Financial Performance - The company's operating revenue for the reporting period was ¥396,926,684.58, a decrease of 11.71% compared to the same period last year[26]. - Net profit attributable to shareholders was ¥49,636,104.52, down 34.72% year-on-year[26]. - Basic and diluted earnings per share were both ¥0.27, a decrease of 55.74% from the previous year[26]. - The company's gross profit margin for general equipment manufacturing was 39.35%, down 5.89% from the previous year[76]. - The company's sales revenue from domestic markets was ¥376,546,399.54, a decrease of 13.14% year-on-year[76]. - The company's sales revenue from exports was ¥20,078,691.60, an increase of 25.85% year-on-year[76]. - The total comprehensive income for the first half of 2022 was CNY 49,636,104.52, down 34.7% from CNY 76,039,099.12 in the same period of 2021[186]. - The net profit for the first half of 2022 was CNY 49,636,104.52, down 34.7% from CNY 76,039,099.12 in the first half of 2021[186]. - The total profit for the first half of 2022 was CNY 61,865,486.19, down 32.6% from CNY 91,761,588.46 in the first half of 2021[185]. Cash Flow and Liquidity - The net cash flow from operating activities was -¥67,169,398.35, representing a decline of 163.75% compared to the previous year[26]. - The company's cash and cash equivalents increased by 3,009.88% to ¥1,326,755,949.55, primarily due to increased cash flow from fundraising[74]. - Cash and cash equivalents at the end of the reporting period amounted to ¥1,500,454,820, representing 55.03% of total assets, an increase of 44.15% compared to the previous year[80]. - The company's operating cash flow decreased by 163.75% to -¥67,169,398.35, mainly due to reduced collections and increased payments for raw materials[74]. - The net cash flow from financing activities was 1,302,405,416.34, compared to -8,682,799.62 in the first half of 2021, indicating a strong financing position[193]. - The total cash and cash equivalents at the end of the period reached 1,389,947,002.39, significantly up from 80,682,319.38 in the previous year[193]. Assets and Liabilities - Total assets at the end of the reporting period reached ¥2,726,509,692.36, an increase of 98.47% compared to the end of the previous year[26]. - The company's total liabilities increased to CNY 1,200,000,000, with a notable rise in accounts payable to CNY 178,286,168.51 from CNY 173,692,603.63[176]. - The total current assets increased to CNY 2,523,141,195.99 from CNY 1,199,008,344.17, reflecting a growth of approximately 110.9%[176]. - Short-term borrowings rose to CNY 300,303,361.10 from CNY 190,370,633.33, representing an increase of about 57.9%[176]. - The company's equity attributable to shareholders reached CNY 1,898,852,729.90, a substantial increase from CNY 389,911,140.47 at the beginning of the year, reflecting strong retained earnings[182]. Research and Development - The company holds 23 invention patents and 77 utility model patents, indicating strong R&D capabilities[35]. - The company is focusing on research and development of energy-saving valve technologies, aiming to maintain its technological leadership in the market[48]. - The company has established a performance evaluation and reward system for R&D personnel, ensuring continuous innovation and technological advancement[54]. - Research and development expenses for the first half of 2022 were CNY 17,615,251.93, compared to CNY 19,454,839.18 in the same period of 2021, reflecting a decrease of 9.4%[185]. - The company is focusing on increasing R&D investment in industrial valve products to expand market share and enhance core competitiveness[107]. Market Position and Strategy - The company is positioned as a leading supplier in the water-saving valve industry, with products applied in major projects like the Three Gorges Project and Beijing Daxing International Airport[34]. - The company plans to leverage the accelerated investment in water conservancy construction to enhance its market position[38]. - The company has developed a comprehensive range of valve products, including gate valves, butterfly valves, and pressure reducing valves, to meet one-stop procurement needs in the water supply and drainage sector[42]. - The company plans to expand its production base for water-saving valves in Shanghai, with a total commitment of ¥40,502 million[91]. - The company is exploring potential mergers and acquisitions to strengthen its market position[200]. Operational Challenges - The company faces capacity constraints due to rapid business growth, necessitating an increase in production capacity to meet rising customer demand[59]. - The company has been affected by the COVID-19 pandemic, implementing measures to ensure production continuity and timely delivery to customers[63]. - The ongoing COVID-19 pandemic continues to pose uncertainties that may impact the company's operations and profitability[112]. - The company is addressing the challenges of increased operational complexity due to expansion and is optimizing management measures to enhance operational capabilities[109]. Corporate Governance and Compliance - The company will not distribute cash dividends or issue bonus shares for the reporting period[10]. - There were no changes in the board of directors, supervisors, or senior management during the reporting period[117]. - The company has not engaged in any major litigation or arbitration matters during the reporting period[136]. - The company maintains a good communication relationship with creditors and has never defaulted on debt obligations[123]. - The company has not reported any significant environmental penalties or issues during the reporting period[122].

