Financial Performance - The net profit attributable to the parent company decreased by 59.32% year-on-year in 2020[4]. - The company's operating revenue for 2020 was ¥662,050,554.46, a decrease of 22.85% compared to ¥858,139,604.75 in 2019[26]. - The net profit attributable to shareholders for 2020 was ¥44,196,833.66, down 59.32% from ¥108,656,286.76 in the previous year[26]. - The net profit after deducting non-recurring gains and losses was ¥28,896,767.38, a decline of 68.56% from ¥91,915,810.61 in 2019[26]. - The basic earnings per share for 2020 was ¥0.16, a decrease of 60.00% compared to ¥0.40 in 2019[26]. - The total operating revenue for 2020 was ¥662,050,554.46, a decrease of 22.85% compared to ¥858,139,604.75 in 2019[63]. - Revenue from the dairy industry dropped by 41.52% to ¥428,558,167.32, while revenue from the beverage industry increased by 366.39% to ¥85,369,967.23[63]. - The company's smart packaging equipment accounted for 68.63% of total revenue, totaling ¥454,337,763.37, down 26.50% from the previous year[63]. Profit Distribution - The company plans to distribute a cash dividend of 0.4 yuan per 10 shares to shareholders[14]. - The cash dividend for 2020 represents 24.76% of the net profit attributable to ordinary shareholders, compared to 19.88% for 2019 and 18.83% for 2018[127]. - The company’s total distributable profit was reported at 443,285,020.27 CNY[122]. - The company’s cash dividend represented 100% of the total profit distribution amount[122]. - The cash dividend distribution was executed in compliance with the company’s articles of association and shareholder resolutions[122]. - The company maintained a stable profitability and good financial condition in 2020, aligning the dividend distribution plan with its actual operating situation and future development strategy[125]. - The cash dividend conditions include having an unqualified audit report and ensuring sufficient cash flow to meet operational and investment plans[130]. - The company has consistently adhered to its profit distribution policy, ensuring a minimum cash dividend ratio of 20% during its growth phase[124]. Customer Concentration and Market Expansion - The top five customers accounted for 57.24% of the main business revenue in 2020, compared to 54.27% in 2019 and 63.78% in 2018[10]. - The company acknowledges risks related to customer concentration and is working to diversify its client base[11]. - The company aims to expand its customer base in industries such as healthcare, beverages, edible oils, daily chemicals, and food[8]. - The company is actively developing its sterile equipment technology and exploring new expansion plans[118]. - The company plans to expand into sectors such as healthcare, edible oils, daily chemicals, beverages, and solid food industries, leveraging its core technologies[109]. Research and Development - The company is increasing R&D investment to maintain its technological advantage and control production costs[12]. - Research and development expenses amounted to ¥39,432,283.29, representing 5.96% of total revenue, up from 5.70% in 2019[76]. - In 2020, the company obtained 35 new patents, including 6 invention patents, and applied for 33 new invention patents[57]. - The company aims to enhance its R&D and innovation capabilities, focusing on high-end products that are sterile, energy-efficient, and integrated, to increase market share domestically and internationally[108]. Operational Efficiency and Management - The company is focused on improving management and attracting talent to meet the demands of its expanding operations[9]. - The company utilizes an ERP system for unified management of production and procurement processes, enhancing operational efficiency[37]. - The company is committed to providing comprehensive solutions, including lifecycle maintenance and planning for intelligent packaging production lines[36]. - The company aims to enhance its competitiveness by increasing product research and market expansion efforts[60]. - The company is committed to achieving significant improvements in manufacturing efficiency and product quality by 2025, as outlined in the "Made in China 2025" initiative[109]. Technological Advancements - The company has achieved significant technological advancements, with its equipment nearing international standards and successfully replacing imports in the domestic market[42]. - The company has established itself as a leading smart packaging machinery manufacturer in China, with strong R&D capabilities and unique core technologies, particularly in sterile technology[41]. - The company emphasizes strong testing capabilities for new product development, ensuring seamless integration with production processes and reducing debugging time and costs[47]. Financial Position and Investments - The total assets at the end of 2020 were ¥2,048,908,928.71, an increase of 6.90% from ¥1,916,715,188.53 at the end of 2019[26]. - The net assets attributable to shareholders increased by 1.74% to ¥1,422,219,751.51 at the end of 2020 from ¥1,397,834,527.09 in 2019[26]. - The company reported a net increase in cash and cash equivalents of ¥16,601,585.20, a decrease of 79.57% from the previous year[79]. - The company has committed CNY 38.9 million in entrusted financial management, with CNY 25.4 million in bank financial products and CNY 12.5 million in securities firm products[171]. Risks and Challenges - The company faces risks from fluctuations in downstream industries, particularly in the fast-moving consumer goods sector, which could impact its operating performance[114]. - The company is at risk of extended delivery times due to potential supply tightness of key raw materials, such as PLC servo control systems[115]. - The company's gross profit margins have declined from 44.60% in 2018 to 28.54% in 2020, highlighting the risk of further margin erosion[114]. Subsidiaries and Acquisitions - The company established a new subsidiary, Nanjing Grey Intelligent Equipment Co., Ltd., without significant impact on overall operations[106]. - The company acquired a 55% stake in Nanjing Grey Intelligent Equipment Co., Ltd. for CNY 5.5 million on June 11, 2020, expanding its consolidation scope[141]. - The company transferred 70% equity of its subsidiary, Hangzhou Maijiesi Refrigeration Technology Co., Ltd., for RMB 3.5 million, resulting in no longer holding any equity in the subsidiary[180]. Lease Agreements - The company has a lease agreement with Mengniu Dairy for a factory rental agreement with a total annual rent of CNY 60,000 starting from July 1, 2018[156]. - The company signed multiple lease agreements for properties, with annual rents ranging from CNY 1.5 million to CNY 93 million, covering areas from 1,077.6 square meters to 5,022 square meters[164][165][166].

