Financial Performance - Total revenue for Q1 2020 was ¥17,901,966.07, a decrease of 59.33% compared to ¥44,012,402.09 in the same period last year[7] - Net profit attributable to shareholders was -¥3,492,883.44, representing a decline of 134.58% from ¥10,101,853.21 year-on-year[7] - Basic earnings per share were -¥0.04, down 136.36% from ¥0.15 in the same period last year[7] - The company's operating revenue for the current period is 17,901,966.07, a decrease of 59.33% compared to the same period last year, primarily due to delays in offline delivery of training services caused by the pandemic[17] - The company anticipates a significant decline in operating revenue compared to the same period last year due to the impact of the COVID-19 pandemic, which has affected the delivery of training and services[42] - The net profit for Q1 2020 was a loss of CNY 3,679,520.69, compared to a profit of CNY 9,033,789.07 in the same period last year[58] - The net profit for the quarter was a loss of ¥1,288,369.89, compared to a profit of ¥8,079,171.95 in the same period last year[62] Cash Flow and Assets - Net cash flow from operating activities was -¥7,398,131.95, a drop of 182.37% compared to ¥8,981,606.66 in the previous year[7] - The company has a cash balance of 30,102,000 at the end of the reporting period, indicating a healthy financial status despite the pandemic's impact[22] - As of March 31, 2020, the company's cash and cash equivalents increased to ¥301,018,712.53 from ¥235,710,956.39 as of December 31, 2019, representing a growth of approximately 27.7%[48] - The company's cash and cash equivalents increased to CNY 260,976,675.13 from CNY 163,837,551.30 at the end of 2019[53] - The net cash flow from operating activities was ¥22,925,006.91, a significant improvement from a negative ¥5,188,361.80 in the previous period[26] - The ending balance of cash and cash equivalents was ¥260,976,675.13, up from ¥102,676,061.74 in the previous period[70] Assets and Liabilities - Total assets at the end of the reporting period were ¥461,127,812.84, a decrease of 1.10% from ¥466,253,892.74 at the end of the previous year[7] - The total liabilities as of March 31, 2020, were CNY 154,418,345.70, up from CNY 125,419,801.55 at the end of 2019[54] - The company's total assets as of March 31, 2020, were CNY 495,318,387.34, an increase from CNY 467,257,530.90 at the end of 2019[54] - The total current liabilities as of March 31, 2020, were ¥88,460,649.68, a decrease from ¥90,122,755.29, showing a reduction of about 1.8%[50] - The total liabilities decreased to ¥88,825,525.26 from ¥90,622,766.65, reflecting a reduction of approximately 2.0%[50] Shareholder Information - The total number of common shareholders at the end of the reporting period was 14,761[11] - The largest shareholder, Niu Wenwen, holds 31.40% of the shares, amounting to 29,892,324 shares, with 12,920,000 shares pledged[11] - The company did not engage in any repurchase transactions among the top 10 shareholders during the reporting period[12] Investment and Development - The company has raised a total of 15,173.16 million CNY through a non-public offering of A shares, with 492.48 million CNY invested in the current quarter[40] - Cumulative investment from raised funds amounts to 14,086.91 million CNY, with a utilization rate of 90.86% for the "Heima Innovation Space" project[40] - The online business system and management information system project has achieved a 100% investment completion rate, totaling 3,179.17 million CNY[40] - The company plans to continue developing its "Industry Acceleration Service Cloud Platform" to enhance online training and enterprise services, requiring significant capital investment[27] - Continuous R&D investment is essential for the company's training and coaching business, with significant funding needed that may affect profitability[30] Market and Operational Challenges - The COVID-19 pandemic has significantly impacted the company's main training business, delaying offline course delivery and potentially threatening the survival of its SME clients[33] - The company is facing high risks in online business development due to required initial investments and market factors, which could negatively impact operational performance if expectations are not met[29] - The company has implemented a new revenue recognition standard, leading to a 69.67% decrease in accounts receivable and a corresponding increase in contract assets[16] - The company reported a 379.74% increase in investment income, attributed to a reduction in losses from affiliated companies[17] - The company is at risk of talent loss due to intense competition in the talent-intensive training industry, necessitating improved management and talent acquisition strategies[32] Non-Operating Income and Expenses - The company reported non-operating income of ¥135,135.78 from government subsidies, while other non-operating expenses totaled -¥500,000.00[8] - There were no non-operating fund occupations by controlling shareholders or related parties during the reporting period[44] - The company has not reported any violations regarding external guarantees during the reporting period[43] Financial Reporting and Standards - The company began implementing new revenue and leasing standards from January 1, 2020, affecting financial statement presentation[71] - The first quarter report was not audited, indicating that the figures may be subject to further review[77]

