广州山水比德设计股份有限公司 2022 年第三季度报告 证券代码：300844 证券简称：山水比德 公告编号：2022-064 广州山水比德设计股份有限公司 2022 年第三季度报告 本公司及董事会除董事孙虎先生外的董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误导性陈 述或重大遗漏。 董事孙虎先生因缺席第二届董事会第十九次会议，未能保证公告内容真实、准确、完整。 重要内容提示： 1.董事会、监事会及除孙虎外的董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导 性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度报告是否经过审计 □是 否 1 广州山水比德设计股份有限公司 2022 年第三季度报告 一、主要财务数据 （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 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比上 | | --- | --- | --- | --- | --- | ...

Financial Performance - The company's operating revenue for the first half of 2022 was ¥159,818,607.04, a decrease of 43.28% compared to ¥281,788,491.97 in the same period last year[25]. - The net profit attributable to shareholders of the listed company was -¥54,102,049.18, representing a decline of 216.16% from a profit of ¥46,574,978.74 in the previous year[25]. - The net cash flow from operating activities was -¥84,818,992.55, which is a 54.47% increase in cash outflow compared to -¥54,908,063.06 in the same period last year[25]. - Basic and diluted earnings per share were both -¥0.84, a decrease of 154.55% from ¥1.54 in the previous year[25]. - The weighted average return on equity was -5.70%, down 24.27% from 18.57% in the previous year[25]. - Total assets at the end of the reporting period were ¥1,122,465,210.39, a decrease of 5.72% from ¥1,190,582,890.13 at the end of the previous year[25]. - The net assets attributable to shareholders of the listed company were ¥914,106,235.89, down 5.56% from ¥967,895,555.91 at the end of the previous year[25]. - The company reported a revenue of CNY 159.82 million, a decrease of 43.28% year-on-year[75]. - The net profit attributable to shareholders was CNY -54.10 million, down 216.16% year-on-year[63]. - The net cash flow from operating activities was CNY -84.82 million, a decline of 54.47% year-on-year[75]. - The company reported a net profit margin of 3.70% for the first half of 2022, with a total revenue of 116.22 million[102]. - The company achieved a net profit margin of 3.90% for the first quarter of 2022, with total revenue reaching 119.38 million[102]. - The company has a net profit margin of 3.15% for the second quarter of 2022, with total revenue of 59.98 million[103]. - The company reported a significant impact from the overall macroeconomic environment and the COVID-19 pandemic, affecting its performance and operations[111]. Business Segments and Services - The company focuses on landscape design services, categorized into three main business segments: community landscape, cultural tourism, and urban landscape[33]. - The community landscape segment is the primary business type, collaborating with well-known real estate groups such as Poly, Vanke, and Longfor[33]. - The cultural tourism segment aims to enhance regional cultural characteristics and is aligned with national policies on rural revitalization and cultural tourism[34]. - The commercial space segment includes landscape design for shopping centers and office buildings, enhancing the vitality of commercial areas[35]. - The municipal public landscape design services include projects for parks, recreational squares, and urban green spaces, promoting ecological urban development[37]. - The company’s revenue model is based on providing comprehensive design solutions and charging design service fees according to contract stages[38]. - The company primarily acquires clients through bidding and direct commissions, leveraging its brand strength and past collaboration experiences[39][41]. Financial Management and Investments - The company reported a total non-operating income of 7,876,132.16, with government subsidies contributing 529,509.58 and investment income from financial products amounting to 3,213,142.22[29]. - The company plans to continue focusing on government subsidies and low-value consumables as part of its non-operating income strategy[80]. - The total investment amount during the reporting period was CNY 30 million, representing a 100% increase compared to the same period last year[88]. - The total amount of raised funds was CNY 810.32 million, with CNY 422.56 million invested during the reporting period[93]. - The company has committed to invest CNY 50.96 million in various projects, with CNY 2.05 million already invested, indicating a progress rate of 4.72%[94]. - The company has allocated CNY 5 million for permanent working capital, fully utilizing this amount[94]. - The company has a remaining balance of CNY 49.19 million in the raised funds account, including interest income and investment returns[93]. - The company reported investment cash inflows of 388,943,388.35 CNY in the first half of 2022, with investment cash outflows totaling 