{"id":5980,"date":"2022-02-11T22:05:00","date_gmt":"2022-02-11T22:05:00","guid":{"rendered":"https:\/\/www.prnasia.com\/story\/archive\/3660041_CN60041_0"},"modified":"2022-02-11T22:05:00","modified_gmt":"2022-02-11T22:05:00","slug":"qilian-international-holding-group-limited-reports-fiscal-year-2021-financial-results","status":"publish","type":"post","link":"https:\/\/transmediavictoria.net.au\/?p=5980","title":{"rendered":"Qilian International Holding Group Limited Reports Fiscal Year 2021 Financial Results"},"content":{"rendered":"

JIUQUAN, China<\/span>, Feb. 12, 2022<\/span> \/PRNewswire\/ — Qilian International Holding Group Limited (Nasdaq: QLI) (the “Company”, “Qilian International”, “we”, “our” or “us”), a China<\/span>-based pharmaceutical and chemical products manufacturer, today announced its unaudited financial results for the fiscal year ended September 30, 2021<\/span>.<\/p>\n

Mr. Zhanchang Xin, Chairman and CEO of the Company, commented, “The fiscal year 2021 was an excellent year for the Company. Compared with the fiscal year 2020, our revenue grew by 14%, or $7.1 million<\/span>, to $57.1 million<\/span>, which was made possible due to consistent execution and solid progress of our business strategies. Despite the ongoing macro challenges in 2021 and the impact of regional resurgence of COVID-19 pandemic, our focus remained on expanding production capacity, and we also made substantial progress on the expansion of our new organic fertilizer production facility. In 2022 and beyond, we intend to complete the construction of a pig by-product processing facility for  heparin sodium production, and fully complete the construction of our new organic fertilizer production facility. We will also continue to increase our research and development efforts and provide high-quality products to our customers. We believe our business strategy will further fuel growth in 2022, driving further improvements in our operational and financial performance, and creating long-term value for all stakeholders.”  <\/p>\n

Fiscal Year 2021 Financial Highlights<\/b><\/p>\n

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

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

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

($’000, except per share data)<\/i><\/span><\/p>\n<\/td>\n

<\/td>\n\n

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

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

2020<\/b><\/span><\/p>\n<\/td>\n

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

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

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

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

<\/td>\n\n

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

\n

57,100<\/span><\/p>\n<\/td>\n

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

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

\n

50,033<\/span><\/p>\n<\/td>\n

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

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

\n

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

\n

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

<\/td>\n\n

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

\n

5,639<\/span><\/p>\n<\/td>\n

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

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

\n

7,539<\/span><\/p>\n<\/td>\n

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

(25)<\/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

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

\n

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

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

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

\n

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

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

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

\n

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

\n

Income from operations<\/span><\/p>\n<\/td>\n

<\/td>\n\n

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

\n

2,388<\/span><\/p>\n<\/td>\n

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

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

\n

4,811<\/span><\/p>\n<\/td>\n

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

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

\n

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

\n

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

<\/td>\n\n

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

\n

3,108<\/span><\/p>\n<\/td>\n

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

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

\n

4,940<\/span><\/p>\n<\/td>\n

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

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

\n

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

\n

Net Income attributable to Qilian International Holding Group Limited (“Qilian International”)<\/span><\/p>\n<\/td>\n

<\/td>\n\n

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

\n

3,153<\/span><\/p>\n<\/td>\n

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

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

\n

5,064<\/span><\/p>\n<\/td>\n

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

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

\n

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

\n

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

<\/td>\n\n

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

\n

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

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

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

\n

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

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

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

\n

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

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

\u25cf<\/span><\/p>\n<\/td>\n

\n

Revenue increased by 14% year-over-year to $57.1 million for the fiscal year ended September 30, 2021 from $50.0 million for the fiscal year ended September 30, 2020. The increase in revenue was primarily attributable to a $6.4 million increase in sales from heparin products and sausage casings, and a $0.8 million increase in sales from oxytetracycline products, licorice products and traditional Chinese medicine derivatives (“TCMD”).<\/span><\/p>\n<\/td>\n<\/tr>\n

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

\u25cf<\/span><\/p>\n<\/td>\n

\n

Gross profit decreased by 25% to $5.6 million for the fiscal year ended September 30, 2021 from $7.5 million for the fiscal year ended September 30, 2020. Gross margins were 9.9% and 15.1% for the fiscal years ended September 30, 2021 and 2020, respectively. <\/span><\/p>\n<\/td>\n<\/tr>\n

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

\u25cf<\/span><\/p>\n<\/td>\n

\n

Income from operations was $2.4 million for the fiscal year ended September 30, 2021, compared to income from operations of $4.8 million for the fiscal year ended September 30, 2020. <\/span><\/p>\n<\/td>\n<\/tr>\n

