the industry, making significant breakthroughs in revenue and profit challenging [1][2] - The synthetic materials industry has experienced rapid development supported by government policies, with high polymer synthetic materials being essential across various sectors such as industry, agriculture, and transportation [2] Group 2: Strategic Acquisition and Product Advantages - The company chose to acquire Heshili primarily for its products, particularly TPEE and PBAT, which have broken foreign technology monopolies and present vast market opportunities [2][3] - TPEE is widely used in critical automotive components and medical devices, while PBAT is significant for packaging materials, addressing environmental concerns related to plastic waste [3] Group 3: Technological Development and Competitive Edge - Heshili has developed core technologies for TPEE and PBAT, becoming one of the few domestic companies capable of mass production, achieving quality standards at an international level [3] - The company has implemented measures to prevent the loss of core technical personnel and safeguard proprietary technologies through confidentiality agreements and performance compensation mechanisms [4][5] Group 4: Future Development Strategy - The company's future strategy focuses on expanding its material industry through a combination of organic growth and external expansion, aiming to reduce reliance on imports and enhance domestic production capabilities [3] Group 5: Impact of the Acquisition - Post-acquisition, the company's controlling shareholder and actual controller will remain unchanged, but the shareholding ratio will increase, contributing to stability [5] - The acquisition is expected to enhance total assets, net assets, revenue, net profit, and basic earnings per share, thereby improving the company's risk resistance capabilities [5]

证券代码：300243 证券简称：瑞丰高材 山东瑞丰高分子材料股份有限公司 投资者关系活动记录表 编号：20180517 | --- | --- | --- | |--------------|-------------------------|----------------------------------------------------------| | | | | | | | ■特定对象调研 □分析师会议 | | | □媒体采访 □业绩说明会 | | | 投资者关系活 | □ 新闻发布会 □路演活动 | | | 动类别 | □现场参观 | | | | □ 其他 | | | | | 财通证券张兴宇、财通证券虞小波、中金公司李璇、天风证券陈 | | 参与单位及人 | | 宏亮、海通证券刘威、西南证券段海峰、广发证券邹戈、新时代 | | | | 证券程磊、东吴证券柴沁虎、国投瑞银基金周思捷、农银汇理基 | | 员姓名 | | 金陆震、银河基金张瑞、华宝基金王天乐、华宝基金胡日新、东 | | | 吴基金吴昌柏 | | | 时间 | 2018 年 5 月 17 | 日 | | 地点 | 上海市浦东新区正大 ...

证券代码：300243 证券简称：瑞丰高材 山东瑞丰高分子材料股份有限公司 投资者关系活动记录表 编号：20190301 | --- | --- | --- | |--------------|-----------------------------|--------------------------------------------------------| | | | | | | | ■特定对象调研 □分析师会议 | | | □媒体采访 □业绩说明会 | | | 投资者关系活 | □ | 新闻发布会 □路演活动 | | 动类别 | □现场参观 | | | | □ 其他 | | | 参与单位及人 | | | | 员姓名 | 广发证券郭敏 | | | 时间 | 2019 年 3 月 1 日 | | | 地点 | | 山东省淄博市沂源县经济开发区东岭路公司董事会秘书办公室 | | 上市公司接待 | | | | 人员姓名 | | 董事会秘书赵子阳、证券事务代表朱西海 | | 投资者关系活 | | 董事会秘书赵子阳介绍了公司的发展历程、公司简介及主 | | 动主要内容介 | | | | 绍 | 要从事的业务； ...