324,952,142.81 CNY, resulting in a net cash flow from investing activities of 63,991,245.54 CNY[196]. Strategic Initiatives and Market Position - The company is positioned as a key player in the landscape design industry, benefiting from government policies promoting ecological civilization and urban greening initiatives[48]. - There is a continuous increase in demand from downstream clients, particularly in residential landscape design, which enhances property value and aesthetic appeal[50]. - The company is leveraging new technologies, particularly digital landscape technology, to improve design capabilities and expand market share[51]. - The industry is experiencing significant growth opportunities due to policies supporting urban renewal, rural revitalization, and green development goals[52]. - The company is adapting to a complex macroeconomic environment while focusing on high-quality development and digital transformation[52]. - The company plans to enhance its core competitiveness and market share by leveraging innovation, brand strength, and financial resources to explore new business areas such as rural construction and digital technology[112]. - The company has established 16 branch offices across major cities in China, with over 1,000 designers and more than 3,000 premium projects completed in over 100 cities[61]. - The company has received multiple awards, including "Top Ten Landscape Design Enterprises" and "Best Creative Brand Institution" from various associations, enhancing its industry reputation[62]. Risk Management and Compliance - The company faces risks and has outlined measures to address them in the report[6]. - The report emphasizes the importance of investors understanding the risks associated with future plans and performance forecasts[6]. - The company acknowledges the potential for fundraising projects to face delays or lower-than-expected returns due to economic fluctuations and industry policies[115]. - The company is committed to adjusting the progress and pace of fundraising projects based on market conditions to ensure expected benefits are achieved[115]. - The company emphasizes the importance of compliance with securities laws and regulations to prevent future incidents and enhance corporate governance[141]. - The company received a warning letter from the Guangdong Securities Regulatory Bureau on February 21, 2022, due to incomplete and insufficient risk disclosure[140]. Shareholder and Governance Matters - The company plans not to distribute cash dividends or issue bonus shares for the half-year period[122]. - There were no changes in the company's board of directors, supervisors, or senior management during the reporting period[121]. - The company did not have any non-operating fund occupation by controlling shareholders or related parties during the reporting period[135]. - The company has not reported any significant equity investments during the reporting period[89]. - The company has not engaged in any derivative investments during the reporting period[104]. - The company has a total of 51,000 in cash management progress reported[103]. - The company has a total of 9,182 common shareholders at the end of the reporting period[166]. - Major shareholders include Shanshui Group holding 40.35% (26,080,000 shares) and Sun Hu holding 21.04% (13,600,000 shares)[166].

Financial Performance - The company reported a total share capital of 40,400,000 shares as of December 31, 2021[5]. - The company's operating revenue for 2021 was ¥589,742,221.11, representing a 20.30% increase compared to ¥490,214,757.10 in 2020[23]. - The net profit attributable to shareholders decreased by 49.20% to ¥51,854,818.55 in 2021 from ¥102,069,433.36 in 2020[23]. - The net profit after deducting non-recurring gains and losses was ¥39,989,980.09, down 59.75% from ¥99,344,326.52 in the previous year[23]. - The net cash flow from operating activities was negative at -¥91,947,590.74, a decline of 226.48% compared to ¥72,699,460.38 in 2020[23]. - The total assets at the end of 2021 reached ¥1,190,582,890.13, an increase of 188.56% from ¥412,600,490.39 at the end of 2020[23]. - The net assets attributable to shareholders increased by 325.42% to ¥967,895,555.91 from ¥227,513,932.12 in 2020[23]. - The basic earnings per share decreased by 54.30% to ¥1.54 in 2021 from ¥3.37 in 2020[23]. - The weighted average return on equity dropped to 10.69% in 2021, down 40.78% from 51.47% in 2020[23]. - The company reported a net profit margin of 12% for 2021, with plans to improve this to 15% by optimizing operational efficiencies[171]. Business Operations - The company has established a strong client base, including major real estate developers in China[16]. - The company focuses on four main product