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

\u25cf<\/span><\/p>\n<\/td>\n

\n

Net income was $3.1 million for the fiscal year ended September 30, 2021, compared to net income of $4.9 million for the fiscal year ended September 30, 2020.<\/span><\/p>\n<\/td>\n<\/tr>\n

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

\u25cf<\/span><\/p>\n<\/td>\n

\n

Net income attributable to Qilian International was $3.2 million, compared to net income attributable to Qilian International of $5.1 million for the fiscal year ended September 30, 2020.<\/span><\/p>\n<\/td>\n<\/tr>\n

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

\u25cf<\/span><\/p>\n<\/td>\n

\n

Basic and diluted earnings per share were $0.09 for the fiscal year ended September 30, 2021, compared with $0.17 for the fiscal year ended September 30, 2020.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

Fiscal Year 2021 Financial Results <\/b><\/p>\n

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

For the fiscal year ended September 30, 2021<\/span>, revenue increased by $7.1 million<\/span>, or 14%, to $57.1 million<\/span> from $50.0 million<\/span> for the fiscal year ended September 30, 2020<\/span>. The increase was primarily attributable to a $6.4 million<\/span> increase in sales from heparin products and sausage casings, and a $0.8 million<\/span> increase in sales from oxytetracycline & licorice products and TCMD.<\/p>\n

Sales from oxytetracycline products, licorice products and TCMD increased by $0.8 million<\/span>, or 3%, to to $33.5 million<\/span> for the fiscal year ended September 30, 2021<\/span> from $32.6 million<\/span> for the fiscal year ended September 30, 2020<\/span>. The increase was due to the appreciation of RMB against USD in 2021, which accounted for $2.5 million<\/span>. Sales denominated in RMB decreased by RMB10.6 million<\/span>, equivalent to $1.6 million<\/span>. The decrease in sales in this segment is due to a decrease in the average selling price of oxytetracycline products by 9% compared to that of 2020 in order to stimulate the sales of oxytetracycline products. Sales quantity increased by 6% compared to that of 2020, due to the lower selling price. The ongoing COVID-19 pandemic has caused significant uncertainty in global market and demand as well as logistics and transportation. Although we do not serve customers oversea directly, COVID-19 related export restrictions has led to excessive supply of our competitors’ products in domestic markets.  <\/p>\n

Sales from heparin products and sausage casings increased by $6.4 million<\/span>, or 38%, to $23.2 million<\/span> for the fiscal year ended September 30, 2021<\/span> from $16.7 million<\/span> for the fiscal year ended September 30, 2020<\/span>. $1.2 million<\/span> of such increase was due to the appreciation of RMB against USD in 2021. In additional, the increase of our sales of heparin products was mainly driven by increased demand from pharmaceutical customers. Due to the COVID-19 pandemic, global demand for prescription medicines, vaccines and medical devices increased. The demand for heparin, a widely used medication, also increased significantly during the pandemic. In 2021, we increased investment in this segment and added new sales force. The sales quantity of heparin products increased by 41%, and their selling price increased by 10%. However, our sales of sausage casings decreased by $0.4 million<\/span>. As the gross margin of sausage casings in the past two fiscal years was negative due to the combined effect of COVID-19 pandemic and African Swine fever in China<\/span>, we reduced our efforts in selling sausage casings. <\/p>\n

Sales from fertilizer decreased by $0.3 million<\/span>, or 31%, to $0.5 million<\/span> for the fiscal year ended September 30, 2021<\/span> from $0.7 million<\/span> for the fiscal year ended September 30, 2020<\/span>. In the fiscal year ended September 30, 2021<\/span>, we expanded our manufacturing capacity and the production of fertilizer was interrupted for almost ten months. We resumed normal production of fertilizer in October 2021<\/span>.<\/p>\n

Cost of Revenue and Gross Profit<\/i><\/p>\n

Cost of revenue increased by $9.0 million<\/span>, or 21%, to $51.5 million<\/span> for the fiscal year ended September 30, 2021<\/span> from $42.5 million<\/span> for the fiscal year ended September 30, 2020<\/span>. <\/p>\n

Gross profit decreased by $1.9 million<\/span>, or 25%, to $5.6 million<\/span> for the fiscal year ended September 30, 2021<\/span> from $7.5 million<\/span> for the fiscal year ended September 30, 2020<\/span>. As a result, gross margin decreased to 9.9% for the fiscal year ended September 30<\/span>, 2021 from 15.1% for the fiscal year ended September 30, 2020<\/span>.<\/p>\n

