Financial Performance - For the year ended December 31, 2019, the company achieved revenue of RMB 20,122.3 million, representing a year-on-year increase of 12.67%[21] - The profit before tax was RMB 4,681.4 million, up 21.28% compared to the previous year[21] - The profit attributable to ordinary shareholders was RMB 1,788.7 million, reflecting a growth of 27.45% year-on-year[21] - The company's profit before tax and profit attributable to ordinary shareholders were RMB 4,681.368 million and RMB 1,788.709 million, respectively[28] - The core operating performance after tax (excluding fair value changes) was RMB 1,674.967 million, reflecting a year-on-year growth of 26.96%[28] - Earnings per share increased to RMB 0.53, up 27.45% compared to the same period last year[28] - The company’s real estate development achieved revenue of RMB 1,735,247.1 million in 2019, a year-on-year increase of 14.66%, while the pre-tax profit decreased by 0.59% to RMB 268,207.1 million[29] - The total contracted sales amount reached RMB 19 billion, with a sales area of 1.26 million square meters during the reporting period[29] - The investment properties (including hotels) generated revenue of RMB 2,660.36 million in 2019, an increase of 1.19% year-on-year, while the pre-tax profit decreased by 6.91% to RMB 822.63 million[36] - The company reported a net profit attributable to ordinary shareholders for 2019 of RMB 2,095,459 thousand, compared to RMB 2,214,119 thousand in 2018, indicating a decrease of about 5.4%[195] Assets and Liabilities - The total assets as of December 31, 2019, amounted to RMB 102,438.8 million, an increase from RMB 99,910.7 million in 2018[18] - The total liabilities decreased to RMB 75,900.5 million from RMB 77,054.5 million in the previous year[18] - The company's total liabilities decreased to RMB 25,797,378 thousand in 2019 from RMB 26,941,711 thousand in 2018, indicating a reduction of about 4.2%[191] - The investment properties increased to RMB 15,025,176 thousand in 2019 from RMB 12,867,800 thousand in 2018, reflecting a growth of approximately 16.7%[191] - The balance of cash and bank deposits was RMB 1,175.741 million as of December 31, 2019, with no risk of default on issued bonds[163] - The company's equity attributable to ordinary shareholders increased to RMB 21,208,013 thousand in 2019 from RMB 19,616,212 thousand in 2018, reflecting a growth of about 8.1%[194] Market and Strategic Expansion - The company managed a total property area of over 1.27 million square meters, with 1.2 million square meters located in the Beijing Olympic core area[16] - The company has 45 ongoing, planned, and sold projects across 15 key cities in China, enhancing its market share[15] - The company is focusing on three strategic expansions: low-cost expansion, brand expansion, and capital expansion[22] - The company plans to focus on light asset operations and high-end service industry development to enhance core competitiveness[23] - The company aims to expand its market presence through new projects and strategic land acquisitions[35] - The company has entered 15 cities for real estate development, including Beijing, Wuhan, and Chengdu, establishing a foundation for nationwide scale development[65] Governance and Management - The board of directors held 34 meetings in 2019, ensuring active governance and oversight of the company's strategies and policies[68] - The company has adopted good governance practices and continuously improves its disclosure norms to enhance transparency for shareholders[67] - The company emphasizes board diversity as a key element for maintaining competitive advantage and promoting sustainable development[80] - The company has established a clear division of roles between the Chairman and the General Manager, with the Chairman overseeing the board's operations and ensuring effective communication with shareholders[71] - The company has a strong management team with extensive experience in real estate development and financial management[99][100][101][102][103][104][105][106] Community and Social Responsibility - The company donated RMB 950,000 to the Beijing Spring Seed Charity Foundation, contributing to social harmony and development[50] - The company achieved a significant milestone by helping 27 low-income households in Baihutou Village to escape poverty in 2019[50] - The company is committed to enhancing its asset-heavy business model while expanding its light-asset service model, aiming for comprehensive economic and social benefits[36] Risks and Challenges - The company faces risks related to policy changes in the real estate sector, which could affect land acquisition and project financing[60] - The company is addressing potential talent shortages by enhancing internal training and recruitment efforts[63] - The company aims to maintain low-cost expansion strategies while improving cash turnover rates to mitigate market risks[62] Future Outlook - The company plans to achieve a new construction area of 1.08 million square meters and a sales target of 1.26 million square meters in 2020, with a contract amount of RMB 23 billion[58] - The company anticipates a fixed asset investment of RMB 730 million in 2020, funded by its own capital[57] - The company aims to enhance its operational capabilities in investment properties while innovating business development models to cultivate new growth points[58] - The company will focus on key regions such as Beijing-Tianjin-Hebei and the Yangtze River Delta for land acquisition and project development[54]

2019 年年度报告 公司代码：601588 公司简称：北辰实业 北京北辰实业股份有限公司 2019 年年度报告 1 / 160 | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------| | 2019 年年度报告 | | | 董事长致辞 | | | 各位股东： | | | 本人谨代表董事会向各位股东提呈公司截至二零一九年十二月三十一日之年度经营业绩报告。 | | | 截至二零一九年十二月三十一日，按照中国会计准则，在公司发展物业结算面积增加的带动 | | | 下，公司实现营业收入人民币 2,012,236.4 万元，同比上升 12.64% | 。利润总额为人民币 2 ...