categories: community landscape, cultural tourism, commercial space, and municipal public projects, with community landscape being the primary business type[51]. - The company has a strong order acquisition capability, maintaining long-term partnerships with major real estate developers and local governments, including Poly, Vanke, and China Resources[77]. - The company has established 15 branch offices in major cities across China, with over 1,000 designers and more than 3,000 premium projects completed in over 100 cities[49]. - The company signed new contracts worth CNY 984 million, with community landscape projects contributing 82.24% to the revenue[82]. - The company’s main business revenue composition in 2021 was 82.24% from community landscape design, 7.23% from cultural tourism products, 4.89% from commercial space products, and 5.64% from municipal public products[196]. Market Trends and Opportunities - The landscape design industry in China is experiencing significant growth driven by urbanization and increased investment in public infrastructure, with a focus on ecological and aesthetic improvements[35]. - The implementation of the rural revitalization strategy is expected to provide substantial growth opportunities for the landscape design sector, emphasizing ecological and aesthetic improvements in rural areas[45]. - The tourism market is becoming a crucial growth point for the landscape design industry, with increasing demand for integrated design services across various tourism-related projects[46]. - The "carbon neutrality" policy is pushing the landscape design industry to enhance its ecological and systematic approaches, focusing on sustainable practices throughout project lifecycles[47]. - The competitive landscape is shifting towards larger, nationally recognized design firms that can offer comprehensive services and innovative solutions[43]. Research and Development - Research and development expenses totaled CNY 47.42 million, accounting for 8.04% of operating revenue, with 6 utility model patents obtained[83]. - The company is developing a BIM software specifically for the landscaping sector, aiming to enhance design efficiency and market competitiveness[103]. - The company is investing 50 million RMB in research and development for sustainable design technologies over the next three years[171]. - The company launched the "Shanshui Smart Landscape 1.0" digital product system, marking a significant technological innovation in the landscape design industry[83]. - The company is focusing on creating child-friendly outdoor spaces in urban environments, aligning with national policies on urban development[103]. Governance and Compliance - The financial report is guaranteed to be true, accurate, and complete by the company's management[4]. - The company has established a complete internal control system to ensure effective governance and risk management, which is continuously improved[153]. - The company maintains independence from its controlling shareholder in terms of business operations, personnel, assets, and financial matters, ensuring a complete and independent business system[157]. - The company has a dedicated audit committee responsible for overseeing internal and external audits, enhancing governance and compliance[153]. - The company is committed to maintaining transparent communication with investors through various channels, ensuring timely and accurate information disclosure[154]. Employee and Talent Management - The total number of employees at the end of the reporting period was 1,880, with 1,364 in production roles, 222 in technical roles, and 83 in sales[188][189]. - The company has a comprehensive salary policy that links compensation to employee performance and market trends, ensuring competitiveness in attracting and retaining talent[190]. - The company emphasizes talent development through structured training programs and an online learning platform to build a high-performance workforce[191]. - The company’s design team consists of over 85% employees with a bachelor's degree or higher, ensuring a high level of creativity and technical expertise[74]. Future Outlook - The company plans to focus on the development of the cultural tourism and digital technology sectors as important future directions[196]. - The company has set a future revenue target of 1.5 billion RMB for 2022, aiming for a growth rate of 25%[171]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by 2023[171]. - The management team emphasized a focus on digital transformation, aiming to integrate AI solutions into design processes by 2024[171]. - The company anticipates that infrastructure investment will stabilize economic growth, focusing on urban renewal and landscape enhancement projects[136].

