{"id":22973,"date":"2023-10-27T20:30:00","date_gmt":"2023-10-27T20:30:00","guid":{"rendered":"https:\/\/www.prnasia.com\/story\/archive\/4251002_CN51002_0"},"modified":"2023-10-27T20:30:00","modified_gmt":"2023-10-27T20:30:00","slug":"recon-technology-ltd-reports-financial-year-results-for-fiscal-year-2023","status":"publish","type":"post","link":"https:\/\/transmediavictoria.net.au\/?p=22973","title":{"rendered":"Recon Technology, Ltd Reports Financial Year Results for Fiscal Year 2023"},"content":{"rendered":"\n

BEIJING<\/span>, Oct. 28, 2023 \/PRNewswire\/ — Recon Technology, Ltd (NASDAQ: RCON) ("Recon" or the "Company"), a China<\/span>-based independent solutions integrator in the oilfield service and environmental protection, electric power and coal chemical industries, today announced its financial results for fiscal year 2023.<\/p>\n

Fiscal Year Ended June 30, 2023<\/span> Financial Highlights:<\/p>\n

–  Total revenue<\/b> decreased by approximately RMB16.7 million<\/span> ($2.3 million<\/span>) or 19.9% to RMB67.1 million<\/span> ($9.3 million<\/span>) for the year ended June 30, 2023<\/span> from RMB83.8million<\/span> ($12.5 million<\/span>) for the same period in 2022.<\/p>\n

–  Gross profit <\/b>decreased to RMB18.9 million<\/span> ($2.6 million<\/span>) for the year ended June 30, 2023<\/span>, from RMB19.4 million<\/span> ($2.9 million<\/span>) for the same period in 2022.<\/p>\n

–  Gross margin<\/b> increased to 28.1% for the year ended June 30, 2023<\/span> from 23.2% for the same period in 2022.<\/p>\n

–  Net loss<\/b> was RMB61.5 million<\/span> ($8.5 million<\/span>) for the year ended June 30, 2023<\/span>, an increase of RMB155.8 million<\/span> ($21.5 million<\/span>) from net income of RMB94.3 million<\/span> ($14.1 million<\/span>) for the same period of 2022.<\/p>\n

 <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n\n

For the Years Ended<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n\n

June 30,<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n\n

2023<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

2022<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

Increase \/(Decrease)<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

Percentage
Change<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

(in RMB millions, except
earnings per share;
differences due to rounding)<\/i><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Revenue<\/span><\/p>\n<\/td>\n

<\/td>\n\n

RMB<\/span><\/p>\n<\/td>\n

\n

67.1<\/span><\/p>\n<\/td>\n

<\/td>\n\n

RMB<\/span><\/p>\n<\/td>\n

\n

83.8<\/span><\/p>\n<\/td>\n

<\/td>\n\n

RMB<\/span><\/p>\n<\/td>\n

\n

(16.7)<\/span><\/p>\n<\/td>\n

<\/td>\n\n

(19.9)<\/span><\/p>\n<\/td>\n

\n

%<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Gross profit<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

18.9<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

19.4<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(0.5)<\/span><\/p>\n<\/td>\n

<\/td>\n\n

(2.9)<\/span><\/p>\n<\/td>\n

\n

%<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Gross margin<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

28.1 %<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

23.2 %<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

6.0 %<\/span><\/p>\n<\/td>\n

<\/td>\n\n

\u2014\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Net income (loss)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(61.5)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

94.3<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(155.8)<\/span><\/p>\n<\/td>\n

<\/td>\n\n

(165.2)<\/span><\/p>\n<\/td>\n

\n

%<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Net earnings per share \u2013
Basic and diluted <\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(1.7)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

3.2<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(4.9)<\/span><\/p>\n<\/td>\n

<\/td>\n\n

(154.5)<\/span><\/p>\n<\/td>\n

\n

%<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

 <\/p>\n

 <\/p>\n

Management Commentary<\/b><\/p>\n

Mr. Shenping Yin<\/span>, Founder and CEO of Recon said, "Fiscal year ended 2023 was a year of change, challenge and opportunity for Recon. As a result of the impact of the outbreak and changes in the industry, our established business volume temporarily declined and recovered less than optimally, and resulting in a decline in overall revenue in fiscal year ended 2023, but our gross margins improved due to management efficiencies and the overall recovery of the industry.<\/p>\n

We believe that China’s<\/span> investment and demand in the oil industry will not decrease in the near future, and we believe that there are still many opportunities for growth in the oil industry. Recon will continue to benefit from this trend. We expect a significant increase in the volume of business in the oilfield services segment in the coming year. We are also expanding our business focus from oilfield service segment to broader energy sectors, including carbon-zero opportunities and alternative materials for primary petroleum products. We are actively exploring the chemical recycling business of low-value plastics based on waste treatment and recycling, and have reached preliminary cooperation agreements and market expansion and sales intentions with key upstream and downstream customers. Our drive has always been to maximize the long-term benefits for our company and our shareholders based on our experience and resources in the petrochemical and energy industries."<\/p>\n

