Financial Performance - Total operating revenue for the first half of 2019 was ¥73,479,190.77, an increase of 13.51% compared to ¥64,735,908.52 in the same period last year[17]. - Net profit attributable to shareholders was ¥16,942,885.24, representing an 8.77% increase from ¥15,576,378.17 in the previous year[17]. - Net profit after deducting non-recurring gains and losses was ¥15,325,564.49, up 24.99% from ¥12,261,570.60 year-on-year[17]. - Basic and diluted earnings per share were both ¥0.16, reflecting a 6.67% increase from ¥0.15 in the previous year[17]. - The company's operating income for the reporting period was RMB 64,594,475.80, representing a year-on-year increase of 11.33%[40]. - The gross profit margin for the instrument and meter segment was 59.51%, an increase of 1.59% compared to the same period last year[40]. - The total profit for the first half of 2019 was CNY 19,676,670.67, up from CNY 18,095,343.54 in the same period last year[126]. - The company's operating profit was CNY 19,706,870.67, an increase from CNY 17,491,104.72 in the previous year[126]. Cash Flow and Assets - Net cash flow from operating activities reached ¥7,455,709.24, a significant increase of 269.08% compared to a negative cash flow of -¥4,409,514.06 in the same period last year[17]. - The company's cash and cash equivalents decreased by 44.90% compared to the beginning of the period, primarily due to investments in financial products and reverse repos[26]. - The total amount of entrusted financial management during the reporting period reached 56.98 million RMB, with no overdue amounts[55]. - The total cash and cash equivalents at the end of the first half of 2019 stood at ¥92,072,499.59, down from ¥75,785,466.51 at the end of the first half of 2018[135]. - The company's total assets included cash and cash equivalents of RMB 92,072,499.59, representing 18.86% of total assets[44]. - The company's total assets as of June 30, 2019, were CNY 500,851,938.35, down from CNY 507,135,776.91 at the end of 2018[123]. - The total assets at the end of the period were 165,380,000 yuan, with a decrease of 5,822,000 yuan compared to the previous period[141]. Investments and R&D - Research and development investment increased by 19.97% to RMB 6,200,407.02 compared to the previous year[42]. - The company has established a comprehensive R&D system to enhance its core competitiveness in the automatic weighing industry[27]. - The company is actively developing new growth points in the detection equipment market, including weight detection machines and metal detectors[35]. - The company plans to enhance R&D efforts and market expansion to mitigate risks from macroeconomic fluctuations and trade tensions[62]. - The company aims to optimize product structure and increase market share in response to intensified industry competition, particularly in the smart manufacturing sector[64]. Shareholder and Equity Information - The company plans not to distribute cash dividends or issue bonus shares[5]. - The total number of shares increased from 72,000,000 to 108,000,000 due to a capital reserve conversion plan, with a cash dividend of RMB 3.0 per share totaling RMB 21,600,000 (including tax)[95]. - The net asset value per share attributable to ordinary shareholders increased from RMB 4.19 to RMB 5.88, a year-on-year increase of 6.89%[97]. - The largest shareholder, Zheng Jinkang, holds 43.30% of shares, totaling 46,761,300 shares, with an increase of 15,587,100 shares during the reporting period[99]. - The company reported a profit distribution of -21,600 yuan to shareholders, indicating a loss in profit allocation[143]. Market and Competitive Position - The company focuses on the development of customized products to meet the specific needs of downstream customers in various industries[28]. - The company maintains a competitive edge in cost and pricing compared to foreign products, with significant advantages in labor, management, and raw material costs[29]. - The company aims to expand its market share by enhancing brand recognition and maintaining technological leadership[31]. Financial Management and Strategy - The company has permanently supplemented working capital with the remaining raised funds and investment income, completing the implementation by June 30, 2019[50]. - The company has adjusted its stock option incentive plan, increasing the number of stock options granted from 1.44 million to 2.16 million, with the exercise price adjusted from 38.11 RMB to 25.21 RMB per share[77]. - The company’s financial strategy appears to focus on maintaining equity levels while managing profit distributions, reflecting a cautious approach in the current market environment[147]. Risk Management - The company is closely monitoring foreign exchange market trends to manage risks associated with significant fluctuations in the RMB/USD exchange rate, which could impact export pricing and financial performance[65]. - The company has no major environmental protection issues or social responsibility concerns reported[90]. - The company has no changes in the feasibility of investment projects during the reporting period[53].

