Financial Performance - The company's revenue for Q1 2022 was ¥137,900,721.97, representing a 31.38% increase compared to ¥104,959,277.33 in the same period last year[3] - Net profit attributable to shareholders for Q1 2022 was ¥89,140,024.45, a significant increase of 212.03% from ¥28,568,017.20 year-on-year[3] - The basic earnings per share for Q1 2022 was ¥0.65, up 209.52% from ¥0.21 in the previous year[3] - Total operating revenue for the first quarter reached ¥137,900,721.97, a 31.4% increase from ¥104,959,277.33 in the previous year[32] - Operating profit for the period was ¥113,142,471.76, significantly higher than ¥37,435,250.71 in the same period last year[32] - The total profit for the current period is 113,140,688.00 CNY, compared to 37,434,851.67 CNY in the previous period, representing a significant increase[35] - The net profit attributable to the parent company is 89,140,024.45 CNY, up from 28,568,017.20 CNY, indicating a growth of approximately 212%[35] - The basic earnings per share for the current period is 0.65 CNY, compared to 0.21 CNY in the previous period, reflecting a substantial increase[35] Assets and Liabilities - The company's total assets as of March 31, 2022, were ¥3,968,492,980.18, a 2.37% increase from ¥3,876,751,820.78 at the end of the previous year[3] - Total assets rose to ¥3,968,492,980.18, up from ¥3,876,751,820.78, reflecting a growth of 2.9%[28] - Total liabilities increased to ¥670,823,471.32, compared to ¥643,851,392.73, marking a rise of 4.2%[28] - The company's total equity attributable to shareholders increased by 2.97% to ¥3,280,243,753.92 from ¥3,185,700,006.73 at the end of the previous year[3] - The total equity attributable to shareholders rose to ¥3,280,243,753.92, compared to ¥3,185,700,006.73, reflecting an increase of 2.9%[28] Cash Flow - Cash flow from operating activities for Q1 2022 was -¥64,153,854.49, an improvement of 17.46% compared to -¥77,728,480.82 in the same period last year[10] - The net cash flow from operating activities is -64,153,854.49 CNY, an improvement from -77,728,480.82 CNY in the previous period[38] - The cash inflow from investment activities totals 2,832,210,068.18 CNY, down from 3,190,652,826.31 CNY in the previous period[41] - The net cash flow from investment activities is 869,061,672.21 CNY, compared to 1,625,283,777.91 CNY in the previous period, showing a decrease[41] - The cash and cash equivalents at the end of the period amount to 1,031,517,360.70 CNY, down from 2,323,345,797.89 CNY in the previous period[41] - The total cash outflow from financing activities is 2,790,158.15 CNY, compared to 32,714,511.17 CNY in the previous period, indicating a reduction[41] Research and Development - Research and development expenses increased by 54.89% to ¥9,179,400.09 from ¥5,926,484.55 year-on-year, indicating a continued investment in R&D projects[10] - Research and development expenses for the quarter were ¥9,179,400.09, an increase from ¥5,926,484.55, indicating a rise of 55.5%[32] Shareholder Information - Total number of common shareholders at the end of the reporting period is 19,346[11] - Major shareholder Sha Xiaolan holds 41.86% of shares, totaling 57,457,799 shares[11] - Major shareholder Wang Fangyun holds 12.98% of shares, totaling 17,812,500 shares[11] - Major shareholder He Xie Chengzhang II (Yiw) Investment Center holds 10.23% of shares, totaling 14,035,266 shares[11] - The company plans to reduce shares held by major shareholder He Xie Chengzhang II by up to 7,702,704 shares, representing 5.62% of total shares[19] Other Information - The company's cash and cash equivalents at the end of the period amount to ¥1,051,448,467.70, up from ¥255,008,750.62 at the beginning of the year[21] - The company's accounts receivable increased to ¥535,241,718.89 from ¥443,196,303.44[21] - Inventory decreased to ¥88,874,159.53 from ¥140,360,693.86[21] - The company completed the registration change and obtained a new business license on January 20, 2022[16] - The company continues to engage with its auditing firm for the 2021 annual audit[20] - The company has not undergone an audit for the first quarter report[42]

北京锋尚世纪文化传媒股份有限公司 2022 年第一季度报告全文 1 证券代码：300860 证券简称：锋尚文化 公告编号：2022-023 北京锋尚世纪文化传媒股份有限公司 2022 年第一季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 重要内容提示: 1.董事会、监事会及董事、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.第一季度报告是否经过审计 □ 是 √ 否 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 | --- | --- | --- | --- | |-----------------------------------------------------|------------------|------------------|---------------------------| | | 本报 ...