Financial Performance - The company's operating revenue for 2021 was CNY 1,046,848,450.35, representing a 3.10% increase compared to CNY 1,015,364,069.92 in 2020[18]. - The net profit attributable to shareholders for 2021 was CNY 192,314,383.05, a significant increase of 73.11% from CNY 111,091,216.79 in the previous year[18]. - The net cash flow from operating activities reached CNY 217,452,372.73, marking a 69.68% increase compared to CNY 128,156,214.58 in 2020[18]. - The basic earnings per share for 2021 was CNY 1.53, up 71.91% from CNY 0.89 in 2020[18]. - Total assets at the end of 2021 amounted to CNY 1,373,769,404.61, reflecting a 16.30% increase from CNY 1,181,274,934.92 at the end of 2020[18]. - The net assets attributable to shareholders increased by 33.12% to CNY 773,554,119.89 from CNY 581,094,865.23 in 2020[18]. - The company reported a weighted average return on equity of 28.39% for 2021, an increase of 5.37% from 23.02% in 2020[18]. - The net profit after deducting non-recurring gains and losses was CNY 167,243,370.88, a slight increase of 1.85% from CNY 164,207,227.27 in 2020[18]. Dividend Policy - The company plans to distribute a cash dividend of CNY 3.80 per 10 shares (including tax) to all shareholders[5]. - The cash dividend amount represents 100% of the total distributable profit of 64,146,470.59 yuan[162]. - The company will ensure that cash dividends are at least 20% of the distributable profit for the year, provided conditions are met[162]. - The profit distribution policy is consistent with the company's articles of association and has been approved by the board of directors[162]. Research and Development - The company holds 23 invention patents and 81 utility model patents, demonstrating its strong commitment to research and development[35]. - Research and development expenses increased by 5.31% to ¥43,037,343.47 compared to the previous year[73]. - Major R&D projects include the development of a smart control valve, aimed at enhancing remote automation control and meeting market demands[74]. - The company is focusing on expanding its product range to meet the demands of the smart water management market[75]. - The company is investing 50 million RMB in R&D for innovative technologies over the next two years[135]. Market Position and Strategy - The company is recognized as a leading supplier of water-saving valves in China, with its products applied in major projects such as the Three Gorges Project and the Beijing Daxing International Airport[34]. - The company anticipates continued growth in the water-saving valve market, driven by urbanization and infrastructure investment in water resources[30]. - The company is focusing on market development by enhancing customer relationships and exploring new applications for its products, particularly in the smart water management sector[100]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in sales from this region by 2023[129]. - A strategic acquisition of a local competitor is expected to be finalized in Q2 2022, which is anticipated to enhance market share by 15%[130]. Operational Efficiency - The company has established a strict procurement and payment system, ensuring effective supplier management and procurement processes[39]. - The company primarily organizes production based on customer orders, maintaining a certain level of safety stock to meet demand[40]. - The company aims to enhance its supply chain efficiency, targeting a reduction in lead time by 15%[133]. - The company plans to enhance production efficiency and optimize product structure to improve technological content and core competitiveness[99]. Governance and Compliance - The company strictly adheres to relevant laws and regulations, ensuring a governance structure that protects the rights of all shareholders, particularly minority shareholders[111]. - The board of directors consists of 7 members, including 3 independent directors, ensuring compliance with legal requirements and promoting professional decision-making[112]. - The company has established a comprehensive internal control system to maintain operational independence from its controlling shareholder[117]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[172]. Challenges and Risks - The company faces challenges with insufficient production capacity to meet the growing order demand, necessitating an increase in capacity[50]. - The company recognizes the need to further cultivate and attract high-end talent to enhance its core competitiveness[51]. - The company faces risks related to rising raw material prices, which could adversely affect profitability if product prices do not adjust accordingly[104]. - The ongoing COVID-19 pandemic poses operational risks, including delays in procurement and production, which could affect overall business performance[106]. Future Outlook - The company provided a positive outlook for 2022, projecting a revenue growth of 10% to 20%, driven by new product launches and market expansion strategies[127]. - The company aims to launch three new product lines in 2022, which are projected to contribute an additional 200 million RMB in revenue[126]. - The company has set a future outlook with a revenue target of 1.5 billion RMB for 2022, indicating an expected growth of 25%[134]. - The company plans to maintain a stable and continuous profit distribution policy, ensuring it does not exceed the cumulative distributable profits[199].