Selling, General and Administrative Expenses<\/i><\/p>\n

Selling, general and administrative expenses increased by $0.5 million<\/span>, or 19%, to $3.3 million<\/span> for the fiscal year ended September 30<\/span>, 2021 from $2.7 million<\/span> for the year ended September 30, 2020<\/span>. The increase was mainly attributable to an increase of approximately $0.4 million<\/span> in salary and repair and maintenance expense as we expanded our operations and sales, as well as an increase of $0.2 million<\/span> in insurance expense in connection with us being a publicly traded company in the United States<\/span>.<\/p>\n

Interest Expenses, net<\/i><\/p>\n

Interest expenses are primarily generated from bank borrowings, including bank loans and banknotes payable, offset by interest income. Interest expenses for the fiscal year ended September 30, 2021<\/span> decreased by $185,000<\/span>, to $58,000<\/span> for the fiscal year ended September 30, 2021<\/span> from $243,000<\/span> for the fiscal year ended September 30, 2020<\/span>. The decrease is due to payoff of the bank loans in April 2021<\/span> and no bank loan has been borrowed afterwards.<\/p>\n

Other Income<\/i><\/p>\n

Other income was $1.0 million<\/span> for the fiscal year ended September 30, 2021<\/span>, as compared to $1.2 million<\/span> for the fiscal year ended September 30, 2020<\/span>, which primarily consisted of government grants and investment income.<\/p>\n

Income Taxes Provision<\/i> <\/p>\n

Provision for income taxes decreased by $0.6 million<\/span>, or 71%, to $0.3 million<\/span> for the fiscal year ended September 30, 2021<\/span> from $0.9 million<\/span> for the fiscal year ended September 30, 2020<\/span>, as a result of the decreased income before income tax provision, as well as increased tax holiday for some of the variable interest entity’s subsidiaries enacted by the Chinese government.<\/p>\n

Net income and Net income attributable to Qilian International<\/i><\/p>\n

Net income was $3.1 million<\/span> for the fiscal year ended September 30, 2021<\/span>, compared to net income of $4.9 million<\/span> for the fiscal year ended September 30, 2020<\/span>. After deducting non-controlling interests, net income attributable to Qilian International was $3.2 million<\/span> for the year ended September 30, 2021<\/span>, compared to net income attributable to Qilian International of $5.1 million<\/span> for the fiscal year ended September 30, 2020<\/span>.<\/p>\n

Earnings per share-basic and diluted<\/i><\/p>\n

After deducting non-controlling interests, earnings per share attributable to the Company was $0.09<\/span> per basic and diluted share for the fiscal year ended September 30, 2021<\/span>, compared to earnings per share of $0.17<\/span> per basic and diluted share for the fiscal year ended September 30, 2020<\/span>.<\/p>\n

EBITDA<\/i><\/p>\n

EBITDA decreased by $2.5 million<\/span>, or 35%, to $4.6 million<\/span> for the fiscal year ended September 30, 2021<\/span>, from $7.2 million<\/span> for the fiscal year ended September 30, 2020<\/span>.<\/p>\n

Financial Condition<\/b><\/p>\n

As of September 30, 2021<\/span>, the Company had cash of $10.5 million<\/span>, compared to $11.9 million<\/span> as of September 30, 2020<\/span>. <\/p>\n

Net cash provided by operating activities was $0.3 million<\/span> for the fiscal year ended September 30, 2021<\/span>, compared to $5.1 million<\/span> for the fiscal year ended September 30, 2020<\/span>. <\/p>\n

Net cash used in investing activities was $24.2 million<\/span> for the fiscal year ended September 30, 2021<\/span>, compared to $0.4 million<\/span> for the fiscal year ended September 30, 2020<\/span>. <\/p>\n

Net cash provided by financing activities was $24.0 million<\/span> for the fiscal year ended September 30, 2021<\/span>, compared to $2.1 million<\/span> for the fiscal year ended September 30, 2020<\/span>. <\/p>\n

Non-GAAP Financial Measures<\/b><\/p>\n

The Company’s management uses certain financial measures to evaluate its operating performance which is calculated and presented on the basis of methodologies other than in accordance with GAAP (“Non-GAAP”). These measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP, and the Company’s calculations thereof may not be comparable to similarly entitled measures reported by other companies. The Company believes that EBITDA is a useful performance measure and can be used to facilitate a comparison of its operating performance on a consistent basis from period to period and to provide for a more complete understanding of factors and trends affecting its business than GAAP measures alone can provide. The Company’s management believes that EBITDA is less susceptible to variances in actual performance resulting from depreciation, amortization and other non-cash charges and more reflective of other factors that affect its operating performance. The Company’s management believes that the use of these Non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing our financial measures with the companies in the same industry, many of which present similar Non-GAAP financial measures to investors. The Company presents EBITDA in order to provide supplemental information that Management considers relevant for the readers of its consolidated financial statements included elsewhere in this annual report, and such information is not meant to replace or supersede U.S. GAAP measures.<\/p>\n

