浙江花园生物高科股份有限公司 投资者关系活动记录表 证券代码：300401 证券简称：花园生物 编号：2018-001 | --- | --- | --- | |--------------------|-------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

浙江花园生物高科股份有限公司 投资者关系活动记录表 证券代码：300401 证券简称：花园生物 编号：2020-001 | --- | --- | --- | --- | |--------------------|---------------------------------------------------------------------|--------------------------------|------------------------------------------------------------------| | 投资者关系活动类别 | □ 特定对象调研 \n□ 媒体采访 \n□ 新闻发布会 \n√ 现场参观 □其他 | | □分析师会议 \n□ 业绩说明会 \n□路演活动 | | 参与单位名称及人员 | | | 国泰基金：钱晓杰 万家基金：汪洋 华泰证券：虞志豪 | | 时 间 | 2020 年 12 月 21 日 | | | | 地 点 | 浙江东阳公司会议室 | | | | 上市公司接待人员 | | 董事副总董秘喻铨衡，证代梁继富 | | | 投资者关系活动主要 ...

Company Overview and Strategy - The company is a national high-tech enterprise with over 20 years of development, having completed the full industrial chain layout for Vitamin D3, making it the only global enterprise with a full Vitamin D3 industrial chain [1] - The company has set a "one vertical, one horizontal" development strategy, focusing on building a complete Vitamin D3 upstream and downstream industrial chain (vertical) and leveraging its global market advantage for mergers and acquisitions (horizontal) [1] - The company aims to transform into a high-tech enterprise in the biopharmaceutical field while strengthening its Vitamin D3 industry, with the goal of becoming an influential player in the health sector [2] Core Products and Market Position - The company has three core products: lanolin cholesterol, 25-hydroxy Vitamin D3, and Vitamin D3 [2] - Lanolin cholesterol: The company is the only domestic enterprise with large-scale production capacity, with a design capacity of 200 tons/year, which will be expanded to 1,200 tons/year in the Jinxi Science Park [2] - 25-hydroxy Vitamin D3: Only two companies globally, including the company and Dutch DSM, can produce this product at scale. The company uses a chemical synthesis process, which has a competitive advantage over DSM's biological fermentation process. The design capacity is 100 tons/year (powder), which will be expanded to 1,200 tons/year in the Jinxi Science Park [2] - Vitamin D3: The company's traditional product, with feed-grade Vitamin D3 experiencing price fluctuations due to market consolidation, while food-grade Vitamin D3 has seen significant demand growth post-COVID-19 due to its immune-boosting properties [2] Jinxi Science Park Expansion - The Jinxi Science Park expansion includes increased production capacity for lanolin cholesterol and 25-hydroxy Vitamin D3 [2] - The South Zone of the Jinxi Science Park started production on November 11, 2020, and the East Zone is expected to be operational by the end of 2021 [3] - The company plans to prepare for the construction of a fully active Vitamin D3 (1α,25-hydroxy Vitamin D3) project after the completion of the current projects in the Jinxi Science Park [3] Market and Strategic Partnerships - The company has established long-term strategic partnerships with internationally renowned clients, including a 10-year strategic cooperation agreement with Dutch DSM for some core products [3] - The company is actively promoting the inclusion of lanolin cholesterol in the Chinese feed additive directory, which would significantly expand the market for feed-grade cholesterol [3] Relocation and Compensation - The relocation of the Xiasha production base is in the final stages of land remediation. The company has received the first and second installments of the relocation compensation, with the third installment to be paid upon land delivery to the local government [3]

浙江花园生物高科股份有限公司 投资者关系活动记录表 证券代码：300401 证券简称：花园生物 编号：2021-002 | --- | --- | --- | --- | --- | |-----------------------------|-------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------- ...