Financial Performance - Net profit attributable to shareholders was ¥10,786,630, a decrease of 76.88% year-on-year[6] - Operating revenue for the reporting period was ¥156,179,627.26, down 36.27% from the same period last year[6] - Basic earnings per share decreased by 77.78% to ¥0.04 compared to ¥0.18 in the same period last year[6] - Operating profit decreased by 55.12% to ¥52,472,387.87 compared to the same period last year, primarily due to a decline in gross margin[14] - Net profit fell by 56.68% to ¥43,154,430.64, attributed to a decrease in gross margin[14] - Total profit decreased by 55.55% to ¥52,234,522.12, reflecting the same gross margin issues[14] - Net profit for Q3 2020 was CNY 10,500,294.06, significantly lower than CNY 46,146,075.06 in the same period last year[37] - The total profit for Q3 2020 was CNY 13,719,277.09, significantly lower than CNY 57,363,532.90 in Q3 2019, representing a decrease of 76.06%[44] Cash Flow - The net cash flow from operating activities was ¥84,093,238, a significant improvement from a negative cash flow of ¥26,880,506 in the previous year[6] - Cash flow from operating activities increased significantly to ¥53,105,788.52, compared to a negative cash flow of -¥115,284,817.79 in the previous year[15] - Cash received from tax refunds rose by 111.86% to ¥7,331,069.25, indicating improved cash inflow from tax-related activities[14] - Cash received from other operating activities surged by 319.59% to ¥79,951,255.08, mainly due to loans from the controlling shareholder[14] - The cash flow from operating activities generated a net amount of ¥53,105,788.52, compared to a net outflow of ¥115,284,817.79 in the same quarter last year[53] - The net cash flow from operating activities for the current period is ¥57,163,766.05, compared to a negative cash flow of ¥61,380,257.36 in the previous period, indicating a significant improvement[55] Assets and Liabilities - Total assets at the end of the reporting period reached ¥1,982,403,403.70, an increase of 3.46% compared to the previous year[6] - The total liabilities of the company were CNY 553,837,507.32, up from CNY 513,549,385.11, marking an increase of approximately 7.8%[28][29] - The company's current assets totaled CNY 1,410,746,415.66, compared to CNY 1,338,371,650.23 at the end of 2019, reflecting a growth of approximately 5.5%[26][29] - The company's inventory decreased from CNY 630,627,525.01 at the end of 2019 to CNY 428,692,787.11, representing a reduction of approximately 32%[26][29] - The total assets of the company are reported at ¥1,916,108,188.53, with total equity amounting to ¥1,402,558,803.42[62] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 12,443[9] - The largest shareholder, Hangzhou Peiyuan Investment Co., Ltd., holds 38.53% of the shares[9] - The company established Nanjing Grey Intelligent Equipment Co., Ltd., resulting in a 31.33% increase in minority interests to ¥7,001,369.60[13] Government Support - The company received government subsidies amounting to ¥7,992,569.41 during the reporting period[7] - Deferred income increased by 76.47% to ¥13,299,939.68, due to an increase in government subsidies awaiting recognition[13] Market and Future Outlook - The company is focusing on expanding its market presence in the beverage and pharmaceutical sectors, as indicated by ongoing research and development efforts[21] - Future outlook includes enhancing production capacity and exploring potential mergers and acquisitions to strengthen market position[21] Research and Development - Research and development expenses for Q3 2020 were CNY 25,673,941.41, a decrease of 15.66% from CNY 30,204,394.60 in the same period last year[44] - The company has implemented new revenue and leasing standards starting from 2020, which may affect the financial statements[58] - The company has implemented the new revenue recognition standards starting January 1, 2020, affecting the reporting of contract assets and liabilities[64]

Financial Performance - The company's operating revenue for the current reporting period is ¥352,916,403.53, representing a decrease of 5.44% compared to the same period last year [24]. - The net profit attributable to shareholders of the listed company is ¥33,387,590.35, down 38.87% year-on-year [24]. - The net profit attributable to shareholders after deducting non-recurring gains and losses is ¥25,111,642.44, a decline of 48.85% compared to the previous year [24]. - The basic earnings per share is ¥0.12, which is a decrease of 40.00% from ¥0.20 in the same period last year [24]. - The company's total assets at the end of the reporting period amount to ¥1,897,687,437.50, reflecting a decrease of 0.96% from the end of the previous year [24]. - The net assets attributable to shareholders of the listed company increased to ¥1,410,736,343.58, showing a growth of 0.97% compared to the previous year [24]. - The company reported a net cash flow from operating activities of -¥30,987,450.10, indicating a negative cash flow situation [24]. - The company's revenue for the first half of 2020 was approximately ¥352.92 million, a decrease of 5.44% compared to ¥373.22 million in the same period last year [57]. - The net profit for the first half of 2020 was CNY 32.65 million, down 39% from CNY 53.46 million in the first half of 2019 [171]. - The total comprehensive income for the first half of 2020 was CNY 47,141,911.24, reflecting a decrease of 20.3% from CNY 59,189,979.97 in the same period of 2019 [176]. Customer Concentration Risk - The top five customers accounted for 63.78%, 54.27%, and 72.73% of the main business revenue in 2018, 2019, and the first half of 2020, highlighting a high customer concentration risk [7]. - The company aims to expand its customer base in the healthcare, beverage, edible oil, daily chemical, and food industries to mitigate risks associated with customer concentration [7]. - The sales revenue from the top five customers accounted for 63.78%, 54.27%, and 72.73% of the main business income in 2018, 2019, and the first half of 2020, highlighting a high customer concentration risk [84]. Investment and Capital Expenditure - The company plans to invest in new intelligent packaging machinery and new sterile filling equipment, which will increase production capacity and fixed asset depreciation [9]. - The investment amount during the reporting period was RMB 8,006,811.82, representing an increase of 85.56% compared to the same period last year [67]. - The new intelligent packaging machinery project has an investment of RMB 36,210 million, with 53.78% of the investment completed by the end of the reporting period [74]. - The new bottled aseptic filling equipment project has an investment of RMB 16,466 million, with 61.36% of the investment completed by the end of the reporting period [74]. - The research and development center and laboratory construction project has an investment of RMB 5,810 million, with 52.72% of the investment completed by the end of the reporting period [74]. Research and Development - The company plans to increase R&D investment to maintain its technological leadership and control production costs to stabilize gross margins [8]. - The company has made significant progress in technology research and development, obtaining 14 new patents in the first half of 2020, including 6 invention patents [53]. - The company has invested in advanced R&D hardware and has been recognized as a key research and development center in