The Company’s management defines EBITDA as net income (loss) before interest expense, income taxes, and depreciation and amortization. EBITDA is not defined under U.S. GAAP and is subject to important limitations as analytical tools, you should not consider them in isolation or as substitutes for analysis of our Company results as reported under U.S. GAAP.<\/p>\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<\/tr>\n
<\/td>\n<\/td>\n\n

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

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

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

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

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

<\/td>\n\n

2020<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

<\/td>\n\n

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

\n

3,108,144<\/span><\/p>\n<\/td>\n

<\/td>\n\n

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

\n

4,940,441<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

57,671<\/span><\/p>\n<\/td>\n

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

242,877<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Income tax provision<\/span><\/p>\n<\/td>\n

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

255,133<\/span><\/p>\n<\/td>\n

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

864,908<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Depreciation & Amortization<\/span><\/p>\n<\/td>\n

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

1,201,229<\/span><\/p>\n<\/td>\n

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

1,105,588<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

<\/td>\n\n

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

\n

4,622,177<\/span><\/p>\n<\/td>\n

<\/td>\n\n

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

\n

7,153,814<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

About Qilian International Holding Group Limited<\/b><\/p>\n

Qilian International Holding Group Limited, headquartered in Gansu, China<\/span>, is a pharmaceutical and chemical products manufacturer in China<\/span>. It focuses on the development, manufacturing, marketing and sale of licorice products, oxytetracycline products, traditional Chinese medicine derivative products, heparin products, sausage casings, and fertilizers. The Company’s products are sold in more than 20 Provinces in China<\/span>. For more information, visit the Company’s website at  http:\/\/ir.qlsyy.net\/index.html<\/a> or http:\/\/qilianinternational.com\/<\/a>.<\/p>\n

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

This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy, financial needs and fully complete the construction of our new organic fertilizer production facility. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is\/are likely to” or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and in its other filings with the U.S. Securities and Exchange Commission.<\/i><\/p>\n

For more information, please contact:<\/b><\/p>\n

Qilian International Holding Group Limited
Email: ir@qlsyy.net<\/a> <\/p>\n

Ascent Investors Relations LLC
Tina Xiao<\/span>
President
Phone: 917-609-0333
Email: tina.xiao@ascent-ir.com<\/a> <\/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

Qilian International Holding Group Limited and Subsidiaries<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Consolidated Balance Sheets<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

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

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

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

September 30<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

September 30<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

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

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

<\/td>\n\n

2020<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

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

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

Cash and cash equivalent<\/span><\/p>\n<\/td>\n

<\/td>\n\n

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

\n

10,467,357<\/span><\/p>\n<\/td>\n

<\/td>\n\n

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

\n

11,867,130<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

2,140,016<\/span><\/p>\n<\/td>\n

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

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

\n

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

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

1,733,306<\/span><\/p>\n<\/td>\n

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

1,118,476<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Bank acceptance notes receivable<\/span><\/p>\n<\/td>\n

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

11,722,096<\/span><\/p>\n<\/td>\n

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

11,498,075<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

12,495,831<\/span><\/p>\n<\/td>\n

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

11,994,471<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Advances to suppliers, net<\/span><\/p>\n<\/td>\n

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

1,380,925<\/span><\/p>\n<\/td>\n

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

491,827<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

425,622<\/span><\/p>\n<\/td>\n

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

547,443<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

40,365,153<\/span><\/p>\n<\/td>\n

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

37,517,422<\/span><\/p>\n<\/td>\n<\/tr>\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

9,119,502<\/span><\/p>\n<\/td>\n

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

7,419,028<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

1,927,933<\/span><\/p>\n<\/td>\n

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

1,881,722<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Investment in available-for-sale securities<\/span><\/p>\n<\/td>\n

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

20,323,400<\/span><\/p>\n<\/td>\n

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

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

\n

Long term investment<\/span><\/p>\n<\/td>\n

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

639,466<\/span><\/p>\n<\/td>\n

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

540,517<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Operating lease right of use assets<\/span><\/p>\n<\/td>\n

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

118,154<\/span><\/p>\n<\/td>\n

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

243,874<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Deferred tax assets<\/span><\/p>\n<\/td>\n

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

427,120<\/span><\/p>\n<\/td>\n

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

361,250<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Prepayments for property and equipment<\/span><\/p>\n<\/td>\n