Financial Performance - The company's revenue for Q1 2022 was ¥52,539,990.25, a decrease of 44.69% compared to ¥94,993,501.21 in the same period last year[3] - The net profit attributable to shareholders was a loss of ¥63,019,696.52, representing a significant decline of 25,438.80% from a loss of ¥246,760.56 in the previous year[3] - Basic and diluted earnings per share were both -¥1.56, reflecting a decrease of 15,500.00% from -¥0.01 in the same period last year[3] - The net profit for Q1 2022 was a loss of CNY 63,111,204.09, compared to a loss of CNY 246,760.56 in the same period last year[30] Cash Flow - The net cash flow from operating activities was a negative ¥73,084,389.61, showing a slight improvement of 0.47% compared to the previous year's negative cash flow of ¥73,426,434.94[3] - Cash flow from operating activities was CNY 77,057,194.68, down from CNY 90,541,827.40 in the previous period[32] - The company reported a total cash outflow from operating activities of 152,624,449.34 CNY, down from 165,725,117.01 CNY last year[33] - The net cash flow from investment activities was 278,565,384.77 CNY, a significant increase from -3,277,845.34 CNY in the previous year[33] - Cash inflow from financing activities amounted to 19,999,504.00 CNY, with a net cash flow of 13,940,961.46 CNY, compared to -6,208,963.54 CNY last year[34] - The net increase in cash and cash equivalents was 219,421,956.62 CNY, contrasting with a decrease of -82,913,243.82 CNY in the previous year[34] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,136,590,855.01, down 4.53% from ¥1,190,582,890.13 at the end of the previous year[3] - The total liabilities increased to CNY 219,950,138.61 from CNY 210,987,334.22, with current liabilities totaling CNY 189,955,364.46[26] - The company's equity attributable to shareholders decreased to CNY 905,032,223.97 from CNY 967,895,555.91[26] - The company's total current assets decreased to ¥1,002,914,001.59 from ¥1,052,429,067.69, indicating a reduction in liquidity[24] Expenses - The company reported a significant increase in research and development expenses, which rose by 71.17% to ¥13,343,306.67 compared to ¥7,795,497.98 in the previous year[13] - The company experienced a 50.55% increase in selling expenses, totaling ¥8,209,227.61, attributed to higher brand promotion and business hospitality costs[13] - Total operating costs increased to CNY 122,751,529.05 from CNY 92,371,140.39, with operating costs specifically rising to CNY 76,650,410.73 from CNY 61,727,263.34[29] Shareholder Information - The company has a total of 9,830 ordinary shareholders at the end of the reporting period, with the largest shareholder holding 40.35%[17] - The company has committed to a lock-up period for its major shareholders, with the first release scheduled for February 2025[20] Other Financial Activities - The company recorded an investment income of ¥6,241,296.31 from the redemption of financial products during the reporting period[13] - The company recovered investment cash amounting to ¥375,000,000.00 from matured financial products, indicating successful fundraising efforts[14] - Investment income received increased to ¥6,591,296.31, attributed to higher returns from redeemed financial products[14] - The company is actively managing its financial investments, with a notable focus on financial products that yield returns[14] Audit and Reporting - The company did not conduct an audit for the first quarter report[35] - The report was released on April 26, 2022, by the board of directors of the company[35]

Financial Performance - The company reported a total share capital of 40,400,000 shares as of December 31, 2021, with a profit distribution plan proposing a cash dividend of 0.00 RMB per 10 shares and a capital reserve increase of 6 shares for every 10 shares held[5]. - The company's operating revenue for 2021 was ¥589,742,221.11, representing a 20.30% increase compared to ¥490,214,757.10 in 2020[21]. - The net profit attributable to shareholders decreased by 49.20% to ¥51,854,818.55 in 2021 from ¥102,069,433.36 in 2020[21]. - The net profit after deducting non-recurring gains and losses fell by 59.75% to ¥39,989,980.09 in 2021 compared to ¥99,344,326.52 in 2020[21]. - The net cash flow from operating activities was negative at -¥91,947,590.74, a decline of 226.48% from ¥72,699,460.38 in 2020[21]. - The total assets at the end of 2021 increased by 188.56% to ¥1,190,582,890.13 from ¥412,600,490.39 at the end of 2020[21]. - The net assets attributable to shareholders rose by 325.42% to ¥967,895,555.91 at the end of 2021 from ¥227,513,932.12 at the end of 2020[21]. - The basic earnings per share decreased by 54.30% to ¥1.54 in 2021 from ¥3.37 in 2020[21]. - The weighted average return on equity dropped to 10.69% in 2021 from 51.47% in 2020, a decrease of 40.78%[21]. - The company achieved operating revenue of CNY 589.74 million in 2021, a year-on-year increase of 20.3%[76]. - The net profit attributable to shareholders of the listed company was 5.18 million yuan, a decrease of 49.2% year-on-year[190]. - The net cash flow from operating activities was -91.95 million yuan, a decline of 226.48% compared to the previous year[190]. Business Operations - The company