Group 1: Company Overview - Shandong Ruifeng High Polymer Materials Co., Ltd. is participating in the 2022 Annual Investor Online Reception Day organized by the Shandong Securities Regulatory Bureau and Shandong Listed Companies Association [2] Group 2: Event Details - The online event will take place on November 16, 2022, from 14:00 to 16:00 [2] - Investors can participate through the P5W Investor Relations Interactive Platform [2] Group 3: Communication and Engagement - Company representatives, including Secretary Zhao Ziyang and CFO Xu Yueling, will engage with investors regarding the company's operational status, development strategy, investor protection, and Q3 report [2] - The company encourages active participation from investors [2]

Financial Performance - The company's revenue for Q3 2022 was ¥407,541,501.26, a decrease of 7.13% compared to the same period last year[6]. - Net profit attributable to shareholders was ¥2,051,019.73, down 85.52% year-on-year[6]. - The net profit after deducting non-recurring gains and losses was -¥5,756,564.68, a decline of 143.44% compared to the previous year[6]. - Total operating revenue for the current period is ¥1,358,102,328.45, a slight decrease of 0.04% compared to ¥1,360,670,490.62 in the previous period[18]. - Net profit for the current period is ¥58,975,261.29, a decrease of 31.5% compared to ¥86,073,414.76 in the previous period[19]. - Basic and diluted earnings per share are both ¥0.25, down from ¥0.38 in the previous period[19]. Assets and Liabilities - Total assets increased to ¥1,959,395,631.65, representing a growth of 16.05% from the end of the previous year[6]. - Total assets as of September 30, 2022, amounted to CNY 1,959,395,631.65, an increase from CNY 1,688,335,544.59 at the beginning of the year[15]. - Current assets totaled CNY 977,494,519.40, up from CNY 874,825,501.27 at the start of the year, reflecting a growth of approximately 11.5%[15]. - Total liabilities reached CNY 1,025,402,791.63, compared to CNY 794,297,131.08 at the beginning of the year, representing an increase of about 29.1%[16]. - Total equity attributable to shareholders was CNY 933,992,840.02, up from CNY 894,038,413.51, marking an increase of about 4.4%[16]. Cash Flow - The company's cash flow from operating activities showed a net outflow of -¥79,481,403.57, a decrease of 7.79% year-on-year[6]. - Cash flow from operating activities showed a net outflow of ¥79,481,403.57, compared to a net outflow of ¥73,737,659.37 in the previous period[21]. - Cash flow from investing activities resulted in a net outflow of ¥72,351,034.57, worsening from a net outflow of ¥35,309,942.42 in the previous period[21]. - Cash flow from financing activities generated a net inflow of ¥88,609,609.76, down from ¥382,295,858.15 in the previous period[22]. - The ending cash and cash equivalents balance is ¥142,242,365.51, a decrease from ¥381,267,771.06 in the previous period[22]. Inventory and Borrowings - The inventory level rose by 108.27% to ¥246,967,797.13 due to increased production output[10]. - Short-term borrowings increased by 77.40% to ¥310,450,000.00, reflecting higher cash payments for operations[10]. - Short-term borrowings increased to CNY 310,450,000.00 from CNY 175,000,000.00, reflecting a growth of approximately 77.4%[16]. - Inventory levels rose significantly to CNY 246,967,797.13, compared to CNY 118,579,434.22 at the beginning of the year, indicating a growth of approximately 108.3%[15]. Expenses - The company reported a significant increase in management expenses by 39.41% to ¥71,335,272.63, primarily due to increased equity incentive expenses[10]. Shareholder Information - The company has no preferred shareholders as indicated in the report[13]. - The number of common shareholders at the end of the reporting period was 17,909[12]. Audit Information - The company did not conduct an audit for the third quarter report[23].