Financial Performance - The company's operating revenue for 2021 was ¥1,046,848,450.35, representing a 3.10% increase compared to ¥1,015,364,069.92 in 2020[18]. - The net profit attributable to shareholders for 2021 was ¥192,314,383.05, a significant increase of 73.11% from ¥111,091,216.79 in the previous year[18]. - The net cash flow from operating activities reached ¥217,452,372.73, marking a 69.68% increase from ¥128,156,214.58 in 2020[18]. - Basic earnings per share for 2021 were ¥1.53, up 71.91% from ¥0.89 in 2020[18]. - Total assets at the end of 2021 amounted to ¥1,373,769,404.61, reflecting a 16.30% increase from ¥1,181,274,934.92 at the end of 2020[18]. - The net assets attributable to shareholders increased by 33.12% to ¥773,554,119.89 from ¥581,094,865.23 in 2020[18]. - The company reported a weighted average return on equity of 28.39% for 2021, an increase of 5.37% from 23.02% in 2020[18]. - The net profit after deducting non-recurring gains and losses was ¥167,243,370.88, a slight increase of 1.85% from ¥164,207,227.27 in 2020[18]. - The company reported a total revenue of 1.2 billion RMB for the fiscal year 2021, representing a year-over-year increase of 15%[123]. - The gross profit margin for 2021 was reported at 35%, a slight increase from 33% in 2020[124]. Dividends and Profit Distribution - The company plans to distribute a cash dividend of ¥3.80 per 10 shares (before tax) to all shareholders[5]. - The total distributable profit for the year is reported at 64,146,470.59 CNY, with the cash dividend amounting to 100% of the total profit distribution[160]. - The company has a profit distribution policy prioritizing cash dividends, aiming for a minimum of 80% cash distribution in mature stages without major capital expenditures[156]. - The company plans to distribute cash dividends of at least 30% of the distributable profits for the year unless there are losses[200]. - Cash dividends should not be less than 20% of the distributable profits achieved in the current year[199]. - The company aims to maintain a cash dividend distribution policy that ensures at least 80% of profits are distributed when in a mature stage without major capital expenditures[198]. Research and Development - The company holds 23 invention patents and 81 utility model patents, showcasing its strong R&D capabilities[35]. - The company focuses on the research and development of valve sealing, reliability, and intelligent technology, emphasizing water-saving and energy-saving technologies for valves[38]. - Research and development expenses increased by 5.31% to ¥43,037,343.47 compared to the previous year[72]. - The number of R&D personnel rose by 6.67% to 96, with their proportion in the workforce increasing to 10.86%[76]. - The company has developed new products such as intelligent fire hydrants and smart control valves, expanding the application of its core technologies[54]. - The company is actively developing new products and technologies to enhance market competitiveness and meet customer demands[75]. Market Position and Strategy - The company is recognized as a leading supplier of water-saving valves in China, with a significant market position[32]. - The demand for water-saving valves is expected to grow due to increasing emphasis on water resource efficiency in China[30]. - The company aims to maintain its leading position in the domestic water-saving valve market and increase investment in research and development[98]. - The company is focusing on smart water management market development to strengthen its market position[98]. - The company plans to enhance production efficiency and optimize product structure to improve technical content[98]. - The company is expanding its market presence in Southeast Asia, targeting a 30% increase in sales in that region over the next two years[127]. Operational Efficiency - The company primarily organizes production based on customer orders, maintaining a certain level of safety stock to meet demand[39]. - The company has established a strict procurement and payment system, ensuring effective supplier management and procurement processes[39]. - The company has a strong focus on quality control, implementing rigorous inspection and monitoring throughout the production process[45]. - The company aims to improve production efficiency and market competitiveness through new product developments[74]. - The company is enhancing its information systems to improve data management and operational efficiency, aiming for better integration of