has established 15 branch offices in major cities across China, with over 1,000 designers and more than 3,000 premium projects completed in over 100 cities[46]. - The company focuses on four main product categories: community landscape, cultural tourism, commercial space, and municipal public projects, with community landscape being the primary business type[48]. - The company has a strong order acquisition capability, maintaining long-term partnerships with major real estate developers and local governments, including Poly, Vanke, and China Resources[73]. - The company has a multi-layer quality control system to ensure the quality of design work through various levels of review[59]. - The company has established a design service network covering 15 cities, enhancing its ability to provide quality design services nationwide[75]. - The company has a commitment to upgrade its technology research and development center by 2023[120]. - The company has not reported any significant changes in the feasibility of its investment projects[122]. Market Trends and Industry Outlook - The landscape design industry in China is experiencing significant growth, driven by urbanization and increased investment in public infrastructure, with a market size that continues to expand[33]. - The implementation of the rural revitalization strategy is providing vast development space for the landscape design industry, focusing on ecological livability and infrastructure improvement[42]. - The tourism market is becoming a significant growth point for the landscape design industry, with increasing demand for integrated design services across various tourism-related projects[43]. - The "carbon neutrality" policy is pushing the landscape design industry to enhance ecological science and systematization, impacting energy consumption and urban planning strategies[44]. - The landscape design industry is expected to evolve towards more refined and comprehensive development, aligning with the new urbanization quality improvement initiatives[41]. - The company is facing challenges due to the cyclical nature of the real estate industry and the impact of government regulations, which have affected cash flow and project timelines[190]. Research and Development - Research and development expenses totaled CNY 47.42 million, accounting for 8.04% of operating revenue, with six utility model patents obtained[79]. - The company launched the "Shanshui Smart Landscape 1.0" digital product system, marking a significant technological innovation in the landscape design industry[79]. - The company is focusing on developing customized community landscape design technology and performance evaluation systems to enhance market competitiveness[95]. - The company is advancing the "New Mountain Water" community landscape methodology, which aims to address urban-rural planning challenges and improve community engagement[98]. - The number of R&D personnel increased to 222 in 2021, a rise of 62.04% compared to 137 in 2020, with R&D personnel now accounting for 11.81% of the total workforce[100]. - R&D investment reached ¥47,416,293.62 in 2021, representing 8.04% of total revenue, up from 6.71% in 2020[100]. Governance and Compliance - The company has established a robust internal control system to manage risks and ensure the normal conduct of business activities[147]. - The company has conducted two shareholder meetings in 2021, ensuring equal rights and opportunities for all shareholders[142]. - The company has a dedicated audit committee responsible for overseeing internal and external audits, enhancing governance and compliance[147]. - The company emphasizes transparent communication with investors through various channels, ensuring timely and accurate information disclosure[148]. - The company has not faced any penalties from regulatory authorities regarding the remuneration of its executives[170]. - The company has a clear and complete asset ownership structure, with all shareholders having fully paid their contributions during capital increases[153]. Social Responsibility - The company actively participated in social responsibility initiatives, including donating 1,300 trees to ecological projects in Gansu province as part of a "Hundred Days of Tree Planting" campaign[199]. - The company donated pandemic prevention materials to support frontline healthcare workers during the Guangzhou COVID-19 outbreak, earning recognition as an "Advanced Caring Enterprise" in 2021[199]. Future Plans - The company plans to continue its strategic focus on community-oriented urban renewal projects, leveraging technology such as IoT and AI to create smart community designs[99]. - The company aims to explore new paths in the cultural tourism sector by enhancing collaboration with well-known developers and expanding into consulting, planning, and operational management services[127]. - The company plans to enhance its market share by increasing collaboration with state-owned and private real estate enterprises, improving project management capabilities, and expanding market presence[129]. - The company intends to explore virtual world scene design and smart city products, targeting breakthroughs in new business areas in 2022[129].