Financial Performance - The company's operating revenue for 2021 was ¥466,742,052.51, a decrease of 52.56% compared to ¥983,895,054.72 in 2020[25]. - The net profit attributable to shareholders for 2021 was ¥92,164,180.42, down 64.62% from ¥260,500,436.06 in 2020[25]. - The net profit after deducting non-recurring gains and losses was ¥23,600,878.64, a decline of 89.68% from ¥228,755,649.77 in 2020[25]. - The net cash flow from operating activities was ¥55,489,107.04, a decrease of 29.55% compared to ¥78,760,170.00 in 2020[25]. - The total assets at the end of 2021 were ¥3,876,751,820.78, an increase of 8.80% from ¥3,563,147,858.60 at the end of 2020[25]. - The net assets attributable to shareholders at the end of 2021 were ¥3,185,700,006.73, a slight increase of 0.74% from ¥3,162,222,791.20 at the end of 2020[25]. - The basic earnings per share for 2021 were ¥0.67, down 70.61% from ¥2.28 in 2020[25]. - The diluted earnings per share for 2021 were also ¥0.67, reflecting the same decline of 70.61% from ¥2.28 in 2020[25]. - The weighted average return on equity for 2021 was 2.92%, a significant drop of 14.25% from 17.17% in 2020[25]. - Consolidated net profit was 91.96 million yuan, down 64.70% compared to the same period last year[58]. - The company achieved consolidated revenue of 466.74 million yuan, a decrease of 52.56% year-over-year[58]. Dividend and Share Information - The company reported a cash dividend of 0.70 RMB per 10 shares (including tax) for a total of 137,262,108 shares[8]. - The company has not issued any bonus shares for the reporting period[8]. - The board of directors has approved the profit distribution plan during the board meeting[7]. - The company has a total of 137,262,108 shares outstanding[8]. Risk Factors and Future Outlook - The company has outlined potential risks in its future development outlook section[8]. - The company faces risks from the ongoing impact of COVID-19 on large cultural events, which could adversely affect its business operations[139]. - The company is aware of the competitive risks in the cultural creative industry, particularly in the mid-to-low-end market, which is becoming increasingly crowded[140]. - The company is closely monitoring the investment growth rate in downstream industries, as a slowdown could negatively impact its business development and growth potential[140]. Market Trends and Industry Insights - The cultural and creative industry in China saw a significant growth in value added from 764.04 billion yuan in 2019 to 1,956.5 billion yuan in 2021, with a compound annual growth rate of 60%[39]. - The performance of the live performance market in China declined, with the number of performances dropping from 3.1246 million in 2018 to 2.2561 million in 2020, reflecting a compound annual growth rate of -15.03%[41]. - Domestic tourism numbers fell by 52.1% year-on-year in 2020, totaling 2.879 billion trips, while tourism revenue decreased by 61.1% to 2.23 trillion yuan[42]. - The urbanization rate in China increased from 44.34% in 2006 to 63.89% in 2020, indicating significant potential for growth in the landscape art lighting market[42]. - The overall development of the cultural tourism performance market is transitioning towards a more innovative and refined model, focusing on themes, professionalism, and branding[42]. - The cultural and creative industry is experiencing increased market investment activity and expansion, driven by rising consumer spending and supportive policies[48]. - The high-end market is showing a trend towards concentration among brand-leading companies, with increasing demand for high-end cultural creative products and services[48]. Company Strategy and Operations - The company has shifted its cultural tourism performance services from targeting corporate clients to ordinary consumers, extending the service chain in the cultural tourism industry[44]. - The company aims to integrate cultural lighting design with artistic expression, enhancing the cultural quality of cities through innovative lighting solutions[45]. - The company aims to enhance cultural confidence and soft power through innovative artistic methods and cutting-edge cultural technology, gradually becoming an industry leader[47]. - The company is expanding its cultural tourism business, moving from project contracting to commercial operations[65]. - The company is developing the "404Lab · Wu" project in Xi'an, expected to officially operate in May 2022[68]. - The company launched the virtual music carnival "Night of Gathering Light," integrating virtual and interactive entertainment experiences[76]. - The company is developing a virtual performance cloud platform to enhance online concert experiences, targeting a market of 370 million individuals interested in online performances and subculture[99]. - The company plans to focus on expanding its large cultural performance projects while reducing cultural tourism performance projects[86]. Research and Development - Research and development expenses surged by 188.16% to ¥29,523,917.90, reflecting increased investment in R&D projects[95]. - The company's R&D investment in 2021 