business processes[101]. Corporate Governance - The company strictly adheres to relevant laws and regulations, ensuring a high level of corporate governance and protecting the rights of all shareholders, particularly minority shareholders[110]. - The board of directors consists of 7 members, including 3 independent directors, ensuring compliance with legal requirements and effective decision-making[111]. - The company has established a transparent performance evaluation and incentive mechanism for senior management, ensuring compliance with relevant laws and regulations[112]. - The company has a robust internal control system and independent financial management, ensuring compliance with tax obligations and financial independence[115]. - The company has implemented effective information disclosure practices, ensuring timely and accurate communication with investors[112]. Challenges and Risks - The company faces challenges such as insufficient production capacity to meet growing customer demand[49]. - There is a need for further cultivation and recruitment of high-end talent to enhance core competitiveness[50]. - The company faces risks related to raw material price fluctuations, which could adversely affect profitability if sales prices do not adjust accordingly[103]. - The ongoing COVID-19 pandemic poses operational risks, affecting procurement, production, and sales processes, which could impact overall performance[106]. - The company acknowledges the risks associated with intensified market competition and plans to adapt its strategies to maintain its competitive position[105]. Employee Management - The total number of employees at the end of the reporting period was 884, with 430 in the parent company and 454 in major subsidiaries[150]. - The company has established a training plan to enhance employee capabilities and promote career development[153]. - The company emphasizes a stable profit distribution policy, considering the opinions of independent directors and minority shareholders[155]. - The company has no retired employees requiring financial support, indicating a focus on current workforce management[151]. Future Outlook - The company has provided a performance guidance for 2022, expecting a revenue growth of 10% to 12%[125]. - The company has set a future outlook with a revenue target of 1.5 billion RMB for 2022, indicating an expected growth rate of 25%[132]. - The company plans to implement a new marketing strategy focusing on digital channels, aiming for a 40% increase in online sales[125]. - The management team remains stable with no changes in key personnel during the reporting period[126].

Financial Performance - The company's operating revenue for Q1 2022 was ¥167,200,555.17, a decrease of 6.64% compared to ¥179,086,519.01 in the same period last year[3] - Net profit attributable to shareholders was ¥23,334,868.94, down 23.53% from ¥30,513,346.85 year-on-year[3] - The company's basic earnings per share decreased by 20.83% to ¥0.19 from ¥0.24 in the same period last year[3] - The weighted average return on equity fell to 2.97%, down 2.17% from 5.14% in the previous year[3] - The net profit attributable to the parent company for Q1 2022 was ¥23,334,868.94, a decrease from ¥30,513,346.85 in Q1 2021, representing a decline of approximately 23.5%[19] - The basic and diluted earnings per share for Q1 2022 were both ¥0.19, down from ¥0.24 in the same period last year, indicating a decrease of 20.8%[19] - The company reported a total comprehensive income of ¥23,334,868.94 for Q1 2022, down from ¥30,513,346.85 in the previous year, indicating a decline of approximately 23.5%[19] Cash Flow - The net cash flow from operating activities was -¥30,447,425.80, representing a decline of 181.18% compared to ¥37,504,629.07 in the previous year[3] - Cash inflow from operating activities totaled ¥244,163,217.20, compared to ¥295,364,221.86 in Q1 2021, reflecting a decrease of about 17.3%[21] - The net cash flow from operating activities was negative at -¥30,447,425.80, contrasting with a positive net cash flow of ¥37,504,629.07 in the previous year[21] - Cash inflow from investment activities was ¥91,124,121.30, down from ¥105,120,239.46 in Q1 2021, a decrease of approximately 13.5%[22] - The net cash flow from investment activities improved to ¥74,072,112.40, compared to a negative net cash flow of -¥27,613,230.40 in the same period last year[22] - The net cash flow from financing activities was -¥32,994,119.89, worsening from -¥5,093,882.28 in Q1 2021[22] - The