China [42]. - The company’s R&D team possesses both solid theoretical knowledge and practical experience, maintaining industry-leading research capabilities [42]. Operational Challenges - The company is facing challenges due to a slowdown in sales growth in the downstream liquid food industry, which directly impacts its operational performance [4]. - The company is focused on maintaining close communication with clients and developing products that meet their needs to address challenges posed by industry fluctuations [84]. - The company is undergoing a digital transformation, aiming to enhance its core competencies by integrating service, technology, and digital capabilities [52]. Cash Flow and Financial Position - The company's cash balance decreased by 68.66%, from ¥313,165,561.06 at the end of 2019 to ¥98,138,994.37 at the end of June 2020 [39]. - The cash flow from operating activities showed a significant improvement, with a net cash outflow of approximately -¥30.99 million, compared to -¥88.40 million in the previous year [57]. - The total amount of funds raised by the company was RMB 70,571.25 million, with a net amount of RMB 66,486 million after deducting underwriting and advisory fees [71]. - The company reported a total cash inflow from investment activities of CNY 817,923,452.23, compared to CNY 1,063,091,993.17 in the first half of 2019 [178]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 16,791 [141]. - The largest shareholder, Hangzhou Peiyuan Investment Co., Ltd., holds 104,040,044 shares, representing a significant portion of the company's equity [143]. - The company reported a total of 64,772,028 shares held by directors and senior management at the end of the reporting period, with an increase of 196,400 shares by the general manager, Shi Zheng [153]. - The company did not engage in any repurchase transactions during the reporting period, reflecting a stable capital management strategy [143]. Leasing and Related Party Transactions - The company signed a lease agreement with Peiyuan Investment for an office space of 60 square meters at an annual rent of RMB 36,000, effective from January 1, 2020, to December 31, 2022 [108]. - The company has engaged in related party transactions amounting to 170.78 thousand yuan for purchasing sterilization modules and 79.29 thousand yuan for equipment sales during the reporting period [104]. Market Expansion - The company is actively expanding into the international dairy market, leveraging the "Belt and Road" initiative to explore opportunities in neighboring countries [35]. - The company is gradually expanding into the unmanned retail sector, developing and producing unmanned retail equipment [31]. - The company aims to become a global leader in the intelligent packaging machinery industry, focusing on technological advancement and market expansion [55].

Financial Performance - Total revenue for Q1 2020 was ¥169,821,126.59, a decrease of 18.85% compared to ¥209,258,978.73 in the same period last year[6] - Net profit attributable to shareholders was ¥13,635,695.94, down 54.58% from ¥30,022,903.53 year-on-year[6] - Net profit excluding non-recurring gains and losses was ¥10,900,799.95, a decline of 57.27% compared to ¥25,509,246.72 in the previous year[6] - Basic earnings per share decreased by 54.59% to ¥0.0505 from ¥0.1112 in the same period last year[6] - The company's main business revenue decreased by 18.81% to ¥16,975.06 million in Q1 2020[16] - The company's main business gross margin for Q1 2020 was 27.09%, a decrease from 37.06% in 2019[20] - Total operating revenue for Q1 2020 was CNY 169,821,126.59, a decrease from CNY 209,258,978.73 in the previous period[44] - Net profit for the first quarter was CNY 13,260,568.37, down from CNY 29,397,899.52 year-over-year, representing a decline of approximately 54.9%[46] - Operating profit decreased to CNY 16,356,528.59 from CNY 34,265,438.23, reflecting a decline of about 52.3%[46] - The total comprehensive income for the first quarter was CNY 13,260,568.37, down from CNY 29,397,899.52, indicating a decline of approximately 54.9%[47] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,876,366,157.51, a decrease of 2.11% from ¥1,916,715,188.53 at the end of the previous year[6] - Current assets totaled CNY 1,186,708,382.04, down from CNY 1,234,978,437.69 at the end of 2019[40] - Total assets amounted to CNY 1,847,826,932.01, compared to CNY 1,876,797,730.45 in the previous period[41] - Total liabilities decreased to CNY 449,916,929.15 from CNY 504,214,682.40[42] - The company's equity increased to CNY 1,397,910,002.86 from CNY 1,372,583,048.05[42] - Accounts payable decreased to CNY 132,984,705.64 from CNY 148,893,574.60[41] - The company reported a decrease in employee compensation payable to CNY 14,036,482.40 from CNY 26,248,403.96[41] - The company’s retained earnings rose to CNY 436,415,285.26 from CNY 411,598,641.37[42] - The total equity attributable to shareholders was CNY 1,397,834,527.09[61] Cash Flow - The company reported a net cash flow from operating activities of -¥58,269,922.66, compared to -¥54,538,479.32 in the same period last year[6] - Cash flow from operating activities was CNY 132,886,370.68, compared to CNY 176,123,497.02 in the previous period, indicating a decrease of approximately 24.6%[52] - The net cash flow from operating activities was -44,010,003.36 RMB, a significant decrease compared to the previous period's positive cash flow of 16,307,169.79 RMB[57] - The net cash flow from investing activities was -154,551,090.50 RMB, compared to -371,936.39 RMB in the previous period, indicating increased cash outflows for investments[58] - Cash inflows from operating activities totaled 118,278,779.08 RMB, while cash outflows were 162,288,782.44 RMB, resulting in a net cash outflow from operations[57] - The company reported a decrease in cash and cash equivalents of 197,924,331.45 RMB during the period, contrasting with an increase of 14,286,928.80 RMB in the previous period[58] Investments and Subsidiaries - The company plans to invest 20 million RMB in its wholly-owned subsidiary, increasing its registered capital from 80.5 million RMB to 81 million RMB[23] - The company has established a wholly-owned subsidiary in Hong Kong with an investment of 10 million HKD[21] - The company has completed the registration of its Hong Kong subsidiary and the capital increase for its subsidiary, indicating progress in its expansion strategy[21][23] - Total raised funds amounted to RMB 66,486 million, with RMB 1,963.21 million invested in the current quarter[29] - Cumulative investment in raised funds reached RMB 40,099.54 million, with a 0.00% change in purpose for the funds[29] - The company temporarily used RMB 6,500 million of idle raised funds to supplement working capital, which was fully returned by February 13, 2020[30] Operational Challenges and Strategies - The company has faced challenges due to the slowdown in sales growth in the downstream liquid food industry[20] - The company is actively expanding into the healthcare, edible oil, daily chemical, and food industries to diversify its customer base[20] - The company has committed to increasing R&D investment to maintain its technological advantage and stabilize gross margins[20] - The company is focused on enhancing management and human resources to meet the demands of its expanding operational scale[20] Other Financial Metrics - Trade receivables increased by 178.79% to ¥2,300,000.00 due to an increase in notes receivable[15] - Other income increased by 229.44% to ¥3,471,964.58, mainly due to increased government subsidies[14] - Sales expenses decreased by 45.78% to ¥7,630,804.99, impacted by the pandemic[14] - Financial expenses turned positive with an income of ¥3,332,998.11 due to increased interest income[14] - The company’s tax expenses decreased by 49.97% to ¥2,757,427.01, reflecting a reduction in total profit[14] - Research and development expenses were CNY 8,153,449.45, compared to CNY 9,585,896.34 in the previous period, indicating a reduction of approximately 14.9%[49] - Total operating costs were CNY 153,093,501.02, down from CNY 178,456,659.38, showing a decrease of about 14.2%[49]