Financial Performance - Total revenue for Q1 2019 was CNY 31,620,374.49, representing a 20.85% increase compared to CNY 26,164,075.28 in the same period last year[7] - Net profit attributable to shareholders decreased by 3.56% to CNY 5,623,003.04 from CNY 5,830,677.93 year-on-year[7] - Net profit excluding non-recurring gains and losses increased by 7.83% to CNY 4,840,093.71 from CNY 4,488,556.25 in the previous year[7] - Basic and diluted earnings per share increased by 25.00% to CNY 0.10 per share, compared to CNY 0.08 per share in the previous year[7] - The company achieved total operating revenue of 31.62 million yuan, a year-on-year increase of 20.85%[16] - Net profit attributable to shareholders decreased by 3.56% to 5.62 million yuan, primarily due to stock incentive expenses recognized during the period[16] - The net profit after deducting non-recurring gains and losses increased by 7.83% to 4.84 million yuan, attributed to a decrease in government subsidies received compared to the previous year[16] - Operating profit for the current period was ¥6,810,163.08, down 3.4% from ¥7,046,885.37 in the previous period[44] - The company reported a total profit of ¥6,790,163.08, down from ¥7,149,847.68, indicating a challenging operating environment[44] Cash Flow and Liquidity - Operating cash flow showed a significant decline, with a net outflow of CNY 2,998,965.73, down 75.25% from a net outflow of CNY 1,711,272.81 in the same period last year[7] - The net cash flow from operating activities was -2,998,965.73 CNY, compared to -1,711,272.81 CNY in the previous period, indicating a decline in operational performance[52] - The total cash outflow from operating activities was 40,335,301.37 CNY, compared to 43,583,227.60 CNY in the previous period, indicating a reduction in cash outflows[52] - The cash inflow from sales of goods and services was 30,987,414.17 CNY, compared to 32,946,356.16 CNY in the previous period, showing a slight decline in revenue generation[55] - The cash outflow for purchasing goods and services was 14,055,799.76 CNY, down from 17,354,050.74 CNY in the previous period, indicating improved cost management[56] - The cash inflow from investment recovery was 139,200,000.00 CNY, significantly higher than 99,919,777.41 CNY in the previous period, indicating successful investment strategies[52] - The cash and cash equivalents at the end of the period totaled 160,274,733.50 CNY, down from 115,187,757.06 CNY in the previous period[53] Assets and Liabilities - Total assets at the end of the reporting period were CNY 499,122,299.13, a slight increase of 0.81% from CNY 495,095,588.40 at the end of the previous year[7] - Current liabilities decreased to CNY 37,137,456.16 from CNY 39,544,109.26, a reduction of about 6.1%[35] - Owner's equity rose to CNY 461,984,842.97 from CNY 455,551,479.14, indicating an increase of approximately 1.9%[36] - Total liabilities remained stable at CNY 37,137,456.16 compared to CNY 39,544,109.26, showing a decrease of approximately 6.1%[35] - The total current assets amounted to CNY 399,890,295.97, slightly up from CNY 398,019,233.65, indicating a growth of approximately 0.5%[39] - The total non-current assets decreased to CNY 108,268,125.39 from CNY 109,116,543.26, a decline of about 0.8%[39] Investment and Growth Plans - The company plans to expand production capacity for 1,900 two-layer intelligent combination scales and 800 loss-in-weight scales annually after the completion of its fundraising investment project[19] - The total amount of raised funds is CNY 16,914.22 million, with CNY 794.92 million invested in the current quarter[27] - Cumulative investment of raised funds reached CNY 10,442.01 million, representing 61.8% of the total raised[27] - The company has a remaining balance of CNY 6,419.14 million in raised funds, primarily due to cost control during project construction[28] - The company aims to enhance its market position by accelerating technology research and development and expanding its application fields[18] - The company plans to expand its market presence in other countries to reduce reliance on the U.S. market, which constitutes a small portion of its