Financial Performance - The company's operating revenue for the first half of 2022 was RMB 950,560,827.19, representing a 3.12% increase compared to RMB 921,820,159.40 in the same period last year [32]. - Net profit attributable to shareholders decreased by 22.36% to RMB 56,924,241.56 from RMB 73,322,358.53 year-on-year [32]. - The net cash flow from operating activities was negative at RMB -109,263,547.46, a decline of 133.59% compared to RMB -46,774,861.48 in the previous year [32]. - Basic earnings per share fell by 21.88% to RMB 0.25 from RMB 0.32 in the same period last year [32]. - Total assets increased by 13.80% to RMB 1,921,273,512.30 from RMB 1,688,335,544.59 at the end of the previous year [32]. - The net assets attributable to shareholders rose by 3.90% to RMB 928,944,992.25 from RMB 894,038,413.51 at the end of the previous year [32]. - The company achieved a weighted average return on equity of 6.15%, down from 9.37% in the previous year [32]. - The company reported a total revenue of CNY 950.56 million, a year-on-year increase of 3.12% [54]. - The company reported a net profit attributable to shareholders of CNY 56.92 million, a decrease of 22.36% compared to the previous year [54]. Capacity Expansion and New Projects - The company has added 40,000 tons of new capacity for MBS products in the past two years, which may lead to increased competition and potential impacts on profit margins [9]. - The company is currently preparing for trial production of a 60,000 tons/year biodegradable polymer material PBAT project and a 20,000 tons/year epoxy chloropropane project [10]. - The company is focusing on expanding its biodegradable materials business, with a planned annual production capacity of 60,000 tons for PBAT, currently in trial production preparation [44]. - The company plans to invest in new projects, including an annual production of 16,000 tons of ACR impact modifier and 60,000 tons of MBS impact modifier and engineering plastic additives [152]. - The annual production project of 16,000 tons of ACR is being implemented as scheduled, while the 60,000 tons project is in the process of obtaining necessary approvals [152]. Market and Competition - The company has entered new product areas including engineering plastic additives and biodegradable materials PBAT/PBS, which may face market competition and demand uncertainties [12]. - The company aims to enhance product quality and performance in the MBS segment to capture market share from foreign competitors [49]. - The company is actively developing engineering plastic additives, which are expected to have higher product added value and face less competition due to higher technical barriers [43]. - The domestic market demand for PC/ABS impact modifiers is approximately 30,000 to 50,000 tons, indicating significant growth potential [54]. Financial Management and Investment - The company plans to not distribute cash dividends or issue bonus shares, indicating a focus on reinvestment [14]. - The company has committed to an investment project with a total investment of RMB 32,000 million for the production of 60,000 tons of biodegradable high molecular materials, with 56.83% of the investment completed [86]. - The company has verified the raised funds' status through an audit report, ensuring compliance with regulations [83]. - The company has utilized 1.20 billion yuan of idle raised funds to temporarily supplement working capital, which is expected to be returned to the special account for raised funds within 12 months [87]. Raw Material and Cost Management - The company has experienced significant fluctuations in the prices of key raw materials, including a sharp increase in the price of butadiene, which may affect production costs and profitability [5]. - The company has implemented measures to mitigate risks associated with raw material price volatility, including flexible pricing strategies for its products [5]. - The company plans to continuously expand procurement channels and adjust purchasing strategies in response to market changes to mitigate raw material price risks [96]. - The company has established a stable procurement system to ensure the quality and cost-effectiveness of raw materials [45]. Safety and Environmental Compliance - The company emphasizes strict safety management and environmental compliance in its production processes to mitigate risks associated with hazardous materials [8]. - The company has implemented a wastewater treatment process involving hydrolysis, anaerobic treatment, and contact oxidation, ensuring compliance with environmental standards [116]. - The company has established a safety management system and has passed the "Level 2 Safety Production Standardization" certification [125]. - The company has developed an emergency response plan for environmental incidents, which was filed with the local ecological environment bureau [118]. Shareholder and Corporate Governance - The company has not engaged in any entrusted financial management or derivative investments during the reporting period, reflecting a conservative investment strategy [89][90]. - The company has not experienced any changes in the projects funded by raised capital during the reporting period, maintaining consistency in its investment strategy [88]. - The company has not faced any administrative penalties related to environmental issues during the reporting period [120]. - The company has a stable profit distribution policy and actively communicates with investors to enhance transparency and trust [123].