Fiscal Year Ended 2023 Financial Results:<\/b><\/p>\n

Revenue<\/i><\/p>\n

Total revenues for the year ended June 30, 2023<\/span> were approximately RMB67.1 million<\/span> ($9.3 million<\/span>), a decrease of approximately RMB16.7 million<\/span> ($2.3 million<\/span>) or 19.9% from RMB83.8million<\/span> ($12.5 million<\/span>) for the same period in 2022. The overall decrease in revenue was mainly due to decrease from all four segments during the year ended June 30, 2023<\/span>.<\/p>\n

 –  Revenue from automation product and software decreased by RMB5.3 million<\/span> ($0.7 million<\/span>) or 316.6%. The decrease was mainly caused by decreased orders from JiDong oilfield as this client reduced their investment budget and oil and gas extraction activities.<\/p>\n

 –  Revenue from equipment and accessories decreased by ¥0.9 million ($0.1 million<\/span>) or 5.3% as we decided not to continue working with some oilfield client with low production levels and allocated our sales and service resources into some larger oilfield companies. We believe this was a temporary decline. Our revenue from this segment will increase in the coming year.<\/p>\n

 –  Revenue from oilfield environmental protection decreased by RMB6.2million<\/span> ($0.9 million<\/span>) or 24.5%. This was mainly caused by less raw materials we could collect. As a result, our revenue decreased due to lower processing volume compared to the same period last year.<\/p>\n

 –  Revenue from platform outsourcing services decreased by RMB4.2 million<\/span> ($0.6 million<\/span>) or 45.2%. The decrease was mainly due to less overall economic activities and lower refueling volumes at gas stations, and change in the method of settlement with major customers, from the original service fee based on a percentage of the volume and transaction amount to a basic fixed monthly service fee. <\/p>\n

Cost of revenue<\/i><\/p>\n

Cost of revenues decreased from RMB64.4 million<\/span> ($9.6 million<\/span>) for the year ended June 30, 2022<\/span> to RMB48.2 million<\/span> ($6.7 million<\/span>) for the same period in 2023. This decrease was mainly caused by the decreased cost of revenue from automation product and software, oilfield environmental protection and platform outsourcing services segments, which was partially offset by the decreased cost of revenue from equipment and accessories segment during the year ended June 30, 2023<\/span>.<\/p>\n

Gross profit<\/i><\/p>\n

Gross profit decreased to RMB18.9 million<\/span> ($2.6 million<\/span>) for the year ended June 30, 2023<\/span> from RMB19.4 million<\/span> ($2.9 million<\/span>) for the same period in 2022. Gross profit as a percentage of revenue increased to 28.1% for the year ended June 30, 2023<\/span> from 23.2% for the same period in 2022.<\/p>\n

– For the years ended June 30, 2022<\/span> and 2023, our gross profit from automation product and software was approximately RMB2.1 million<\/span> and RMB3.0 million<\/span> ($0.4 million<\/span>), respectively, representing an increase in gross profit of approximately RMB0.9 million<\/span> ($0.1 million<\/span>) or 42.4%. In year 2021, we mainly carried out contracts that were signed during the COVID-19 and low oil price period, during which we used a low-margin strategy to maintain our cooperation business with clients. As oil price increase in 2022, our customers recovered and contract terms were improved and our margin increased and the margin percentage will also be higher.<\/p>\n

–  For the years ended June 30, 2022<\/span> and 2023, gross profit from equipment and accessories was approximately RMB6.7 million<\/span> and RMB7.3 million<\/span> ($1.0 million<\/span>), respectively, representing a slight increase of approximately RMB0.6 million<\/span> ($0.09 million<\/span>) or 9.3%. This was mainly driven by high oil price and more demands for heating furnaces with higher margin rather than accessories with lower margin.<\/p>\n

–  For the years ended June 30, 2022<\/span> and 2023, gross profit from oilfield environmental protection was approximately RMB5.1 million<\/span> and RMB5.2 million<\/span> ($0.7 million<\/span>), respectively, maintaining <\/span>at a stable level.<\/p>\n

–  For the years ended June 30, 2022<\/span> and 2023, gross profit from platform outsourcing services was approximately RMB5.5 million<\/span> and RMB3.4 million<\/span> ($0.5 million<\/span>), respectively, representing a decrease of approximately RMB2.1 million<\/span> ($0.3 million<\/span>) or 38.6%, this was mainly because personnel expenses, which constitutes major part of our costs, reduced during the year ended June 30, 2023<\/span>.<\/p>\n

Operating expenses<\/i><\/p>\n

Selling expenses increased by 4.8%, or RMB0.4 million<\/span> ($0.07 million<\/span>), from RMB10.2 million<\/span> in the year ended June 30, 2022<\/span> to RMB10.6 million<\/span> ($1.5 million<\/span>) in the same period of 2023.<\/p>\n

General and administrative expenses decreased by 7.8%, or RMB6.5 million<\/span> ($0.9 million<\/span>), from RMB83.3 million<\/span> in the year ended June 30, 2022<\/span> to RMB76.8 million<\/span> ($10.6 million<\/span>) in the same period of 2023. <\/p>\n

Net recovery of credit losses of RMB0.7 million<\/span> for the year ended June 30, 2022<\/span> as compared to net recovery of credit losses of RMB9.0 million<\/span> ($1.2 million<\/span>) for the same period in 2023. <\/p>\n

