Financial Performance - The company's revenue for 2022 was CNY 717.473 billion, an increase of CNY 34.688 billion or 5.1% compared to 2021[2]. - The net profit attributable to shareholders for 2022 was CNY 20.065 billion, up CNY 1.716 billion or 9.4% from 2021[2]. - The gross profit for 2022 was CNY 83.064 billion, a decrease of CNY 1.460 billion or 1.7% from 2021[2]. - The company's operating cash ratio improved to 0.1% in 2022 from -1.8% in 2021[2]. - The debt-to-asset ratio for 2022 was 71.8%, slightly down from 71.9% in 2021[2]. - The company achieved a total of 40 National Science and Technology Progress Awards and 5 National Invention Awards[13]. - The company’s overseas new contract amount was CNY 216.782 billion (approximately USD 33.592 billion), accounting for 14% of total new contracts[16]. - The company’s investment in domestic infrastructure projects was CNY 231.427 billion, which accounted for 83% of the annual plan[17]. - The company’s cash flow improved significantly, with a net cash inflow of CNY 6.623 billion in 2022, compared to a cash outflow in 2021[70]. - The company reported a total comprehensive income of RMB 24,275 million for 2022, compared to RMB 22,346 million in 2021, indicating an increase of about 8.6%[125]. Contract and Project Management - The new contract amount signed in 2022 was CNY 1,542.256 billion, representing a growth of 21.6% year-on-year[2]. - As of December 31, 2022, the amount of uncompleted contracts was CNY 3,388.325 billion, indicating a strong order reserve[3]. - The company signed new contracts worth CNY 1,367.07 billion in infrastructure construction, representing a year-on-year growth of 21.48%[23]. - The new contracts in urban construction, roads and bridges, overseas projects, port construction, and railway construction were CNY 678.98 billion, CNY 357.88 billion, CNY 208.64 billion, CNY 76.70 billion, and CNY 44.87 billion, respectively[24]. - The company held an execution backlog of CNY 3,028.91 billion as of December 31, 2022[23]. - The company is focusing on expanding its presence in emerging markets, with successful contracts signed in Malaysia, Nigeria, and Indonesia[22]. Strategic Goals and Future Plans - The company aims for a new contract amount growth of no less than 9.8% and revenue growth of no less than 7% in 2023[5]. - The company plans to enhance its investment structure and focus on value investment principles in 2023[5]. - The company aims to enhance its internationalization capabilities and optimize internal collaboration models to support overseas development[6]. - The company plans to accelerate the construction of a globally competitive, technology-driven, and quality-oriented enterprise[6]. - The company is committed to advancing digital and intelligent management to support its development goals, including achieving carbon neutrality by 2030[20]. - The company is focusing on technological innovation and digital integration to enhance its core competitiveness and achieve sustainable development[64]. Research and Development - In 2022, the company's R&D expenditure was CNY 23.631 billion, accounting for 3.3% of operating revenue, remaining stable compared to the previous year[65]. - The company aims to strengthen its core technology research and development to address "bottleneck" technology issues[14]. - The company has established 15 postdoctoral research stations and 4 academician workstations to enhance its innovation capabilities[13]. Awards and Recognition - The company received numerous awards in 2022, including 1 second-class National Science and Technology Progress Award and 1 second-class National Technology Invention Award[65]. - The company has received 126 Luban Awards and 362 National Quality Engineering Awards, including 43 gold awards[13]. Market Presence and Internationalization - The company has established a significant presence in 139 countries and regions worldwide, showcasing its extensive operational footprint[9]. - The company has successfully entered international railway construction markets in Africa, Asia, South America, and Oceania, enhancing its market influence[11]. - The internationalization strategy led to over 3 billion USD in new contracts in the Middle East over the past three years[32]. - The company is actively pursuing traditional business projects, including significant port and infrastructure developments in the Guangdong-Hong Kong-Macao Greater Bay Area[37]. Risk Management and Compliance - The company emphasizes risk prevention and control, enhancing compliance management systems to mitigate financial risks[6]. - The group is focusing on enhancing its international resource coordination capabilities to mitigate internationalization risks[110]. - The group aims to strengthen its investment risk management by adhering to "value investment" principles and controlling non-core investments[112]. Financial Structure and Investments - The asset-liability ratio decreased to 71.8% in 2022 from 71.9% in 2021, indicating improved financial structure management[70]. - The company is enhancing its asset structure by investing in new dredging vessels and optimizing equipment utilization[36]. - The company is committed to green development and is pursuing new market opportunities in coastal port upgrades and ecological governance[36]. Related Party Transactions - The company provided project contracting services to CCCG Group with a maximum annual limit of RMB 33,155 million, but the actual amount was only RMB 13,395 million[191]. - The company has established effective monitoring mechanisms to ensure that related party transactions do not exceed the annual limits set[193]. Corporate Governance - The audit and internal control committee has reviewed the company's annual performance, ensuring compliance with regulations[195]. - The board of directors approved the financial statements on March 30, 2023[184].