2019 年第三季度报告 公司代码：601588 公司简称：北辰实业 北京北辰实业股份有限公司 2019 年第三季度报告 1 / 24 2019 年第三季度报告 11 IIÍ 四、 目录 | --- | |----------------| | | | 一、 重要拠示. | | 公司基本情况 . | | 重要事项 | | 附录 | 2 / 24 2019 年第三季度报告 一、 重要提示 1.1 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 1.2 公司全体董事出席董事会审议季度报告。 1.3 公司负责人贺江川、主管会计工作负责人崔薇及会计机构负责人（会计主管人员）高小杰保 证季度报告中财务报表的真实、准确、完整。 1.4 本公司第三季度报告未经审计。 3 / 24 2019 年第三季度报告 二、 公司基本情况 2.1 主要财务数据 | --- | --- | --- | --- | --- | |-----------------------------------------------|------- ...

TSAN AEJING NORTH STAR 港交所股票代號 : 0588 上交所股票代號 : 601588 . ca 国家会议中心 10 2019 中期報告 1 二零一九中期報告 中期報告 截至二零一九年六月三十日止六個月期間 • 收入為人民幣8,548,956,000元，比去年同期上升56.39% • 營運利潤為人民幣3,077,737,000元，比去年同期上升88.12% • 本公司普通股股東應佔利潤為人民幣1,342,333,000元，比去年同期上升76.85%，其中稅後主營業務核心經營業績（不 含公平值變化收益）為人民幣1,265,997,000元，同比上升79.13%，投資物業公允值變動稅後收益為人民幣76,336,000 元 • 每股收益為人民幣0.3987元，去年同期每股收益為人民幣0.2254元 • 董事會（「董事會」）決議不派發截至二零一九年六月三十日止六個月期間之中期股息（截至二零一八年六月三十日止六個 月期間：無） 北京北辰實業股份有限公司 2 中期簡明合併資產負債表 | --- | --- | --- | --- | |-------------------------------- ...

2019 年半年度报告 公司代码：601588 公司简称：北辰实业 北京北辰实业股份有限公司 2019 年半年度报告 1 / 131 2019 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实、准确、完 整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 未出席董事情况 | --- | --- | --- | --- | |----------------|----------------|----------------------|--------------| | 未出席董事职务 | 未出席董事姓名 | 未出席董事的原因说明 | 被委托人姓名 | | 董事长 | 贺江川 | 因公请假 | 李伟东 | | 董事 | 李云 | 因公请假 | 郭川 | 三、 本半年度报告未经审计。 四、 公司负责人贺江川、主管会计工作负责人崔薇及会计机构负责人（会计主管人员）高小杰声 明：保证半年度报告中财务报告的真实、准确、完整。 五、 经董事会审议的报告期利润分配预案或公积金转增股本预案 本报告期内无半年度利润分配或公积金转增股本预案。 六、 ...