Research and development expenses remained relatively stable with a slight decrease by 1.8%, or RMB0.2 million<\/span> ($0.02 million<\/span>) from RMB9.0 million<\/span> for the year ended June 30, 2022<\/span> to RMB8.8 million<\/span> ($1.2 million<\/span>) for the same period of 2023.<\/p>\n

Loss from operations<\/i><\/p>\n

Loss from operations was RMB69.3 million<\/span> ($9.6 million<\/span>) for the year ended June 30, 2023<\/span>, compared to a loss of RMB82.3 million<\/span> for the same period of 2022. This RMB13.0 million<\/span> ($1.8 million<\/span>) decrease in loss from operations was primarily due to the decrease in operating expense as discussed above.<\/p>\n

Gain in fair value changes of warrant liability<\/i><\/p>\n

The Company classified the warrants issued in connection with common share offering as liabilities at their fair value and adjusted the warrant instrument to fair value at each reporting period. This liability is subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in our statement of operations. Gain in change in fair value of warrant liability was RMB174.5 million<\/span> and RMB6.1 million<\/span> ($0.8 million<\/span>) for the years ended June 30, 2022<\/span> and 2023, respectively.<\/p>\n

Impairment loss on goodwill and intangible assets<\/i><\/p>\n

In conjunction with the preparation of our consolidated financial statement for years ended June 30, 2022<\/span> and 2023, the management performed evaluation on the impairment of goodwill and intangible assets and recorded an impairment loss on goodwill and intangible assets of RMB2.3 million<\/span> and RMB10.0 million<\/span> ($1.4 million<\/span>) for the years ended June 30, 2022<\/span> and 2023, respectively. The impairment was mainly due to the decision of the major customers to develop their own autonomous unified system and to significantly reduce the procurement of third-party services. This change has had a significant and negative impact on FGS’s business model and enterprise value. <\/p>\n

Interest income<\/i><\/p>\n

Net interest income was RMB11.1 million<\/span> ($1.5 million<\/span>) for the year ended June 30, 2023<\/span>, compared to net interest income of RMB3.8 million<\/span> for the same period of 2022. The RMB.3 million<\/span> ($1.0 million<\/span>) increase in net interest income was primarily due to the increased interest-bearing loans to third parties and increased short-term investments we invested during the year ended June 30, 2023<\/span>.<\/p>\n

Other income (expenses), net.<\/i><\/p>\n

Other net income was RMB0.7 million<\/span> ($0.1 million<\/span>) for the year ended June 30, 2023<\/span>, compared to other net expenses of RMB0.1 million<\/span> for the same period of 2022.<\/p>\n

Net income (loss)<\/i><\/p>\n

As a result of the factors described above, net loss was RMB61.5 million<\/span> ($8.5 million<\/span>) for the year ended June 30, 2023<\/span>, an increase of RMB155.8 million<\/span> ($21.5 million<\/span>) from net income of RMB94.3 million<\/span> for the same period of 2022.<\/p>\n

Cash and short-term investment<\/i><\/p>\n

As of June 30, 2023<\/span>, we had cash in the amount of approximately RMB104.1 million<\/span> ($14.4 million<\/span>) and short-term investment in bank fixed income product of approximately RMB184.2 million<\/span> ($25.4 million<\/span>). As of June 30, 2022<\/span>, we had cash in the amount of approximately RMB317.0 million<\/span> ($47.3 million<\/span>).<\/p>\n

About Recon Technology, Ltd ("RCON")<\/b><\/p>\n

Recon Technology, Ltd (NASDAQ: RCON) is the People’s Republic of China’s<\/span> first NASDAQ-listed non-state owned oil and gas field service company. Recon supplies China’s<\/span> largest oil exploration companies, Sinopec (NYSE: SNP) and The China National Petroleum Corporation ("CNPC"), with advanced automated technologies, efficient gathering and transportation equipment and reservoir stimulation measure for increasing petroleum extraction levels, reducing impurities and lowering production costs. Through the years, RCON has taken leading positions within several segmented markets of the oil and gas filed service industry. RCON also has developed stable long-term cooperation relationship with its major clients. For additional information please visit: http:\/\/www.recon.cn\/<\/a>.<\/p>\n

