Core Points - The People's Bank of China and the State Administration of Foreign Exchange have expanded the pilot program for multinational companies' integrated currency pool business to include Hunan and 15 other provinces [1][2] - The pilot program allows multinational companies to determine the concentration ratio of foreign debt and overseas loans based on macro-prudential principles, while maintaining some financial arrangement flexibility for individual member enterprises [1] - The program facilitates the management of global member enterprise funds by allowing domestic main accounts to handle cross-border currency collection and payment for overseas member enterprises [1] - The pilot program aims to improve fund management efficiency, reduce financial costs, and enhance risk management capabilities for enterprises [1] Company and Industry Summary - Two companies, Zoomlion Heavy Industry Science and Technology Co., Ltd. and Hunan Zhongwei New Energy Technology Co., Ltd., have been selected as pilot enterprises and have successfully completed the business filing [2] - The pilot companies have established a global fund pool covering 25 countries and regions, including 72 domestic and foreign member enterprises [2] - Feedback from the pilot enterprises indicates that the policy has provided more convenience for Hunan enterprises in their global operations and expansion [2]

Financial Performance - In 2024, the company's operating revenue was approximately RMB 45.48 billion, a decrease of 3.39% compared to RMB 47.07 billion in 2023[17]. - The net profit attributable to shareholders was approximately RMB 3.52 billion, reflecting a slight increase of 0.41% from RMB 3.51 billion in the previous year[17]. - The net profit after deducting non-recurring gains and losses was approximately RMB 2.55 billion, down by 5.70% from RMB 2.71 billion in 2023[17]. - The net cash flow from operating activities decreased by 21.03% to approximately RMB 2.14 billion, compared to RMB 2.71 billion in 2023[17]. - The total assets at the end of 2024 were approximately RMB 123.75 billion, a decrease of 5.44% from RMB 130.86 billion at the end of 2023[17]. - The net assets attributable to shareholders increased by 1.29% to approximately RMB 57.14 billion, compared to RMB 56.41 billion at the end of 2023[17]. - The company achieved a revenue of RMB 45.478 billion in 2024, a decrease of 3.39% compared to 2023's RMB 47.075 billion[24]. - The net profit attributable to the parent company was RMB 3.521 billion, down 0.82% from RMB 3.550 billion in the previous year[24]. - The company's leverage ratio improved to 51.66% in 2024 from 54.80% in 2023[18]. - Non-current assets decreased to RMB 49.234 billion in 2024 from RMB 52.819 billion in 2023[19]. - Current assets also declined to RMB 74.478 billion in 2024 from RMB 78.006 billion in 2023[19]. Strategic Focus and Development - The company is focusing on accelerating the transformation and upgrading of its strategic industries, particularly in new energy and new materials[12]. - The company aims to enhance its global development strategy, emphasizing "end-to-end, digitalization, and localization" in overseas markets[12]. - The company plans to continue its digital transformation to improve core competitiveness in R&D, manufacturing, management, sales, and service[14]. - The company is committed to building a world-class advanced manufacturing hub to create greater value for customers and returns for shareholders[14]. - The company maintained a strong market position in traditional product lines such as concrete machinery and construction cranes, with a focus on risk management and resource optimization[26]. - The company expanded its product range in earthmoving machinery, achieving significant growth in the domestic market, particularly in the 100-ton and above excavator segment[27]. - The company led the domestic market in aerial work machinery, with a 90% penetration rate of electric products and a comprehensive product lineup[28]. - The agricultural machinery segment saw significant growth, with new products like corn and rice machines entering the market after successful upgrades[30]. - The company ranks first in the industry for patent applications related to big data and cloud computing, establishing a leading position in the industrial internet and embodied intelligence sectors[32]. International Expansion and Manufacturing - In 2024, overseas revenue grew by over 30% year-on-year, achieving a historic milestone where overseas income accounted for more than half of total revenue[33]. - The company has established 11 overseas production bases across 8 countries, enhancing its global manufacturing network and supporting continuous innovation[36]. - The company has launched 4 major intelligent factories and over 360 intelligent production lines, contributing to the development of a significant advanced manufacturing base[38]. - The company has completed over 200 key technologies for intelligent production lines, showcasing its strong capabilities in intelligent manufacturing technology[38]. - The company aims to achieve end-to-end digital transformation in manufacturing and supply chains, integrating AI, cloud computing, and digital twin technologies[40]. - The company has built a comprehensive overseas business system focused on end-to-end, digital, and localized operations, enhancing its competitive edge[33]. - The