Financial Performance - The company's revenue for Q3 2021 was ¥124,551,629.24, representing a 4.76% increase year-over-year, while the year-to-date revenue reached ¥406,329,369.21, up 20.88% compared to the same period last year[3] - Net profit attributable to shareholders for Q3 2021 was ¥3,346,407.66, a significant decrease of 82.29% year-over-year, with a year-to-date net profit of ¥49,921,386.40, down 23.78%[3] - The basic earnings per share for Q3 2021 was ¥0.10, reflecting an 83.97% decline compared to the same quarter last year, while the diluted earnings per share also stood at ¥0.10[3] - Net profit for the third quarter of 2021 was CNY 49,921,386.40, a decrease of 23.8% from CNY 65,497,194.36 in the previous year[26] - The company's operating profit for the third quarter of 2021 was CNY 52,978,725.34, down from CNY 77,196,874.07 in the previous year, indicating a decline of 31.3%[26] - The total comprehensive income for the third quarter of 2021 was CNY 49,921,386.40, a decrease from CNY 65,497,194.36 in the same period last year, representing a decline of approximately 23.8%[27] - Basic and diluted earnings per share for the current period were both CNY 1.59, down from CNY 2.16 in the previous year, indicating a decrease of about 26.4%[27] Assets and Liabilities - The company's total assets as of the end of Q3 2021 amounted to ¥1,162,872,942.11, which is an increase of 181.84% compared to the end of the previous year[3] - Total assets increased to CNY 1,162,872,942.11 as of September 30, 2021, compared to CNY 412,600,490.39 at the end of 2020, representing a growth of 181.5%[24] - The company's total liabilities rose to CNY 196,598,830.33, compared to CNY 185,086,558.27 at the end of 2020, reflecting an increase of 6.5%[23] - The total liabilities increased from CNY 185,086,558.27 to CNY 219,810,229.06, indicating an increase of about 18.8%[33] - Total liabilities amounted to CNY 185,086,558.27, with a total equity of CNY 227,513,932.12, reflecting a decrease in equity by CNY 3,942,966.59 compared to the previous period[34] Cash Flow - The company reported a net cash flow from operating activities of -¥77,990,612.14 for the year-to-date period, indicating a 459.59% decrease compared to the previous year[3] - The net cash flow from operating activities was -77,990,612.14 yuan, a decrease of 459.59% compared to the same period last year[12] - Cash inflow from operating activities totaled CNY 321,584,462.56, compared to CNY 311,280,061.03 in the previous year, reflecting an increase of approximately 3.7%[30] - The net cash flow from operating activities was negative CNY 77,990,612.14, contrasting with a positive CNY 21,688,877.72 in the same period last year[30] - Cash outflow from investment activities was CNY 582,254,721.66, significantly higher than CNY 36,175,344.67 in the previous year, indicating a substantial increase in investment expenditures[30] - Cash inflow from financing activities was CNY 728,783,094.35, compared to CNY 10,000,000.00 in the previous year, showing a significant increase in financing received[30] - The net cash flow from financing activities was CNY 665,435,155.85, a turnaround from a negative CNY 43,285,221.26 in the same period last year[30] Investments and Expenditures - The company invested 565,000,000.00 yuan in financial products, an increase of 1,665.63% year-on-year[12] - The net cash flow from investing activities was -582,253,421.66 yuan, a significant increase of 14,887.62% compared to the previous year[12] - The total cash paid for purchasing fixed assets increased by 313.25% to 17,254,721.66 yuan due to an increase in design personnel[12] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 12,360[14] - The largest shareholder, Shanshui Bide Group Co., Ltd., holds 40.35% of the shares, totaling 16,300,000 shares[14] Research and Development - Research and development expenses for the year-to-date period were ¥31,669,336.47, a 59.41% increase compared to the same period last year, reflecting the company's commitment to innovation[10] - Research and development expenses for the third quarter of 2021 were CNY 31,669,336.47, up from CNY 19,866,734.79 in the previous year, showing a growth of 59.5%[24] Government Subsidies - The company received government subsidies amounting to ¥3,027,079.83 during the year-to-date period, marking a significant increase compared to the previous year[10] - The company received a government subsidy of 3,000,000.00 yuan on September 29, 2021[19] Contracts - A major contract was signed for a landscape design project with a total amount of 21,891,945 yuan[19] Audit Status - The company did not undergo an audit for the third quarter report, indicating that the figures are unaudited[35]