Financial Performance - The company's operating revenue for 2019 was ¥858,139,604.75, representing a 19.49% increase compared to ¥718,186,789.63 in 2018[19]. - The net profit attributable to shareholders for 2019 was ¥108,656,286.76, a decrease of 41.71% from ¥186,406,886.08 in 2018[19]. - The net profit after deducting non-recurring gains and losses was ¥91,915,810.61, down 39.01% from ¥150,697,295.32 in 2018[19]. - Basic earnings per share for 2019 were ¥0.40, a decline of 42.03% from ¥0.69 in 2018[19]. - The company's cash flow from operating activities was negative at -¥61,701,118.73, compared to -¥23,242,085.09 in 2018[19]. - Total assets at the end of 2019 were ¥1,916,715,188.53, a decrease of 4.02% from ¥1,996,958,032.82 at the end of 2018[19]. - The net assets attributable to shareholders increased by 5.67% to ¥1,397,834,527.09 at the end of 2019 from ¥1,322,774,177.80 at the end of 2018[19]. - The company's accounts receivable at the end of 2019 amounted to ¥201,957,209.27, representing a 31.96% increase from ¥153,044,406.03 at the end of 2018[37]. - The company's prepayments decreased by 56.01%, with a balance of ¥10,063,956.47 at the end of 2019 compared to ¥22,875,718.60 at the end of 2018[37]. - The company's cash and cash equivalents increased by ¥81,280,391.42, contrasting with a decrease of ¥33,384,739.77 in the previous year[76]. Customer and Market Diversification - In 2019, the combined sales revenue from the top five customers accounted for 54.27% of the main business income, down from 63.78% in 2018 and 69.60% in 2017, reflecting efforts to diversify the customer base[6]. - The company is actively expanding into the healthcare, edible oil, daily chemical, and food industries to reduce customer concentration risks and enhance revenue streams[4]. - The company will focus on consolidating its leading position in the dairy industry while expanding its customer base in other sectors to improve operational performance[8]. - The company has a strong market growth potential, particularly in the dairy sector, where per capita consumption is still low compared to developed countries[33]. - The company is actively expanding into international markets, particularly in countries along the "Belt and Road" initiative, leveraging its competitive pricing and technology[33]. Research and Development - The company is committed to increasing R&D investment to maintain technological leadership and timely launch new products to stabilize gross profit margins[7]. - The company’s R&D expenses increased by 43.73% to ¥48,941,250.15, representing 5.70% of total revenue[70][72]. - The company has a robust R&D capability, being a key contributor to national and industry standards, particularly in sterile technology[35]. - The company has developed advanced technologies in high cleanliness and high precision filling, sterile environment control, and dry sterilization, enhancing equipment performance and production efficiency[40]. - The company has established a comprehensive testing platform for sterile filling equipment, significantly reducing debugging time and costs[41]. - The company has developed intelligent post-packaging equipment to meet the growing demand for automation in production due to rising labor costs[34]. - The company plans to enhance R&D efforts and introduce new products to meet customer demands, aiming to increase revenue from sectors such as beverages and pharmaceuticals[126]. Operational Efficiency and Cost Management - The overall economic situation has led to a slowdown in sales growth in the downstream liquid food industry, posing challenges to the company's operations[4]. - The company aims to enhance management and recruit talent in technology, management, production, and marketing to meet the demands of its expanding operational scale[5]. - The company plans to reduce operational costs by 30% and production cycles by 30% by 2020, as part of the "Made in China 2025" initiative[98]. - The company is focused on enhancing operational efficiency, targeting a reduction in production costs by 15% through process optimization initiatives[117]. - The company will implement a digital transformation strategy in 2020, introducing various digital management systems to enhance operational efficiency and service capabilities[103]. Dividend Policy and Shareholder Relations - The company plans to distribute a cash dividend of 0.8 RMB per 10 shares (including tax) based on a total of 270 million shares, with no bonus shares issued[8]. - The cash dividend accounted for 100% of the total distributable profit of 411,598,641.37 yuan[109]. - The cash dividend distribution for 2019 represents 19.88% of the net profit attributable to ordinary shareholders, which was 108,656,286.76 yuan[113]. - The company announced a cash dividend of 0.80 yuan per 10 shares (including tax), totaling 21,600,000 yuan for the fiscal year 2019[111]. - The company has ensured that minority shareholders had the opportunity to express their opinions and that their legal rights were protected[109]. - The company will actively communicate with shareholders, especially minority shareholders, during the decision-making process for profit distribution[120]. Strategic Initiatives and Future Outlook - The company plans to enhance its international business and accelerate overseas market expansion to create greater value for shareholders[54]. - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 25% based on anticipated market expansion and new product launches[117]. - A strategic acquisition of a local competitor is in progress, expected to enhance the company's production capacity by 30%[118]. - The company is actively seeking investment opportunities that complement its technology and market expansion efforts, focusing on both horizontal and vertical integration[102]. - The company plans to stabilize its stock price if it falls below the latest audited net asset value per share, with specific measures to be implemented within 10 trading days[122]. Compliance and Governance - Compliance with regulatory requirements remains a priority, with ongoing efforts to ensure transparency and accountability in financial reporting[118]. - The company has committed to ensuring that executive compensation is linked to the execution of return measures[127]. - The company will not engage in transactions that harm the rights of shareholders and will strictly adhere to relevant laws and regulations regarding related party transactions[121]. - The company has established a legal responsibility for the accuracy and completeness of its prospectus[124]. - The company will take legal and effective measures to prevent its controlled entities from competing with the issuer's expanded business[121].