Revenue and Profit - Revenue for Q1 2022 reached ¥501,228,023.58, an increase of 26.04% compared to ¥397,688,837.01 in the same period last year[5] - Net profit attributable to shareholders was ¥31,394,431.21, a slight increase of 0.46% from ¥31,250,331.68 year-on-year[5] - Operating profit for the current period was ¥36,659,936.81, slightly up from ¥35,692,333.37, reflecting a growth of 2.7%[21] - Net profit for the current period was ¥31,394,431.21, compared to ¥30,690,072.27 in the previous period, indicating a growth of 2.3%[21] Cash Flow and Liquidity - Net cash flow from operating activities was -¥90,964,610.07, a decrease of 69.57% compared to -¥53,643,922.46 in the previous year[10] - Cash flow from operating activities showed a net outflow of ¥90,964,610.07, worsening from a net outflow of ¥53,643,922.46 in the prior period[26] - Cash and cash equivalents decreased to CNY 122,089,846.92 from CNY 233,330,940.31, representing a decline of approximately 47.7%[16] - Cash and cash equivalents at the end of the period totaled ¥110,338,912.77, compared to ¥76,381,701.66 at the end of the previous period[26] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,727,646,706.14, reflecting a 2.33% increase from ¥1,688,335,544.59 at the end of the previous year[5] - Current assets totaled CNY 882,804,441.51, slightly up from CNY 874,825,501.27, indicating a growth of about 0.11%[16] - Total liabilities stood at CNY 799,303,501.88, a slight increase from CNY 794,297,131.08, reflecting a growth of about 0.64%[18] - The company’s long-term borrowings increased by 40.93% to ¥169,400,000.00 from ¥120,200,000.00 at the beginning of the period[9] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 19,335, with the largest shareholder holding 22.28% of the shares[11] - The total equity attributable to shareholders increased by 3.84% to ¥928,343,204.26 from ¥894,038,413.51 at the end of the previous year[6] - The company reported a total of 43,455,519 shares under lock-up agreements, with no changes during the period[13] Expenses - Research and development expenses decreased by 69.19% to ¥866,834.70 from ¥2,813,347.35 in the previous year[10] - The company reported a 53.24% increase in sales expenses, totaling ¥30,928,946.84, due to higher shipping volumes and increased market development costs[9] - The company incurred financial expenses of ¥4,425,646.49, which increased from ¥2,707,231.39, reflecting a rise of 63.5%[21] Earnings Per Share - The company's basic earnings per share remained unchanged at ¥0.14, while diluted earnings per share also stayed at ¥0.13[5] - Basic earnings per share remained stable at ¥0.14, consistent with the previous period[22]

Financial Performance - The company's revenue for 2021 reached ¥1,858,407,907.25, representing a 42.75% increase compared to ¥1,301,874,623.93 in 2020[31]. - Net profit attributable to shareholders was ¥92,868,545.21, an increase of 8.80% from ¥85,354,039.84 in the previous year[31]. - The net profit after deducting non-recurring gains and losses was ¥106,169,960.01, up 33.81% from ¥79,345,621.25 in 2020[31]. - The net cash flow from operating activities was ¥111,139,670.47, a significant increase of 121.27% compared to ¥50,227,627.89 in 2020[31]. - Basic earnings per share increased to ¥0.40, up 8.11% from ¥0.37 in 2020[31]. - Total assets at the end of 2021 were ¥1,688,335,544.59, reflecting a 28.19% increase from ¥1,317,092,667.59 at the end of 2020[31]. - Shareholders' equity attributable to the company was ¥894,038,413.51, a 19.87% increase from ¥745,843,493.19 in 2020[31]. - The company achieved total operating revenue of CNY 1,858.41 million, a year-on-year increase of 42.75%[78]. - The net profit attributable to shareholders reached CNY 92.87 million, reflecting an 8.80% year-on-year growth[78]. Production Capacity and Expansion - The company added 20,000 tons of MBS and 20,000 tons of MC production capacity in both 2020 and 2021, with ongoing projects including a 60,000 tons biodegradable polymer material PBAT project and a 20,000 tons epoxy chloropropane project[10]. - The company has a total production capacity of 180,000 tons, with ACR and MBS products each having a capacity of 70,000 tons, and MC products having a capacity of 40,000 tons[42]. - The company has expanded into the engineering plastic additives market, achieving a production capacity of 30,000 tons per year for engineering plastic additives by modifying existing MBS production lines[44]. - The company plans to invest in a new production capacity of 16,000 tons/year for ACR impact modifiers and has a total capacity of 70,000 tons/year for ACR products with a utilization rate of 97.53%[68]. - The company plans to expand its production capacity with new projects, including a 60,000 tons/year