Financial Performance - Operating revenue for the reporting period was CNY 45,980,332.43, down 63.91% year-on-year[7] - Net profit attributable to shareholders was CNY 1,983,822.90, a decline of 69.14% compared to the same period last year[7] - Net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 1,112,532.98, down 70.68% year-on-year[7] - Basic earnings per share were CNY 0.02, a decrease of 71.43% compared to the same period last year[7] - The weighted average return on equity was 0.52%, down 1.13% year-on-year[7] - Total operating revenue for Q3 2019 was CNY 45,980,332.43, a decrease of 64.1% compared to CNY 127,414,002.47 in the same period last year[47] - The net profit for the third quarter was CNY 1,854,540.83, down 69.1% from CNY 6,024,995.55 year-over-year[49] - The company's operating profit decreased to CNY 866,258.03, a decline of 79.5% from CNY 4,228,847.04 in the previous year[49] - The total profit for the quarter was CNY 854,216.11, a decrease of 81.9% from CNY 4,723,347.04 in the same period last year[49] Assets and Liabilities - Total assets at the end of the reporting period were CNY 467,403,657.40, a decrease of 0.35% compared to the end of the previous year[7] - As of September 30, 2019, the company's total assets amounted to 467,403,657.40 RMB, with current assets totaling 380,948,907.23 RMB[39] - Total assets reached CNY 498,958,398.69, up from CNY 463,635,964.46 at the end of 2018, indicating a growth of 7.6%[45] - The company's total liabilities decreased to CNY 153,495,745.21 from CNY 125,172,559.49, reflecting a reduction of 17.7%[44] - Total liabilities reached CNY 90,384,577.50, with current liabilities at CNY 89,391,886.59 and non-current liabilities at CNY 992,690.91[74] - The total liabilities to equity ratio stands at approximately 23.9%[74] Cash Flow - Cash flow from operating activities for the year-to-date was CNY 17,681,881.02, an increase of 147.98%[7] - The net cash flow from operating activities for the first nine months of 2019 was ¥17.68 million, a turnaround from a negative cash flow of ¥36.85 million in the same period of 2018, representing a 147.98% improvement[22] - The cash inflow from financing activities totaled ¥3,330,000.00, compared to ¥870,000.00 in Q3 2018, indicating a rise in financing efforts[65] - The cash outflow for purchasing goods and services was ¥42,757,275.85, significantly lower than ¥176,301,246.07 in Q3 2018, showing improved cost management[64] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 13,016[11] - The largest shareholder, Niu Wenwen, holds 31.40% of the shares, with 29,892,324 shares pledged[11] - The company implemented a cash dividend policy, distributing 1.00 RMB per 10 shares to shareholders, resulting in an increase in total share capital from 68,000,000 to 95,200,000 shares[32] Investments and Innovations - The company launched an online membership service to enhance its capabilities in providing online services to small and medium-sized enterprises[24] - The company established a specialized investment fund focused on the technology innovation sector, enhancing its service capabilities in the industry acceleration platform[23] - Long-term equity investments increased by 381.66% to ¥48.00 million due to new equity investments during the reporting period[18] - The company signed a project cooperation agreement with Qingdao Laoshan District Science and Technology Innovation Committee to jointly build a unicorn innovation acceleration base[28] - The company has established a limited partnership, Beijing Innovation Black Horse Investment Management Partnership, focusing on early investments in AI, big data, cloud computing, and chip technology[26] Research and Development - Research and development expenses for Q3 2019 were CNY 1,542,335.34, a decrease of 20.8% from CNY 1,946,985.67 in the previous year[47] - Research and development expenses for Q3 2019 were ¥4,140,126.08, a decrease of 23.4% from ¥5,400,961.00 in the same quarter last year[60] Financial Reporting - The company adjusted its financial reporting in accordance with new financial instrument standards effective from January 1, 2019[74] - The new financial instrument standards were implemented starting January 1, 2019, affecting the reporting of financial assets[79] - The company has not undergone an audit for the third quarter report[80]

Financial Performance - Total revenue for the first half of 2019 was RMB 97,696,259.67, representing an increase of 11.12% compared to RMB 87,920,927.17 in the same period last year[20]. - Net profit attributable to shareholders was RMB 17,339,372.95, up 5.32% from RMB 16,463,457.23 year-on-year[20]. - Net profit after deducting non-recurring gains and losses increased by 63.13%, reaching RMB 16,751,544.84 compared to RMB 10,269,090.58 in the previous year[20]. - Basic earnings per share rose to RMB 0.25, a 4.17% increase from RMB 0.24 in the previous year[20]. - The company's revenue increased by 11.12% compared to the same period last year, primarily driven by the training and coaching business, which contributed over 60% of total revenue[41]. - The net profit attributable to shareholders of the listed company grew by 5.32% year-on-year, indicating initial effects of scale growth in the company's industry acceleration services[41]. Cash Flow and Investments - The net cash flow from operating activities improved significantly to RMB 3,543,080.84, a 118.76% increase from a negative RMB 18,888,647.03 in the same period last year[20]. - The net cash flow from investing activities was RMB 141,870,538.11, a substantial increase of 232.70% compared to RMB -106,907,589.35 last year[44]. - The company's cash and cash equivalents increased by RMB 129,409,618.95, a 197.59% improvement from a decrease of RMB -132,602,799.90 in the previous year[44]. - The total cash and cash equivalents at the end of the first half of 2019 totaled 277,545,126.76 CNY, up from 134,464,307.34 CNY at the end of the first half of 2018, marking an increase of approximately 106.5%[146]. - The cash flow from investing activities showed a net inflow of 141,870,538.11 CNY in the first half of 2019, compared to a net outflow of 106,907,589.35 CNY in the same period of 2018[145]. Assets and Liabilities - Total assets at the end of the reporting period were RMB 473,278,145.09, reflecting a 0.90% increase from RMB 469,066,868.98 at the end of the previous year[20]. - The total liabilities of the company were CNY 94,613,827.16, up from CNY 90,384,577.50, marking an increase of approximately 3%[128]. - The equity attributable to the owners of the parent company was CNY 377,789,240.39, slightly down from CNY 382,947,620.73[128]. - The