Financial Performance - Operating revenue for the reporting period was CNY 245,070,028.55, an increase of 21.89% year-on-year [6]. - Net profit attributable to shareholders was CNY 46,650,272.16, a decrease of 7.14% compared to the same period last year [6]. - Basic earnings per share for the reporting period were CNY 0.1728, down 7.15% year-on-year [6]. - The company’s operating profit decreased by 30.39% to 116,917,023.93, attributed to a rise in operating costs outpacing revenue growth [14]. - Net profit for the first nine months of 2019 was 99,607,983.28, a decrease of 32.85% year-over-year [15]. - Total operating revenue for Q3 2019 was CNY 245,070,028.55, an increase of 21.9% compared to CNY 201,059,409.79 in the same period last year [34]. - Net profit for Q3 2019 was CNY 46,146,075.06, a decrease of 7.4% from CNY 50,017,406.45 in Q3 2018 [36]. - Basic earnings per share for Q3 2019 were CNY 0.1728, down from CNY 0.1861 in Q3 2018 [36]. - The total comprehensive income for the period was CNY 108,617,638.21, compared to CNY 150,320,252.52 in the previous period, indicating a decrease of approximately 27.8% [47]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,921,504,520.38, a decrease of 3.78% compared to the end of the previous year [6]. - The company’s total assets amounted to CNY 1,880,424,159.43, slightly up from CNY 1,879,881,690.48 year-over-year [32]. - Total liabilities decreased to CNY 518,686,918.57 from CNY 593,124,969.79 year-over-year, a reduction of 12.6% [32]. - Total liabilities decreased by 30.37% to 282,025,453.90, mainly due to a reduction in customer prepayments [14]. - Total liabilities reached CNY 666,288,236.50, with current liabilities at CNY 655,213,538.29 [60]. - Total equity increased to CNY 1,396,512,128.91 from CNY 1,330,669,796.32, showing a growth of about 4.9% [27]. - The company’s total liabilities and equity combined also equaled CNY 1,879,881,690.48 [66]. Cash Flow - The net cash flow from operating activities for the year-to-date was CNY -115,284,817.79 [6]. - Cash inflow from operating activities amounted to CNY 510,149,485.21, slightly increasing from CNY 506,358,604.61 in the previous period [49]. - Cash inflow from investment activities was CNY 1,463,689,768.62, down from CNY 2,315,359,554.65 in the previous period, representing a decline of approximately 36.8% [51]. - The ending balance of cash and cash equivalents was CNY 190,305,493.98, down from CNY 522,573,447.61 in the previous period, reflecting a decrease of about 63.7% [51]. - The company’s cash flow from operating activities showed a net outflow, indicating potential liquidity challenges moving forward [50]. Shareholder Information - The company had 18,875 common shareholders at the end of the reporting period [10]. - The largest shareholder, Hangzhou Peiyuan Investment Co., Ltd., held 38.53% of the shares [10]. - The company did not engage in any repurchase transactions during the reporting period [11]. Research and Development - Research and development expenses increased by 58.86% to 30,204,394.60 due to higher personnel costs and direct investments [14]. - Research and development expenses increased to CNY 10,646,354.14, up 70.0% from CNY 6,247,375.87 in the previous year [34]. - The company plans to continue focusing on R&D and market expansion to drive future growth [34]. Investment and Financial Management - Non-recurring gains and losses totaled CNY 7,185,302.62, primarily from government subsidies and investment income [7]. - The company reported a significant decrease in investment income, down to 1,724,593.33, primarily due to reduced financial product purchases [14]. - The total assets under management for the newly established investment partnership is 1.003 billion, with the company contributing 1 billion [17]. - The company has a long-term investment strategy with CNY 477,070,002.73 in long-term equity investments [64].