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

2,243,622<\/span><\/p>\n<\/td>\n

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

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

\n

Other long term assets<\/span><\/p>\n<\/td>\n

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

188,913<\/span><\/p>\n<\/td>\n

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

179,325<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

<\/td>\n\n

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

\n

75,353,263<\/span><\/p>\n<\/td>\n

<\/td>\n\n

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

\n

48,143,138<\/span><\/p>\n<\/td>\n<\/tr>\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<\/tr>\n
\n

CURRENT LIABILITIES:<\/b><\/span><\/p>\n<\/td>\n

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

Bank loans<\/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

7,349,375<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

6,643,691<\/span><\/p>\n<\/td>\n

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

4,377,712<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Advance from customers<\/span><\/p>\n<\/td>\n

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

2,467,296<\/span><\/p>\n<\/td>\n

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

3,511,198<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Advance from customers – related parties<\/span><\/p>\n<\/td>\n

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

17,318<\/span><\/p>\n<\/td>\n

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

33,152<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Bank notes payable<\/span><\/p>\n<\/td>\n

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

7,867,018<\/span><\/p>\n<\/td>\n

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

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

\n

Deferred government grants-current<\/span><\/p>\n<\/td>\n

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

351,567<\/span><\/p>\n<\/td>\n

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

384,802<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

305,305<\/span><\/p>\n<\/td>\n

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

1,383,182<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Operating lease liabilities, current<\/span><\/p>\n<\/td>\n

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

55,847<\/span><\/p>\n<\/td>\n

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

82,468<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Accrued expenses and other payables<\/span><\/p>\n<\/td>\n

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

466,838<\/span><\/p>\n<\/td>\n

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

1,301,882<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

TOTAL CURRENT LIABILITIES<\/b><\/span><\/p>\n<\/td>\n

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

18,174,880<\/span><\/p>\n<\/td>\n

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

18,423,771<\/span><\/p>\n<\/td>\n<\/tr>\n

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

LONG TERM LIABILITIES<\/b><\/span><\/p>\n<\/td>\n

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

Operating lease liabilities, noncurrent<\/span><\/p>\n<\/td>\n

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

106,180<\/span><\/p>\n<\/td>\n

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

155,723<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Deferred government grants – noncurrent<\/span><\/p>\n<\/td>\n

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

403,745<\/span><\/p>\n<\/td>\n

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

722,137<\/span><\/p>\n<\/td>\n<\/tr>\n

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

TOTAL LIABILITIES<\/b><\/span><\/p>\n<\/td>\n

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

18,684,805<\/span><\/p>\n<\/td>\n

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

19,301,631<\/span><\/p>\n<\/td>\n<\/tr>\n

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

Commitments and contingencies<\/b><\/span><\/p>\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<\/tr>\n
\n

EQUITY:<\/b><\/span><\/p>\n<\/td>\n

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

Ordinary Shares, $0.00166667 par value, 100,000,000 shares authorized, 35,750,000 and  30,000,000
Ordinary Shares issued and outstanding as of September 30, 2021 and September 30, 2020, respectively <\/span><\/p>\n<\/td>\n

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

59,583<\/span><\/p>\n<\/td>\n

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

50,000<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

36,390,931<\/span><\/p>\n<\/td>\n

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

12,252,077<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

2,857,121<\/span><\/p>\n<\/td>\n

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

2,200,786<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Retained earnings<\/span><\/p>\n<\/td>\n

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

14,693,905<\/span><\/p>\n<\/td>\n

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

12,197,372<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

857,066<\/span><\/p>\n<\/td>\n

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

(602,001)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Total shareholders’ equity attributable to Qilian International<\/span><\/p>\n<\/td>\n

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

54,858,606<\/span><\/p>\n<\/td>\n

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

26,098,234<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Noncontrolling interests<\/span><\/p>\n<\/td>\n

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

1,809,852<\/span><\/p>\n<\/td>\n

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

2,743,273<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

TOTAL EQUITY<\/b><\/span><\/p>\n<\/td>\n

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

56,668,458<\/span><\/p>\n<\/td>\n

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

28,841,507<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

<\/td>\n\n

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

\n

75,353,263<\/span><\/p>\n<\/td>\n

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

48,143,138<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\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

Qilian International Holding Group Limited and Subsidiaries<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Consolidated Statements of Income and Comprehensive Income<\/b><\/span><\/p>\n<\/td>\n<\/tr>\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

For the year ended September 30<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

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

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

<\/td>\n\n

2020<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

2019<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

NET REVENUE<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

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

\n

57,099,884<\/span><\/p>\n<\/td>\n

<\/td>\n\n

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

\n

50,033,200<\/span><\/p>\n<\/td>\n

<\/td>\n\n

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

\n

46,096,684<\/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

COST OF REVENUE<\/b><\/span><\/p>\n<\/td>\n

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

51,461,354<\/span><\/p>\n<\/td>\n

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

42,494,047<\/span><\/p>\n<\/td>\n

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

36,416,772<\/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

GROSS PROFIT<\/b><\/span><\/p>\n<\/td>\n

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

5,638,530<\/span><\/p>\n<\/td>\n

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

7,539,153<\/span><\/p>\n<\/td>\n

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

9,679,912<\/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

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES<\/b><\/span><\/p>\n<\/td>\n