company has over 4,400 local employees and more than 210 service parts warehouses globally, covering over 170 countries and regions[36]. Innovation and Product Development - The company successfully developed 548 new products and overcame 355 key technologies during the reporting period, including 9 global bests and 15 industry-first products[41]. - The company launched the world's largest rated lifting torque crane with a capacity of 23,800 ton-meters, and a maximum lifting weight of 730 tons, which is currently in use for the construction of the Guangzhou Wanlong Bridge[42]. - The company introduced 40 new energy products, including the world's largest 150-ton distributed electric drive crawler crane and the industry's first modular electric direct drive concrete mixer truck[46]. - The company achieved a comprehensive energy saving of 15% with the development of a 300-ton hybrid electric drive dump truck, enhancing the green development of mining transportation equipment[42]. - The company applied for 2,054 patents during the reporting period, ranking first in the industry for patent strength among Chinese enterprises[48]. - The company has developed a hybrid power distributed electric drive tractor with a low fuel consumption of 1.55L per mu, providing a comfortable driving experience with a noise level of 79dB[44]. - The company has completed over 20 key component and equipment R&D projects in the new energy sector, achieving industry-leading technology levels[46]. - The company has established a total of 210 new energy products for sale by the end of 2024, covering various leading product categories[46]. - The company led the release of 2 international standards and 4 national standards in 2024, becoming a dominant force in industry standard-setting[48]. Employee Engagement and Welfare - The company employs approximately 31,783 employees as of December 31, 2024[71]. - The company has a distributable reserve of RMB 26.442 billion as of December 31, 2024[74]. - The company aims to enhance employee cohesion and core combat capabilities through talent introduction, training, and incentives[194]. - The company maintains a 100% labor contract signing rate and provides comprehensive social insurance coverage for all employees[195]. - In 2024, the company provided assistance to 88 employees, distributing over 3.317 million yuan in aid, including support for 18 children of deceased employees[197]. - The company hired approximately 7,297 new employees during the reporting period, increasing total employment to over 31,783[200]. - Employees under 35 years old account for 55.63% of the workforce, indicating a sustainable employment structure[200]. - The company has implemented a satisfaction evaluation platform for employee dining, maintaining a satisfaction rate above 90%[197]. - The company actively engages in employee welfare programs, including marriage and childbirth benefits, and various forms of assistance[196]. Environmental and Social Responsibility - The ESG special team is responsible for identifying significant ESG issues impacting operations and stakeholders, reporting to the board regularly[158]. - The company has identified 23 key ESG issues for this year's importance analysis, based on guidelines from the Hong Kong Stock Exchange and the SASB[164]. - The board participates in the evaluation and prioritization of important ESG matters, ensuring comprehensive reflection of the company's sustainable development progress[163]. - In 2024, the company achieved a total greenhouse gas emission of approximately 187,949.80 tons, a decrease from 206,881.91 tons in 2023, resulting in a 6% reduction in emissions per million revenue[178]. - The company successfully launched 40 new products, including the world's largest distributed electric drive crawler crane, and now has 210 new energy products on sale[172]. - The company reduced diesel consumption in 2024 compared to the previous year, leading to a significant decrease in air pollutant emissions[178]. - The total amount of hazardous waste generated in 2024 was 3,876.30 tons, down from 4,172.38 tons in 2023, with a hazardous waste density of 0.85 tons per 10 million revenue[178]. - The company established two new A-level environmental performance parks and three B-level parks in 2024, becoming the first in the Shaanxi and Hunan engineering machinery industry to achieve A-level status[170]. - The company reported a sulfur dioxide emission of 0.14 tons in 2024, down from 0.17 tons in 2023, and nitrous oxide emissions of 19.31 tons, reduced from 24.19 tons[176]. - The company implemented advanced environmental management systems and technologies, including real-time air quality monitoring and dust reduction measures[171]. - The greenhouse gas emission density was recorded at 4.13 tons per million revenue in 2024, a decrease from 4.39 tons per million revenue in 2023[178]. - The company is committed to using water-based paints and energy-efficient, low-pollution dry spraying processes in its manufacturing operations[170]. - The company has strengthened its internal controls and cost reduction measures while accelerating its green transformation[178]. - The company aims to achieve carbon peak by 2030 and carbon neutrality by 2060, aligning with national strategic goals[190]. - The company has not identified any violations of significant environmental laws and regulations during the year[191].