Revenue and Profitability - Total revenue for the reporting period reached ¥373,221,347.61, an increase of 18.54% compared to ¥314,856,028.05 in the same period last year[24]. - Net profit attributable to shareholders decreased by 44.66% to ¥54,617,165.48 from ¥98,693,528.83 year-on-year[24]. - Net profit after deducting non-recurring gains and losses was ¥49,095,886.73, down 33.84% from ¥74,213,013.08 in the previous year[25]. - Basic and diluted earnings per share decreased by 45.95% to ¥0.20 from ¥0.37 year-on-year[25]. - The company achieved operating revenue of RMB 373.22 million in the first half of 2019, representing an 18.54% increase year-on-year[61]. - The net profit attributable to the parent company was RMB 54.62 million, a decrease of 44.66% compared to the same period last year[61]. - The total comprehensive income for the first half of 2019 was CNY 59,189,979.97, compared to CNY 94,660,120.52 in the same period of 2018[179]. Financial Position - Total assets at the end of the reporting period were ¥1,948,545,982.37, a decrease of 2.42% from ¥1,996,958,032.82 at the end of the previous year[25]. - The company's total assets amounted to approximately RMB 1,948.55 million, a decrease from RMB 1,996.96 million at the end of 2018[162]. - The company's current assets totaled RMB 1,389.18 million, down from RMB 1,441.89 million at the end of 2018, indicating a decline of about 3.7%[163]. - The company's total equity as of June 30, 2019, was CNY 1,311,795,968.65, an increase from CNY 1,286,756,720.69 at the end of 2018[170]. - The total liabilities at the end of the reporting period were 6,890 million yuan, reflecting a manageable debt level[190]. Cash Flow and Liquidity - The net cash flow from operating activities was negative at ¥88,404,311.22, compared to a negative ¥9,962,248.26 in the same period last year[25]. - The company's cash and cash equivalents decreased by RMB 141.71 million, influenced by comprehensive activities in operations, investments, and financing[65]. - The cash flow from tax refunds was 774,675.09 CNY, a notable increase from 25,484.37 CNY in the first half of 2018, indicating improved tax recovery efforts[185]. - The cash and cash equivalents at the end of the reporting period stood at 32,357,088.45 CNY, a decrease from 404,084,039.47 CNY at the end of the first half of 2018, representing a decline of about 92%[186]. Investment and R&D - The company plans to invest in new intelligent packaging machinery and new bottled aseptic filling equipment, which will increase production capacity[8]. - Research and development investment increased by 53.20% to RMB 19.56 million, focusing on high cleanliness, high capacity, and low carbon technologies[65]. - The company has a strong research and development capability, recognized as a "China Dairy Packaging Machinery Research and Development Center" and a "Zhejiang Province High-tech Research and Development Center" among others[46]. - The company has accumulated a wealth of proprietary technologies in high-precision filling and packaging processes, significantly improving equipment performance and production efficiency[1]. Market and Customer Base - The company's main business revenue from the top five customers accounted for 56.64% in the first half of 2019, down from 63.78% in 2018[6]. - The company aims to expand its customer base in the healthcare, edible oil, daily chemical, and food industries to mitigate customer concentration risks[6]. - The company is actively pursuing market expansion in countries along the "Belt and Road" initiative, leveraging its competitive pricing and technology[38]. - The company is expanding into other industries beyond dairy, including food, beverage, and healthcare, driven by rising demand for high-end packaging equipment[38]. Operational Challenges - The overall economic situation has led to a slowdown in sales growth in the downstream liquid food industry, posing challenges to the company's operations[3]. - The company faces risks related to the inability to adapt management levels and human resources to the expanding operational scale[4]. - The company is facing risks from fluctuations in downstream industries, particularly in the liquid food sector, which may impact operational performance[89]. Corporate Governance and Shareholder Matters - The company will not distribute cash dividends or issue bonus shares for the reporting period[9]. - The company held its annual general meeting with a 69.32% investor participation rate on May 16, 2019[96]. - The company has fulfilled its commitments regarding shareholding restrictions and voluntary lock-up periods as stipulated during its IPO[98]. - The largest shareholder, Hangzhou Peiyuan Investment Co., Ltd., holds 38.53% of the shares, totaling 104,040,044 shares[147]. Strategic Initiatives - The company plans to enhance management and actively recruit talent in technology, management, production, and marketing to meet the demands of its expanding operations[90]. - The company is exploring potential mergers and acquisitions to enhance its competitive advantage in the market[190]. - The company plans to use a total of at least RMB 3 million for stock repurchase if the stock price stabilization plan is triggered, with a maximum of RMB 10 million for multiple triggers within a single fiscal year[103].

Financial Performance - Total revenue for Q1 2019 was CNY 209,258,978.73, representing a 38.71% increase compared to CNY 150,864,333.50 in the same period last year[7]. - Net profit attributable to shareholders decreased by 27.47% to CNY 30,022,903.53 from CNY 41,394,794.35 year-on-year[7]. - Net profit excluding non-recurring gains and losses fell by 21.35% to CNY 25,509,246.72 compared to CNY 32,434,012.86 in the previous year[7]. - Basic and diluted earnings per share decreased by 27.46% to CNY 0.1112 from CNY 0.1533 year-on-year[7]. - The company reported a net profit of 30.02 million for Q1 2019, a decrease of 27.47% year-on-year[20]. - The operating profit for Q1 2019 was CNY 37,278,930.66, a decrease of 25.5% compared to CNY 50,148,337.65 in the same period last year[59]. - The total profit for Q1 2019 was CNY 37,895,406.88, down 24.6% from CNY 50,250,829.50 year-over-year[59]. - The net profit for Q1 2019 was CNY 32,950,453.91, representing a decline of 23.3% compared to CNY 43,001,638.48 in Q1 2018[59]. Cash Flow - The net cash flow from operating activities was negative at CNY -54,538,479.32, worsening from CNY -4,920,651.28 in the same period last year[7]. - Cash inflow from operating activities totaled CNY 176,123,497.02, an increase of 8.5% from CNY 162,295,588.29 in the previous year[63]. - Cash inflow from investment activities was CNY 361,542,410.39, down 59.8% from CNY 898,465,143.17 year-over-year[64]. - The net cash flow from investment activities was negative at CNY -2,090,487.60, compared to CNY -52,754,214.27 in Q1 2018[64]. - The company reported a net cash outflow from financing activities of CNY 150,000.00, a decrease from CNY 7,686,275.00 in Q1 2018[64]. - The cash and cash equivalents at the end of the period stood at CNY 183,025,545.94, a decrease from CNY 204,117,828.04 at the end of the previous year[64]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,982,771,809.12, a decrease of 0.71% from CNY 1,996,958,032.82 at the end of the previous year[7]. - Total current assets decreased from CNY 1,441.89 million on December 31, 2018, to CNY 1,415.11 million on March 31, 2019, a reduction of approximately 1.85%[45]. - Total liabilities decreased from CNY 666.29 million to CNY 622.10 million, a reduction of approximately 6.63%[46]. - The company's total assets decreased from CNY 1,996.96 million to CNY 1,982.77 million, reflecting a decline of about 0.71%[47]. - The company's retained earnings increased from CNY 374.69 million to CNY 404.71 million, an increase of approximately 8.01%[47]. - The total liabilities as of Q1 2019 were ¥666,288,236.50, with current liabilities accounting for ¥655,213,538.29[72]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 20,949[10]. - The largest shareholder, Hangzhou Peiyuan Investment Co., Ltd., holds 38.53% of the shares, totaling 104,040,044 shares[10]. - The company reported a total equity of CNY 1,320,224,093.85, an increase from CNY 1,286,756,720.69 in the previous year[52]. Research and Development - R&D expenses increased by 38.30% to 9.59 million in Q1 2019, reflecting the company's commitment to innovation[18]. - Research and development expenses for Q1 2019 were CNY 9,585,896.34, up from CNY 6,931,217.13 in Q1 2018, reflecting a focus on innovation[53]. Customer Concentration and Market Strategy - The company’s top five customers accounted for 62.80% of total revenue in Q1 2019, indicating a high customer concentration risk[20]. - The company plans to expand its customer base in sectors such as healthcare and food to mitigate risks associated with customer concentration[22]. - The company aims to expand its market presence in the dairy industry and increase clients in healthcare, edible oils, daily chemicals, and food sectors[24]. Investments and Projects - The company has invested a total of 66,486 million RMB in fundraising projects, with 1,952.47 million RMB allocated in the current quarter[35]. - The new intelligent packaging machinery project has a total investment of 36,210 million RMB, with 43.42% of the investment completed by May 31, 2019[36]. - The new bottled aseptic filling equipment project has a total investment of 16,466 million RMB, with 55.12% of the investment completed by May 31, 2019[36]. - The research and technology center and laboratory construction project has a total investment of 5,810 million RMB, with 48.39% of the investment completed by May 31, 2019[36]. Compliance and Governance - The company has not experienced any overdue commitments from actual controllers, shareholders, or related parties during the reporting period[33]. - The company reported no violations regarding external guarantees or non-operating fund occupation by controlling shareholders during the reporting period[38][39]. - The company has completed the business registration procedures for the newly established investment partnership[32].