Business Overview - The company is a national high-tech enterprise with over 20 years of development, having completed the full industry chain layout for VD3, making it the only global VD3 full industry chain producer [1] - The company has formulated a "one vertical, one horizontal" development strategy, focusing on vertical extension into the pharmaceutical field and horizontal expansion of vitamin products [1] - The company aims to become a high-tech enterprise with influence in the health field [1] Product Structure and Market Situation - The company has two main business segments: VD3 and pharmaceutical manufacturing [1] - VD3 segment products include wool cholesterol, 25-hydroxy VD3, and VD3 (feed grade and food/medical grade) [1][2] - Wool cholesterol: The company is the only domestic large-scale producer, with a design capacity of 200 tons/year, expanding to 1200 tons/year in the Jinxi Science Park [2] - 25-hydroxy VD3: Only two companies globally can produce it at scale, with the company using a chemical synthesis process that has a competitive advantage over the biological fermentation process used by DSM [2] - VD3: Feed grade VD3 has seen price fluctuations due to market dynamics, while food grade VD3 has stable prices and increased demand post-COVID-19 [2] Pharmaceutical Manufacturing - Key products include Valsartan Amlodipine Tablets (I), Levofloxacin Tablets, Doxofylline Injection, Lipoic Acid Injection, and Escitalopram Oxalate Tablets [2] - These products have been selected for national and local alliance centralized procurement, leading to rapid sales growth and increased market recognition [2] Future Development and Strategy - The company will focus on the "one vertical, one horizontal" strategy, extending the VD3 industry chain vertically and expanding vitamin products horizontally [2][3] - The Jinxi Science Park, operated by Garden Nutrition, will become the main production base, supporting the company's transformation into a competitive high-tech enterprise in the health field [2] - The company plans to increase R&D investment in the pharmaceutical sector, focusing on high-barrier generic drugs with good future market prospects [3] Market Prospects and Competitive Advantages - 25-hydroxy VD3 has broad market prospects due to its superior efficacy compared to regular VD3, with applications in feed additives and health products [2][3] - The company's 25-hydroxy VD3 production technology has won multiple awards and has high technical barriers, with several patents filed domestically and internationally [3] Raw Materials and Supply Chain - The main raw material, wool grease, is sourced domestically, with limited impact from rising sea freight costs [3] - COVID-19 related lockdowns and traffic controls have affected wool grease transportation, but the company maintains safety stock to avoid production disruptions [3]

Financial Performance - The company's operating revenue for Q3 2022 reached ¥277,714,779.46, representing a 17.93% increase compared to ¥106,084,487.92 in the same period last year[6] - The net profit attributable to shareholders for Q3 2022 was ¥56,752,880.16, a 7.85% increase from ¥40,729,866.67 in the previous year[6] - The net profit excluding non-recurring gains and losses was ¥54,368,127.47, marking a 40.58% increase from ¥38,674,059.36 year-on-year[6] - Total operating revenue for the current period reached ¥1,078,266,939.50, a significant increase from ¥768,090,617.40 in the previous period, representing a growth of approximately 40.4%[33] - Net profit attributable to shareholders of the parent company was ¥353,789,983.54, down from ¥371,982,083.60, reflecting a decrease of approximately 4.3%[36] - The total profit for the current period was ¥411,925,580.34, down from ¥459,816,352.85, representing a decrease of about 10.4%[33] Assets and Liabilities - The total assets at the end of the reporting period were ¥3,525,311,449.31, reflecting a 16.06% increase from the previous year[6] - As of September 30, 2022, current assets totaled approximately CNY 1.46 billion, an increase of 31.7% from CNY 1.11 billion on January 1, 2022[26] - Total liabilities reached CNY 1.51 billion, a 20.9% increase from CNY 1.25 billion[29] - The company's total equity increased to CNY 2.58 billion from CNY 2.28 billion, reflecting a growth of 13.4%[29] - The total assets of the company reached CNY 4.09 billion, compared to CNY 3.53 billion, showing a growth of 15.9%[29] Cash Flow - The company's cash flow from operating activities for the year-to-date was ¥371,080,631.51, a decrease of 14.55% compared to ¥434,288,162.19 last year[6] - Cash inflow from operating activities totaled ¥1,303,291,013.69, an increase from ¥1,085,719,932.27, indicating a growth of about 20.1%[37] - Net cash flow from operating activities was CNY 371,080,631.51, a decrease of 14.5% compared to CNY 434,288,162.19 in the previous period[40] - Total cash outflow from operating activities reached CNY 932,210,382.18, up 43% from CNY 651,431,770.08[40] - Cash inflow from financing activities totaled CNY 