company's current assets totaled CNY 429,809,569.66, compared to CNY 430,803,489.51 at the end of 2018, indicating a marginal decrease[126]. - The total amount of raised funds was RMB 15,173.16 million, with RMB 12,124.41 million already invested in projects by the end of the reporting period[56]. Shareholder Information - The company plans not to distribute cash dividends or issue bonus shares[5]. - The total number of shares increased from 68 million to 95.2 million due to a cash dividend of 1.00 RMB per 10 shares and a capital reserve conversion of 4 shares for every 10 shares held[107]. - The largest shareholder, Niu Wenwen, holds 31.40% of the shares, totaling 21,351,660 shares, with 7,600,000 shares pledged[109]. - The total number of ordinary shareholders at the end of the reporting period was 13,287[109]. - The company reported a profit distribution of 6,800,000 CNY to shareholders[159]. Operational Developments - During the reporting period, the company signed 45 mentors (individuals/institutions) for its laboratory products, with 35 new signings in this period, and launched 22 laboratory courses[40]. - The company has established a channel network covering nearly 30 cities as of June 30, 2019, promoting local industrial upgrades and enhancing the service platform[35]. - The company aims to expand its user base from first-tier cities to small and medium enterprises in second and third-tier cities, enhancing service value through precise matching of mentor capabilities and user growth needs[28]. - The company’s unique service system integrates training, consulting, and investment, forming a standardized scalable platform model for industry acceleration services[33]. - The company has deepened its service community, aggregating over 100,000 service members and accelerating over 10,000 enterprises[36]. Risks and Challenges - The company faces market competition risks due to the increasing number of service providers in the enterprise-level service sector targeting small and medium-sized enterprises[71]. - To address competition risks, the company is enhancing its service capabilities and expanding its channel management to provide comprehensive solutions for small and medium-sized enterprises[71]. - The company recognizes personnel turnover as a risk and has implemented a talent growth plan to retain core technical staff and ensure sustainable development[72]. Accounting and Financial Reporting - The financial report was approved by the board of directors on August 29, 2019[165]. - The financial statements are prepared in accordance with the latest enterprise accounting standards issued by the Ministry of Finance[169]. - The company has established specific accounting policies for bad debt provisions, depreciation, and revenue recognition[168]. - The company did not conduct an audit for the half-year financial report, which may affect the reliability of the financial data presented[123]. - The company has not encountered any issues in the use and disclosure of raised funds during the reporting period[59].

Financial Performance - Total revenue for Q1 2019 reached ¥44,012,402.09, representing a 67.87% increase compared to ¥26,218,822.93 in the same period last year[7] - Net profit attributable to shareholders was ¥10,101,853.21, up 124.54% from ¥4,498,982.60 year-on-year[7] - Net profit excluding non-recurring items surged to ¥9,611,618.50, a remarkable increase of 7,607.14% from ¥124,710.59 in the previous year[7] - Basic earnings per share rose to ¥0.15, reflecting a 114.29% increase from ¥0.07 in the previous year[7] - Operating profit rose to ¥10,724,754.69 compared to ¥1,453,299.78 in the previous period, marking a significant increase of 638.5%[44] - Net profit for the period reached ¥9,033,789.07, up from ¥4,012,707.44, reflecting a growth of 125.4%[44] Cash Flow - Net cash flow from operating activities improved significantly to ¥8,981,606.66, compared to a negative cash flow of ¥20,940,116.32 in the same quarter last year, marking a 142.89% change[7] - The total cash inflow from operating activities was ¥48,783,651.28, while cash outflow was ¥39,802,044.62, leading to a net cash flow of ¥8,981,606.66[51] - The net cash flow from operating activities for Q1 2019 was ¥8,981,606.66, a significant improvement compared to a net outflow of ¥20,940,116.32 in the same period last year[51] - Cash outflow for investment activities was ¥467,317,610.40, compared to ¥52,477,533.56 in the previous year, resulting in a net cash flow from investment activities of -¥2,993,752.78[52] - The net cash flow from financing activities was -¥12,500,000.00, indicating no cash inflow from financing activities during the quarter[52] Assets and Liabilities - Total assets at the end of the reporting period were ¥463,842,624.61, a 3.49% increase from ¥448,220,548.13 at the end of the previous year[7] - Total current assets decreased from CNY 430,803,489.51 to CNY 422,309,703.29, a decline of approximately 1.15%[34] - Total liabilities decreased from CNY 90,384,577.50 to CNY 88,626,544.06, a reduction of approximately 1.95%[35] - Total owner's equity decreased from CNY 378,682,291.48 to CNY 375,216,080.55, a decline of about 1.3%[36] - Total assets increased from CNY 463,635,964.46 to CNY 477,111,747.63, an increase of approximately 2.9%[41] Investments and Expenses - Investment income decreased by 68.74% to 153,962.15 due to losses from associated company investments[17] - Research and development expenses slightly decreased to ¥1,738,152.12 from ¥1,772,586.80, a decline of 1.9%[42] - Total operating costs increased to ¥34,348,381.04 from ¥25,658,039.21, which is a rise of 34.5%[42] - The company incurred a cash outflow of 12,500,000 for minority equity acquisitions during the reporting period[17] - The company reported a significant asset impairment loss of ¥-2,261,633.33 compared to a gain of ¥64,189.91 in the previous period[42] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 14,117, with the largest shareholder holding 31.40% of the shares[10] - Unappropriated profits increased from CNY 