Forward-Looking Statements<\/b><\/p>\n

Recon includes "forward-looking statements" within the meaning of the federal securities laws throughout this press release. A reader can identify forward-looking statements because they are not limited to historical fact or they use words such as "scheduled," "may," "will," "could," "should," "would," "expect," "believe," "anticipate," "project," "plan," "estimate," "forecast," "goal," "objective," "committed," "intend," "continue," or "will likely result," and similar expressions that concern Recon’s strategy, plans, intentions or beliefs about future occurrences or results. Forward-looking statements are subject to risks, uncertainties and other factors that may change at any time and may cause actual results to differ materially from those that Recon expected. Many of these statements are derived from Recon’s operating budgets and forecasts, which are based on many detailed assumptions that Recon believes are reasonable, or are based on various assumptions about certain plans, activities or events which we expect will or may occur in the future. However, it is very difficult to predict the effect of known factors, and Recon cannot anticipate all factors that could affect actual results that may be important to an investor. All forward-looking information should be evaluated in the context of these risks, uncertainties and other factors, including those factors disclosed under "Risk Factors" in Recon’s most recent Annual Report on Form 20-F and any subsequent half-year financial filings on Form 6-K filed with the Securities and Exchange Commission. All forward-looking statements are qualified in their entirety by the cautionary statements that Recon makes from time to time in its SEC filings and public communications. Recon cannot assure the reader that it will realize the results or developments Recon anticipates, or, even if substantially realized, that they will result in the consequences or affect Recon or its operations in the way Recon expects. Forward-looking statements speak only as of the date made. Recon undertakes no obligation to update or revise any forward-looking statements to reflect events or circumstances arising after the date on which they were made, except as otherwise required by law. As a result of these risks and uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements included herein or that may be made elsewhere from time to time by, or on behalf of, Recon.<\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

RECON TECHNOLOGY, LTD<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

CONSOLIDATED BALANCE SHEETS<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n\n

As of June 30<\/b><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

As of June 30<\/b><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

As of June 30<\/b><\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n\n

2022<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

2023<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

2023<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n\n

RMB<\/b><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

RMB<\/b><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

U.S. Dollars<\/b><\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

ASSETS<\/b><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Current assets<\/b><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Cash<\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/span><\/p>\n<\/td>\n

\n

316,974,857<\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/span><\/p>\n<\/td>\n

\n

104,125,800<\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

14,359,604<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Restricted cash<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

723,560<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

731,545<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

100,885<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Short-term investments<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

184,184,455<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

25,400,198<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Notes receivable<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

10,828,308<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

3,742,390<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

516,099<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Accounts receivable, net<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

22,577,980<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

27,453,415<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

3,785,999<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Inventories, net<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

3,894,369<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

6,330,701<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

873,044<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Other receivables, net<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

5,501,833<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

2,185,733<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

301,427<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Loans to third parties<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

50,383,822<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

123,055,874<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

16,970,181<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Purchase advances, net<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

178,208<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

2,680,456<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

369,652<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Contract costs, net<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

33,858,820<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

49,572,685<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

6,836,386<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Prepaid expenses<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

420,284<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

350,119<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

48,284<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Prepaid expenses- related parties<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

275,000<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Total current assets<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

445,617,041<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

504,413,173<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

69,561,759<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Property and equipment, net<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

25,474,162<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

24,752,864<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

3,413,576<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Construction in progress<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

239,739<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Intangible assets, net<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

5,950,000<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Long-term other receivables, net<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

1,564,381<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

3,640<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

502<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Goodwill<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

4,730,002<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Operating lease right-of-use assets (including <\/span>¥765,241<\/span> and ¥335,976 ($46,333) from a related party as of June 30, 2022 and
2023, respectively)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

6,666,759<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

2,654,900<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

366,127<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Total Assets<\/b><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/span><\/p>\n<\/td>\n

\n

490,242,084<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/span><\/p>\n<\/td>\n

\n

531,824,577<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

73,341,964<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

LIABILITIES AND EQUITY<\/b><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Current liabilities<\/b><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Short-term bank loans<\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/span><\/p>\n<\/td>\n

\n

10,000,000<\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/span><\/p>\n<\/td>\n

\n

12,451,481<\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

1,717,138<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Accounts payable<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

16,739,989<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

10,791,721<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

1,488,246<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Other payables<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

3,533,918<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

5,819,010<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

802,478<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Other payable- related parties<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

2,240,135<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

2,592,395<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

357,508<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Contract liabilities<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

2,001,277<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

2,748,365<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

379,017<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Accrued payroll and employees’ welfare<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

2,250,547<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

2,382,516<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

328,564<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Taxes payable<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

2,210,958<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

1,163,006<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

160,386<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Short-term borrowings – related parties<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

9,009,156<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

20,018,222<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

2,760,639<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Long-term borrowings – related party – current portion<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

999,530<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Operating lease liabilities – current (including <\/span>¥429,265<\/span> and ¥335,976 ($46,333) from a related party as of June 30, 2022 and
2023, respectively)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

3,892,774<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

3,066,146<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

422,841<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Total Current Liabilities<\/b><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

52,878,284<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

61,032,862<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

8,416,817<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Operating lease liabilities – non-current (including <\/span>¥335,976<\/span> and ¥nil ($nil) from a related party as of June 30, 2022 and 2023,
respectively)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

2,184,635<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

25,144<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

3,468<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Long-term borrowings – related party<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

5,511,076<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Contract liabilities – non-current<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

106,000<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Warrant liability<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

16,677,328<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

31,615,668<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

4,360,000<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Total Liabilities<\/b><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

77,357,323<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

92,673,674<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

12,780,285<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Commitments and Contingencies<\/b><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Equity<\/b><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Class A ordinary shares, <\/span>$0.0925<\/span> U.S. dollar par value, 150,000,000 shares authorized; 29,700,718 shares and 40,528,218 shares
issued and outstanding as of June 30, 2022 and 2023, respectively<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