revenue[23] Risks and Challenges - The company faces risks from intensified industry competition and potential market demand fluctuations affecting the sales of its new products[19] - The company is actively communicating with government departments to minimize potential losses related to legal risks[22] - There are no significant changes in the feasibility of investment projects or major changes in expected benefits reported[28] - The company aims to establish long-term strategic partnerships with key raw material suppliers to mitigate risks from raw material price fluctuations[21] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 10,266[10] - The largest shareholder, Zheng Jinkang, holds 43.30% of the shares, totaling 31,174,200 shares[10] Other Financial Metrics - Financial expenses surged by 380.17% to 1.01 million yuan, mainly due to exchange rate losses[15] - Interest income rose by 462.08% to 206,254.72 yuan, driven by increased deposit interest[15] - Research and development expenses were ¥2,486,076.34, slightly up from ¥2,417,437.59, indicating a focus on innovation[42] - Other income decreased significantly to ¥270,570.00 from ¥1,402,054.78, highlighting a potential area of concern[42] - Investment income for the current period was ¥677,170.39, down from ¥968,450.84, suggesting a decline in returns from investments[42] - Tax expenses for the current period were ¥1,167,160.04, a decrease from ¥1,319,169.75, which may reflect improved tax efficiency[44]

Financial Performance - The company's operating revenue for 2018 was CNY 162,061,899.40, representing a 7.61% increase compared to CNY 150,601,001.59 in 2017[16] - The net profit attributable to shareholders for 2018 was CNY 46,640,869.12, which is a 22.27% increase from CNY 38,146,038.22 in the previous year[16] - The net profit after deducting non-recurring gains and losses was CNY 40,354,891.19, up 12.55% from CNY 35,854,884.73 in 2017[16] - The net cash flow from operating activities decreased by 53.34% to CNY 20,537,948.29 from CNY 44,020,819.53 in 2017[16] - The total assets at the end of 2018 were CNY 495,095,588.40, an increase of 8.32% from CNY 457,057,469.19 at the end of 2017[16] - The net assets attributable to shareholders increased by 7.98% to CNY 455,551,479.14 from CNY 421,876,653.93 in 2017[16] - The basic earnings per share for 2018 was CNY 0.65, a decrease of 5.80% from CNY 0.69 in 2017[16] - The weighted average return on equity for 2018 was 10.66%, down from 15.23% in the previous year[16] Revenue Breakdown - Instrumentation revenue accounted for ¥145,499,221.59, or 89.78% of total revenue, with a year-on-year growth of 8.91%[46] - Revenue from accessories decreased by 18.68% to ¥10,727,835.40, representing 6.62% of total revenue[46] - Domestic revenue slightly decreased by 0.06% to ¥70,256,260.69, while international revenue increased by 14.33% to ¥91,805,638.71, making up 56.65% of total revenue[48] Research and Development - R&D expenses amounted to 12.31 million yuan, an increase of 32.06% year-on-year, accounting for 7.60% of operating revenue[43] - Research and development expenses rose by 32.06% to ¥12,313,774.69, reflecting increased investment in R&D[55] - The company holds a total of 85 domestic patents, including 5 invention patents, and 8 foreign patents, including 2 invention patents[32] - The company has a total of 18 software copyrights, reflecting its commitment to innovation and technology development[32] Market Position and Strategy - The company operates in the automatic weighing equipment sector, which is a strategic emerging industry supported by national policies, indicating a favorable regulatory environment for growth[29] - The company has established a strong market position in the domestic automatic weighing equipment industry, with products exported to multiple regions including the Americas, Europe, Southeast Asia, the Middle East, and Africa[26] - The company anticipates significant market opportunities due to the increasing demand for automation in manufacturing processes, driven by rising labor costs and the need for efficiency[30] - The company aims to strengthen its brand presence and market share through