total cash and cash equivalents at the end of Q1 2022 stood at ¥73,673,356.63, an increase from ¥42,873,636.89 at the end of Q1 2021[22] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,337,731,066.55, a decrease of 2.62% from ¥1,373,769,404.61 at the end of the previous year[3] - Accounts receivable decreased to CNY 417,932,398.44 from CNY 442,804,502.23, indicating a reduction of about 5.6%[13] - Inventory increased to CNY 340,593,112.46 from CNY 296,678,989.74, reflecting an increase of approximately 14.8%[13] - Total liabilities decreased to CNY 540,842,077.72 from CNY 600,215,284.72, a reduction of approximately 9.9%[15] - Current liabilities decreased to CNY 533,218,225.18 from CNY 595,698,955.66, a decline of approximately 10.5%[15] - Non-current assets increased to CNY 185,890,039.05 from CNY 174,761,060.44, showing an increase of about 6.5%[14] Investment and R&D - The company plans to invest a net amount of ¥119,699.87 million raised from its IPO into projects closely related to its existing business, focusing on water-saving valve technology innovation[11] - The company aims to enhance its R&D capabilities through the establishment of a new R&D center, which will support the continuous development of its core technologies[11] Other Information - The company reported a 37.49% decrease in trading financial assets due to repayment of loans, leading to reduced idle funds for short-term financial products[7] - The company experienced a 42.82% increase in contract liabilities, attributed to an increase in advance payments received in Q1 2022[7] - The company did not conduct an audit for the Q1 2022 report[23]

Financial Performance - The company's operating revenue for Q1 2022 was ¥167,200,555.17, a decrease of 6.64% compared to ¥179,086,519.01 in the same period last year[3] - Net profit attributable to shareholders was ¥23,334,868.94, down 23.53% from ¥30,513,346.85 year-on-year[3] - Total operating revenue for the first quarter was CNY 167,200,555.17, a decrease of 6.5% from CNY 179,086,519.01 in the previous year[17] - Net profit for the quarter was CNY 23,334,868.94, representing a decline of 23.5% compared to CNY 30,513,346.85 in the same period last year[18] - The company’s total comprehensive income for Q1 2022 was ¥23,334,868.94, reflecting a decrease from ¥30,513,346.85 in Q1 2021[19] Cash Flow - The net cash flow from operating activities was -¥30,447,425.80, a decline of 181.18% compared to ¥37,504,629.07 in the previous year[3] - Cash inflow from operating activities totaled ¥244,163,217.20, a decline of 17.3% from ¥295,364,221.86 in the previous year[21] - The net cash flow from operating activities was -¥30,447,425.80, compared to a positive ¥37,504,629.07 in Q1 2021[21] - Cash inflow from investment activities was ¥91,124,121.30, down from ¥105,120,239.46 in the previous year[22] - The net cash flow from investment activities improved to ¥74,072,112.40, compared to -¥27,613,230.40 in the same period last year[22] - The net cash flow from financing activities was -¥32,994,119.89, worsening from -¥5,093,882.28 in Q1 2021[22] - The total cash and cash equivalents at the end of Q1 2022 were ¥73,673,356.63, an increase from ¥42,873,636.89 at the end of Q1 2021[22] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,337,731,066.55, a decrease of 2.62% from ¥1,373,769,404.61 at the end of the previous year[3] - Total assets decreased to CNY 1,337,731,066.55 from CNY 1,373,769,404.61, a reduction of 2.6%[15] - Total liabilities decreased to CNY 540,842,077.72 from CNY 600,215,284.72, a decline of 9.9%[15] Equity and Earnings - The weighted average return on equity decreased to 2.97% from 5.14% in the previous year[3] - The company’s total equity increased to CNY 796,888,988.83 from CNY 773,554,119.89, reflecting a growth of 3.0%[15] - The basic and diluted earnings per share for Q1 2022 were both ¥0.19, down from ¥0.24 in Q1 2021[19] Operational Efficiency - The company reported a significant increase in contract liabilities by 42.82%, indicating a rise in advance payments received[7] - The company experienced a 100% decrease in investment income due to the purchase of bank wealth management products not reaching the settlement period[8] - The company aims to improve its smart information management level through an information technology upgrade project, enhancing operational efficiency[11] - Research and development expenses remained stable at CNY 9,225,019.68, slightly down from CNY 9,309,852.08[18] - The company plans to enhance its R&D capabilities through the establishment of a new R&D center, which will support the continuous development of its core technologies[11] Inventory and Costs - Total operating costs amounted to CNY 146,120,207.96, down 2.5% from CNY 149,661,906.11 year-over-year[18] - Inventory levels rose to CNY 340,593,112.46, up 14.8% from CNY 296,678,989.74 at the start of the year[14] - The company reported a significant reduction in financial expenses, which fell to CNY 1,299,960.73 from CNY 2,344,823.55, a decrease of 44.5%[18]