18,001,670<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

24,912,822<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

3,435,635<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Class B ordinary shares, <\/span>$0.0925<\/span> U.S. dollar par value, 20,000,000 shares authorized; 4,100,000 shares and 7,100,000 shares
issued and outstanding as of June 30, 2022 and 2023, respectively<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

2,408,498<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

4,340,731<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

598,614<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Additional paid-in capital<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

496,038,696<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

551,118,133<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

76,002,666<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Statutory reserve<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

4,148,929<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

4,148,929<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

572,163<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Accumulated deficit<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(111,273,525)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(170,440,826)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(23,504,865)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Accumulated other comprehensive income<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

11,307,461<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

35,127,173<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

4,844,259<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Total shareholders’ equity<\/b><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

420,631,729<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

449,206,962<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

61,948,472<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Non-controlling interests<\/b><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(7,746,968)<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(10,056,059)<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(1,386,793)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Total equity<\/b><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

412,884,761<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

439,150,903<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

60,561,679<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Total Liabilities and Equity<\/b><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/span><\/p>\n<\/td>\n

\n

490,242,084<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/span><\/p>\n<\/td>\n

\n

531,824,577<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/b><\/span><\/p>\n<\/td>\n

\n

73,341,964<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

 *The accompanying notes are an integral part of these consolidated financial statements.<\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

RECON TECHNOLOGY, LTD<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n\n

For the years ended <\/b><\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n\n

June 30, <\/b><\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n\n

2021<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

2022<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

2023<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

2023<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n\n

RMB<\/b><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

RMB<\/b><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

RMB<\/b><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

USD<\/b><\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Revenue<\/b><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Revenue – third parties<\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/span><\/p>\n<\/td>\n

\n

47,852,918<\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/span><\/p>\n<\/td>\n

\n

83,777,571<\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/span><\/p>\n<\/td>\n

\n

67,114,378<\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

9,255,496<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Revenue – related party<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

85,657<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Revenue<\/b><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

47,938,575<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

83,777,571<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

67,114,378<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

9,255,496<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Cost of revenue<\/b><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Cost of revenue – third parties<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

40,723,547<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

64,352,834<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

48,247,395<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

6,653,620<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Cost of revenue<\/b><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

40,723,547<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

64,352,834<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

48,247,395<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

6,653,620<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Gross profit<\/b><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

7,215,028<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

19,424,737<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

18,866,983<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

2,601,876<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Selling and distribution expenses<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

8,038,965<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

10,150,802<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

10,638,978<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

1,467,182<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

General and administrative expenses<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

45,949,157<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

83,281,958<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

76,784,396<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

10,589,052<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Allowance for (net recovery of) credit losses<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

8,191,247<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(658,823)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(9,038,985)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(1,246,533)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Impairment loss of property and equipment and other long-lived assets<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

768,312<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

1,009,124<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

139,165<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Research and development expenses<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

5,846,295<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

8,964,217<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

8,806,205<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

1,214,431<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Operating expenses<\/b><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

68,793,976<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

101,738,154<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

88,199,718<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

12,163,297<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Loss from operations<\/b><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(61,578,948)<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(82,313,417)<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(69,332,735)<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(9,561,421)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Other income (expenses)<\/b><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Subsidy income<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

355,667<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

11,993<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

325,425<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

44,878<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Interest income<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

918,629<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

5,367,979<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

13,603,487<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

1,876,007<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Interest expense<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(2,210,005)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(1,522,526)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(2,514,850)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(346,814)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Income (loss) from investment in unconsolidated entity<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(266,707)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

15,411<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Gain in fair value changes of warrants liability<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

35,365,792<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

174,485,575<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

6,116,000<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

843,435<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Remeasurement gain of previously held equity interests in connection with step acquisition<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

979,254<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Foreign exchange transaction gain (loss)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(146,898)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(118,456)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

241,652<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

33,325<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Impairment loss on goodwill and intangible assets<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(2,266,893)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(9,980,002)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(1,376,305)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Other income<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

192,137<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

15,855<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

82,970<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

11,442<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Other income, net<\/b><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

35,187,869<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

175,988,938<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

7,874,682<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

1,085,968<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Income (loss) before income tax<\/b><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(26,391,079)<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

93,675,521<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(61,458,053)<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(8,475,453)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Income tax expenses (benefit)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(524,251)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(613,874)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

18,339<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

2,529<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Net income (loss)<\/b><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(25,866,828)<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

94,289,395<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(61,476,392)<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(8,477,982)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Less: Net loss attributable to non-controlling interests<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(3,034,094)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(1,297,400)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(2,309,091)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(318,438)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Net income (loss) attributable to Recon Technology, Ltd<\/b><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/span><\/p>\n<\/td>\n

\n

(22,832,734)<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/span><\/p>\n<\/td>\n

\n

95,586,795<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/span><\/p>\n<\/td>\n

\n

(59,167,301)<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/b><\/span><\/p>\n<\/td>\n

\n

(8,159,544)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Comprehensive income (loss)<\/b><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Net income (loss)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(25,866,828)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

94,289,395<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(61,476,392)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(8,477,982)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Foreign currency translation adjustment<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(850,895)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

9,332,625<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

23,819,712<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

3,284,889<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Comprehensive income (loss)<\/b><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(26,717,723)<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