投资要点 2025 年一季度：周期成长，百花齐放；重视工程机械、人形机器人等 1、主线一：周期反转 【工程机械】反转逻辑加强，海外国内共振；【船舶】景气上行，盈利改善；【工业气体】气价历史低 位，拐点即将来临；【检测检验】需求逐步改善，有望拐点向上；【轨交装备】铁路固定资产投资稳步 推进，景气持续；【机床刀具】周期复苏、国产替代、出海、新领域。 2、主线二：成长崛起 【人形机器人】日新月异，内外并进；【半导体设备】先进扩产、国产提速；【低空经济】低空翱翔， 拉开序幕。 3、主线三：供应全球 【出口链】库存扰动解除，降息接力复苏；【油服装备】景气持续，聚焦海上、出海。 2024 年机械子行业业绩前瞻/回顾：工程机械行业盈利能力改善明显，五大主机厂实现利润正增；船舶 行业盈利能力逐步修复，景气上行。 2025 年第一季度机械子行业业绩前瞻：工程机械有望开门红，出口链业绩释放，船舶景气持续，工业 气体、光伏设备筑底。 工程机械：反转逻辑持续验证中，海外市占率提升，国内更新周期有望逐步开启1、3 月挖掘机国内销 量同比增长28.5%；重视工程机械一季度旺季行情2025 年3 月挖掘机总销量29590 台，同比增长18 ...

Investment Rating - The report does not explicitly provide an investment rating for the engineering machinery industry Core Viewpoints - The "reciprocal tariff" policy by the Trump administration is expected to benefit US domestic engineering machinery companies while intensifying global competition in the industry. Chinese engineering machinery companies have limited exposure to the US market, making the overall risk manageable. The industry faces both short-term pressures and long-term opportunities as it shifts towards high-end and globalized operations, supported by domestic demand stimulation and the "Belt and Road" initiative [1][5][8] Summary by Sections Impact of Tariffs - The "reciprocal tariff" policy includes a minimum baseline tariff of 10% on all goods exported to the US, effective April 5, 2025, with additional tariffs for countries with significant trade deficits or deemed to engage in "unfair trade" [3][4] Export Trends - Chinese engineering machinery exports have been growing, particularly to countries along the "Belt and Road" initiative, with exports to these regions reaching $21.055 billion in 2023, a year-on-year increase of 24.1%, accounting for 47.2% of total exports. The share of exports to the US has decreased, currently representing about 7%-8% of total exports, with major companies like SANY, Zoomlion, and XCMG having less than 5% exposure to the US market [5][8] Competitive Landscape - US brands such as Caterpillar and John Deere hold a combined market share of 52% in the US market, and the high tariffs are likely to strengthen their market position. European and Japanese companies are also facing similar tariff pressures, which may heighten competition in other global markets [7][8] Strategic Responses - Major Chinese engineering machinery companies are expanding their overseas production capabilities and entering emerging markets to mitigate risks. For instance, SANY has established a factory in North America, while Zoomlion and Hengli Hydraulic have set up operations in Mexico and Brazil to cater to local demand [7][8] Future Outlook - While short-term challenges exist due to increased tariffs leading to a decline in exports to the US, the long-term outlook is positive as the industry is pushed towards higher-end and globalized operations. The focus of competition is expected to shift towards technological innovation and localized service capabilities rather than merely the gains or losses in a single market [8]