721,564,530.00, an increase of 145.2% compared to CNY 293,500,122.75[40] Expenses - The sales expenses for Q3 2022 surged to ¥251,889,368.98, a significant increase of 161.98% from ¥96,150,127.24 in the previous year[15] - Total operating costs increased to ¥715,104,420.69 from ¥430,082,050.16, marking a rise of about 66.5%[33] - Research and development expenses rose to ¥43,658,283.82 from ¥37,377,750.80, an increase of approximately 16.8%[33] - Cash paid for purchasing goods and services increased by 33.25% to ¥413,630,028.77, reflecting higher operating income and corresponding increases in production material purchases[16] Shareholder Information - The total number of common shareholders at the end of the reporting period was 17,358[18] - The company initiated an employee stock ownership plan, repurchasing 7,674,790 shares at a price of ¥7.00 per share[22] Investments and Financing - The company obtained bank loans amounting to ¥665,996,000.00, a significant increase of 156.15% compared to the previous period[16] - The company is in the process of issuing convertible bonds, with the application currently under review by the Shenzhen Stock Exchange[21] Other Income and Tax - The company reported a decrease in other income by 51.49%, totaling ¥24,974,596.29 compared to ¥51,481,301.87 last year[15] - The company reported a total tax payment of CNY 140,166,812.05, an increase of 23.2% from CNY 113,743,319.95[40]

Financial Performance - The company reported a revenue of 300 million CNY for the first half of 2022, representing a year-on-year increase of 15%[21] - The net profit attributable to shareholders was 50 million CNY, up 20% compared to the same period last year[21] - The management has set a revenue target of 600 million CNY for the full year 2022, indicating a growth forecast of 20%[21] - The company achieved operating revenue of ¥800,552,160.04, an increase of 50.31% compared to the same period last year[29] - The net profit attributable to shareholders was ¥297,037,103.38, a decrease of 6.99% year-on-year[29] - The net profit excluding non-recurring gains and losses was ¥259,829,636.24, representing an increase of 80.03% compared to the previous year[29] - The net cash flow from operating activities was ¥323,154,330.91, up 103.48% from the same period last year[29] - The company's net profit for the first half of 2022 was CNY 297,037,103.38, a decrease of 13.4% compared to CNY 343,002,243.66 in the same period of 2021[196] - The total comprehensive income for the first half of 2022 was CNY 271,629,166.50, compared to CNY 150,967,412.51 in the same period of 2021, indicating a growth of 80.0%[200] Research and Development - The company plans to invest 100 million CNY in R&D for new product development in the next fiscal year[21] - The company is developing a new line of vitamin D3 products, expected to launch in Q4 2022[21] - The company has established a provincial-level high-tech enterprise R&D center and an academician workstation to enhance its research capabilities[61] - Research and development investment rose by 21.95% to ¥33,764,466.27, indicating a commitment to innovation and product development[70] - The company has a total of 4 products under review and 6 products in development within its pharmaceutical segment, showcasing a robust pipeline[56] Market Expansion and Strategy - The company has expanded its market presence in Southeast Asia, achieving a 30% increase in sales in that region[21] - The company is exploring potential mergers and acquisitions to enhance its product portfolio and market reach[21] - The company signed a 15-year procurement agreement with DSM for 7-dehydrocholesterol products, indicating a strategic partnership in product development[40] - The company is focusing on high-tech formulation products in the cardiovascular and nervous system sectors, aligning with national medical reform policies[43] - The company has built a nationwide sales network primarily targeting hospitals, utilizing a "distribution + academic promotion" sales model[54] Production and Operations - The company has established two production bases, with the Dongyang base focusing on pharmaceutical-grade Vitamin D3 and the Jinhua base on feed-grade Vitamin D3, aiming to consolidate production capacity[51] - The company's production processes for Vitamin D3 and its derivatives are at the leading level domestically and internationally, supported by continuous R&D investment[61] - The company is preparing for trial production of the 25-hydroxy vitamin D3 project, indicating ongoing product development efforts[40] Financial Management - The company will not distribute cash dividends for this fiscal year, focusing instead on reinvestment[6] - The company has implemented a stable profit distribution policy to ensure reasonable returns for shareholders[115] - The company does not plan to distribute cash dividends or issue bonus shares for the half-year period[108] - The company has not engaged in any asset or equity acquisitions or sales during the reporting period[127] Risks and