55,878,133.59 to CNY 63,957,305.54, an increase of approximately 14.5%[41] Strategic Developments - The company signed 29 new mentors and trained over 2,000 students during the reporting period, indicating growth in its industry acceleration cloud platform[18] - The "Black Horse University" app was launched, attracting over 50,000 users and showcasing a trend of mass gathering of students and mentors online[18] - The company expanded its channel network with the opening of 8 city colleges and the signing of 3 new city colleges, enhancing its market presence[18] - The company is focusing on enhancing its comprehensive service capabilities to address market competition risks and improve its service offerings[21] Fund Management - The total amount of funds raised in this quarter is 151.73 million, with a cumulative investment of 105.65 million[27] - The cumulative investment progress for the "Heima Crowdfunding Space" project is 61.52%, with a total investment of 73.85 million[27] - The company has confirmed an investment of 7.93 million in the current period for the "Heima Crowdfunding Space" project[27] - The total amount of raised funds invested in the "Online Business System and Management Information System" project is 31.68 million, fully utilized[27] - The company has approved the use of up to 110 million of idle raised funds for cash management, which remains valid for 12 months[28] Compliance and Reporting - The company has not experienced any significant changes in project feasibility or violations of external guarantees during the reporting period[29] - The company has not reported any issues regarding the use and disclosure of raised funds during the reporting period[28] - The company has not undergone an audit for the first quarter report, which may affect the reliability of the financial data presented[62]

Financial Performance - Total revenue for Q1 2019 reached ¥44,012,402.09, representing a 67.87% increase compared to ¥26,218,822.93 in the same period last year[7] - Net profit attributable to shareholders was ¥10,101,853.21, a significant increase of 124.54% from ¥4,498,982.60 year-on-year[7] - Net profit excluding non-recurring items surged to ¥9,611,618.50, up 7,607.14% from ¥124,710.59 in the previous year[7] - Basic earnings per share rose to ¥0.15, reflecting a 114.29% increase compared to ¥0.07 in the previous year[7] - The company's operating revenue reached 44,012,402.09 yuan, a 67.87% increase compared to 26,218,822.93 yuan in the same period last year, driven by upgrades in training products and the expansion of urban colleges[17] - The net profit attributable to shareholders was 10,101,900 yuan, reflecting a 124.54% growth from the previous year[19] - Net profit for the period was ¥9,033,789.07, up from ¥4,012,707.44, reflecting a growth of 125.3% year-over-year[44] - Earnings per share increased to ¥0.15 from ¥0.07, marking a 114.3% increase[45] Cash Flow - Net cash flow from operating activities improved to ¥8,981,606.66, a 142.89% increase from a negative cash flow of ¥20,940,116.32 in the same period last year[7] - The net cash flow from operating activities for Q1 2019 was ¥8,981,606.66, a significant improvement compared to a net outflow of ¥20,940,116.32 in the same period last year[51] - The total cash inflow from operating activities was ¥48,783,651.28, while cash outflow was ¥39,802,044.62, leading to a net cash flow of ¥8,981,606.66[51] - The cash flow from financing activities showed a net outflow of ¥12,500,000.00, with no cash inflow recorded during the period[52] - The company reported a decrease in cash and cash equivalents of ¥6,512,146.12 for the quarter, compared to a decrease of ¥22,925,156.73 in the same quarter last year[52] Assets and Liabilities - Total assets at the end of the reporting period were ¥463,842,624.61, up 3.49% from ¥448,220,548.13 at the end of the previous year[7] - Total current assets decreased from CNY 430,803,489.51 to CNY 422,309,703.29, a decline of approximately 1.15%[34] - Total liabilities decreased from CNY 90,384,577.50 to CNY 88,626,544.06, a reduction of approximately 1.95%[35] - Total owner's equity decreased from CNY 378,682,291.48 to CNY 375,216,080.55, a decline of about 1.3%[36] - Cash and cash equivalents decreased from CNY 118,049,644.12 to CNY 102,999,874.74, a decrease of approximately 12.8%[38] - Accounts receivable increased from CNY 16,859,001.09 to CNY 28,285,474.76, an increase of about 67.8%[38] - Total assets increased from CNY 463,635,964.46 to CNY 477,111,747.63, an increase of approximately 2.9%[41] Investments and Projects - Long-term deferred expenses increased by 153.68% to ¥12,829,902.20 due to the completion of co-working space renovations[16] - The investment progress for the "Black Horse Creative Space" project reached 61.52%, with a total investment of 73.86 million yuan as of the report date[27] - The online business system and management information system project has achieved a 100% investment completion rate, with a total investment of 31.68 million yuan[27] - The company has completed a total of 64.09 million yuan in fund replacement, with 14.37 million yuan remaining to be replaced[28] - The company has approved the use of up to 110 million yuan of idle raised funds for cash management, valid for 12 months from September 19, 2017[28] Operational Highlights - The company signed 29 new mentors and trained over 2,000 students during the reporting period, indicating growth in its industry acceleration cloud platform[18] - The "Black Horse University" app was launched, attracting over 50,000 users and showcasing a trend of mass online engagement with mentors and students[18] - The company expanded its channel network with the opening of 8 city colleges and the signing of 3 new city colleges, enhancing its market presence[18] - The company is focusing on enhancing its comprehensive service capabilities to address market competition risks and improve its service offerings[21] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[44] Other Financial Metrics - Investment income decreased by 68.74% to 153,962.15 yuan due to losses from associated company investments[17] - Other income increased by 126.68% to 906,771.49 yuan, driven by an increase in government subsidies related to daily activities[17] - Research and development expenses were ¥1,738,152.12, slightly down from ¥1,772,586.80, indicating a focus on cost management[42] - The company reported no significant changes in project feasibility or violations of external guarantees during the reporting period[29] - The cumulative net profit forecast for the year is not expected to incur losses or significant changes compared to the same period last year[29]