Financial Performance - For the year ended December 31, 2018, the company achieved a revenue of RMB 17,859.79 million, representing a year-on-year increase of 16.71%[14] - The profit before tax for the same period was RMB 3,860.02 million, up 29.55% compared to the previous year[6] - The net profit attributable to ordinary shareholders was RMB 1,403.43 million, reflecting a slight increase of 0.98% year-on-year[14] - The earnings per share for the year was RMB 0.42[14] - In 2018, the company's operating revenue and profit achieved historic breakthroughs, driven by strategies of low-cost expansion, brand expansion, and capital expansion[15] - The company achieved operating revenue of RMB 1,785,979.0 million, a year-on-year increase of 16.71%[26] - The pre-tax profit reached RMB 386,001.8 million, reflecting a year-on-year growth of 29.55%[26] - The revenue from development properties amounted to RMB 1,513,349.8 million, up 20.18% year-on-year[27] - The pre-tax profit from development properties was RMB 269,794.7 million, marking a significant increase of 50.42% year-on-year[27] - The total contracted sales amount for the year was RMB 282 billion, with notable projects achieving high sales figures[28] - The company reported a significant increase in cash and cash equivalents, which rose to RMB 11,851,788 thousand in 2018 from RMB 9,846,708 thousand in 2017, a growth of about 20.3%[192] - The company’s retained earnings increased to RMB 11,747,590 thousand in 2018, up from RMB 10,590,512 thousand in 2017, representing a growth of approximately 10.9%[193] - Total revenue for the year ended December 31, 2018, was RMB 17,859,790 thousand, an increase from RMB 15,303,224 thousand in 2017, representing a growth of approximately 16.7%[195] - Gross profit for 2018 was RMB 5,483,904 thousand, compared to RMB 4,633,365 thousand in 2017, reflecting a gross margin improvement[195] Assets and Liabilities - The total assets of the company as of December 31, 2018, amounted to RMB 99,910.67 million, an increase from RMB 87,701.65 million in 2017[7] - The total liabilities increased to RMB 77,054.48 million in 2018 from RMB 68,548.41 million in 2017[7] - The company’s total current assets were RMB 82,976.77 million, while current liabilities were RMB 50,112.77 million[167] - The company’s long-term borrowings decreased to RMB 19,768,944 thousand in 2018 from RMB 25,889,695 thousand in 2017, a decline of about 23.6%[192] - The company’s total equity increased to RMB 22,856,185 thousand in 2018, compared to RMB 19,153,235 thousand in 2017, reflecting a growth of approximately 19.5%[193] Market Position and Strategy - The company has 45 ongoing and for-sale projects across 14 key cities in China, enhancing its market share and development scale[3] - The company aims to strengthen its core business in property development while expanding into new markets and enhancing resource integration[5] - The company plans to accelerate strategic expansion in 2019, focusing on integrating property development with exhibition, health care, and cultural creativity sectors[18] - The company aims to enhance its brand image and market position through the establishment of three sub-brands in the exhibition industry, focusing on high-end government services, venue management, and industry research[15] - The company is committed to creating property value and establishing a leading composite real estate brand in the country[19] - The company is focusing on the integration of real estate with health care, cultural creativity, and other sectors to create a diversified development model[61] Governance and Management - The board of directors consists of nine members, including the chairman, five executive directors, and three independent non-executive directors, ensuring strong governance and oversight[71] - The company is committed to maintaining high standards of corporate governance and transparency towards shareholders[70] - The company has adopted good governance practices and procedures to maintain effective communication with shareholders[75] - The company emphasizes board diversity, considering factors such as gender, age, culture, and professional experience in its nomination policy[84] - The company has established a system for managing insider information to ensure compliance with disclosure obligations[96] - The company’s internal audit department is responsible for regular audits and reports to the Board of Directors[93] Sustainability and Social Responsibility - The company reduced nitrogen oxide and sulfur dioxide emissions by 10% and 59% respectively compared to the previous year, promoting green development[55] - The company is committed to social responsibility, having donated to the Spring Sprout Foundation for six consecutive years to support underprivileged children[55] - The management team emphasized a commitment to sustainability, with plans to reduce carbon emissions by 40% by 2025[104] Future Outlook - The company plans to enhance its financing channels through asset securitization and perpetual medium-term notes to manage debt levels effectively[62] - The company aims to sell 1.6 million square meters in 2019, with a signed contract amount (including parking spaces) of RMB 25.3 billion[63] - In 2019, the company plans to achieve a new construction area of 1.96 million square meters, a resumption area of 8.88 million square meters, and a completion area of 2.46 million square meters[63] - The company will invest RMB 200 million in fixed assets in 2019, with funding sourced from self-owned capital[62]

2019 年第一季度报告 公司代码：601588 公司简称：北辰实业 北京北辰实业股份有限公司 2019 年第一季度报告 1 / 22 | --- | --- | --- | |-------|---------------------|-------| | | 2019 年第一季度报告 | | | | 日 录 | | | | 一、 重要提示 | | | । Í | 公司基本情况 . | | | | 三、 重要事项 | | | 四、 | 附录 . | | 2 / 22 2019 年第一季度报告 一、 重要提示 1.1 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 1.2 公司全体董事出席董事会审议季度报告。 1.3 公司负责人贺江川、主管会计工作负责人崔薇及会计机构负责人（会计主管人员）高小杰保 证季度报告中财务报表的真实、准确、完整。 1.4 本公司第一季度报告未经审计。 3 / 22 2019 年第一季度报告 二、 公司基本情况 2.1 主要财务数据 | --- | --- | --- | --- | ...