Compliance - The company faces risks related to regulatory changes and market competition, which are detailed in the risk management section[5] - The company faces risks related to fluctuations in Vitamin D3 prices, which significantly impact revenue due to its high proportion in total sales[102] - The construction of the Jinxi Technology Park project poses investment risks, with uncertainties in progress and implementation affecting strategic goals[102] - The company is focused on legal compliance and has actively contributed to local economic development through tax payments and job creation[115] Shareholder Information - The total number of shares before the change was 551,007,557, with 100% ownership structure[149] - The total number of shareholders at the end of the reporting period was 20,440[159] - The largest shareholder, Zhejiang Xiangyun Technology Co., Ltd., held 144,376,377 shares, accounting for 26.20% of total shares[159] - The number of restricted shares decreased from 8,810,249 to 8,783,999, a reduction of 26,250 shares, representing a change of approximately 0.30%[155] Environmental and Social Responsibility - The company has been recognized as a water-saving enterprise in Zhejiang Province for 2021[114] - The company has installed air pollution control equipment to improve emissions and reduce electricity consumption through various energy-saving measures[114] - The company has committed to improving employee welfare and salary levels, contributing to rural revitalization efforts[115]

Financial Performance - The company's operating revenue for Q1 2022 was ¥386,592,882.41, representing a 120.77% increase compared to ¥175,110,442.48 in the same period last year[7]. - Net profit attributable to shareholders was ¥151,152,689.96, a 65.00% increase from ¥91,608,491.56 year-on-year[7]. - Basic earnings per share increased to ¥0.2800, a rise of 64.71% compared to ¥0.1700 in the same period last year[7]. - Operating profit for the quarter was ¥177,090,497.45, up 66.5% from ¥106,353,078.64 year-over-year[35]. - Net profit attributable to the parent company was ¥151,152,689.96, representing a 64.9% increase from ¥91,608,491.56 in the previous year[35]. - Total operating revenue for the first quarter reached ¥386,592,882.41, a significant increase of 120.5% compared to ¥175,110,442.48 in the same period last year[35]. Cash Flow - The net cash flow from operating activities reached ¥245,658,562.83, up 150.25% from ¥98,164,530.79 in the previous year[7]. - Cash flow from operating activities was ¥397,730,897.43, compared to ¥160,042,346.73 in the same period last year, reflecting a growth of 148.5%[39]. - The company recorded a net cash inflow from operating activities, indicating strong operational performance and liquidity[39]. - Total cash inflow from operating activities reached $465,917,742.62, compared to $223,601,614.15 last year, indicating strong operational performance[42]. - Cash outflow from operating activities was $220,259,179.79, up from $125,437,083.36, reflecting increased operational costs[42]. - The company reported a net increase in cash and cash equivalents of $258,493,645.04, contrasting with a decrease of $73,152,540.21 in the previous period[45]. Assets and Liabilities - The company's total assets at the end of Q1 2022 were ¥3,876,256,004.48, reflecting a 9.95% increase from ¥3,525,311,449.31 at the end of the previous year[7]. - Total current assets increased to RMB 1,382,600,961.05 from RMB 1,110,436,101.31, representing a growth of about 24.5%[26]. - Total liabilities rose to ¥1,446,353,382.16, compared to ¥1,246,561,516.95 in the previous year, indicating a growth of 16.1%[34]. - The total liabilities of the company increased, with accounts payable decreasing to RMB 289,926,097.70 from RMB 319,947,181.13, a decline of about 9.4%[26]. - The company's cash and cash equivalents amounted to RMB 761,298,719.13, up from RMB 502,094,136.90 at the beginning of the year, reflecting a growth of approximately 51.5%[23]. Equity and Investments - The total equity attributable to shareholders increased by 6.63% to ¥2,429,902,622.32 from ¥2,278,749,932.36 at the end of the previous year[7]. - The company’s non-current assets totaled RMB 2,493,655,043.43, an increase from RMB 2,414,875,348.00 at the beginning of the year, reflecting a growth of approximately 3.3%[26]. - Research and development expenses surged by 154.44% to ¥16,637,726.66, compared to ¥6,539,022.19 in the same period last year, indicating increased investment in innovation[14]. - The company reported a significant increase in sales expenses, which rose to ¥81,931,930.22, a staggering 1031.48% increase from ¥7,241,133.22 year-on-year, primarily due to higher marketing costs[14]. Shareholder Information - The company reported a total of 8,810,249 shares under lock-up agreements, with a portion of these shares set to unlock at a rate of 25% annually[22]. - The company has a total of 1,840,687 shares held by senior management under lock-up agreements, which will also unlock at a rate of 25% annually[19].