amounted to ¥29,523,917.90, representing 6.33% of its operating revenue, a significant increase from 1.04% in 2020[103]. - The number of R&D personnel increased by 57.58% from 66 in 2020 to 104 in 2021, with R&D personnel now accounting for 33.33% of the total workforce[101]. - The company has filed for multiple patents, including two utility model patents and one invention patent related to stage lighting and control systems, enhancing its technological capabilities[96]. - The company has applied for 13 software copyrights and is in the process of applying for 1-2 utility model patents and 1-2 invention patents related to lighting art effects[99]. Governance and Management - The company emphasizes the importance of accurate financial reporting and has ensured the completeness and truthfulness of the annual report[6]. - The company has established a strong brand reputation, benefiting from its creative design and service quality, which enhances order acquisition and customer loyalty[52]. - The company has implemented a stock incentive plan, granting up to 2.2 million shares to 74 executives and core employees to support long-term stable development[52]. - The management team has extensive industry experience and has strengthened its core management capabilities by hiring three new senior managers[53]. - The company has a complete personnel management system, ensuring that senior management does not hold positions in the controlling shareholder's enterprises[149]. - The company has a fully independent governance structure, including a shareholders' meeting, board of directors, and supervisory board[149]. - The company has established a complete independent business system, free from competition with the controlling shareholder[150]. - The company has undergone significant management changes, including the appointment of new executives to support business growth[163]. Financial Management - The company reported a credit impairment loss of ¥68,047,434.27, which is -54.32% of total profit[108]. - The company's cash and cash equivalents decreased by 16.32% to ¥255,008,750.62, constituting 6.58% of total assets[110]. - Accounts receivable increased by 1.22% to ¥443,196,303.44, making up 11.43% of total assets[110]. - The total amount of unused raised funds is ¥134,209.46 million, with no funds unused for over two years[121]. - The company has utilized CNY 28,810 million of the raised funds for supplementary working capital, which is 100% of the allocated amount[129]. - The company has a total of CNY 96,036.30 million in excess raised funds, with CNY 28,810 million already utilized[129]. Shareholder Engagement - The company held its first extraordinary shareholders' meeting in 2021 with a participation rate of 64.22%[151]. - The company did not receive any objections from the board members regarding company matters during the reporting period[190]. - The board of directors actively participated in governance and decision-making, ensuring the protection of the interests of minority shareholders[192].

Financial Performance - The company's revenue for Q3 2021 was ¥96,288,027.67, a decrease of 75.88% compared to the same period last year[4] - Net profit attributable to shareholders was ¥40,657,051.04, down 62.00% year-over-year[4] - The net profit after deducting non-recurring gains and losses was ¥23,306,663.39, reflecting a decline of 77.02% compared to the previous year[4] - Basic earnings per share were ¥0.30, down 67.98% from the same period last year[4] - Total operating revenue for the current period is CNY 314,657,396.86, a decrease of 62% compared to CNY 827,267,204.61 in the previous period[40] - Net profit for the current period is CNY 99,287,091.21, a decline of 51% compared to CNY 203,902,113.27 in the previous period[42] - Basic earnings per share for the current period is CNY 0.73, down from CNY 1.92 in the previous period[43] Cash Flow - The operating cash flow for the year-to-date was -¥76,630,975.44, a significant decrease of 407.90% year-over-year[4] - The company's cash flow from operating activities showed a net outflow of -¥76,630,975.44, primarily due to delayed customer payments influenced by the pandemic[10] - The cash inflow from operating activities for the current period was ¥292,736,211.37, a decrease of 21.1% compared to ¥370,976,873.82 in the previous period[47] - The net cash flow from operating activities was -¥76,630,975.44, contrasting with a positive cash flow of ¥24,888,526.39 in the same period last year[49] - The cash inflow from investment activities reached ¥7,210,123,146.02, significantly up from ¥1,465,767,608.22 in the previous year[49] - The net cash flow from investment activities was -¥39,256,087.79, an improvement from -¥1,391,384,035.47 in the previous period[49] - The cash inflow from financing activities was ¥29,400,000.00, compared to ¥2,288,150,768.00 in the same period last year[49] - The net cash flow from financing activities was -¥59,871,829.22, a decline from a positive cash flow of ¥2,279,270,230.97 in the previous year[49] - The total cash and cash equivalents at the end of the period amounted to ¥632,746,119.52, down