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

3,250,485<\/span><\/p>\n<\/td>\n

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

2,728,009<\/span><\/p>\n<\/td>\n

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

3,501,374<\/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

INCOME FROM OPERATIONS<\/b><\/span><\/p>\n<\/td>\n

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

2,388,045<\/span><\/p>\n<\/td>\n

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

4,811,144<\/span><\/p>\n<\/td>\n

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

6,178,538<\/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

Other Income (Expenses)<\/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

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

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

(57,671)<\/span><\/p>\n<\/td>\n

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

(242,877)<\/span><\/p>\n<\/td>\n

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

(223,657)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

462,014<\/span><\/p>\n<\/td>\n

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

57,984<\/span><\/p>\n<\/td>\n

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

89,197<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

564,098<\/span><\/p>\n<\/td>\n

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

1,082,053<\/span><\/p>\n<\/td>\n

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

833,072<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

6,791<\/span><\/p>\n<\/td>\n

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

97,045<\/span><\/p>\n<\/td>\n

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

64,769<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

975,232<\/span><\/p>\n<\/td>\n

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

994,205<\/span><\/p>\n<\/td>\n

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

763,381<\/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

INCOME BEFORE INCOME TAX PROVISION<\/b><\/span><\/p>\n<\/td>\n

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

3,363,277<\/span><\/p>\n<\/td>\n

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

5,805,349<\/span><\/p>\n<\/td>\n

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

6,941,919<\/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

PROVISION FOR INCOME TAXES<\/b><\/span><\/p>\n<\/td>\n

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

255,133<\/span><\/p>\n<\/td>\n

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

864,908<\/span><\/p>\n<\/td>\n

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

1,033,440<\/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

NET INCOME<\/b><\/span><\/p>\n<\/td>\n

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

3,108,144<\/span><\/p>\n<\/td>\n

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

4,940,441<\/span><\/p>\n<\/td>\n

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

5,908,479<\/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

 Less: net (income) loss attributable to non-controlling interest<\/span><\/p>\n<\/td>\n

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

(44,724)<\/span><\/p>\n<\/td>\n

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

(123,269)<\/span><\/p>\n<\/td>\n

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

576,161<\/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

NET INCOME ATTRIBUTABLE TO QILIAN INTERNATIONAL HOLDING GROUP LIMITED<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

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

\n

3,152,868<\/span><\/p>\n<\/td>\n

<\/td>\n\n

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

\n

5,063,710<\/span><\/p>\n<\/td>\n

<\/td>\n\n

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

\n

5,332,318<\/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

OTHER COMPREHENSIVE INCOME <\/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

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

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

1,560,381<\/span><\/p>\n<\/td>\n

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

1,263,140<\/span><\/p>\n<\/td>\n

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

(858,337)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

COMPREHENSIVE INCOME<\/b><\/span><\/p>\n<\/td>\n

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

4,668,525<\/span><\/p>\n<\/td>\n

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

6,203,581<\/span><\/p>\n<\/td>\n

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

5,050,142<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Less: comprehensive income attributable to non – controlling interests <\/span><\/p>\n<\/td>\n

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

56,590<\/span><\/p>\n<\/td>\n

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

(1,303)<\/span><\/p>\n<\/td>\n

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

478,722<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

COMPREHENSIVE INCOME ATTRIBUTABLE TO QILIAN
INTERNATIONAL HOLDING GROUP LIMITED<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

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

\n

4,611,935<\/span><\/p>\n<\/td>\n

<\/td>\n\n

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

\n

6,204,884<\/span><\/p>\n<\/td>\n

<\/td>\n\n

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

\n

4,571,420<\/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
\n

Earnings per common share – basic and diluted<\/span><\/p>\n<\/td>\n

<\/td>\n\n

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

\n

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

<\/td>\n\n

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

\n

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

<\/td>\n\n

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

\n

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

\n

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

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

34,089,286<\/span><\/p>\n<\/td>\n

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

30,000,000<\/span><\/p>\n<\/td>\n

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

30,000,000<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\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

Qilian International Holding Group Limited and Subsidiaries<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Consolidated Statements of Cash flows<\/b><\/span><\/p>\n<\/td>\n<\/tr>\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

For the year ended September 30<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

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

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

<\/td>\n\n

2020<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

2019<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Cash flows from operating activities:<\/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