Financial Performance - The company's operating revenue for 2018 was CNY 334,979,108, representing an increase of 81.52% compared to CNY 184,541,810.94 in 2017[15]. - The net profit attributable to shareholders decreased by 71.50% to CNY 13,444,772.63 from CNY 47,172,804.89 in the previous year[15]. - The net profit after deducting non-recurring gains and losses was CNY 2,710,873.22, down 91.92% from CNY 33,554,483.37 in 2017[15]. - The net cash flow from operating activities was negative at CNY -32,194,680.19, a decline of 330.38% compared to CNY 13,974,725.75 in 2017[15]. - Basic earnings per share fell by 75.90% to CNY 0.20 from CNY 0.83 in the previous year[15]. - Operating profit decreased by 96.82% to ¥2,013,681.75, and total profit fell by 88.14% to ¥7,504,197.52, with net profit attributable to shareholders declining by 71.50% to ¥13,444,772.63[37]. - The gross margin for the marketing services segment was 7.23%, reflecting a significant decrease of 50.80% year-over-year, while the gross margin for training services was 63.52%, down by 8.02%[44]. Revenue Breakdown - The company reported a quarterly revenue breakdown with Q4 revenue at CNY 119,644,178.36, showing a decline from Q3's CNY 127,414,002.47[18]. - Training services generated revenue of ¥108,495,807.21, accounting for 32.39% of total revenue, while marketing services contributed ¥224,002,908.17, representing 66.87% of total revenue, with a remarkable growth of 167.46%[41]. Assets and Liabilities - Total assets at the end of 2018 were CNY 469,066,868.98, an increase of 1.95% from CNY 460,102,533.47 at the end of 2017[15]. - The net assets attributable to shareholders increased by 1.77% to CNY 382,947,620.73 from CNY 376,302,848.10 in 2017[15]. - The company reported a total receivables and notes receivable amount of ¥44,708,668.17 as of December 31, 2018, down from ¥46,046,620.06 in 2017, indicating a decrease of approximately 2.9%[107]. - The company’s total liabilities for accounts payable and notes payable amounted to ¥10,188,919.21 as of December 31, 2018, compared to ¥5,855,381.63 in 2017, representing an increase of approximately 73.1%[107]. Investment and Capital Management - The company plans to distribute a cash dividend of CNY 1.00 per 10 shares, totaling CNY 6,800,000, and to increase capital by 4 shares for every 10 shares held[4]. - The company has committed to not producing or developing any competing products or businesses with its own, ensuring no conflicts of interest[104]. - The company has a strategy to ensure the safety and liquidity of entrusted financial products, with no high-risk investments reported[127]. - The total expected income from entrusted financial products is projected to be around 580.61 million[129]. Business Expansion and Initiatives - The company has established "Black Horse City Colleges" or "Black Horse City Innovation Centers" in nearly 30 cities, aiming to reach 500 to 1,000 small and medium-sized enterprises annually in each city[24]. - The "Hundred Cities Plan" has led to the establishment of nine new city colleges in 2018, focusing on the central and northeastern regions of China[36]. - The company aims to standardize and optimize its service products, transitioning from entrepreneurial training to incubation services[35]. - The company is focusing on enhancing its media platform advertising capabilities through third-party media resource procurement, contributing to revenue growth despite low profit margins[37]. Research and Development - The number of R&D personnel rose to 51, accounting for 16.83% of total employees, up from 12.65% in 2017[53]. - Total R&D investment reached ¥13,405,674, representing 4.00% of operating revenue, a decrease from 5.30% in 2017[53]. - The company incurred research and development expenses of ¥8,599,135.15 in 2018, which was a decrease in management expenses by the same amount, indicating a strategic shift towards R&D investment[107]. Governance and Compliance - The company has a complete independent personnel and compensation management system, ensuring that management personnel are elected or appointed according to relevant laws and regulations[195]. - The company has established specialized committees within the board, including an audit committee and a remuneration and assessment committee, to provide professional opinions for decision-making[189]. - The company maintains independence from its controlling shareholder in business, personnel, assets, organization, and finance, ensuring autonomous operational capabilities[193]. Shareholder Information - The company plans to distribute a cash dividend of RMB 1 per 10 shares, totaling RMB 6,800,000 for the fiscal year 2018[95]. - The actual controller and shareholders of the company have fulfilled their commitments during the reporting period, including a lock-up period of 36 months for shares post-IPO[103]. - The largest shareholder, Niu Wenwen, holds 31.40% of the shares, totaling 21,351,660 shares, with no changes during the reporting period[145]. Employee Management - The company has implemented a talent growth plan to mitigate personnel turnover risks, focusing on training and incentives[90]. - The professional composition of employees includes 133 in operations, 51 in R&D, 70 in sales, and 25 in management[180]. - The company has established a remuneration policy that aligns employee income with personal contributions and company economic benefits[181].