from ¥1,473,233,935.58 at the end of the previous period[49] Assets and Liabilities - Total assets at the end of Q3 2021 were ¥3,703,599,544.87, an increase of 3.94% from the end of the previous year[4] - As of September 30, 2021, the company's total current assets amounted to RMB 3,525,437,751.73, an increase from RMB 3,464,029,233.69 as of December 31, 2020, reflecting a growth of approximately 1.94%[30] - The company's cash and cash equivalents decreased to RMB 660,861,131.42 from RMB 815,798,918.97, representing a decline of about 19.0%[30] - The company's trading financial assets increased to RMB 2,168,277,576.85 from RMB 2,125,641,131.23, showing a growth of approximately 2.0%[30] - Accounts receivable rose to RMB 465,287,095.20 from RMB 363,908,220.51, indicating an increase of about 28.0%[30] - Total liabilities are CNY 484,979,109.21, up from CNY 400,925,067.35 in the previous period[36] - Owner's equity totals CNY 3,218,620,435.66, an increase from CNY 3,162,222,791.28 in the previous period[36] - The company reported a significant increase in accounts payable, rising to CNY 164,589,957.55 from CNY 145,421,727.67 in the previous period[36] Shareholder Information - The total number of common shareholders at the end of the reporting period is 14,928[13] - The largest shareholder, Sha Xiaolan, holds 41.96% of the shares, totaling 57,457,799 shares[13] - The second-largest shareholder, Wang Fangyun, holds 13.01% of the shares, totaling 17,812,500 shares[13] - The total number of restricted shares at the beginning of the period was 102,702,708, with 7,702,704 shares released during the period[17] - The total number of restricted shares at the end of the period is 95,000,004[17] - The company plans to release the restricted shares of Sha Xiaolan and Wang Fangyun on February 24, 2024[17] - The shareholder Harmony Growth II plans to reduce its holdings by up to 7,702,704 shares, which is 5.62% of the total share capital[26] Research and Development - The company reported a 339.88% increase in R&D expenses, totaling ¥21,180,864.09, due to increased R&D projects[10] - Research and development expenses increased to CNY 21,180,864.09, compared to CNY 4,815,114.38 in the previous period, reflecting a significant investment in innovation[40] Corporate Governance - The company has undergone a board of directors election, with a new board term starting from August 24, 2021[20] - The new board includes Sha Xiaolan as chairman and consists of seven members[20] - The company has changed its registered address and business scope, completing the necessary registration procedures[20] - The company has not disclosed any new product developments or market expansion strategies in the provided content[20] Other Financial Information - The company has maintained a stable financial position with no significant changes in short-term borrowings or other current liabilities[56] - The company is implementing new leasing standards starting from 2021, which may impact future financial reporting[60] - The company has not undergone an audit for the third quarter report[60]

Financial Performance - The company reported a total revenue of RMB 100 million for the first half of 2021, representing a year-on-year increase of 20%[17]. - The company has set a revenue guidance of RMB 220 million for the full year 2021, indicating a growth target of 25%[17]. - The company's operating revenue for the reporting period was ¥218,369,369.19, a decrease of 48.98% compared to the same period last year[28]. - The net profit attributable to shareholders was ¥58,657,245.48, down 39.47% year-over-year[28]. - The net profit after deducting non-recurring gains and losses was ¥28,663,409.59, reflecting a decline of 67.18% compared to the previous year[28]. - The company reported a revenue of 16.91 million yuan, a decrease of 92.20% compared to the previous year, primarily due to the impact of COVID-19 on new orders in the cultural tourism performance sector[49]. - The company achieved operating revenue of ¥111,458,500 in the large cultural performance sector, remaining stable compared to the previous year[41]. Market Expansion and Strategy - User engagement metrics showed a 15% increase in active users compared to the same period last year, reaching 1.5 million active users[17]. - New product launches in the second half of 2021 are expected to contribute an additional RMB 30 million in revenue[17]. - The company is expanding its market presence by entering three new provinces, aiming to increase market share by 10%[17]. - The company plans to explore potential mergers and acquisitions to enhance its service offerings and market reach[17]. - A strategic partnership with a leading technology firm is expected to enhance operational efficiency and reduce costs by 15%[17]. - The company plans to expand its consumer-oriented cultural tourism model, with projects in tourist-heavy areas such as West Lake in Hangzhou and Datang Night City in Xi'an expected to launch between August and October 2021[49]. Research and Development - Research and development expenses increased by 30% to RMB 10 million, focusing on innovative