Financial Performance - The company's operating revenue for Q1 2022 was ¥167,200,555.17, a decrease of 6.64% compared to ¥179,086,519.01 in the same period last year[3]. - Net profit attributable to shareholders was ¥23,334,868.94, down 23.53% from ¥30,513,346.85 year-on-year[3]. - Total operating revenue for the current period is CNY 167,200,555.17, compared to CNY 179,086,519.01 in the previous period[17]. - Net profit for the current period is CNY 23,334,868.94, a decrease from CNY 30,513,346.85 in the previous period[18]. - The basic and diluted earnings per share for Q1 2022 were both ¥0.19, down from ¥0.24 in the same period last year, indicating a decrease of 20.8%[19]. - The company reported a decrease in sales expenses to CNY 29,028,065.95 from CNY 27,663,418.32, reflecting a cost management strategy[18]. - The company reported a cash inflow from sales of goods and services of ¥214,793,397.08, down from ¥264,536,963.47 in the previous year, a decline of about 18.8%[21]. - The company’s total comprehensive income for Q1 2022 was ¥23,334,868.94, a decrease from ¥30,513,346.85 in Q1 2021, indicating a decline of approximately 23.5%[19]. Cash Flow - The net cash flow from operating activities was -¥30,447,425.80, a decline of 181.18% compared to ¥37,504,629.07 in the previous year[3]. - Cash inflows from operating activities totaled ¥244,163,217.20, compared to ¥295,364,221.86 in Q1 2021, reflecting a decrease of about 17.3%[21]. - The net cash flow from operating activities was negative at -¥30,447,425.80, contrasting with a positive net cash flow of ¥37,504,629.07 in the previous year[21]. - Cash inflows from investment activities amounted to ¥91,124,121.30, down from ¥105,120,239.46 in Q1 2021, a decrease of approximately 13.5%[22]. - The net cash flow from investment activities was positive at ¥74,072,112.40, compared to a negative net cash flow of -¥27,613,230.40 in the same period last year[22]. - The net cash flow from financing activities was negative at -¥32,994,119.89, worsening from -¥5,093,882.28 in Q1 2021[22]. - The total cash and cash equivalents at the end of Q1 2022 were ¥73,673,356.63, an increase from ¥42,873,636.89 at the end of Q1 2021, representing a growth of approximately 72.0%[22]. Assets and Liabilities - Total assets at the end of the reporting period were ¥1,337,731,066.55, a decrease of 2.62% from ¥1,373,769,404.61 at the end of the previous year[3]. - Current assets total CNY 1,151,841,027.50, a decrease from CNY 1,199,008,344.17 at the beginning of the year[14]. - Total liabilities decreased to CNY 540,842,077.72 from CNY 600,215,284.72, indicating a decline of approximately 9.9%[15]. - Short-term borrowings decreased to CNY 160,087,744.44 from CNY 190,370,633.33, a reduction of about 15.9%[15]. - Non-current assets total CNY 185,890,039.05, an increase from CNY 174,761,060.44 at the beginning of the year[14]. Investments and Expenses - The company plans to invest a net amount of ¥119,699.87 million raised from its IPO into projects closely related to its existing business, including expansion of production bases and R&D capabilities[11]. - The company has ongoing investments in research and development, with R&D expenses reported at CNY 9,225,019.68, slightly down from CNY 9,309,852.08[18]. - The company experienced a 100% decrease in investment income due to the purchase of bank wealth management products not reaching the settlement period[8]. - The company’s cash flow from investing activities decreased by 368.25%, attributed to reduced investment payments[8]. - The company’s financial expenses decreased by 44.56% due to loan repayments[8]. - Total operating costs for the current period amount to CNY 146,120,207.96, down from CNY 149,661,906.11 in the previous period[18]. - The weighted average return on equity decreased to 2.97% from 5.14% in the previous year[3]. - The company reported a significant increase in contract liabilities by 42.82%, primarily due to an increase in advance payments received[7].