Financial Performance - Operating revenue for the reporting period reached CNY 127,414,002.47, a significant increase of 167.15% year-on-year[7] - Net profit attributable to shareholders was CNY 6,428,032.50, reflecting a slight increase of 1.29% compared to the same period last year[7] - The net profit after deducting non-recurring gains and losses was CNY 3,794,872.56, up by 39.82% year-on-year[7] - Basic earnings per share were CNY 0.09, down 18.18% from the same period last year[7] - The company reported a net cash flow from operating activities of CNY -36,854,051.81, a decline of 189.81% year-to-date[7] - The company reported a 100% increase in long-term equity investments, totaling ¥10,452,658.38, attributed to investments in joint ventures during the reporting period[19] - The company reported a profit margin of approximately 4.7% for Q3 2018, down from 13.7% in the previous year, indicating a decline in profitability[42] - Net profit for Q3 2018 was ¥6,024,995.55, compared to ¥6,545,048.36 in the previous year, showing a decrease of approximately 7.9%[42] - The total comprehensive income for the current period was ¥21,081,915.03, compared to ¥22,156,806.43 in the previous period[51] Assets and Liabilities - Total assets increased by 3.05% to CNY 474,150,039.69 compared to the end of the previous year[7] - Total liabilities increased by 64.89% to ¥9,655,012.80, up from ¥5,855,381.63, due to an increase in unpaid procurement amounts[19] - The total assets at the end of the reporting period amounted to 474,150,039.69 RMB, an increase from 460,102,533.47 RMB at the beginning of the period[34] - The total liabilities at the end of the reporting period were 79,414,453.55 RMB, slightly down from 80,518,862.36 RMB at the beginning of the period[35] - The total assets of the company as of Q3 2018 amounted to ¥470,120,291.39, an increase from ¥427,208,710.36 year-over-year, reflecting a growth of about 10.0%[39] - The total liabilities stood at ¥125,264,755.55, compared to ¥100,809,900.46 in the previous year, marking an increase of approximately 24.3%[39] Cash Flow - The company reported a cash dividend of 1.00 RMB per 10 shares, based on a total share capital of 68,000,000 shares, with the record date on June 15, 2018, and the ex-dividend date on June 19, 2018[26] - The net cash flow from operating activities was negative at CNY -36,854,051.81, worsening from CNY -12,716,733.37 in the same period last year[55] - Cash inflow from investment activities totaled CNY 314,811,169.98, significantly higher than CNY 89,963,093.15 in the previous period, marking an increase of approximately 249.5%[57] - The net cash flow from investment activities was CNY -93,811,539.51, a decline from CNY 263,488.53 in the previous year[57] - The ending cash and cash equivalents balance was CNY 130,464,952.40, down from CNY 366,654,009.12 in the previous period[58] - The company reported a total cash outflow from operating activities of CNY 280,036,581.25, compared to CNY 124,363,269.76 in the previous year, indicating a significant increase in cash outflows[55] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 14,866[11] - The largest shareholder, Niu Wenwen, holds 31.40% of the shares, amounting to 21,351,660 shares, with 2,816,000 shares pledged[11] - The company did not engage in any repurchase transactions during the reporting period[12] Research and Development - Research and development expenses increased by 34.57% to ¥1,946,985.67 in Q3 2018, compared to ¥1,446,800.74 in Q3 2017, reflecting higher investment in R&D[21] - Research and development expenses were ¥5,623,677.15, slightly down from ¥6,117,660.05 in the previous period[48] Investment Income - Investment income rose significantly by 444.03% to ¥4,474,858.36 in the first nine months of 2018, compared to ¥822,541.97 in the same period of 2017, due to increased returns from financial products[21] - The company recorded investment income of ¥2,271,220.01 for Q3 2018, compared to ¥355,892.24 in the previous year, showing a substantial increase of approximately 537.5%[42]

Financial Performance - Total revenue for the first half of 2018 was ¥87,920,927.17, representing a 21.17% increase compared to ¥72,559,061.99 in the same period last year[17]. - Net profit attributable to shareholders was ¥16,463,457.23, up 7.83% from ¥15,268,055.63 in the previous year[17]. - Basic earnings per share decreased by 20.00% to ¥0.24 from ¥0.30 in the previous year[17]. - The company achieved total profit of 19.52 million yuan, a decrease of 7.85% compared to the same period last year[37]. - Operating revenue reached 87.92 million yuan, representing a year-on-year growth of 21.17%[39]. - The company reported a total comprehensive income of 21,602,491 RMB for the first half of 2018[152]. Cash Flow and Investments - Net cash flow from operating activities was -¥18,888,647.03, a decline of 37.95% compared to -¥13,692,135.29 in the same period last year[17]. - Investment activities generated a cash flow of -106.91 million yuan, a significant decrease of 4,960.64% due to increased purchases of financial products[40]. - The company’s cash and cash equivalents decreased by 132.60 million yuan, a decline of 606.55% year-on-year[40]. - The company reported cash and cash equivalents at the end of the period amounting to ¥134,464,307.34, down from ¥208,250,239.02 at the end of the previous period[137]. - The company recorded a significant increase in cash paid for investment activities, totaling 230,000,000.00 CNY, compared to 85,000,000.00 CNY in the previous period[140]. Revenue Sources - Revenue from entrepreneurial training services reached 52.70 million yuan, up 30.47% year-on-year, driven by the rapid development of the "Black Horse Hundred Cities Plan - City Academy" and increased course offerings[36]. - Public relations services generated revenue of 33.19 million yuan, a 15.99% increase year-on-year, attributed to growth in online new media dissemination and advertising services[36]. Assets and Liabilities - Total assets at the end of the reporting period were ¥463,023,789.41, a slight increase of 0.63% from ¥460,102,533.47 at the end of the previous year[17]. - Total liabilities decreased from ¥80,518,862.36 to ¥75,183,198.82, a reduction of approximately 6.5%[120]. - The company's equity remained stable with total equity at ¥387,840,590.59, unchanged from the previous period[120]. Strategic Initiatives - The company has developed a comprehensive entrepreneurial service ecosystem characterized by "discovery, guidance, cultivation, incubation, and acceleration" to meet diverse entrepreneurial needs[33]. - The entrepreneurial service platform has accumulated nearly 10 million users, enhancing its influence and providing a solid foundation for brand promotion and public relations services[30]. - The company is expanding its entrepreneurial service ecosystem from first-tier cities to lower-tier cities, creating new market opportunities[33]. Financial Management - The company is actively managing cash flow and optimizing investment strategies to enhance financial performance[61]. - The company has utilized RMB 82.01 million of idle raised funds for cash management, with RMB 32.01 million in 7-day notice deposits and RMB 50.00 million in structured deposits[56]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 15,443[102]. - The largest shareholder, Niu Wenwen, holds 31.40% of the shares, amounting to 21,351,660 shares, with 2,816,000 shares pledged[102]. Regulatory and Compliance - The financial report for the first half of 2018 was not audited, which may affect the reliability of the financial data presented[116]. - The company follows specific accounting policies for bad debt provisions, fixed asset depreciation, and revenue recognition[159]. Future Outlook - Future outlook includes plans for market expansion and potential new product launches to drive revenue growth[146]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[128].