103,622,020<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(37,656,680)<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(5,193,093)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Less: Comprehensive loss attributable to non- controlling interests<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(3,034,094)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(1,297,400)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(2,309,091)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(318,438)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Comprehensive income (loss) attributable to Recon Technology, Ltd<\/b><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/span><\/p>\n<\/td>\n

\n

(23,683,629)<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/span><\/p>\n<\/td>\n

\n

104,919,420<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/span><\/p>\n<\/td>\n

\n

(35,347,589)<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/b><\/span><\/p>\n<\/td>\n

\n

(4,874,655)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Earnings (loss) per share – basic and diluted<\/b><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/b><\/b><\/span><\/p>\n<\/td>\n

\n

(1.80)<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/b><\/b><\/span><\/p>\n<\/td>\n

\n

3.19<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/b><\/b><\/span><\/p>\n<\/td>\n

\n

(1.74)<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/b><\/span><\/p>\n<\/td>\n

\n

(0.24)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Weighted – average shares -basic and diluted<\/b><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

12,697,024<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

30,002,452<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

33,923,112<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

33,923,112<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

*The accompanying notes are an integral part of these consolidated financial statements.<\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

RECON TECHNOLOGY, LTD<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

CONSOLIDATED STATEMENTS OF CASH FLOWS<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n\n

For the years ended June 30,<\/b><\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n\n

2021<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

2022<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

2023<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

2023<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n\n

RMB<\/b><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

RMB<\/b><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

RMB<\/b><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

U.S. Dollars<\/b><\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Cash flows from operating activities:<\/b><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Net income (loss)<\/b><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/span><\/p>\n<\/td>\n

\n

(25,866,828)<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/span><\/p>\n<\/td>\n

\n

94,289,395<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/span><\/p>\n<\/td>\n

\n

(61,476,393)<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/b><\/span><\/p>\n<\/td>\n

\n

(8,477,982)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Adjustments to reconcile net income (loss) to net cash used in operating activities:<\/b><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Depreciation and amortization<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

3,150,789<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

3,339,868<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

3,683,586<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

507,990<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Loss (gain) from disposal of equipment<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

19,590<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

48,628<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(12,782)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(1,763)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Gain in fair value changes of warrants liability<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(35,365,792)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(174,485,575)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(6,116,000)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(843,435)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Amortization of offering cost of warrants<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

12,584,024<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

1,483,306<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

204,557<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Allowance for (net recovery of) credit losses<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

8,191,247<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(658,823)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(9,038,985)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(1,246,533)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Allowance for slow moving inventories<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

654,673<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

266,285<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

484,644<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

66,835<\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Impairment loss of property and equipment and other long-lived assets<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

768,312<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

1,009,124<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

139,165<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Impairment loss on goodwill and intangible assets<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

2,266,893<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

9,980,002<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

1,376,305<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Amortization of right of use assets<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

1,866,803<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

3,138,518<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

3,252,066<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

448,480<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Restricted shares issued for management and employees<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

6,140,037<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

39,263,485<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

26,191,707<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

3,612,002<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Restricted shares issued for services<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

8,935,919<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

7,306,822<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

1,007,657<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Remeasurement gain of previously held equity interests in connection with step acquisition<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(979,254)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Loss (income) from investment in unconsolidated entity<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

266,707<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(15,411)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Deferred tax benefit<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(425,913)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(624,087)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Interest expenses related to convertible notes<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

430,416<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Accrued interest income from loans to third parties<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(270,563)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(7,997,961)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(1,102,969)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Accrued interest income from short-term investment<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(2,901,955)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(400,198)<\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Changes in operating assets and liabilities:<\/b><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Notes receivable<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(2,124,748)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(4,522,674)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

7,085,918<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

977,193<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Accounts receivable<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

18,326,410<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

3,811,866<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(495,784)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(68,372)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Accounts receivable-related party<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

3,409,912<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Inventories<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(2,502,263)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(689,291)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(2,373,013)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(327,253)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Other receivables<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(338,468)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

285,786<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(1,307,694)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(180,339)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Other receivables-related parties<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(64,122)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(8,843)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Purchase advances<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(899,371)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

865,430<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(2,575,198)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(355,136)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Contract costs<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(21,944,876)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

15,422,513<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(14,236,539)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(1,963,309)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Prepaid expense<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

143,354<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(274,215)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

70,164<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

9,676<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Prepaid expense – related parties<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(433,000)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

158,000<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

275,000<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

37,924<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Operating lease liabilities<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(2,762,949)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(1,594,702)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(3,061,303)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(422,173)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Accounts payable<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(2,109,944)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(5,523,938)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(1,710,898)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(235,944)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Other payables<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

5,685,188<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(6,329,042)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

2,270,104<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

313,062<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Other payables-related parties<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(2,577,610)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

969,468<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

352,260<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

48,579<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Contract liabilities<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

4,160,456<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(5,578,999)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

641,087<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

88,410<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Accrued payroll and employees’ welfare<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(1,593,822)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

296,065<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

131,971<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

18,200<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Taxes payable<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