continuous improvement in management, technology, and customer service[36] Cash Flow and Investments - The company reported a net increase in cash and cash equivalents of CNY 93,992,651.47, a significant rise of 335.54% compared to the previous year[61] - Investment cash inflow surged by 1,334.90% to CNY 981,627,745.39, primarily from cash management recoveries[61] - The company’s investment income for the year was CNY 5,236,029.04, accounting for 9.49% of total profit[63] Shareholder Returns and Dividends - The company plans to distribute a cash dividend of CNY 3.00 per 10 shares, with a capital reserve conversion of 5 shares for every 10 shares held[4] - The company reported a net profit of RMB 48,574,143.09 for the year, with a total distributable profit of RMB 173,707,471.36[95] - The company commits to a cash dividend policy where the profit distributed in cash will not be less than 20% of the annual realized distributable profit[119] - The profit distribution policy emphasizes a stable and reasonable return to investors while considering the company's sustainable development and future strategic needs[120] Corporate Governance - The company has established a governance structure that includes a shareholders' meeting, board of directors, and supervisory board, ensuring checks and balances[154] - The company has established a strong governance structure with independent directors and a diverse management team to enhance decision-making processes[192] - The company has committed to timely information disclosure obligations in accordance with relevant laws and regulations[111] Employee and Management - The company employed a total of 483 staff members, with 153 in production, 55 in sales, 85 in technical roles, and 10 in finance[200] - The total remuneration for directors, supervisors, and senior management in 2018 amounted to CNY 786,900[197] - The company emphasizes employee rights and safety, providing competitive salaries and a safe working environment[158] Risks and Challenges - The company faces risks from intensified competition in the intelligent combination scale market, necessitating continuous innovation and market adaptation to maintain its position[86] - The company has faced risks related to potential lawsuits due to delays in project completion caused by government actions[90] Future Outlook - The company expects revenue growth of 10% for the next fiscal year, driven by new product launches and market expansion strategies[106] - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share within the next two years[106] - The company aims to achieve a 15% reduction in operational costs through efficiency improvements in the next fiscal year[106]

广东海川智能机器股份有限公司 2018 年第三季度报告全文 广东海川智能机器股份有限公司 2018 年第三季度报告 2018 年 10 月 1 广东海川智能机器股份有限公司 2018 年第三季度报告全文 第二节 公司基本情况 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完 整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人郑锦康、主管会计工作负责人林锦荣及会计机构负责人(会计主管人员)龚凯 玲声明：保证季度报告中财务报表的真实、准确、完整。 2 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期末 | 上年度末 | | 本报告期末比上年度末增减 | | --- | --- | --- | --- | --- | | 总资产（元） | 475,653,995.58 | | 457,057,469.19 | 4.07% | | 归属于上市公司股东的净资产 | 437,506,667.93 | | 421,876,653.93 | 3.7 ...

Financial Performance - Total operating revenue for the first half of 2018 was CNY 64,735,908.52, representing a 9.93% increase compared to CNY 58,887,885.13 in the same period last year[18]. - Net profit attributable to shareholders was CNY 15,576,378.17, an increase of 11.22% from CNY 14,004,845.45 in the previous year[18]. - Net profit after deducting non-recurring gains and losses decreased by 5.15% to CNY 12,261,570.60 from CNY 12,927,555.19[18]. - Basic and diluted earnings per share were both CNY 0.22, down 15.38% from CNY 0.26[18]. - The weighted average return on equity decreased to 3.67% from 6.17%[18]. - Revenue for the reporting period reached CNY 64,735,908.52, representing a 9.93% increase compared to the previous year, while operating costs rose by 11.58% to CNY 26,139,782.56[47]. Cash Flow and Assets - The net cash flow from operating activities was negative at CNY -4,409,514.06, a decline of 127.62% compared to CNY 15,965,702.20 in the