Financial Performance - The company's operating revenue for 2017 was CNY 184,541,810.94, representing a slight increase of 0.18% compared to CNY 184,207,222.24 in 2016[16]. - The net profit attributable to shareholders for 2017 was CNY 47,172,804.89, which is a 16.37% increase from CNY 40,537,983.98 in 2016[16]. - The net profit after deducting non-recurring gains and losses was CNY 33,554,483.37, up by 5.53% from CNY 31,796,164.91 in the previous year[16]. - The basic earnings per share for 2017 was CNY 0.83, reflecting a 5.06% increase from CNY 0.79 in 2016[16]. - The weighted average return on equity for 2017 was 18.84%, down from 26.18% in 2016, indicating a decrease of 7.34%[16]. - The company reported a significant decline in cash flow from operating activities, which may impact future investment strategies[16]. - The total assets at the end of 2017 reached CNY 460,102,533.47, marking a 76.20% increase from CNY 261,131,108.53 in 2016[16]. - The net assets attributable to shareholders increased by 113.53% to CNY 376,302,848.10 from CNY 176,226,641.43 in 2016[16]. - The gross profit margin for the business services sector was 63.45%, an increase of 2.53% compared to the previous year[49]. - The company reported a net profit margin of 15%, indicating strong operational efficiency and cost management[99]. Cash Flow and Investments - The net cash flow from operating activities decreased significantly by 67.27% to CNY 13,974,725.75 from CNY 42,699,098.78 in 2016[16]. - The company reported a significant increase in investment activity cash inflows, rising by 341.32% to ¥221.95 million[61]. - The company has committed a total investment of CNY 15,173.16 million, with CNY 4,556.06 million already invested, representing a completion rate of 30.06%[75]. - The company plans to utilize up to CNY 110 million of idle raised funds for cash management, investing in bank principal-protected products with a term not exceeding 12 months[76]. - The company invested CNY 130,000,000 in bank wealth management products, with no overdue amounts[130]. Revenue Sources - Revenue from entrepreneurial training services was 94.13 million yuan, down 6.34% due to product structure optimization[39]. - Public relations service revenue grew by 19.48% to 83.75 million yuan, driven by increased brand influence post-IPO[39]. - Non-operating income for 2017 totaled CNY 13,618,321.52, an increase of 55.5% compared to CNY 8,741,819.07 in 2016[22]. - Membership income fell by 68.02% to 372.27 thousand yuan as the company shifted to a free model[40]. Strategic Initiatives - The company plans to enhance its national business expansion strategy, focusing on the "Black Horse Hundred Cities Plan" to better serve local entrepreneurs in second and third-tier cities[84]. - The company aims to extend quality innovation resources from first-tier cities to second, third, and fourth-tier cities to support the transformation and upgrading of traditional industries[83]. - The company has developed a comprehensive entrepreneurial service ecosystem characterized by "discovery, guidance, cultivation, incubation, and acceleration" to meet diverse entrepreneurial needs[34]. - The company aims to upgrade its entrepreneurial service platform to a 2.0 system, aggregating external resources to provide comprehensive support for entrepreneurs[85]. Shareholder and Dividend Information - The company plans to distribute a cash dividend of CNY 1.00 per 10 shares to all shareholders[4]. - A cash dividend of RMB 1 per 10 shares will be distributed, totaling RMB 6.80 million, representing 100% of the profit distribution[89]. - The company will not issue new shares or stock dividends, focusing solely on cash dividends for the 2017 fiscal year[92]. - The company reported a net profit attributable to shareholders of approximately RMB 47.17 million for 2017, with a distributable profit of RMB 45.70 million[91]. Risk Management and Compliance - The company faces risks related to talent retention, market competition, and management complexity due to rapid growth[86]. - The company will implement measures to enhance its internal control systems and management efficiency to mitigate operational risks[86]. - The company emphasizes transparency and compliance with legal regulations, ensuring timely and accurate information disclosure to investors[139]. - The company is focused on maintaining compliance with all regulatory commitments and ensuring shareholder interests are protected[93]. Market Expansion and Future Outlook - The company provided a future outlook, projecting a revenue growth of 25% for the next fiscal year, driven by new product launches and market expansion strategies[100]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share within the next two years[99]. - The company aims to leverage its existing user base to drive future revenue growth and market share[135]. - The company provided guidance for the next fiscal year, projecting a revenue growth of 30% and aiming to reach 1.95 billion RMB[172]. Employee and Management Structure - The company has established a performance management system to enhance employee engagement and satisfaction, aiming to improve the work environment[140]. - The company employed a total of 245 staff, with 67% in operational roles, 16.7% in sales, and 8.6% in R&D and technical positions[178][179]. - The board of directors consists of 5 members, including 2 independent directors, complying with legal and regulatory requirements[185]. - The company has a stable management team with no changes in the positions of directors, supervisors, and senior management reported for the year[168]. Innovation and Development - Research and development expenses amounted to ¥9.78 million, accounting for 5.30% of total revenue, up from 4.80% in the previous year[59]. - Investment in new product development increased by 30%, with a focus on enhancing technology and user experience[101]. - The company aims to increase its R&D budget by 40% to support innovation and product development initiatives[101]. - The company is actively pursuing new technology development to improve service delivery and customer engagement[136].