cultural media technologies[17]. - Research and development expenses increased significantly to ¥13,439,543.88, up 3,603.27% from ¥362,909.88, reflecting a greater investment in R&D projects[73]. Cash Flow and Assets - The net cash flow from operating activities improved to -¥24,417,243.69, a 55.02% increase from -¥54,286,972.08 in the same period last year[28]. - The total assets at the end of the reporting period reached ¥3,657,436,282.20, an increase of 2.65% from the end of the previous year[28]. - Cash and cash equivalents at the end of the reporting period amounted to CNY 1,324,109,072.55, representing 36.20% of total assets, up from 22.90% (CNY 815,798,918.97) at the end of the previous year, an increase of 13.30%[83]. Contracts and Orders - The company signed new contracts worth ¥678 million during the reporting period, indicating a recovery in business operations[37]. - The company has a total of ¥929 million in hand orders as of June 30, 2021, providing a solid performance reserve for 2021-2022[38]. - As of June 30, 2021, the cultural tourism performance sector had an order backlog of 401 million yuan, indicating a gradual recovery from the pandemic's effects[49]. Risks and Challenges - Risks related to market competition and regulatory changes have been identified, with mitigation strategies in place[17]. - The company is facing risks from the ongoing impact of COVID-19 on large cultural events, which may adversely affect performance if the situation worsens[113]. - The company is closely monitoring the competitive landscape in the cultural creative industry, which is becoming increasingly crowded[115]. Corporate Governance and Compliance - The company has revised its internal governance policies to enhance operational efficiency and compliance[165]. - The company’s board approved a management system for information disclosure to enhance compliance and protect investor rights[181]. - The company’s board meetings and resolutions were conducted in compliance with corporate governance standards, ensuring transparency and accountability[177]. Shareholder Information - The company plans not to distribute cash dividends or issue bonus shares for the half-year period[127]. - The company reported a net profit attributable to shareholders of 260.5 million RMB for the year 2020, with cumulative undistributed profits of 680.3 million RMB as of December 31, 2020[173]. - The total share capital after the proposed distribution will be 136,940,708 shares, resulting in an estimated earnings per share of 1.90 RMB for the year 2020[174]. - The basic earnings per share (EPS) decreased from 4.34 RMB to 1.90 RMB after the share capital change, representing a decline of approximately 56.3%[198]. - The diluted EPS also decreased from 4.34 RMB to 1.90 RMB, reflecting the same percentage decline[198].

Financial Performance - The company's operating revenue for Q1 2021 was ¥104,959,277.33, a decrease of 6.05% compared to ¥111,718,411.06 in the same period last year[8] - Net profit attributable to shareholders for Q1 2021 was ¥28,568,017.20, representing an increase of 41.04% from ¥20,254,983.80 in the previous year[8] - The net profit excluding non-recurring gains and losses was ¥10,607,328.77, down 29.43% from ¥15,031,446.09 year-on-year[8] - Basic earnings per share for Q1 2021 were ¥0.40, an increase of 8.11% from ¥0.37 in the previous year[8] - Total profit for the period was 37.43 million yuan, an increase of 42.34% year-on-year[28] - Net profit reached 28.57 million yuan, up 41.04% from the previous year[28] Cash Flow - The net cash flow from operating activities was -¥77,728,480.82, a decline of 190.75% compared to -¥26,733,706.14 in the same period last year[8] - Cash inflow from operating activities was 63,267,655.74, a decrease of 56.7% compared to 146,052,531.22 in the previous period[119] - Cash outflow from operating activities totaled 140,996,136.56, down 18.4% from 172,786,237.36 in the previous period[119] - The net cash flow from operating activities was -77,728,480.82, worsening from -26,733,706.14 in the previous period[119] - The company reported a net increase in cash and cash equivalents of 1,514,840,785.92, compared to a decrease of 24,028,952.48 in the previous period[123] Assets and Liabilities - Total assets at the end of the reporting period were ¥3,548,371,199.75, a decrease of 0.41% from ¥3,563,147,858.63 at the end of the previous year[8] - Total liabilities increased to ¥441,892,589.35, up from ¥370,124,614.36, reflecting a growth of approximately 19.3%[97] - Current assets totaled ¥3,324,757,919.19, slightly down from ¥3,378,336,202.51, indicating a decrease of about 1.6%[92] - Total current liabilities remained stable at CNY 392,949,284.21[138] - Total equity attributable to shareholders decreased to ¥3,079,646,083.46 from ¥3,136,423,405.91, a decline of about 1.8%[97] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 18,313[15] - The company’s stock price has been below the issue price since January 2021, prompting major shareholders to extend the lock-up period for their shares[43] - Following the IPO, 924,533 restricted shares were released for