Financial Performance - The company achieved operating revenue of RMB 1,786,416.3 million, an increase of 15.58% year-on-year[3]. - Total profit reached RMB 280,031.9 million, up 55.10% year-on-year, while net profit attributable to the parent company was RMB 118,951.2 million, a 4.31% increase[3]. - Earnings per share were RMB 0.35[3]. - The company's operating revenue for 2018 was CNY 17,864,162,781, representing a 15.58% increase compared to CNY 15,456,514,443 in 2017[29]. - The net profit attributable to shareholders of the listed company for 2018 was CNY 1,189,511,662, a 4.31% increase from CNY 1,140,410,658 in 2017[29]. - The net cash flow from operating activities for 2018 was CNY 2,532,908,272, a significant recovery from a negative cash flow of CNY -1,628,276,493 in 2017[29]. - The company's liquid assets increased by 26.27% year-on-year, indicating improved liquidity[41]. - The company achieved record-high revenue and profit levels during the reporting period, driven by an increase in billable projects and a higher proportion of high-priced products[52]. Dividend and Shareholder Returns - The company plans to distribute a cash dividend of RMB 0.12 per share, totaling RMB 404,042,400, subject to shareholder approval[10]. - The cash dividend for 2018 was RMB 404.04 million, representing 34.17% of the net profit attributable to shareholders of the parent company[118]. - The company has committed to maintaining a cash dividend policy of at least 10% of the distributable profit each year[117]. Strategic Development and Expansion - The company aims to maintain its strategies of low-cost expansion, brand expansion, and capital expansion to drive high-quality development[3]. - The company plans to continue expanding its market presence and developing new products and technologies to enhance growth prospects[22]. - The company is focusing on strategic acquisitions to strengthen its competitive position in the real estate market[22]. - The company aims to leverage its existing assets and explore new business opportunities to drive sustainable growth[22]. - The company is focusing on expanding its property development and management services across multiple regions, with 45 ongoing and for-sale projects[40]. - The company has entered 14 cities, including Beijing, Changsha, Wuhan, and Chengdu, establishing a foundation for nationwide scale development[45]. Risk Management - The company faces risks related to policy changes in the real estate sector, market competition, and potential talent shortages due to rapid expansion[14]. - The company emphasizes the importance of project turnover speed and land reserve expansion to mitigate market risks[14]. - The company will focus on cities with mature markets and favorable investment environments to mitigate market risks[111]. Operational Efficiency and Innovation - Future guidance indicates a commitment to improving operational efficiency and increasing profitability through innovative strategies[22]. - The company plans to enhance its operational service capabilities and innovate business development models to cultivate new growth points[110]. - Operational efficiency initiatives are projected to reduce costs by 8%, contributing to improved profit margins[183]. Environmental and Social Responsibility - The company has been recognized as a leading brand in composite real estate for 12 consecutive years since 2007[44]. - The company reported a total reduction in nitrogen oxides and sulfur dioxide emissions by 10% and 59% respectively compared to the previous year[62]. - The company has actively engaged in social responsibility initiatives, including donations to the Spring Seed Foundation for underprivileged children[62]. - The company is actively involved in employment assistance by prioritizing local low-income individuals for job opportunities[152]. - The company has committed to a "one enterprise, one village" support plan to further assist Baihutou Village's development[152]. Financial Position and Assets - Total assets at the end of 2018 reached CNY 91,894,399,862, reflecting a 14.90% increase from CNY 79,980,021,253 at the end of 2017[29]. - The company's total assets at the end of the reporting period amounted to 91.894 billion yuan, an increase of 14.90% compared to the same period last year[82]. - Total liabilities reached 75.050 billion yuan, reflecting a year-on-year increase of 12.66%[85]. - The company reported a significant increase in contract liabilities, totaling 28.445 billion yuan, primarily due to pre-received housing payments[82]. Corporate Governance and Compliance - The