Financial Performance - Operating revenue for the third quarter reached RMB 178.06 billion, an increase of 1.4% year-on-year[4] - Net profit attributable to shareholders was RMB 4.73 billion, a decrease of 8.9% compared to the same period last year[4] - Net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 4.29 billion, down 13.2% year-on-year[4] - The company reported a basic earnings per share of RMB 0.27, a decrease of 10.0% from the previous year[4] - Total revenue for the first three quarters of 2022 reached RMB 541.98 billion, an increase of 4.1% compared to RMB 516.22 billion in the same period of 2021[24] - Operating profit for the first three quarters of 2022 was RMB 24.66 billion, up 8.0% from RMB 22.84 billion in the first three quarters of 2021[25] - Net profit attributable to shareholders of the parent company for the first three quarters of 2022 was RMB 15.82 billion, a rise of 5.7% from RMB 14.96 billion in the same period of 2021[25] - The company reported a total comprehensive income of RMB 18.06 billion for the first three quarters of 2022, slightly down from RMB 18.46 billion in the same period of 2021[26] - Basic and diluted earnings per share for the first three quarters of 2022 were both RMB 0.91, compared to RMB 0.86 in the same period of 2021[26] Assets and Liabilities - Total assets at the end of the reporting period amounted to RMB 1.62 trillion, reflecting a growth of 16.4% compared to the end of the previous year[5] - Shareholders' equity attributable to the parent company increased by 8.1% year-on-year, reaching RMB 281.46 billion[5] - The total current liabilities rose to RMB 732.14 billion, compared to RMB 599.16 billion at the end of 2021[22] - Total liabilities increased to RMB 1,184.90 billion as of September 30, 2022, compared to RMB 999.48 billion at the end of 2021, reflecting a growth of 18.5%[23] - Non-current liabilities totaled RMB 452.76 billion as of September 30, 2022, up from RMB 400.33 billion at the end of 2021, marking a 13.1% increase[23] - The total equity attributable to shareholders of the parent company increased to RMB 281.46 billion as of September 30, 2022, from RMB 260.35 billion at the end of 2021, reflecting an increase of 8.5%[23] Cash Flow - Cash flow from operating activities for the year-to-date was RMB 3.10 billion, with a significant negative cash flow of RMB 42.62 billion for the year[4] - Operating cash flow for the first three quarters of 2022 was -42.62 billion RMB, an improvement from -58.52 billion RMB in the same period of 2021, indicating a reduction in cash outflow[27] - Total cash inflow from financing activities increased to 287.32 billion RMB in 2022, up from 235.40 billion RMB in 2021, reflecting a significant rise in investment and borrowing[28] - Cash and cash equivalents at the end of September 2022 reached 135.39 billion RMB, compared to 108.30 billion RMB at the end of 2021, showing a net increase of 39.59 billion RMB[28] - The company received 39.60 billion RMB from investment in the first three quarters of 2022, a substantial increase from 16.36 billion RMB in the same period of 2021[28] - Cash inflow from financing activities totaled ¥33,762,643,899 in the first three quarters of 2022, up from ¥28,352,570,379 in the same period of 2021, representing an increase of approximately 19.5%[35] Investments and Contracts - New contracts signed in 2022 amounted to RMB 1,032.16 billion, a year-on-year increase of 2.5%, achieving 73% of the annual target[15] - The total investment estimate for new infrastructure projects is RMB 237.04 billion, with RMB 120.62 billion confirmed based on the company's share[16] - New contracts from overseas regions totaled RMB 147.88 billion (approximately USD 22.92 billion), representing a year-on-year growth of 17.3%[15] - The company’s investment income was impacted by losses from certain joint ventures, despite an increase from public REITs[10] Operational Management - The company plans to enhance operational management and strengthen production management to ensure stable growth in 2022[8] - The increase in monetary funds by 38.0% was primarily due to increased financing and better management of cash expenditures[9] - Short-term borrowings rose by 58.7% due to increased demand for short-term funds driven by business growth[9] - Financial expenses decreased by 62.6% due to increased foreign exchange gains from the appreciation of the US dollar and higher interest income from investment projects[10] Research and Development - Research and development expenses for the first three quarters of 2022 were RMB 17.17 billion, an increase of 9.6% from RMB 15.60 billion in the same period of 2021[24] - Research and development expenses amounted to CNY 3,812,618 in the first three quarters of 2022, indicating a focus on innovation compared to zero in the same period of 2021[32] Shareholder Information - The number of ordinary shareholders reached 182,801, with A-shares accounting for 72.67% of the total share capital[11] - The top shareholder, China Communications Construction Group, holds 57.99% of the total shares[12]