Financial Performance - Zhejiang Garden Bio-chemical High-tech Co., Ltd. reported a total revenue of CNY 1.2 billion for the year 2021, representing a year-on-year growth of 15%[22] - The company achieved a net profit of CNY 300 million in 2021, which is an increase of 20% compared to the previous year[22] - The company's operating revenue for 2021 was ¥1,117,099,893.11, representing a 69.40% increase compared to the adjusted revenue of ¥659,437,443.09 in 2020[29] - The net profit attributable to shareholders for 2021 was ¥479,829,624.81, an increase of 82.29% from the adjusted net profit of ¥263,216,164.87 in 2020[29] - The net cash flow from operating activities for 2021 was ¥504,029,922.29, which is a 17.93% increase compared to ¥427,409,340.96 in 2020[29] - The basic earnings per share for 2021 was ¥0.88, up 69.23% from ¥0.52 in 2020[29] - The net profit for 2021 was 510.01 million yuan, reflecting a significant increase of 95.69% year-on-year[47] - The company reported a decrease in raw material costs in the pharmaceutical sector by 13.49% year-on-year[87] Market Expansion and Strategy - User data indicated a 25% increase in the number of active customers, reaching 500,000 by the end of 2021[22] - The company plans to expand its market presence in Southeast Asia, targeting a 30% market share in the region by 2025[22] - The company completed the acquisition of 100% equity in Huayuan Pharmaceutical in November 2021, expanding its operations into the pharmaceutical manufacturing sector[44] - The company has signed a 15-year procurement agreement with DSM for 7-dehydrocholesterol, enhancing its supply chain stability[47] - The company aims to achieve a gross margin of 35% in 2022, up from 30% in 2021[22] - The company is transitioning from generic drugs to high-end generics with high technical barriers, focusing on chronic disease areas such as cardiovascular and neurological systems[69] Research and Development - The company has allocated CNY 50 million for research and development in innovative drug formulations for the upcoming fiscal year[22] - The company has made significant progress in new product development, obtaining drug registration certificates for five products, including three specifications of escitalopram oxalate tablets and two injectable drugs[60] - The total R&D investment in 2021 was ¥68,545,827.04, accounting for 6.14% of operating revenue, a decrease from 7.97% in 2020[100] - The number of R&D personnel increased by 13.22% from 121 in 2020 to 137 in 2021[100] - The company is currently in the process of developing several new products, with ongoing evaluations and approvals, indicating a focus on expanding its product line and market competitiveness[98] Operational Efficiency - A strategic acquisition of a local competitor is anticipated to enhance production capacity by 40%[22] - The company is set to commence trial production at the Jinxin Technology Park by the end of June 2022, following the completion of equipment installation[47] - The company has established a nationwide sales network primarily targeting hospitals, utilizing a "distribution + academic promotion" sales model[58] - The production capacity of the vitamin D3 segment at the Dongyang production base is fully utilized, meeting customer order demands, with a long-term procurement agreement signed with DSM for 7-dehydrocholesterol products[59] Governance and Compliance - The company maintains an independent operational structure, with no financial guarantees provided to the controlling shareholder during the reporting period[144] - The board of directors and supervisory board operate independently, ensuring compliance with legal and regulatory requirements[143] - There were no instances of non-compliance in information disclosure during the reporting period[144] - The company has established a robust governance structure that aligns with the requirements of the Company Law and Securities Law[142] Financial Management - The company has a complete and independent financial management system, with dedicated accounting personnel and independent decision-making capabilities[146] - The cash dividend accounted for 100% of the distributable profit of RMB 1,665,011,825.85[191] - The company has no stock incentive plans or employee stock ownership plans in place during the reporting period[192] - The internal control self-assessment report indicated that all units included in the evaluation accounted for 100% of the consolidated financial statement assets[197] Challenges and Risks - The company faces risks related to fluctuations in vitamin D3 prices, which significantly impact revenue due to the high proportion of related products[135] - The company is exposed to project investment risks associated with the construction of the Jinxi Technology Park, which may affect strategic implementation and operational scale[135] - The company anticipates challenges in attracting and retaining high-quality talent necessary for its growth strategy[135] - The company may face adverse effects on sales if certain products are included in national centralized procurement and are not selected[137]