Core Insights - The bauma 2025 exhibition in Munich, Germany, showcases the latest developments and innovations in the global construction machinery industry, featuring over 3,500 exhibitors from 57 countries [1] - Leading Chinese companies such as SANY, Zoomlion, and CRCHI are prominently displaying their advanced machinery and technology, highlighting China's manufacturing strength [8][9] Group 1: Company Highlights - SANY's remote control experience area attracted significant attention, demonstrating the seamless operation of excavators from a distance, showcasing the company's innovative capabilities [3] - Zoomlion presented over 60 benchmark products across nine categories, integrating cutting-edge technologies like AI and big data into their solutions, which received positive feedback from international clients [3] - CRCHI unveiled the "Jianghai" shield machine, the largest domestically produced shield machine with a diameter of 16.64 meters, marking a breakthrough in China's large-diameter shield machine industry [4] Group 2: Global Expansion Strategies - XCMG's new SPA27J spider lift and its localized production strategy in Poland have enhanced its international presence, with a robust supply chain and growing customer base in Europe [6] - SANY has established a comprehensive marketing service network in Europe, including over 150 agents and 120 sales experts, reflecting its deep-rooted presence in the region [7] - Zoomlion is expanding its global footprint with 11 R&D and manufacturing bases overseas, over 400 international outlets, and a workforce of more than 6,300 overseas employees, significantly enhancing its global delivery and response capabilities [7] Group 3: Industry Trends - The participation of Chinese construction machinery companies in the bauma exhibition underscores their resilience and adaptability in navigating global economic uncertainties [8] - The continuous technological innovations and strategic global expansions of leading firms are reshaping the value landscape in the capital markets, showcasing China's ascent in high-end manufacturing [9]

0 0 0 0- IP 全球化、多元化描绘新增长曲线 企业进入非周期、可持续发展通道 tes 营业收入 454.78亿元 e - 境外收入 ------ es 同比增长 9 境外收入占比超 (3)同比提升约 13.37pct 233.80zz 30.5 0/0 持续领跑 1 % 土方、矿山、高机、农机等 第二增长曲线业务 s 营收 es 同比增长 222.07 (Z7 18.82% 第二增长曲线 ca 营收占比超 es 同比提升约 1 Bpct 1 1 1 0/0 1142 净利润增长6.31% 别除股份支付费影响后增长18.39% ea 同比增长 e - 争利润 40.09 亿元 -- belly e 别除股份支付费影响后 净利润同比增长 18.39% L 03 _ 坚持高质量发展 盈利能力行业领先 es 毛利率 72 6.17 % 13 同比提升 1.04 pct es 净利率 : 置 : 1 0/0 ea 同比提升 D i Upct 全球化转型高效推进 有效避免内卷、创造更大发展空间 1 产品和服务覆盖海外国家超 17 个。 9 海外网点超 400个。 8 海外员工超0300名,其中本地化员工约 4 ● ...