company has adopted new accounting standards for the preparation of its 2018 financial statements, including the revised revenue recognition standards[125]. - The domestic accounting firm, PwC Zhongtian, has been retained for 15 years with an audit fee of 253 million[126]. - There are no significant lawsuits or arbitration matters reported for the year[129]. - The company has not faced any risks of suspension or termination of its listing[128]. Employee and Management Information - The total number of employees in the parent company is 3,610, with a combined total of 5,167 employees across the parent and major subsidiaries[196]. - The total remuneration for all directors, supervisors, and senior management at the end of the reporting period is detailed in the relevant sections of the report[189]. - The remuneration for directors and senior management is determined based on their positions, responsibilities, and the company's annual operational plans and assessments[198].

Financial Performance - Net profit attributable to shareholders increased by 41.80% year-on-year, amounting to CNY 1.18 billion[7] - Operating revenue for the first nine months rose by 6.64% year-on-year, totaling CNY 10.78 billion[7] - Basic earnings per share rose by 40.00% to CNY 0.35[7] - Total operating revenue for Q3 reached ¥5,305,853,751, a significant increase from ¥2,252,126,835 in the same period last year, representing a growth of 135.5%[32] - Operating profit for Q3 was ¥1,046,188,516, compared to ¥334,601,067 in the previous year, reflecting a growth of 213.5%[33] - Net profit for Q3 was ¥774,625,198, an increase from ¥228,864,813, which is a growth of 238.5%[34] - Total comprehensive income for the period reached CNY 648,473,731, an increase from CNY 493,605,671 in the previous year[37] Cash Flow - Net cash flow from operating activities surged by 462.88% year-on-year, reaching CNY 3.07 billion[7] - Cash inflow from operating activities totaled CNY 20,885,407,240, compared to CNY 15,290,834,105 in the same period last year, marking a growth of approximately 36%[40] - Cash outflow for operating activities was CNY 17,812,154,800, an increase from CNY 14,744,844,005, resulting in a net cash flow from operations of CNY 3,073,252,440[40] - Investment activities generated a net cash flow of CNY 1,002,824,013, recovering from a negative cash flow of CNY -2,439,987,818 in the previous year[41] - The company reported a net cash outflow from financing activities of CNY -837,231,966, compared to a net inflow of CNY 5,976,310,971 in the previous year[41] Assets and Liabilities - Total assets increased by 13.06% year-on-year, reaching CNY 90.43 billion at the end of the reporting period[7] - Total liabilities rose to CNY 75.54 billion, up from CNY 66.62 billion, indicating an increase of about 13.8%[23] - Current liabilities totaled CNY 47.23 billion, compared to CNY 39.01 billion, reflecting a growth of approximately 21.5%[22] - The company's equity attributable to shareholders rose to CNY 13.61 billion from CNY 12.60 billion, an increase of about 8.0%[23] - The total liabilities to equity ratio stands at approximately 5.08, indicating a high leverage position[23] Shareholder Information - The total number of shareholders reached 160,573 at the end of the reporting period[10] - The largest shareholder, Beijing Beichen Group, holds 34.48% of the shares[10] Inventory and Land Reserves - The company's inventory increased by 12.95% to CNY 59.36 billion, attributed to higher project development costs[17] - The total land reserve reached 7.95 million square meters, with equity land reserve at 6.94 million square meters, and new real estate reserves added 655,900 square meters[14] Investment Income - Investment income skyrocketed by 1638.90% to CNY 97.20 million, mainly due to profits from joint ventures[18] - Non-operating income for the first nine months totaled CNY 15.96 million[9] - The company reported a government subsidy income of CNY 4.55 million during the reporting period[9] Future Plans - The company plans to continue expanding its market presence and investing in new technologies, although specific figures and strategies were not detailed in the provided content[37]