Net Income<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

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

\n

3,108,144<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

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

\n

4,940,441<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

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

\n

5,908,479<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Adjustments to reconcile net income to net cash provided by  (used in) operating
activities:<\/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

Amortization of the right-of-use assets<\/span><\/p>\n<\/td>\n

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

62,410<\/span><\/p>\n<\/td>\n

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

62,410<\/span><\/p>\n<\/td>\n

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

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

\n

Depreciation and amortization <\/span><\/p>\n<\/td>\n

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

1,201,229<\/span><\/p>\n<\/td>\n

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

1,105,588<\/span><\/p>\n<\/td>\n

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

1,188,173<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Provision of doubtful accounts<\/span><\/p>\n<\/td>\n

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

(7,918)<\/span><\/p>\n<\/td>\n

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

188,095<\/span><\/p>\n<\/td>\n

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

(9,301)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

92,059<\/span><\/p>\n<\/td>\n

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

(290,968)<\/span><\/p>\n<\/td>\n

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

67,719<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Deferred tax expense<\/span><\/p>\n<\/td>\n

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

(46,187)<\/span><\/p>\n<\/td>\n

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

(86,495)<\/span><\/p>\n<\/td>\n

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

48,656<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Unrealized gain from marketable securities<\/span><\/p>\n<\/td>\n

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

(323,400)<\/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

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

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

(69,494)<\/span><\/p>\n<\/td>\n

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

(57,984)<\/span><\/p>\n<\/td>\n

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

(89,197)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Changes in operating assets and liabilities:<\/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

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

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

(545,175)<\/span><\/p>\n<\/td>\n

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

(660,667)<\/span><\/p>\n<\/td>\n

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

706,582<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Bank acceptance notes receivable<\/span><\/p>\n<\/td>\n

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

387,673<\/span><\/p>\n<\/td>\n

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

(5,583,925)<\/span><\/p>\n<\/td>\n

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

(2,171,300)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

46,801<\/span><\/p>\n<\/td>\n

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

1,402,620<\/span><\/p>\n<\/td>\n

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

(3,492,342)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Advances to suppliers<\/span><\/p>\n<\/td>\n

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

(855,977)<\/span><\/p>\n<\/td>\n

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

498,378<\/span><\/p>\n<\/td>\n

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

653,028<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

(1,020,875)<\/span><\/p>\n<\/td>\n

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

125,261<\/span><\/p>\n<\/td>\n

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

(29,853)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

2,015,833<\/span><\/p>\n<\/td>\n

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

613,339<\/span><\/p>\n<\/td>\n

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

(46,999)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Accounts payable – 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

(3,042)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Advance from customers<\/span><\/p>\n<\/td>\n

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

(1,221,897)<\/span><\/p>\n<\/td>\n

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

1,461,407<\/span><\/p>\n<\/td>\n

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

(2,232,858)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Advance from customers – related parties<\/span><\/p>\n<\/td>\n

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

(17,467)<\/span><\/p>\n<\/td>\n

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

29,973<\/span><\/p>\n<\/td>\n

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

2,254<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Deferred revenue<\/span><\/p>\n<\/td>\n

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

(407,563)<\/span><\/p>\n<\/td>\n

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

(314,238)<\/span><\/p>\n<\/td>\n

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

(319,982)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

(1,142,721)<\/span><\/p>\n<\/td>\n

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

988,423<\/span><\/p>\n<\/td>\n

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

(834,183)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Accrued expenses and other payables<\/span><\/p>\n<\/td>\n

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

(897,496)<\/span><\/p>\n<\/td>\n

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

722,284<\/span><\/p>\n<\/td>\n

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

73,969<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Operating lease liabilities<\/span><\/p>\n<\/td>\n

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

(12,945)<\/span><\/p>\n<\/td>\n

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

(67,928)<\/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) operating activities<\/b><\/span><\/p>\n<\/td>\n

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

345,034<\/b><\/span><\/p>\n<\/td>\n

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

5,076,014<\/b><\/span><\/p>\n<\/td>\n

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

(580,197)<\/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

Cash flows from investing activities:<\/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

Purchase of property and equipment<\/span><\/p>\n<\/td>\n

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

(3,491,564)<\/span><\/p>\n<\/td>\n

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

(449,766)<\/span><\/p>\n<\/td>\n

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

(616,388)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Purchase of intangible assets<\/span><\/p>\n<\/td>\n

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

(1,810)<\/span><\/p>\n<\/td>\n

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

(8,798)<\/span><\/p>\n<\/td>\n

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

(635)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Proceeds from (payment made for) long term investment<\/span><\/p>\n<\/td>\n