Financial Performance - For the year ending December 31, 2024, the group's continuing operating revenue was RMB 45.478 billion, a decrease of RMB 1.597 billion (3.39%) compared to 2023[3] - The profit attributable to shareholders for the year was RMB 3.521 billion, a decrease of RMB 0.29 billion (0.82%) from 2023[3] - Basic and diluted earnings per share for the year were both RMB 0.41, down RMB 0.02 from 2023[3] - The operating profit for the year was RMB 4.327 billion, an increase from RMB 3.835 billion in 2023[4] - The company reported a total comprehensive income of RMB 3.579 billion for the year, compared to RMB 3.916 billion in 2023[7] - The total revenue from the company's main business segments in 2024 was RMB 45,478 million, down from RMB 47,075 million in 2023, indicating a decline of 3.4%[20] - The company reported a net profit of RMB 4,009 million for the year ending December 31, 2024, compared to RMB 3,521 million in 2023, showing an increase of 13.8%[12] - The total cash dividend declared for the fiscal year 2023 was RMB 2.777 billion, based on a total share capital of 8.678 billion ordinary shares[39] - The proposed final dividend for the fiscal year 2024 is RMB 0.30 per share, totaling approximately RMB 2.603 billion, pending shareholder approval[40] Revenue Breakdown - The revenue from concrete machinery in 2024 was RMB 8,004 million, a decrease of 6.6% from RMB 8,571 million in 2023[20] - The revenue from agricultural machinery significantly increased to RMB 4,646 million in 2024, up from RMB 2,089 million in 2023, representing a growth of 122%[20] - The total revenue for the engineering machinery segment in 2024 was RMB 44,849 million, a decrease of 2.3% from RMB 46,391 million in 2023[25] - Revenue from agricultural machinery increased significantly to RMB 4,650 million in 2024, up 122.5% from RMB 2,092 million in 2023[25] - Revenue from external customers in mainland China decreased to RMB 22,164 million in 2024, down 23.5% from RMB 29,026 million in 2023[29] - Revenue from external customers outside China increased to RMB 23,314 million in 2024, up 29.4% from RMB 18,049 million in 2023[29] Expenses and Costs - Research and development expenses decreased to RMB 2.769 billion from RMB 3.441 billion in 2023[4] - The total employee costs rose to RMB 6,503 million in 2024, an increase of 19.1% from RMB 5,460 million in 2023[32] - Sales and service costs fell by 4.22% from RMB 34.109 billion in 2023 to RMB 32.668 billion in 2024[85] - Gross profit decreased by 1.20% from RMB 12.966 billion in 2023 to RMB 12.810 billion in 2024, while the gross profit margin increased from 27.54% to 28.17%[86] Assets and Liabilities - Total assets as of December 31, 2024, were RMB 123.712 billion, down from RMB 130.825 billion in 2023[9] - Current liabilities decreased to RMB 42.987 billion from RMB 49.996 billion in 2023[10] - The net asset value increased to RMB 59.802 billion from RMB 59.131 billion in 2023[10] - The company's total equity as of December 31, 2024, was RMB 59,802 million, an increase from RMB 59,131 million at the end of 2023[12] - The group's accounts receivable decreased to RMB 31.108 billion in 2024 from RMB 35.494 billion in 2023, a reduction of 12.3%[54] - The total amount of accounts payable was RMB 8,830 million in 2024, down from RMB 11,215 million in 2023, a decrease of 21.3%[68] Investments and Shareholder Returns - The company repurchased ordinary shares worth RMB 1,085 million during the year 2023[11] - Cash dividends paid out in 2023 amounted to RMB 2,641 million, reflecting a significant return to shareholders[11] - The company repurchased a total of 10,710,200 H-shares at a total cost of HKD 57,890,629, with the highest price per share at HKD 5.70 and the lowest at HKD 5.21[125] Research and Development - The company has developed 548 new products and tackled 355 key technologies during the reporting period, including 9 global bests and 15 industry-first products[108] - The company has launched 40 new energy products, including the world's largest 150-ton distributed electric drive crawler crane and the industry's first modular electric direct drive mixer truck[111] - The company is committed to strengthening research and innovation, focusing on developing high-quality, high-value, and high-safety products, while enhancing its international patent protection network[119] Market Position and Strategy - The company aims to enhance its competitive edge by optimizing its industrial structure and promoting the development of both traditional and emerging industries[96] - The company maintains a solid market position in traditional product lines such as concrete machinery and construction cranes, with ongoing improvements in overseas market presence[97] - The company achieved a comprehensive product matrix covering 1.5 to 400 tons in earthmoving machinery, with a significant market share increase in the over 100-ton mining excavator segment, ranking among the top three in the industry[99] - The company has established 11 overseas production bases across 8 countries, forming a production