Financial Performance - The company's operating revenue for 2018 was approximately ¥718.19 million, representing a year-over-year increase of 4.69% compared to ¥685.99 million in 2017[19]. - The net profit attributable to shareholders for 2018 was approximately ¥186.41 million, a slight increase of 0.32% from ¥185.81 million in 2017[19]. - The net cash flow from operating activities for 2018 was negative at approximately -¥23.24 million, a significant decline from ¥131.72 million in 2017[19]. - The total assets at the end of 2018 were approximately ¥1.997 billion, down 5.11% from ¥2.105 billion at the end of 2017[19]. - The net assets attributable to shareholders decreased by 5.77% to approximately ¥1.323 billion at the end of 2018 from ¥1.404 billion at the end of 2017[19]. - The company reported a basic earnings per share of ¥0.69 for 2018, unchanged from 2017[19]. - In 2018, the company achieved operating revenue of CNY 718.19 million, a growth of 4.69% compared to 2017, and a net profit attributable to the parent company of CNY 186.41 million, an increase of 0.32% year-on-year[54]. - The total revenue from the dairy industry was CNY 626.70 million, accounting for 87.26% of total revenue, with a year-on-year increase of 2.72%[59]. - The company reported a significant increase in foreign revenue, which reached CNY 59.53 million, a 153.60% increase compared to the previous year[59]. - The gross profit margin for intelligent packaging equipment was 49.27%, reflecting a 1.01% increase from the previous year[62]. Customer Concentration and Market Risks - The revenue from the top five customers accounted for 71.11%, 69.60%, and 63.78% of the main business income in 2016, 2017, and 2018, highlighting a high customer concentration risk[6]. - The company acknowledges the risk of not being able to digest the increased capacity from new projects, which could negatively impact operational performance[5]. - The company reported that the sales revenue from its top five customers accounted for 63.78% of its main business income in 2018, highlighting a risk of customer concentration[98]. - The overall economic situation has led to a slowdown in sales growth in the downstream liquid food industry, posing challenges to the company's performance[5]. - The company faces risks including intensified market competition, increased customer concentration, and potential declines in gross margin[122]. Investment and Expansion Plans - The company plans to distribute a cash dividend of 1.30 RMB per 10 shares (including tax) based on a total of 270,000,000 shares[7]. - The company is actively expanding into the healthcare, edible oil, daily chemical, and food industries to diversify its customer base and reduce concentration risk[5]. - The company is investing in new intelligent packaging machinery and sterile filling equipment projects to increase production capacity and enhance market competitiveness[5]. - The company aims to expand its market share in the domestic market while actively exploring international markets, targeting industries such as healthcare, edible oils, daily chemicals, and solid food[94]. - The company is exploring opportunities in the rapidly developing smart retail sector, leveraging its equipment R&D and manufacturing advantages[95]. - The company plans to enhance R&D investment focusing on ultra-high-speed, sterile, energy-saving, and environmentally friendly products to improve product competitiveness[96]. - The company plans to continue its market expansion and product development strategies, focusing on new technologies in packaging machinery[86]. Research and Development - The company emphasizes continuous innovation and increased R&D investment to maintain a technological edge and stabilize gross profit margins[5]. - The company has maintained industry-leading R&D capabilities, with significant investments in advanced hardware and a recognized R&D center, enhancing its ability to meet customer customization needs[44]. - The company has accumulated 28 new patents during the reporting period, including 16 invention patents, enhancing its technological advantage[43]. - The company’s automatic sterile filling and sealing equipment has achieved a 30%-40% price advantage compared to similar foreign products, facilitating the replacement of imported equipment in the domestic market[46]. - The company has developed intelligent post-packaging equipment to meet the increasing demand for automation in production due to rising labor costs and a declining workforce[36]. Dividend Policy and Shareholder Commitments - The company distributed a cash dividend of 1.30 yuan per 10 shares, totaling 35,100,000.00 yuan for the year 2018[104]. - The cash dividend for 2018 represents 18.83% of the net profit attributable to ordinary shareholders[108]. - The cash dividend distribution plan for 2018 is subject to approval at the annual shareholders' meeting[106]. - The company has maintained a consistent dividend distribution policy over the past three years, with significant cash dividends in 2016 and 2017[107]. - The company is committed to maintaining a dividend payout ratio of 30% of net profits for the next three years[113]. - The company plans to distribute profits based on a stable and sustainable profit distribution policy, prioritizing cash dividends when conditions allow[115]. Operational Efficiency and Management - The company aims to improve management and human resources to meet the demands of its expanding operational scale[5]. - The company will strengthen the management of fundraising projects to ensure timely completion and production, leveraging new capacity to enhance production efficiency[96]. - The company will enhance its after-sales service team to provide comprehensive technical solutions for users[123]. - The company intends to implement a proactive profit distribution policy to ensure reasonable returns for investors, particularly small and medium shareholders[123]. - The company plans to build a professional sales team to enhance marketing capabilities and improve service quality, focusing on customer value[96]. Strategic Acquisitions and Joint Ventures - The intelligent retail equipment business was expanded through the acquisition of 100% equity in Italian MAGEX in April 2018, enhancing the company's global layout in unmanned retail devices[54]. - The company added 7 new consolidated subsidiaries during the reporting period, including Hangzhou Zhongshui Robot Manufacturing Co., Ltd. and MAGEX SRL through acquisition[127]. - The company established a joint venture, Hangzhou Zhongshui Robot Manufacturing Co., Ltd., with a registered capital of CNY 15,686,275, where the company holds 51%[155]. - The company acquired 100% equity of the Italian company MAGEX SRL for a total consideration of €8,285,714.29, completing the transaction by the end of the reporting period[174]. Market Position and Competitive Advantage - The company maintains a strong brand influence and competitive position in the intelligent packaging machinery industry, supported by its comprehensive product range and technological capabilities[38]. - The company has established long-term partnerships with leading brands in downstream industries, which enhances its market position and reduces new product development costs[49]. - The company has a strong market growth potential, particularly in the dairy sector where per capita consumption is still low compared to developed countries, indicating room for growth[36]. - The company has achieved or is close to international advanced technical standards in its equipment, providing a competitive edge in both domestic and international markets[39]. Financial Management and Fundraising - The company has established a fundraising management system to ensure that raised funds are used legally and effectively for projects aligned with its main business[123]. - The total amount of funds raised by the company was 705.71 million RMB, with a net amount of 664.86 million RMB after deducting issuance costs of 40.85 million RMB[84]. - As of December 31, 2018, the company had utilized 336.43 million RMB of the raised funds, representing approximately 50.5% of the total[86]. - The company has committed to not transferring or entrusting the management of its shares for 36 months from the date of its stock listing, and this commitment is being fulfilled normally[110].

Financial Performance - Operating revenue for the reporting period was CNY 201,059,409.79, an increase of 16.69% compared to the same period last year[6]. - Net profit attributable to shareholders of the listed company was CNY 50,234,833.11, a decrease of 3.81% year-on-year[6]. - Basic earnings per share for the reporting period were CNY 0.1861, down 3.77% compared to the same period last year[6]. - The weighted average return on net assets was 3.27%, a decrease of 0.65% year-on-year[6]. - Total operating revenue for the current period reached ¥201,059,409.79, an increase of 16.7% compared to ¥172,306,518.22 in the previous period[34]. - Total operating costs amounted to ¥147,967,209.63, up 22.0% from ¥121,168,480.93 in the prior period[34]. - Net profit for the current period was ¥50,017,406.45, a decrease of 4.2% from ¥52,225,240.39 in the same period last year[36]. - Basic and diluted earnings per share were both ¥0.1861, down from ¥0.1934 in the previous period[37]. - Operating profit for the current period was ¥58,042,493.88, a decrease of 5.5% from ¥61,189,262.64 in the previous period[36]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,931,739,972.81, a decrease of 8.21% compared to the end of the previous year[6]. - Net assets attributable to shareholders of the listed company were CNY 1,284,132,261.52, down 8.52% year-on-year[6]. - Current assets decreased from CNY 1,732,383,589.80 to CNY 1,413,627,358.57, representing a reduction of about 18.4%[28]. - Total liabilities decreased from CNY 700,743,020.81 to CNY 640,010,030.07, a decline of about 8.7%[29]. - The company's equity attributable to shareholders decreased from CNY 1,403,794,106.54 to CNY 1,284,132,261.52, a decrease of approximately 8.5%[29]. Cash Flow - The company reported a net cash flow from operating activities of CNY -52,204,683.56 for the year-to-date[6]. - The cash flow from operating activities was impacted by a total outflow of 489,764,061.88 CNY, which increased from 455,258,882.29 CNY in the previous period[53]. - The cash flow from sales of goods and services was 415,478,545.36 CNY, down from 542,035,182.27 CNY year-over-year[53]. - The net cash flow from financing activities was -261,813,725.00 CNY, worsening from -125,500,000.00 CNY in the previous period[51]. - The company distributed dividends and interest payments totaling 270,000,000.00 CNY, compared to 121,500,000.00 CNY in the previous period[56]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 20,760[10]. - The largest shareholder, Hangzhou Peiyuan Investment Co., Ltd., held 38.53% of the shares[10]. Investments and Acquisitions - The company established a joint venture in Indonesia with a registered capital of $1 million, where it contributed $990,000[16]. - The company’s goodwill increased to ¥47,081,691.68 due to the acquisition of MAGEX SRL in Italy[14]. - The company established a joint venture with a registered capital of ¥500,000, where it contributed ¥350,000, representing 70% of the total[17]. - Long-term investments increased from CNY 26,252,098.15 to CNY 31,561,811.30, representing a growth of about 20.1%[28]. Other Income and Expenses - Non-recurring gains and losses totaled CNY 29,402,131.09, primarily from government subsidies and investment income[7]. - Other income increased by 97.61% to ¥7,275,329.87, attributed to higher government subsidies received[14]. - The company reported a 4,017.29% increase in non-operating income to ¥8,609,940.07, mainly from compensation income received[14]. - Research and development expenses decreased to ¥6,247,375.87, down 20.7% from ¥7,880,071.67 in the prior period[34]. - Investment income for the current period was ¥1,315,008.29, a decline of 86.4% compared to ¥9,689,815.19 in the previous period[36]. - The company reported a financial expense of -¥6,562,445.64, a significant improvement compared to a financial expense of ¥367,897.79 in the previous period[34].