Financial Performance - The company achieved a revenue of RMB 362.83 billion for the six months ended June 30, 2022, representing a year-on-year growth of 7.0%[3]. - The net profit attributable to shareholders was RMB 11.95 billion, an increase of 15.0% compared to the same period last year[3]. - The basic earnings per share were RMB 0.69, up 15.0% from RMB 0.60 in the previous year[3]. - Revenue for the first half of 2022 was CNY 362.834 billion, a 7.0% increase from CNY 339.218 billion in the same period of 2021[66]. - Gross profit for the first half of 2022 was CNY 37.696 billion, a slight decrease of 0.8% compared to CNY 38.015 billion in the same period of 2021, resulting in a gross margin decline from 11.2% to 10.4%[66][68]. - Operating profit increased by 14.1% to CNY 21.057 billion, up from CNY 18.458 billion in the same period of 2021, driven by subsidiary disposals and effective cost control[66]. - The company reported a profit attributable to equity holders of RMB 11,949 million for the six months ended June 30, 2022, compared to RMB 10,386 million in the same period of 2021, an increase of 15.0%[179]. Assets and Liabilities - Total assets as of June 30, 2022, reached RMB 1,565.68 billion, reflecting a 12.6% increase from RMB 1,390.84 billion at the end of 2021[4]. - The total liabilities increased by 15.0% to RMB 1,149.49 billion from RMB 999.48 billion[4]. - Total liabilities as of June 30, 2022, were RMB 1,149,489 million, an increase from RMB 999,483 million as of December 31, 2021, indicating a growth of approximately 15.0%[156]. - The company's total equity as of June 30, 2022, was RMB 416.194 billion, an increase from RMB 391.354 billion as of December 31, 2021[133]. Contracts and Backlog - The new contract amount signed in the first half of 2022 was RMB 801.90 billion, a growth of 17.0% year-on-year[5]. - The company had an order backlog of RMB 3,226.91 billion as of June 30, 2022, compared to RMB 3,128.25 billion at the end of 2021[4]. - The total amount of contracts in hand as of June 30, 2022, was CNY 3,226.9 billion[16]. - The company signed new contracts worth CNY 801.9 billion, achieving 57% of the annual target, while operating revenue reached CNY 362.834 billion, fulfilling 50% of the annual goal[62]. Operational Highlights - The company is focusing on high-quality development and has initiated nine innovative technology projects to enhance competitiveness[5]. - The company has made significant progress in optimizing its operational structure and is advancing towards the listing of its design segment[6]. - The company is recognized as the world's largest design and construction company for ports, roads, and bridges, with operations in 139 countries and regions[11]. - The company has established a comprehensive project management system covering the entire contract process, ensuring effective project execution and delivery[10]. Innovation and Technology - The company emphasizes the importance of innovation as the primary driving force for development, focusing on technological innovation to enhance competitiveness and value creation[7]. - The company has received a total of 46 National Science and Technology Progress Awards and 5 National Technology Invention Awards, showcasing its commitment to technological innovation[13]. - The company aims to strengthen its technological innovation capabilities and address key technical challenges, striving to become a world-class enterprise in the technology sector[14]. - The company has established a "three-level and three-type" platform system for research and development, which includes 15 post-doctoral research stations and 4 academician workstations[13]. Market Expansion and Internationalization - The company plans to accelerate its internationalization process by establishing global resource allocation and innovation systems[7]. - The company is one of the largest railway construction enterprises in China, with significant market influence in overseas markets, having successfully entered railway construction markets in Africa, Asia, South America, and Oceania[12]. - The company has successfully entered overseas railway construction markets in Africa and Southeast Asia, enhancing its international influence[24]. Environmental Commitment - The company is committed to green development, promoting green design and construction to align with the trend of comprehensive green transformation in the economy[7]. - The company is implementing green development