76,452<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

961,964<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(1,036,483)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(142,938)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Net cash used in operating activities<\/b><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(34,050,468)<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(26,247,237)<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(51,688,331)<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(7,128,147)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Cash flows from investing activities:<\/b><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Purchases of property and equipment<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(522,416)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(692,206)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(940,673)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(129,725)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Proceeds from disposal of equipment<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

31,950<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

4,406<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Repayments of loans to third parties<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

5,150,377<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

171,435,032<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

40,113,311<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

5,531,879<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Payments made for loans to third parties<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(51,638,458)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(171,071,510)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(103,146,761)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(14,224,589)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Payments for short-term investments<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(290,051,964)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(39,999,995)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Redemption of short-term investments<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

108,769,464<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

14,999,995<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Step acquisition of FGS, net of cash<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

471,843<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Net cash used in investing activities<\/b><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(46,538,654)<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(328,684)<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(245,224,673)<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(33,818,029)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Cash flows from financing activities:<\/b><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Proceeds from short-term bank loans<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

16,020,000<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

10,000,000<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

13,491,481<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

1,860,560<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Repayments of short-term bank loans<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(10,540,000)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(15,000,000)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(11,040,000)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(1,522,486)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Proceeds from short-term borrowings<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

3,660,000<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Repayments of short-term borrowings<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(3,360,000)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(530,000)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Proceeds from short-term borrowings-related parties<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

18,400,000<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

11,100,000<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

15,013,115<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

2,070,403<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Repayments of short-term borrowings-related parties<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(15,950,000)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(14,770,000)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(9,000,000)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(1,241,157)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Proceeds from long-term borrowings-related party<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Repayments of long-term borrowings-related party<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(816,952)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(892,701)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(1,499,667)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(206,813)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Proceeds from warrants issued with common stock<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

212,051,414<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

17,493,069<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

2,412,405<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Proceeds from sale of ordinary shares, net of issuance costs<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

81,091,141<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

28,174,993<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

3,885,509<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Proceeds from sale of prefunded warrants, net of issuance costs<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

30,276,569<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

93,321<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

3,750,282<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

517,188<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Proceeds from stock issuance for warrants exercised<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

21,130,035<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Proceeds from issuance of convertible notes<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

42,014,616<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Refund of capital contribution by a non-controlling shareholder<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Capital contribution by non-controlling shareholders<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

50,000<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Net cash provided by (used in) financing activities<\/b><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

394,026,823<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(9,999,380)<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

56,383,273<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

7,775,609<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Effect of exchange rate fluctuation on cash and restricted cash<\/b><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

224,365<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

10,275,148<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

27,688,659<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

3,818,441<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Net increase (decrease) in cash and restricted cash<\/b><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

313,662,066<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(26,300,153)<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(212,841,072)<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(29,352,126)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Cash and restricted cash at beginning of year<\/b><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

30,336,504<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

343,998,570<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

317,698,417<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

43,812,615<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Cash and restricted cash at end of year<\/b><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/span><\/p>\n<\/td>\n

\n

343,998,570<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/span><\/p>\n<\/td>\n

\n

317,698,417<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/span><\/p>\n<\/td>\n

\n

104,857,345<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

14,460,489<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Supplemental cash flow information<\/b><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Cash paid during the year for interest<\/b><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/span><\/p>\n<\/td>\n

\n

1,682,863<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/span><\/p>\n<\/td>\n

\n

1,427,174<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/b><\/b><\/span><\/p>\n<\/td>\n

\n

1,200,699<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/b><\/span><\/p>\n<\/td>\n

\n

165,584<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Cash paid during the year for taxes<\/b><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/span><\/p>\n<\/td>\n

\n

(98,338)<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/span><\/p>\n<\/td>\n

\n

10,214<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/b><\/b><\/span><\/p>\n<\/td>\n

\n

18,339<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/b><\/span><\/p>\n<\/td>\n

\n

2,529<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Reconciliation of cash and restricted cash, beginning of year <\/b><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Cash   <\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/b><\/b><\/span><\/p>\n<\/td>\n

\n

30,336,504<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/b><\/b><\/span><\/p>\n<\/td>\n

\n

343,998,570<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/b><\/b><\/span><\/p>\n<\/td>\n

\n

316,974,857<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/b><\/b><\/span><\/p>\n<\/td>\n

\n

43,712,832<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Restricted cash <\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

723,560<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

99,783<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Cash and restricted cash, beginning of year <\/b><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/b><\/b><\/span><\/p>\n<\/td>\n

\n

30,336,504<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/b><\/b><\/span><\/p>\n<\/td>\n

\n

343,998,570<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/b><\/b><\/span><\/p>\n<\/td>\n

\n

317,698,417<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/b><\/span><\/p>\n<\/td>\n

\n

43,812,615<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Reconciliation of cash and restricted cash, end of year <\/b><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Cash   <\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/b><\/b><\/span><\/p>\n<\/td>\n

\n

343,998,570<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/b><\/b><\/span><\/p>\n<\/td>\n

\n

316,974,857<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/b><\/b><\/span><\/p>\n<\/td>\n

\n

104,125,800<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/b><\/b><\/span><\/p>\n<\/td>\n

\n

14,359,604<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Restricted cash <\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