trading on February 24, 2021, representing 1.28% of the total share capital[44] Strategic Developments - The company is actively transforming its cultural tourism performance sector to reduce reliance on B2B clients and expand into B2C markets[29] - The acquisition of Beijing Luolan Impression Cultural Media Co., Ltd. was completed, enhancing the company's talent pool and market reach[29] - The company plans to leverage high-tech virtual reality and motion capture technologies to develop a new online entertainment ecosystem, aligning with its strategic goals[42] Operational Changes - The company revised its internal governance structures, including rules for board meetings and management practices, to enhance operational efficiency[41] - The company appointed Yang Lijing as the new deputy general manager on March 15, 2021, to support business development[59] Research and Development - The company reported a 2,648.90% increase in R&D expenses, reflecting increased investment in research projects[25] - Research and development expenses increased to $5,926,484.55, a substantial rise from $215,594.53 in the previous period[102] Compliance and Governance - The company adopted a new accounting policy effective January 1, 2021, in compliance with the revised leasing standards issued by the Ministry of Finance[56] - A new management system for information disclosure was approved on March 6, 2021, to enhance compliance and disclosure quality[58] Market Dynamics - The top five suppliers accounted for 45.19% of total purchases, down from 47.46% in Q1 2020, indicating a shift in supplier dynamics[33] - The top five customers in Q1 2021 generated 95.52% of total revenue, compared to 97.64% in Q1 2020, reflecting changes in customer concentration[33] - The first major customer in Q1 2021 contributed 27.59% of total revenue, a significant decrease from 73.02% in Q1 2020, indicating a diversification in customer base[33] Miscellaneous - The company has no significant changes in project feasibility or non-compliance with external guarantees during the reporting period[73][74] - The company has a total of 96.04 million CNY in excess raised funds, which will be used strictly according to regulatory requirements[70] - The company has invested 143.03 million CNY in the creative production and application center construction project, achieving a progress rate of 0.22%[67]

Financial Performance - The company reported a significant increase in revenue, with a year-on-year growth of 20% in 2020[14]. - The company's operating revenue for 2020 was ¥983,895,054.72, an increase of 7.87% compared to ¥912,126,929.27 in 2019[20]. - The net profit attributable to shareholders for 2020 was ¥260,500,436.06, showing a slight increase of 2.63% from ¥253,832,040.58 in 2019[20]. - The company achieved a revenue of 983.90 million yuan in 2020, representing a year-on-year growth of 7.87%[46]. - The net profit for the year was 260.50 million yuan, an increase of 2.63% compared to the previous year[46]. - The total assets at the end of 2020 reached ¥3,563,147,858.63, a substantial increase of 180.41% from ¥1,270,698,515.92 at the end of 2019[20]. - The net assets attributable to shareholders increased by 402.43% to ¥3,162,222,791.28 from ¥629,390,961.78 in 2019[20]. - The basic earnings per share for 2020 was ¥4.34, a decrease of 7.66% compared to ¥4.70 in 2019[20]. - The weighted average return on equity for 2020 was 17.17%, down 33.39% from 50.56% in 2019[20]. - The company’s comprehensive gross margin was 38.37% in 2020, a decline from 40.62% in 2019, primarily due to a significant drop in high-margin large cultural performance activities during the pandemic[132]. Dividend Distribution - The company plans to distribute a cash dividend of 10 RMB per 10 shares to all shareholders, totaling approximately 72 million shares[5]. - The total cash dividend amount distributed is RMB 72,074,057, which accounts for 100% of the distributable profit[139]. - The cash dividend for 2020 represents 27.67% of the net profit attributable to shareholders[145]. - The cumulative undistributed profit as of December 31, 2020, is RMB 680,305,809.44[144]. - The company has committed to ensuring the rights of minority shareholders are fully protected during the dividend distribution process[138]. - The company has a profit distribution plan emphasizing reasonable returns for investors, particularly small shareholders, over the next three years[155]. - The company adopts a profit distribution policy prioritizing cash dividends, with a minimum of 10% of distributable profits allocated for cash dividends in profitable years[157]. Market Expansion and Strategy - The company is focusing on expanding its market presence and enhancing its product offerings through new technology developments, including holographic projection technology[14]. - The company aims to increase its capital reserve by issuing 9 additional shares for every 10 shares held[5]. - The company has engaged in strategic acquisitions to bolster its market position and expand its service capabilities[14]. - The company has established partnerships to enhance its cultural