Financial Performance - The company's operating revenue for the first half of 2018 was CNY 5,470,243,566, a decrease of 30.34% compared to CNY 7,852,746,675 in the same period last year [24]. - The net profit attributable to shareholders of the listed company was CNY 637,773,468, representing a year-on-year increase of 2.36% from CNY 623,069,190 [24]. - The net cash flow from operating activities was negative at CNY -124,341,734, a significant decline of 112.98% compared to CNY 957,930,063 in the previous year [24]. - The total profit amounted to RMB 112,384.2 million, reflecting a year-on-year increase of 24.13% [46]. - The company reported a net profit of CNY 2.09 billion for the first half of 2018, compared to CNY 2.16 billion in the same period last year, indicating a decrease of about 3.0% [157]. - The total operating revenue decreased to ¥5,470,243,566 from ¥7,852,746,675, representing a decline of approximately 30.5% year-over-year [161]. - The total profit of ¥1,123,842,230, up from ¥905,346,445, indicating a growth of about 24% year-over-year [161]. Assets and Liabilities - The total assets of the company increased by 8.51% to CNY 86,788,247,805 from CNY 79,980,021,253 at the end of the previous year [24]. - Total liabilities amounted to 72.696 billion RMB, reflecting a growth of 9.12% year-over-year [65]. - The company's cash and cash equivalents represented 12.39% of total assets, a decrease of 1.23 percentage points from the previous year [64]. - The total liabilities increased to CNY 72.70 billion from CNY 66.62 billion, marking a growth of around 9.2% [151]. - Owner's equity rose to CNY 14.09 billion from CNY 13.36 billion, an increase of about 5.5% [152]. Development Projects - The company has 29 ongoing and planned development projects across 14 key cities in China, enhancing its market share and development scale [33]. - The company entered 14 cities for real estate development, including Beijing, Wuhan, and Chengdu, establishing a foundation for nationwide scale development [36]. - The company has a cumulative area of 15,443,000 square meters under development across various projects [69]. - The company expanded its land reserves to 8.4506 million square meters across 14 cities, focusing on first and second-tier cities [48]. Market Strategy - The company aims to strengthen professional management and shorten development cycles to improve cash recovery rates [7]. - The company will focus on mature markets with favorable investment environments to reduce operational risks [7]. - The company plans to adopt low-cost expansion strategies and explore new land acquisition methods [7]. - The company emphasizes the importance of monitoring market trends to enhance its competitive edge [7]. - The company will continue to focus on rapid development in real estate and stable operations in exhibitions to enhance its brand influence [81]. Risk Management - The company acknowledges the impact of high land costs and regulatory policies on profit margins [7]. - The company is facing risks related to property development policies, which are closely tied to national economic conditions and policy directions, potentially impacting land acquisition and project financing [87]. - Market risks include rising land prices and development costs, which could lead to cash flow crises and compress profit margins for the company [88]. - The company emphasizes the importance of risk management in its rapid business development to mitigate uncertainties from policy changes [87]. Talent Management - The company is facing a short-term risk of talent shortage due to rapid expansion in real estate and exhibition management projects [8]. - The company will conduct various training programs to accelerate talent cultivation and optimize personnel structure [8]. - There is a short-term risk of talent shortages due to the rapid expansion of real estate and exhibition management projects, necessitating enhanced talent training programs [90]. Environmental and Social Responsibility - The company has complied with various environmental laws and regulations, with all pollution discharge permits passing re-inspection as of June 30, 2018 [109]. - The company actively participates in environmental protection initiatives, achieving a Level 2 certification in the IHG Green Engage program [109]. - The company is actively engaged in targeted poverty alleviation efforts in Baihutou Village, focusing on enhancing local economic capabilities [107]. Corporate Governance - The company has not reported any non-operational fund occupation by controlling shareholders [6]. - The company has confirmed that there were no major changes in the audit firm or any non-standard audit reports issued [95]. - The company has not disclosed any significant accounting errors that require retrospective restatement during the reporting period [111]. - The financial statements were approved by the board of directors on August 23, 2018, ensuring compliance with accounting standards [192].