\u2014<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

723,560<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

731,545<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

100,885<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Cash and restricted cash, end of year <\/b><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/b><\/b><\/span><\/p>\n<\/td>\n

\n

343,998,570<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/b><\/b><\/span><\/p>\n<\/td>\n

\n

317,698,417<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/b><\/b><\/span><\/p>\n<\/td>\n

\n

104,857,345<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/b><\/span><\/p>\n<\/td>\n

\n

14,460,489<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Non-cash investing and financing activities<\/b><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Issuance of common stock in exchange of shares of FGS, net of issuance costs<\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/span><\/p>\n<\/td>\n

\n

1,689,807<\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/span><\/p>\n<\/td>\n

\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/span><\/p>\n<\/td>\n

\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/b><\/span><\/p>\n<\/td>\n

\n

\u2014<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Cancellation of common stock issued prior years in exchange of shares of FGS , net of issuance costs<\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/span><\/p>\n<\/td>\n

\n

(1,689,807)<\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/span><\/p>\n<\/td>\n

\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/span><\/p>\n<\/td>\n

\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/b><\/span><\/p>\n<\/td>\n

\n

\u2014<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Issuance of common stock in exchange of shares of Starry, net of issuance costs<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

27,675,450<\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/span><\/p>\n<\/td>\n

\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/span><\/p>\n<\/td>\n

\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/b><\/span><\/p>\n<\/td>\n

\n

\u2014<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Cancellation of shares issued to Starry Lab<\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/span><\/p>\n<\/td>\n

\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/span><\/p>\n<\/td>\n

\n

(27,675,450)<\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/span><\/p>\n<\/td>\n

\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/b><\/span><\/p>\n<\/td>\n

\n

\u2014<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Conversion of convertible notes to <\/span>9,225,338<\/span> shares of ordinary shares<\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/span><\/p>\n<\/td>\n

\n

42,435,669<\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/span><\/p>\n<\/td>\n

\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/span><\/p>\n<\/td>\n

\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/b><\/span><\/p>\n<\/td>\n

\n

\u2014<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Right-of-use assets obtained in exchange for operating lease obligations<\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/span><\/p>\n<\/td>\n

\n

7,242,819<\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/span><\/p>\n<\/td>\n

\n

937,672<\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/span><\/p>\n<\/td>\n

\n

75,182<\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/b><\/span><\/p>\n<\/td>\n

\n

10,368<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Reduction of right-of-use assets and operating lease obligations due to early termination of lease agreement<\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/span><\/p>\n<\/td>\n

\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/span><\/p>\n<\/td>\n

\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/span><\/p>\n<\/td>\n

\n

62,357<\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/b><\/span><\/p>\n<\/td>\n

\n

10,368<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Inventories transferred to and used as fixed assets<\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/span><\/p>\n<\/td>\n

\n

302,795<\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/span><\/p>\n<\/td>\n

\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/span><\/p>\n<\/td>\n

\n

(65,456)<\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/b><\/span><\/p>\n<\/td>\n

\n

8,599<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Receivable for disposal of property and equipment<\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/span><\/p>\n<\/td>\n

\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/span><\/p>\n<\/td>\n

\n

3,000<\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/span><\/p>\n<\/td>\n

\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/b><\/span><\/p>\n<\/td>\n

\n

(9,027)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Capital contribution receivable due from non-controlling Interest<\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/span><\/p>\n<\/td>\n

\n

50,000,000<\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/span><\/p>\n<\/td>\n

\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/span><\/p>\n<\/td>\n

\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/b><\/span><\/p>\n<\/td>\n

\n

\u2014<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Other payable due to non-controlling interest converted into capital contribution<\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/span><\/p>\n<\/td>\n

\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/span><\/p>\n<\/td>\n

\n

1,130,000<\/span><\/p>\n<\/td>\n

<\/td>\n\n

¥<\/span><\/p>\n<\/td>\n

\n

\u2014<\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/b><\/span><\/p>\n<\/td>\n

\n

\u2014<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

*The accompanying notes are an integral part of these consolidated financial statements.<\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

BEIJING, Oct. 28, 2023 \/PRNewswire\/ — Recon Technology, Ltd (NASDAQ: RCON) ("Recon" or the "Company"), a China-based independent solutions integrator in the oilfield service and environmental protection, electric power and coal chemical industries, today announced its financial results for fiscal year 2023. Fiscal Year Ended June 30, 2023 Financial Highlights: –  Total revenue decreased by approximately RMB16.7 […]<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":["post-22973","post","type-post","status-publish","format-standard","hentry","category-business-news"],"yoast_head":"\nRecon Technology, Ltd Reports Financial Year Results for Fiscal Year 2023 - My Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/transmediavictoria.net.au\/?p=22973\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Recon Technology, Ltd Reports Financial Year Results for Fiscal Year 2023 - My Blog\" \/>\n<meta property=\"og:description\" content=\"BEIJING, Oct. 28, 2023 \/PRNewswire\/ — Recon Technology, Ltd (NASDAQ: RCON) ("Recon" or the "Company"), a China-based independent solutions integrator in the oilfield service and environmental protection, electric power and coal chemical industries, today announced its financial results for fiscal year 2023. 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