performance equipment, which includes sound, lighting, and stage machinery[14]. - The company aims to enhance its cultural influence and soft power through innovative artistic methods and advanced cultural technology[32]. - The company plans to expand its large cultural performance activities into commercial performance projects and medium-sized projects, targeting contract amounts generally between 50 million to 100 million RMB[126]. - The company established a dedicated sales department in August 2020 to proactively expand market share[47]. - The company aims to leverage innovative artistic methods and cutting-edge cultural technology to promote traditional culture and enhance cultural confidence, contributing to the soft power of Chinese culture[35]. Research and Development - The company is committed to ongoing research and development to innovate its product line and stay competitive in the market[14]. - Research and development expenses increased significantly to ¥10,245,527.16, a 2,736.58% increase compared to the previous year[90]. - The number of R&D personnel rose to 66, making up 24.35% of the total workforce[93]. - The company obtained three utility model patents and several software copyrights during the year, enhancing its technical support and creative design capabilities[91]. Operational Efficiency - The company reported a net profit margin of 15% for the fiscal year 2020, reflecting improved operational efficiency[14]. - The management team has a deep understanding of industry development trends and has established efficient internal management systems, contributing to the company's operational efficiency[40]. - The company’s projects often require high levels of creativity and safety, which serves as a recognition of its comprehensive strength in the industry[38]. - The company will ensure that management's compensation is linked to operational performance to promote diligence and responsibility[170]. Impact of COVID-19 - Revenue from large cultural performances was 122.69 million yuan, significantly impacted by the COVID-19 pandemic[47]. - The cultural tourism performance segment has seen rapid growth, contributing approximately half of the company's revenue[61]. - The company plans to enhance its online performance sector to mitigate potential impacts from ongoing COVID-19 pandemic uncertainties[131]. - Operating cash inflow decreased by 46.36% to ¥572,870,876.57, primarily due to the impact of the COVID-19 pandemic on customer payments[94]. Competitive Landscape - The cultural and creative industry is experiencing increased market investment activity and expanding market size, driven by rising consumer spending and supportive industry policies, leading to intensified competition[36]. - The company recognizes the risk of increased competition in the cultural creative industry, particularly in the mid-to-low-end market segments[132]. - The company has a competitive advantage in the high-end market due to its unique creative design capabilities and extensive experience in significant projects, while the low-end market remains highly competitive[36]. Corporate Governance and Compliance - The company has committed to ensuring that raised funds are used effectively and in compliance with regulations, with a dedicated account for managing these funds[170]. - The company has established measures to ensure that any unfulfilled commitments do not lead to losses for investors, including stopping the receipt of dividends by those responsible for the commitments[166]. - The company has a long-term commitment to normal operations, ensuring that it adheres to its promises and obligations[166]. - The company will disclose the specific reasons for any failure to fulfill commitments in a timely and adequate manner, and will take corrective actions as required by regulatory authorities[166]. Investment and Financial Management - The total investment during the reporting period was ¥6,418,900,000.00, a substantial increase of 322.30% compared to the previous year[107]. - The company has raised excess funds totaling CNY 96,036.3 million, which will be used in accordance with regulatory requirements[114]. - The company has established a special account for fundraising and signed a tripartite supervision agreement with banks and the sponsor[199]. - The company confirmed that there were no significant related party transactions during the reporting period[189]. Subsidiaries and Projects - The company established two new subsidiaries, Zhengzhou Fengshang Century Cultural Tourism Development Co., Ltd. and Shanghai Fengshang Century Enterprise Development Co., Ltd., expanding its operational scope[86]. - The company completed several major cultural tourism performance projects, including "Han Song" and "Tian Han Legend," which contributed to the positive market opportunities during the pandemic[62]. - The company has successfully executed major projects such as the lighting design for the Beijing 2008 Olympic Games and the "Beijing 8 Minutes" performance at the PyeongChang 2018 Winter Olympics, showcasing its strong creative design capabilities and project experience[35][39].