system covering 8 categories and 32 series[105] Governance and Management - The audit committee has held four meetings to review the company's financial performance and internal control systems for the year ending December 31, 2023[128] - The company is committed to transparency in its financial reporting and governance[129] - The board of directors includes Dr. Zhan Chunxin as the executive director and Mr. He Liu and Mr. Wang Xianping as non-executive directors[129] - Independent non-executive directors include Mr. Zhang Chenghu, Mr. Huang Guobin, Mr. Wu Baohai, and Ms. Huang Jun[129] Future Outlook - Future outlook includes potential market expansion and new product development[129] - The government is expected to increase fiscal spending significantly in 2025, which will positively impact industry demand and drive sales in the engineering machinery sector[116] - The agricultural machinery market is anticipated to grow due to national policies promoting agricultural development and the replacement of old machinery, leading to increased demand for smart agricultural equipment[116]

Key Points - The article emphasizes the Chinese government's commitment to implementing proactive macro policies to support economic stability and growth, including potential new policies if necessary [2] - The article highlights the importance of enhancing the business environment for various enterprises through economic reforms and addressing bottlenecks in economic circulation [2] - The article discusses the upcoming significant events in the global market, including earnings reports from major companies and important economic data releases [4] Macro - Premier Li Qiang met with U.S. senators, stating that trade wars yield no winners and emphasizing the need for cooperation to address trade imbalances [6] - Vice Premier He Lifeng welcomed multinational companies to invest in China, highlighting the resilience and potential of the Chinese economy [6] - The government plans to deepen supply-side structural reforms and regulate competition to promote high-quality development [6] Domestic Stock Market - CITIC Securities identified two critical time points for the market: the first in early April when external risks are expected to materialize, and the second mid-year when U.S. economic and policy cycles may align with China's [9] - The "Leading Enterprise" action plan in Guangzhou aims to enhance the integration of industry and capital, promoting more competitive companies to go public [9] - The report notes a significant increase in new account openings at several securities firms, indicating growing market participation [10] Financial - A surge in the number of funds focusing on free cash flow indicates a market trend towards financial health metrics, driven by demand and policy direction [14] - The head of the Industrial and Commercial Bank of China emphasized the shift from a capital-centric to a technology-centric financial service model [14] Real Estate - Suggestions were made to stabilize asset prices and improve income levels to boost consumer spending, particularly in real estate and equity markets [17] Industry - XPeng Motors' chairman discussed the future of high-level autonomous driving technology, predicting significant advancements in the coming years [19] - The Henan province announced plans for extensive 5G infrastructure development, aiming for over 270,000 5G base stations in the next three years [19] Overseas - The WTO Director-General highlighted the U.S. as a major beneficiary of global trade, countering claims of trade disadvantages [21] - The UK government plans to invest £600 million to address skill shortages in the construction sector, crucial for housing development [22] International Stock Market - SpaceX aims to achieve a weekly launch frequency for its Starship within a year, enhancing its operational capabilities [23] Commodity - The China Iron and Steel Association noted that supply-demand imbalances are a key issue in the industry, advocating for the closure of new production capacity [26] - Methanol port inventories have decreased, indicating a market shift towards destocking [26] - BHP's CEO projected a significant copper supply gap in the next decade, emphasizing the need for substantial investment in mining [26] Bonds - The government plans to issue long-term special bonds to support various initiatives, with a focus on local government debt management [28] - The AI and robotics sectors are identified as key drivers of market growth, with expectations for increased investment opportunities [28]

以下文章来源于bauma上海工程机械展 ，作者今日圆满落幕 bauma上海工程机械展 . bauma CHINA，即上海国际工程机械、建材机械、矿山机械、工程车辆及设备博览会，是亚洲知名的工程机械行业盛会，德国 bauma展在中国的延伸，每两年一次在上海举办。展会官网：www.b-china.cn 2024 bauma CHINA 33万 平方米展览面积 3,542家 参展商 281,488名 专业观众 海外观众占比 超20% 众多全球新品集中发布 11月26-29日， bauma CHINA 2024（上海国际工程机械、建材机械、矿山机械、工程车辆及设备博览会） 在上海新国际博览 中心成功举办。这场阔别四年的工程机械行业风向标盛会，以展览面积、参展商及观众人数全面创新高的傲人成绩，彰显了其 在亚太地区举足轻重的平台地位，全方位呈现工程机械领域前沿突破与创新成果。海外观众占比的大幅增长传递出强烈信号： bauma CHINA再次成为中国工程机械面向世界的窗口！ 为期四天的展会盛况空前， bauma CHINA 2024展示总面积突破33万平方米。展会汇聚了来自32个国家和地区的3,542家参展 商，数量较上届 ...