previous year[18]. - The company’s cash and cash equivalents increased by CNY 2,688,747.30, although this represents a 61.91% decrease compared to the previous period[48]. - The company’s total assets included CNY 75,866,351.55 in cash, accounting for 16.47% of total assets, a decrease of 4.53% from the previous year[53]. - The total assets at the end of the reporting period were CNY 460,756,000.86, a slight increase of 0.81% from CNY 457,057,469.19 at the end of the previous year[18]. - Accounts receivable decreased by 28.30% compared to the beginning of the period, mainly due to the collection of overdue payments[30]. - Inventory increased by 46.10% compared to the beginning of the period, primarily due to increased external procurement to meet order growth[30]. Research and Development - The company invested 5.17 million yuan in research and development, accounting for 7.98% of operating revenue[36]. - The company has launched multiple R&D projects, including a multi-channel microcomputer combination scale and a large-range microcomputer combination scale, both of which are now in production[41]. - The company has a stable and mature management team, with 87 R&D personnel accounting for 17.76% of total employees[36]. - The company committed to investing 200 million RMB in research and development over the next two years to innovate new technologies[95]. Market Position and Strategy - The company is positioned in the automatic weighing instrument manufacturing industry, which is experiencing significant growth driven by trends in intelligent packaging and automation[28]. - The company has a competitive advantage in cost and pricing compared to foreign products, with a strong potential for market share growth[35]. - The company aims to expand its market presence and improve product quality to counteract potential impacts from U.S. tariffs on Chinese imports[77]. - The company plans to expand its market presence in Southeast Asia, targeting a 15% market share within the next two years[89]. - A strategic acquisition of a local competitor is in progress, which is anticipated to enhance the company's technological capabilities and increase market share by 10%[88]. Shareholder and Dividend Policy - The company does not plan to distribute cash dividends or issue bonus shares[5]. - The company commits to maintaining a stable cash dividend plan, ensuring that annual cash dividends will not be less than 20% of the distributable profits achieved in the year[99]. - The profit distribution policy emphasizes a cash distribution ratio of at least 80% during mature stages without significant capital expenditures[105]. - The company will ensure that profit distribution does not exceed the cumulative distributable profit and does not harm its sustainable operation[104]. Governance and Compliance - The company held a temporary shareholders' meeting on July 12, 2018, to elect new independent directors and supervisors, indicating a governance change[148]. - The company will strictly adhere to the commitments made regarding cash dividends and will take necessary actions if these commitments are not fulfilled[101]. - The commitments made by major shareholders and executives are in compliance with the relevant rules and regulations of the Shenzhen Stock Exchange[85]. Risks and Challenges - The company has identified risks related to rising labor costs and plans to implement automation upgrades to mitigate these impacts[74]. - The direct material costs accounted for 69.79% of the total operating costs, indicating a significant impact on profitability due to raw material price fluctuations[75]. - The company plans to enhance its R&D capabilities and optimize product structure to improve profitability in response to increasing market competition[71].

广东海川智能机器股份有限公司 2018 年第一季度报告全文 广东海川智能机器股份有限公司 2018 年第一季度报告 2018 年 04 月 1 广东海川智能机器股份有限公司 2018 年第一季度报告全文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人郑锦康、主管会计工作负责人林锦荣及会计机构负责人(会计主 管人员)龚凯玲声明：保证季度报告中财务报表的真实、准确、完整。 2 广东海川智能机器股份有限公司 2018 年第一季度报告全文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | 营业总收入（元） | 26,164,075.28 | 22,998,606.23 | 13.76% | | 归属于上市公司股东的净利润（元） | 5,830,677.93 | 4 ...