initiatives, including projects in offshore wind power and ecological environment management[17]. Financial Management and Risk - The company has a robust financial risk management strategy in place, ensuring compliance with financial regulations and effective risk prevention[7]. - The company is focusing on enhancing its risk management strategies to address various market risks, including interest rate and foreign exchange risks[110]. - The company emphasizes "value investment" and strictly controls non-core investments to mitigate investment risks[112]. Investment and Capital Expenditure - The company has invested RMB 14.122 billion in the current period across various projects, with cumulative investments reaching RMB 43 billion[55]. - Capital expenditures for the six months ended June 30, 2022, were RMB 2.19 billion, slightly down from RMB 2.23 billion in 2021[98]. - The company reported a total income of RMB 318,636 million from the construction segment, with a segment performance of RMB 17,551 million[151]. Future Outlook - Future outlook includes continued investment in infrastructure and potential expansion into new markets[56]. - The company aims to enhance its market position in the infrastructure sector by pursuing large-scale, strategic projects, including several key highway projects[22].

Financial Performance - For the six months ended June 30, 2022, the group's revenue was CNY 362.83 billion, an increase of 7.0% compared to CNY 339.22 billion in the same period of 2021[2]. - The gross profit for the same period was CNY 37.70 billion, a decrease of 0.8% from CNY 38.02 billion in 2021[2]. - Operating profit for the six months was CNY 21.06 billion, an increase of 14.1% compared to the previous year's CNY 18.43 billion[2]. - Net profit attributable to shareholders was CNY 11.95 billion, up 15.0% from CNY 10.39 billion in the same period last year[2]. - The profit before tax for the six months ended June 30, 2022, was RMB 18.37 billion, an increase of 15.5% compared to RMB 15.90 billion for the same period in 2021[72]. - The company reported a profit for the period of RMB 14.368 billion for the six months ended June 30, 2022, compared to RMB 12.924 billion for the same period in 2021, reflecting an increase of approximately 11.2%[140][141]. - Basic and diluted earnings per share for the period were RMB 0.69, an increase from RMB 0.60 in the previous year, representing a growth of 15.0%[118]. Contract and Project Management - The new contract amount signed by the group was CNY 801.90 billion, an increase of 17.0% from CNY 685.13 billion in the same period of 2021[2]. - As of June 30, 2022, the group held an uncompleted contract amount of CNY 3,226.91 billion, indicating a strong order reserve[2]. - The total amount of contracts in execution as of June 30, 2022, was 3.2269 trillion yuan[16]. - New contracts from overseas regions amounted to 115.52 billion yuan (approximately 17.90 billion USD), a 25.9% increase year-on-year, accounting for 14% of the total new contracts[16]. - The company signed new contracts worth RMB 853.00 billion in infrastructure and investment projects during the reporting period, with an expected construction contract value of RMB 796.64 billion[49]. Technological Innovation and Development - The company aims to enhance technological innovation and management to drive high-quality development and improve competitiveness[5]. - The company emphasizes technological innovation and is committed to improving its independent innovation capabilities, aiming to become a world-class "technology-driven" enterprise[12]. - The company has obtained 46 national science and technology progress awards, 5 national invention awards, and 112 Luban awards, showcasing its strong innovation capabilities[13]. - The company has established a technology innovation team to focus on overcoming key "bottleneck" technologies and enhancing its core technological advantages[14]. Market Expansion and Strategic Focus - The company is actively expanding its market presence and enhancing its competitive edge in the construction and engineering sectors[10]. - The company is committed to enhancing its global presence and responding to the "Belt and Road" initiative, with ongoing projects contributing to local economies and pandemic recovery efforts[20]. - The company plans to focus on green development and promote green design and construction to align with the trend of comprehensive green transformation[6]. - The company will continue to prioritize high-quality development and address key areas such as stable growth, reform innovation, and risk prevention in the second half of the year[7]. Financial Management and Expenses - Research and development expenses amounted to 9.174 billion yuan, representing 2.5% of operating