Revenue and Profit - Revenue for Q3 2021 was ¥106,084,487.92, a decrease of 26.95% compared to the same period last year[7] - Net profit attributable to shareholders was ¥40,729,866.67, down 36.18% year-over-year[7] - Net profit excluding non-recurring gains and losses was ¥38,674,059.36, a decrease of 31.56% compared to the previous year[7] - Total operating revenue for the third quarter was ¥455,723,293.94, a decrease of 7.06% compared to ¥490,403,590.51 in the same period last year[33] - Net profit for the period was ¥276,307,586.34, representing an increase of 22.09% from ¥226,353,727.11 in the previous year[36] - The total comprehensive income attributable to the parent company's owners was CNY 276,307,586.34, an increase from CNY 226,353,727.11 in the previous period, representing a growth of approximately 22.1%[39] Assets and Liabilities - Total assets at the end of Q3 2021 were ¥3,623,068,855.75, an increase of 5.78% from the end of the previous year[9] - Total assets reached ¥3,623,068,855.75, an increase of 5.78% compared to ¥3,425,191,470.28 at the end of the previous year[32] - Total liabilities decreased to ¥492,913,679.53, down 4.35% from ¥515,380,606.94 year-on-year[32] - The company's equity attributable to shareholders increased to ¥3,130,155,176.22, up 7.57% from ¥2,909,810,863.34 in the previous year[32] Cash Flow - Cash flow from operating activities for the year-to-date was ¥172,075,303.56, down 36.36% compared to the same period last year[7] - Cash inflow from operating activities totaled CNY 644,906,458.61, compared to CNY 612,232,936.86 in the previous period, indicating an increase of approximately 5.3%[40] - The net cash flow from operating activities was CNY 172,075,303.56, down from CNY 270,391,116.83, showing a decrease of about 36.4%[43] - Cash inflow from investment activities was CNY 502,247,721.20, up from CNY 405,790,587.67, marking an increase of approximately 23.8%[43] - The net cash flow from investment activities was negative at CNY -378,451,716.74, an improvement from CNY -428,469,817.15 in the previous period, indicating a reduction in losses of about 11.7%[43] - Cash and cash equivalents at the end of the period were CNY 901,266,660.52, down from CNY 1,178,844,213.62, a decrease of approximately 23.5%[43] Shareholder Information - The total number of common shareholders at the end of the reporting period is 22,194, with the largest shareholder, Zhejiang Xiangyun Technology Co., Ltd., holding 26.20% of shares, totaling 144,376,377 shares[15] - The largest shareholder, Zhejiang Xiangyun Technology Co., Ltd., has pledged 97,570,000 shares, indicating a significant level of collateralization[15] - The company reported a total of 92,010,707 restricted shares at the beginning of the period, with 89,465,179 shares released during the period, resulting in 6,969,562 restricted shares remaining[21] - The total number of restricted shares held by other shareholders amounts to 32,063,837, with a significant portion being executive lock-up shares[21] Expenses and Investments - Total operating costs decreased to ¥245,771,846.00, down 6.69% from ¥263,414,345.02 year-on-year[33] - Research and development expenses increased to ¥27,233,332.31, up 9.03% from ¥24,859,986.83 year-on-year[36] - The company reported a financial income of ¥22,675,992.68, an increase from ¥14,861,108.09 in the previous year[36] - The company experienced a 270.81% increase in financial income due to higher bank deposit interest income compared to the previous year[13] - The company reported a significant increase in construction in progress, totaling ¥1,314,611,423.82, up 32.82% from the previous year[11] - The company has a total of 1,314,611,423.82 in construction in progress, up from 989,765,553.50 in the previous year, showing an increase of approximately 32.83%[25] Cash Management - The company’s cash and cash equivalents as of September 30, 2021, amount to ¥901,266,660.52, a decrease from ¥1,158,650,345.38 at the end of 2020, representing a decline of approximately 22.14%[25] - The total current assets decreased from ¥1,771,836,559.96 at the end of 2020 to ¥1,570,596,412.65, reflecting a reduction of about 11.34%[25] - Inventory increased from ¥306,800,708.88 at the end of 2020 to ¥350,377,187.23, indicating a growth of approximately 14.19%[25] - The company paid CNY 83,608,124.50 in taxes, significantly higher than CNY 41,071,882.64 in the previous period, reflecting an increase of about 103.5%[43] - The company reported cash outflows from financing activities totaling CNY 310,329,467.90, compared to CNY 381,465,050.77 in the previous period, a decrease of approximately 18.6%[43] Financial Reporting - The company did not require adjustments to the beginning balance sheet items under the new leasing standards, indicating stability in financial reporting[44]