Financial Performance - The company's operating revenue for 2017 was ¥150,601,001.59, representing a 10.45% increase compared to ¥136,352,665.25 in 2016[24]. - The net profit attributable to shareholders for 2017 was ¥38,146,038.22, a slight increase of 0.70% from ¥37,882,244.69 in 2016[24]. - The net cash flow from operating activities increased by 25.31% to ¥44,020,819.53 in 2017 from ¥35,129,472.88 in 2016[24]. - The total assets at the end of 2017 reached ¥457,057,469.19, a significant increase of 63.07% from ¥280,279,355.31 at the end of 2016[24]. - The net assets attributable to shareholders rose by 87.18% to ¥421,876,653.93 at the end of 2017 from ¥225,388,376.09 at the end of 2016[24]. - The basic earnings per share for 2017 were ¥0.69, a decrease of 1.43% from ¥0.70 in 2016[24]. - The company reported a total of ¥2,291,153.49 in non-recurring gains and losses for 2017, compared to ¥868,330.50 in 2016[30]. - The company’s cash and cash equivalents increased by 42.03% compared to the beginning of the period, primarily due to the proceeds from the initial public offering and an increase in net cash flow from operating activities[45]. - The company reported a net profit from continuing operations of CNY 38,146,038.22 for the current year, compared to CNY 37,882,244.69 in the previous year, reflecting a growth of approximately 0.7%[139]. Investment and R&D - The company invested 9.32 million yuan in research and development, accounting for 6.19% of its operating revenue during the reporting period[47]. - The company has a total of 78 domestic patents, including 5 invention patents, and 7 foreign patents, which enhances its competitive edge in the market[47]. - The company aims to enhance its research and development efforts, focusing on new automatic weighing technologies and expanding its product range, including new series like loss-in-weight scales and metal detectors[94]. - Investment in R&D increased by 30%, focusing on the development of new technologies and products to enhance competitive advantage[109]. - The company plans to launch three new products in the upcoming year, expected to contribute an additional 300 million RMB in revenue[107]. Market Expansion - The company has expanded its market presence, exporting products to regions including the Americas, Europe, Southeast Asia, the Middle East, and Africa[32]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share within the next two years[110]. - The company has expanded its product sales to over 80 countries and regions, including Europe, North America, Southeast Asia, South America, the Middle East, and Africa, targeting packaging machine manufacturers[96]. - The company is focusing on promoting cost-effective products in emerging markets such as South America, Southeast Asia, and Africa[96]. - The company has strengthened its marketing efforts and established long-term relationships with high-profile clients, including Kraft Foods and Kellogg's[51]. Strategic Development - The company plans to use the raised funds for the "2-layer intelligent combination scale and loss-in-weight scale expansion project" and the "quantitative intelligent weighing technology R&D center expansion project," which are expected to significantly impact the company's strategic development and operational scale[7]. - The company’s overall strategy is to become a leading supplier of automatic weighing instruments in China, with a focus on international competitiveness and advanced production technology[94]. - The company aims to optimize its internal management processes to improve operational efficiency and reduce unit costs[60]. - The company is exploring potential acquisitions to further enhance its product offerings and market presence[197]. - A strategic acquisition was announced, with the company acquiring a competitor for 200 million RMB to enhance its product offerings and market reach[106]. Risk Management - The company faces risks related to the implementation of fundraising investment projects, including uncertainties in project completion and effectiveness[7]. - The company acknowledges the risk of intensified market competition, which could lead to a decline in market share or product prices if it fails to innovate in response to market dynamics[5]. - The company’s marketing and service network must be effectively developed to avoid risks associated with new capacity and market demand fluctuations[8]. - The company’s financial performance may be adversely affected if it cannot continue to enjoy tax incentives due to changes in national policies[11]. Profit Distribution - The company’s profit distribution plan includes a cash dividend of ¥2.00 per 10 shares (including tax) for all shareholders, based on a total of 72,000,000 shares[12]. - The cash dividend for the fiscal year 2017 is set at RMB 2.00 per 10 shares, totaling RMB 14,400,000, which represents 100% of the distributable profit[102]. - The company commits to a cash dividend policy that will distribute no less than 20% of the annual distributable profit to shareholders over the next three years[123]. - The company emphasizes a profit distribution policy that balances reasonable returns to investors with sustainable development needs[126]. - The company’s profit distribution policy is designed to maintain consistency, rationality, and stability in its approach to shareholder returns[126]. Corporate Governance - The company has maintained a stable governance structure, holding 2 shareholder meetings and 5 board meetings without any violations of legal regulations[158]. - The company has established a feedback system for non-standard and large-specification product demands to improve quality and reduce delivery times[96]. - The company adheres to labor laws, providing competitive salaries and comprehensive social insurance for employees, while also focusing on workplace safety and health[162]. - The company has established a stable and continuous salary policy for its directors and senior management, requiring board approval for any adjustments[120]. - The company emphasizes compliance with laws and regulations set forth by the China Securities Regulatory Commission and Shenzhen Stock Exchange[114].