Financial Performance - Operating revenue for the third quarter was CNY 9,850,240,131.91, a decrease of 13.89% compared to the same period last year[5]. - Total revenue for the current period is RMB 34,385,739,092.48, a decrease of 3.19% from RMB 35,514,132,109.66 in the previous period[13]. - Net profit attributable to shareholders was CNY 850,968,940.78, an increase of 4.42% year-on-year[5]. - Net profit for the current period is RMB 3,492,352,149.85, up 14.06% from RMB 3,062,661,152.45 in the previous period[14]. - Operating profit for the current period is RMB 3,849,982,011.80, an increase of 15.7% compared to RMB 3,326,573,029.08 in the previous period[14]. - Total comprehensive income for the period was RMB 3,154,266,690.45, slightly up from RMB 3,135,707,274.50 in the previous period[15]. - Net income attributable to the parent company was RMB 2,800,930,403.25, down from RMB 2,928,102,551.39 year-over-year[15]. - Basic earnings per share increased to 0.38 from 0.34, while diluted earnings per share rose to 0.37 from 0.34[15]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 128,665,701,749.82, a decrease of 1.68% from the end of the previous year[5]. - Total assets decreased to RMB 128,665,701,749.82 from RMB 130,862,389,408.99, a decline of 1.68%[12]. - Non-current assets totaled RMB 51,067,264,055.30, down from RMB 52,891,229,519.13, a decrease of 3.45%[12]. - Current liabilities decreased to RMB 48,034,817,770.30 from RMB 49,996,417,695.98, a reduction of 3.93%[10]. - The company reported a decrease in total liabilities to RMB 68,511,644,427.31 from RMB 71,695,112,198.09, a decline of 4.06%[11]. - Long-term receivables decreased significantly to RMB 13,008,723,910.16 from RMB 17,001,984,894.22, a decline of 23.41%[9]. Cash Flow - The company's cash flow from operating activities for the year-to-date was CNY 1,207,754,698.86, an increase of 5.74% year-on-year[5]. - Cash inflow from operating activities was RMB 41,976,601,703.23, compared to RMB 40,625,561,453.48 in the previous period[16]. - Cash outflow for purchasing goods and services was RMB 31,660,744,758.48, up from RMB 28,689,111,090.38[16]. - Net cash flow from investing activities was negative RMB 1,630,477,046.13, slightly worse than negative RMB 1,591,582,884.73 in the previous period[16]. - Cash flow from financing activities showed a net outflow of RMB 505,061,294.18, compared to a smaller outflow of RMB 46,946,891.03 last year[17]. - The ending balance of cash and cash equivalents was RMB 12,632,527,356.56, down from RMB 13,321,010,483.88[17]. - The company received RMB 2,683,197,338.31 in tax refunds, significantly higher than RMB 1,697,983,722.58 in the previous period[16]. Revenue Breakdown - Domestic revenue for the year-to-date was CNY 16,742,164,337.17, down 25.54%, while overseas revenue was CNY 17,643,574,755.31, up 35.42%[5]. Shareholder Information - The number of shareholders at the end of the reporting period was reported, with the top ten shareholders holding significant stakes[6]. Construction and Expenditures - The company's construction projects and expenditures increased, leading to a 37.36% rise in construction in progress[7]. - Short-term borrowings decreased by 36.03% due to repayment of maturing short-term loans[7]. - The company reported a significant increase of 3539.74% in asset disposal gains, primarily from the disposal of park storage[7]. Research and Development - Research and development expenses for the current period were RMB 1,857,376,162.39, down from RMB 2,567,568,014.85, a decrease of 27.6%[13]. Capital and Reserves - The capital reserve increased to RMB 19,413,036,051.13 from RMB 18,725,104,258.74, an increase of 3.68%[12].