revenue, focusing on technological innovation and digital development[58]. - Financial expenses netted at 10.386 billion yuan, up 12.3% from 9.245 billion yuan in 2021, primarily due to increased interest expenses[69]. - Management expenses decreased by 3.6% to 17.674 billion yuan from 18.332 billion yuan in 2021, attributed to effective cost control measures[64]. - The company reported a significant increase in interest income from operating activities, which rose to RMB 8,251 million in the first half of 2022, compared to RMB 5,828 million in the same period of 2021[128]. Risk Management and Compliance - The group is exposed to macroeconomic risks, particularly in infrastructure design and construction, which are sensitive to fixed asset investment and urbanization trends[106]. - The company is actively monitoring interest rate conditions and may enter into interest rate swap agreements to mitigate floating-rate borrowing risks[110]. - The company emphasizes safety in production as a fundamental principle, acknowledging risks associated with operational safety that could impact employee health and corporate reputation[112]. - The company continues to assess foreign exchange risks and utilizes derivative financial instruments when necessary to hedge against currency fluctuations[111]. Asset Management and Restructuring - The proposed asset restructuring involves the exchange of 100% equity stakes in certain hospitals, with the expected completion resulting in the company becoming a controlling shareholder of Qilian Mountain[116]. - The company is committed to enhancing its market position through strategic asset management and restructuring initiatives[189]. - The restructuring aims to optimize resource allocation and improve operational efficiency across subsidiaries[189]. - The company emphasizes the importance of compliance with the Hong Kong Stock Exchange regulations in its operations[186].

Financial Performance - The company's operating revenue for Q1 2022 reached RMB 172.10 billion, representing a year-on-year increase of 13.27%[4] - Net profit attributable to shareholders of the listed company was RMB 5.09 billion, an increase of 17.74% compared to the same period last year[4] - Basic earnings per share for the period was RMB 0.29, reflecting a growth of 16.00%[4] - Operating profit for Q1 2022 was RMB 8.0 billion, representing a growth of 16.4% compared to RMB 6.9 billion in Q1 2021[21] - Net profit for Q1 2022 reached RMB 6.3 billion, up 11.5% from RMB 5.7 billion in Q1 2021[22] Assets and Liabilities - Total assets at the end of the reporting period amounted to RMB 1,477.49 billion, up 6.23% from the previous year[5] - The total current assets reached RMB 617.10 billion, up from RMB 567.34 billion at the end of 2021, indicating an increase of about 8.8%[18] - The company's total assets as of March 31, 2022, were RMB 1.48 trillion, compared to RMB 1.39 trillion at the end of 2021, reflecting a growth of approximately 6.2%[20] - Total liabilities increased to RMB 1.07 trillion from RMB 999.48 billion, marking an increase of about 7.4%[20] - The company's long-term borrowings rose to RMB 346.26 billion, up from RMB 320.38 billion, which is an increase of approximately 8.1%[20] Shareholder Information - The equity attributable to shareholders of the listed company increased to RMB 266.33 billion, a rise of 2.30% year-on-year[5] - The total number of shares outstanding is 16,165,711,425, with A-shares accounting for 72.67% and H-shares for 27.33%[11] - As of the end of the reporting period, the total number of common shareholders is 176,233, including 163,644 A-share holders and 12,589 H-share holders[12] - The largest shareholder, China Communications Construction Group Co., Ltd., holds 9,374,616,604 shares, accounting for 57.99% of the total share capital[12] Contracts and Projects - In Q1 2022, the company signed new contracts worth RMB 430.693 billion, a year-on-year increase of 4.90% and 64.89% higher than Q4 2021, achieving 30% of the annual target[14] - The new contracts from overseas regions amounted to RMB 61.646 billion (approximately USD 9.553 billion), representing a year-on-year growth of 5.71% and accounting for 14% of the total new contracts[14] - The total investment estimate for new infrastructure projects is RMB 70.94 billion, with RMB 64.422 billion for domestic projects and RMB 6.518 billion for overseas projects[14] - The construction business generated RMB 3,792.77 billion in Q1 2022, reflecting a 5.90% increase compared to the same period last year[15] - The port construction segment saw a significant increase of 42.93%, reaching RMB 211.26 billion in Q1 2022[15] Cash Flow and Financing - The company reported a net cash flow from operating activities of RMB -33.36 billion, which is not