biodegradable polymer material PBAT project[112]. Market and Competition - The company faces intensified competition in the ACR product market, necessitating ongoing product development and quality improvements to avoid homogenization risks[9]. - The company is actively expanding its product lines, including new ventures into engineering plastic additives and biodegradable materials, while acknowledging the associated market and technical risks[12]. - The company is entering new product areas, including engineering plastic additives and biodegradable materials PBAT, which may face market competition and demand uncertainties[145]. - The company is exploring the competitive landscape of biodegradable materials and the implications of national policies on degradable materials[149]. - The company is assessing the impact of new capacity on market demand and profitability for biodegradable products[151]. Research and Development - The company is focusing on R&D for new products such as ACR processing aids and MBS impact modifiers[25]. - The company is committed to transparency regarding its patent applications and any related disputes in the PBAT sector[151]. - The company is engaged in ongoing research and development for PBAT technology to enhance production efficiency[149]. - The company’s R&D investment amounted to ¥93,013,659.39 in 2021, representing 5.01% of operating revenue, an increase from 4.84% in 2020[105]. - The company is developing high compatibility MBS resin to meet market demands for improved compatibility and transparency[103]. Raw Material Management - The company has experienced significant fluctuations in raw material prices, with styrene and butadiene prices rising sharply in the first half of the year before declining in the fourth quarter[5]. - The company has implemented measures to mitigate risks related to raw material price volatility, including diversifying procurement channels and adjusting sales prices accordingly[5]. - The average procurement price of methyl methacrylate increased by 20.57% from the previous year, reaching 11,299.22 CNY/ton[66]. - The procurement cost of butadiene rose by 35.97% year-on-year, with the current price at 7,647.04 CNY/ton[66]. - The average procurement price of acrylic acid butyl ester increased by 93.60% from the previous year, now at 13,667.60 CNY/ton[66]. Legal and Compliance - The company has a legal dispute involving patent rights with Zhongke Qicheng New Materials Technology (Hainan) Co., Ltd., with the latest developments indicating a favorable outcome for the company[13]. - The company has established a complete governance structure in accordance with the Company Law and its articles of association[164]. - The company has implemented a robust information disclosure system to ensure timely and accurate communication with investors[161]. - The company has not reported any significant related party transactions or conflicts of interest[167]. Financial Management - The company completed the issuance of 3.4 billion CNY in convertible bonds to fund the construction of a 60,000-ton PBAT biodegradable plastic project and to supplement working capital[83]. - The company raised a total of CNY 34,000 million through the issuance of convertible bonds, with a net amount of CNY 333,448,330.19 after deducting issuance costs[125]. - The company reported a net increase in cash and cash equivalents of ¥95,368,018.85, a remarkable rise of 245.69% compared to ¥27,587,564.69 in 2020, mainly due to funds raised from convertible bonds[107]. - The company has a comprehensive production capacity of 180,000 tons, with advanced production equipment and high automation levels[74]. Corporate Governance - The company has established independent operational capabilities, ensuring no interference from controlling shareholders in decision-making[159]. - The governance structure is compliant with relevant laws and regulations, enhancing transparency and shareholder rights[158]. - The company has maintained a stable management structure, with no reported penalties from regulatory bodies for its executives[171][173]. - The company’s board and management team have maintained stable shareholding structures with no significant changes reported during the period[167]. Employee Management - The company had a total of 888 employees at the end of the reporting period, with 659 in the parent company and 221 in major subsidiaries[198]. - The professional composition includes 219 production personnel, 67 sales personnel, 90 technical personnel, 17 financial personnel, and 87 administrative personnel[198]. - Specific training plans have been developed for various positions, including onboarding, management training, and safety training, to improve employee skills and knowledge[200].