Financial Performance - Total revenue for Q1 2018 was CNY 26,218,822.93, an increase of 7.61% compared to CNY 24,365,482.49 in the same period last year[7] - Net profit attributable to shareholders was CNY 4,498,982.60, representing a significant increase of 479.87% from CNY 775,856.52 year-over-year[7] - Basic earnings per share rose to CNY 0.07, a 250.00% increase compared to CNY 0.02 in the previous year[7] - The company reported a net profit increase, with retained earnings rising to ¥91,414,576.59 from ¥86,915,593.99, an increase of about 5.8%[35] - The company’s total profit for the period was RMB 6.35 million, a remarkable increase of 396.83% compared to the previous year[20] - The company reported a total comprehensive income of CNY 4,012,707.44 for Q1 2018, compared to CNY 574,081.82 in Q1 2017[42] Cash Flow - The net cash flow from operating activities was negative CNY 20,940,116.32, worsening by 12.54% from negative CNY 18,606,153.11 in the same period last year[7] - The company generated CNY 33,931,757.70 in cash from operating activities, compared to CNY 24,807,742.56 in the previous period[47] - Operating cash inflow totaled 39,927,966.08 CNY, while cash outflow was 60,868,082.40 CNY, leading to a negative cash flow from operations[48] - The total cash inflow from investment activities was 50,492,493.15 CNY, while cash outflow was 52,477,533.56 CNY, resulting in a net cash flow from investment activities of -1,985,040.41 CNY[49] - The net cash flow from financing activities was -200,000.00 CNY, reflecting a decrease in financing cash flow compared to the previous period[49] Assets and Liabilities - Total assets at the end of the reporting period were CNY 448,220,548.13, a decrease of 2.58% from CNY 460,102,533.47 at the end of the previous year[7] - Current assets decreased to ¥435,815,724.28 from ¥449,064,724.30 at the beginning of the period, reflecting a decline of approximately 2.8%[32] - Total liabilities decreased to ¥64,624,169.58 from ¥80,518,862.36, a reduction of about 19.7%[34] - Total equity increased to ¥383,596,378.55 from ¥379,583,671.11, showing a growth of approximately 1.1%[35] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 16,666[12] - The largest shareholder, Niu Wenwen, holds 31.40% of the shares, totaling 21,351,660 shares, with 2,816,000 shares pledged[13] Operational Insights - The company faces risks related to talent retention, market competition, and management complexity due to rapid growth[10][11] - The company is actively implementing the "Black Horse Hundred Cities Plan" to expand its service network across the country[25] - The company has a low dependency on major clients, with changes in the top five clients not significantly impacting operations[21] - The company aims to enhance its entrepreneurial service platform 2.0 by aggregating external service resources to ensure stable growth[21] - The company has not encountered any major risk factors or operational difficulties that would adversely affect future operations[21] Investment and Fundraising - The company reported a total fundraising amount of 15,173.16 million yuan, with 2,148.08 million yuan invested in the current quarter[24] - Cumulative investment from fundraising reached 6,704.14 million yuan, with no changes in the use of funds reported[24] - The cumulative investment progress for the "Black Horse Co-Creation Space" project is at 31.79% as of the report date[24] - The company has not used any of the approved 110 million yuan for cash management from idle fundraising[26] Other Financial Metrics - Operating expenses for Q1 2018 were CNY 9,433,312.25, an increase from CNY 6,531,677.94 in the same quarter last year, reflecting a rise of 44.5%[44] - The company reported a 1021.41% increase in investment income, amounting to RMB 492,493.15, mainly due to higher returns from structured deposits[19] - The company’s intangible assets increased by 62.53% to RMB 3.44 million, primarily from the acquisition of an online business system[18] - The company’s financial expenses improved by 79.74%, reducing to RMB -211,547.46, mainly due to lower interest from term deposits[19]