Financial Performance - Operating revenue for the quarter was ¥399,228,235.46, a year-on-year increase of 63.37%[9] - Net profit attributable to shareholders for the quarter was ¥106,996,825.72, up 17.85% year-on-year[9] - Basic earnings per share for the quarter was ¥1.78, an increase of 5.95% year-on-year[9] - The company's net profit for the first nine months of 2020 increased by 47.55% to RMB 632,717,486.65[21] - Total operating revenue for the current period reached ¥399,228,235.46, a significant increase from ¥244,375,376.07 in the previous period, representing a growth of approximately 63.5%[61] - Net profit for the current period was ¥106,996,825.72, compared to ¥90,787,195.37 in the previous period, reflecting a growth of approximately 17.8%[64] - Total profit for the current period was ¥132,612,224.86, compared to ¥122,387,438.64, reflecting an increase of approximately 8.9%[64] - Net profit for the current period was ¥203,902,113.27, representing a 15.93% increase compared to ¥175,881,230.00 in the previous period[80] - Total profit amounted to ¥270,353,126.08, up from ¥247,430,047.62 in the previous period, reflecting a growth of 9.8%[80] Assets and Liabilities - Total assets increased by 175.42% to ¥3,499,695,528.37 compared to the end of the previous year[9] - The company's total liabilities increased significantly, with a notable rise in tax payable by 181.89% to RMB 45,957,388.62 due to increased revenue[21] - Total current assets surged from CNY 1,116,975,087.97 to CNY 3,314,439,260.88, marking an increase of around 196.5%[51] - Total assets increased from CNY 1,238,459,705.15 to CNY 3,440,279,725.65, a growth of about 178.3%[54] - Current liabilities decreased from CNY 632,170,164.73 to CNY 386,611,165.39, a reduction of about 38.8%[45] - Total liabilities decreased from CNY 641,307,554.14 to CNY 394,071,314.58, a reduction of approximately 38.5%[45] Cash Flow - Net cash flow from operating activities decreased by 42.91% to ¥79,175,498.47 compared to the same period last year[9] - The company's cash inflow from operating activities was 370,976,873.82, a decrease of 61.0% compared to 950,850,341.33 in the previous period[92] - The net cash flow from operating activities was 24,888,526.39, a significant decline of 86.8% from 187,954,235.07 in the previous period[92] - The cash inflow from investment activities totaled 1,465,767,608.22, an increase of 36.3% compared to 1,075,663,246.57 in the previous period[95] - The net cash flow from investment activities was -1,391,384,035.47, worsening from -468,460,822.10 in the previous period[95] - The cash inflow from financing activities was 2,288,150,768.00, compared to 851,375.62 in the previous period[95] - The net cash flow from financing activities was 2,279,270,230.97, a recovery from -1,244,324.69 in the previous period[95] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 22,495[14] - The largest shareholder, Sha Xiaolan, holds 41.96% of the shares[14] - Owner's equity increased significantly from CNY 629,390,961.78 to CNY 3,105,624,213.79, representing a growth of approximately 392.5%[48] Research and Development - Research and development expenses surged by 5189.56% to RMB 4,815,114.38 due to increased R&D projects[21] - Research and development expenses were reported at ¥4,452,204.50, compared to ¥0.00 in the previous period, indicating a new investment in innovation[61] - Research and development expenses surged to ¥4,815,114.38, compared to only ¥91,030.45 in the previous period, indicating a significant investment in innovation[77] Other Financial Metrics - The weighted average return on equity was 6.96%, down 61.20% compared to the same period last year[9] - The company reported government subsidies of ¥7,954,337.63 during the period[9] - The company reported an investment income of ¥4,032,082.19, up from ¥667,397.26, marking an increase of approximately 503.5%[61] - The company experienced a credit impairment loss of ¥-4,791,892.63, a significant change from a gain of ¥479,014.94 in the previous period[61] - The company reported a credit impairment loss of ¥-13,444,993.16, a significant change from a gain of ¥529,250.16 in the previous period[77] Corporate Actions - The company signed a performance project commissioning agreement with Shaoshan Huxiang Tourism Development Co., Ltd. for a total contract amount of RMB 150 million[27] - The company completed the business registration change from "non-listed company" to "listed company" on September 23, 2020[27] - The board approved the use of up to RMB 16 billion of idle funds for cash management, effective for twelve months[26] - The company has indicated plans for market expansion and new product development, although specific details were not disclosed in the report[64] - The company has not disclosed any significant changes in net profit or losses compared to the previous year[31] - The company has not disclosed any new product developments or market expansion strategies in the current report[121] - There were no significant mergers or acquisitions mentioned in the financial report[121]