Revenue and Profit - Revenue for Q3 2021 reached ¥438,850,331.22, an increase of 25.13% year-over-year, while year-to-date revenue totaled ¥1,360,670,490.62, up 55.67% compared to the same period last year[5] - Net profit attributable to shareholders decreased by 51.47% in Q3 2021 to ¥14,163,954.78, with a year-to-date net profit of ¥87,486,313.31, reflecting a 44.72% increase[5] - Basic earnings per share for Q3 2021 was ¥0.06, down 50.00% year-over-year, while year-to-date earnings per share was ¥0.38, up 46.15%[5] - Total operating revenue for the third quarter reached ¥1,360,670,490.62, a significant increase of 55.7% compared to ¥874,098,649.03 in the same period last year[22] - Operating profit for the period was ¥104,212,044.25, up 39.2% from ¥74,776,652.99 year-over-year[22] - Net profit attributable to the parent company was ¥87,486,313.31, representing a 44.8% increase from ¥60,452,394.74 in the previous year[23] - Basic and diluted earnings per share both improved to ¥0.38, compared to ¥0.26 in the same quarter last year[24] - The company reported a total profit of ¥102,316,178.60, which is a 41.6% increase from ¥72,264,488.04 in the same quarter last year[23] Assets and Liabilities - Total assets increased by 40.65% from the end of the previous year to ¥1,852,459,225.27[6] - As of September 30, 2021, the total assets of Shandong Ruifeng High Polymer Materials Co., Ltd. reached CNY 1,852,459,225.27, an increase from CNY 1,317,092,667.59 at the end of 2020, representing a growth of approximately 40.5%[18] - The company's current assets amounted to CNY 1,071,634,834.16, up from CNY 774,898,382.52 at the end of 2020, indicating a growth of about 38.3%[19] - The company's total equity attributable to shareholders increased by 18.93% to ¥887,056,298.69 compared to the end of the previous year[6] - Total liabilities increased to ¥950,148,768.71, up from ¥554,582,117.98, indicating a rise of 71.2%[22] - The total liabilities of the company were not explicitly stated, but the increase in current liabilities, such as accounts payable, to CNY 112,479,090.04 from CNY 95,337,177.32, reflects a growth of about 18%[19] Cash Flow - Cash flow from operating activities showed a significant decline, with a net cash outflow of ¥73,737,659.37, a decrease of 358.96% compared to the previous year[11] - Cash inflow from operating activities was ¥946,842,313.61, compared to ¥674,712,654.33 in the previous year, marking an increase of 40.4%[26] - Cash paid for purchasing goods and services was ¥843,282,578.20, up from ¥513,424,622.98, reflecting a 64.2% increase[26] - The net cash flow from operating activities was -73,737,659.37 CNY, compared to 28,474,170.58 CNY in the previous year, indicating a significant decline[27] - Cash inflow from financing activities totaled 650,264,754.00 CNY, compared to 229,500,000.00 CNY in the previous year, showing a substantial increase[27] - The net cash flow from financing activities was 382,295,858.15 CNY, significantly higher than 18,171,168.11 CNY in the previous year[27] - The total cash and cash equivalents at the end of the period were 381,267,771.06 CNY, compared to 51,076,780.28 CNY at the end of the same period last year[27] Investments and Projects - The company reported a 71.76% increase in operating costs, totaling ¥1,110,934,282.22, due to higher sales volume[11] - The company’s investment income reached ¥430,673.58, attributed to returns from cash management products purchased by subsidiaries[11] - The company is currently engaged in the construction of a new 40,000 tons/year transparent MBS resin project and a 60,000 tons/year biodegradable polymer PBAT project[11] - The company issued 3.4 million convertible bonds with a total value of CNY 34,000,000.00, which began trading on October 18, 2021[16] Other Financial Metrics - Cash inflow from investment activities totaled 40,499,103.39 CNY, up from 473,418.45 CNY year-over-year[27] - The net cash flow from investment activities was -35,309,942.42 CNY, an improvement from -76,642,617.37 CNY in the same period last year[27] - The company received tax refunds amounting to ¥19,867,375.96, compared to ¥2,209,803.86 in the previous year, indicating a substantial increase[26] - The company reported a significant increase in other current assets to CNY 20,859,993.95 from CNY 2,432,594.45, marking a growth of approximately 759%[19] Audit and Compliance - The third-quarter report was not audited, which may affect the reliability of the financial data presented[29] - The company did not need to adjust the beginning balance sheet items due to the new leasing standards as there were no leasing transactions affecting the balance sheet[28]