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

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

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

82,972<\/span><\/p>\n<\/td>\n

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

(64,165)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Purchase of available-for-sale securities<\/span><\/p>\n<\/td>\n

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

(20,000,000)<\/span><\/p>\n<\/td>\n

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

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

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

14,559<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Acquisition of non-controlling interest<\/span><\/p>\n<\/td>\n

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

(706,658)<\/span><\/p>\n<\/td>\n

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

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

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

(133,552)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Net cash used in investing activities<\/b><\/span><\/p>\n<\/td>\n

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

(24,200,032)<\/b><\/span><\/p>\n<\/td>\n

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

(375,592)<\/b><\/span><\/p>\n<\/td>\n

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

(800,181)<\/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

Cash flows from financing activities:<\/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

Proceeds from bank loans<\/span><\/p>\n<\/td>\n

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

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

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

7,135,009<\/span><\/p>\n<\/td>\n

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

5,089,651<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Repayment of bank loans<\/span><\/p>\n<\/td>\n

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

(7,681,081)<\/span><\/p>\n<\/td>\n

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

(4,994,506)<\/span><\/p>\n<\/td>\n

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

(3,635,465)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Proceeds from (repayment of) bank notes payable<\/span><\/p>\n<\/td>\n

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

7,804,778<\/span><\/p>\n<\/td>\n

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

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

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

(581,674)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Cash receipts from equity issuance, net of issuance cost<\/span><\/p>\n<\/td>\n

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

23,869,641<\/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

Payment for deferred offering costs<\/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

(365,310)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Net cash provided by financing activities<\/b><\/span><\/p>\n<\/td>\n

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

23,993,338<\/b><\/span><\/p>\n<\/td>\n

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

2,140,503<\/b><\/span><\/p>\n<\/td>\n

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

507,202<\/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

Effect of exchange rate change on Cash<\/b><\/span><\/p>\n<\/td>\n

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

601,903<\/span><\/p>\n<\/td>\n

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

431,765<\/span><\/p>\n<\/td>\n

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

(157,163)<\/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

Net increase (decrease) in cash and cash equivalents<\/b><\/span><\/p>\n<\/td>\n

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

740,243<\/b><\/span><\/p>\n<\/td>\n

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

7,272,690<\/b><\/span><\/p>\n<\/td>\n

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

(1,030,339)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Cash and cash equivalents at beginning of period<\/b><\/span><\/p>\n<\/td>\n

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

11,867,130<\/b><\/span><\/p>\n<\/td>\n

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

4,594,440<\/b><\/span><\/p>\n<\/td>\n

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

5,624,779<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Cash and cash equivalents at end of period<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

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

\n

12,607,373<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

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

\n

11,867,130<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

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

\n

4,594,440<\/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
\n

Supplemental cash flow information<\/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 paid for interest<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

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

\n

152,499<\/span><\/p>\n<\/td>\n

<\/td>\n\n

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

\n

280,169<\/span><\/p>\n<\/td>\n

<\/td>\n\n

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

\n

210,588<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Cash paid for income taxes<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

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

\n

820,972<\/span><\/p>\n<\/td>\n

<\/td>\n\n

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

\n

275,607<\/span><\/p>\n<\/td>\n

<\/td>\n\n

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

\n

1,109,655<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Operating lease right of use assets obtained in exchange of lease liabilities<\/b><\/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

143,443<\/span><\/p>\n<\/td>\n

<\/td>\n\n

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

\n

\u2014<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

\"Cision\" View original content:https:\/\/www.prnewswire.com\/news-releases\/qilian-international-holding-group-limited-reports-fiscal-year-2021-financial-results-301481003.html<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

JIUQUAN, China, Feb. 12, 2022 \/PRNewswire\/ — Qilian International Holding Group Limited (Nasdaq: QLI) (the “Company”, “Qilian International”, “we”, “our” or “us”), a China-based pharmaceutical and chemical products manufacturer, today announced its unaudited financial results for the fiscal year ended September 30, 2021. Mr. Zhanchang Xin, Chairman and CEO of the Company, commented, “The fiscal […]<\/p>\n","protected":false},"author":8,"featured_media":5981,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":["post-5980","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news"],"yoast_head":"\nQilian International Holding Group Limited Reports Fiscal Year 2021 Financial Results - 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=5980\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Qilian International Holding Group Limited Reports Fiscal Year 2021 Financial Results - My Blog\" \/>\n<meta property=\"og:description\" content=\"JIUQUAN, China, Feb. 12, 2022 \/PRNewswire\/ — Qilian International Holding Group Limited (Nasdaq: QLI) (the “Company”, “Qilian International”, “we”, “our” or “us”), a China-based pharmaceutical and chemical products manufacturer, today announced its unaudited financial results for the fiscal year ended September 30, 2021. 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