comparable due to changes in reporting methods[4] - Cash flow from operating activities showed a net outflow of RMB 33.4 billion, slightly improved from a net outflow of RMB 33.9 billion in Q1 2021[23] - Cash inflow from financing activities totaled ¥111,968,990,823 in Q1 2022, up from ¥89,486,568,897 in Q1 2021, representing a 25.3% increase[24] - Net cash flow from financing activities was ¥72,371,654,171 in Q1 2022, compared to ¥49,549,790,908 in Q1 2021, indicating a significant increase of 46.0%[24] - Cash received from investments in Q1 2022 was ¥6,525,231,462, significantly higher than ¥909,412,158 in Q1 2021, marking a growth of 619.5%[24] Investment and Management Strategy - The increase in operating profit by 16.41% was primarily due to the growth in the scale of main business and effective cost control[9] - The company aims to optimize management and strengthen production management to ensure stable growth in 2022[8] - The company aims to strengthen its investment strategy and focus on high-quality projects and strategic key projects[14] Other Financial Metrics - Research and development expenses increased to RMB 4.5 billion, a rise of 29.0% from RMB 3.5 billion in Q1 2021[21] - Total operating costs for Q1 2022 were RMB 163.8 billion, up 12.9% from RMB 145.1 billion in Q1 2021[21] - Other comprehensive income after tax for Q1 2022 was a loss of RMB 1.3 billion, compared to a gain of RMB 1.8 billion in Q1 2021[22] - The company's contract assets increased to RMB 144.37 billion from RMB 130.05 billion, representing a growth of approximately 11.0%[18]

Financial Performance - In 2021, the company's revenue was CNY 682.599 billion, an increase of CNY 58.104 billion or 9.3% compared to 2020[2]. - The gross profit for 2021 was CNY 84.503 billion, up CNY 4.467 billion or 5.6% from 2020[2]. - The net profit attributable to shareholders was CNY 18.348 billion, an increase of CNY 1.873 billion or 11.4% year-on-year[2]. - The operating revenue for 2021 was CNY 682.60 billion, reaching 99% of the annual target[60]. - The company reported a total comprehensive income of RMB 22.345 billion for the year, compared to RMB 16.874 billion in the previous year, indicating a year-over-year increase of about 32.5%[122]. - The company reported a net profit of RMB 23,858 million for the year ended December 31, 2021, compared to RMB 19,629 million for the year ended December 31, 2020, reflecting a growth of approximately 21.4%[142][143]. Contract and Project Management - The new contract amount signed in 2021 was CNY 1,267.912 billion, representing an 18.9% increase from 2020[2]. - As of December 31, 2021, the amount of uncompleted contracts was CNY 3,128.254 billion, indicating strong order reserves[3]. - The total amount of contracts in execution as of December 31, 2021, was CNY 3,128.25 billion[14]. - The company signed new contracts worth CNY 1,267.91 billion in 2021, representing an 18.9% year-on-year increase[14]. - The company is focusing on major projects and large-scale initiatives to enhance business capabilities and risk management[18]. Strategic Goals and Future Plans - The company plans to achieve a new contract amount growth of no less than 11.8% and revenue growth of no less than 6% in 2022[4]. - The company aims to control the asset-liability ratio within 75% and improve operating income profit margin by at least 0.1 percentage points[4]. - The company is committed to high-quality development and will focus on stabilizing growth, optimizing structure, and controlling risks[5]. - The company aims to strengthen its core technological advantages and address "bottleneck" technology issues to advance towards becoming a world-class "technology-driven" enterprise[12]. Technological Innovation - The company emphasizes technological innovation and is continuously improving its innovation system to enhance independent innovation capabilities[10]. - The company has achieved significant breakthroughs in key technologies, including large-diameter tunnel shield manufacturing, which has reached a competitive level with leading companies in Europe and the United States[11]. - The company launched the domestically developed 16.07-meter diameter slurry balance shield machine, marking a significant advancement in China's shield equipment manufacturing[63]. Market Expansion and International Presence - The company is actively involved in significant projects under the "Belt and Road" initiative, enhancing international cooperation[17]. - The company is focusing on enhancing its market expansion capabilities in urban construction and infrastructure investment[14]. - The company aims to strengthen its international presence and optimize overseas business structures, particularly in the context of the Belt and Road Initiative[62]. Financial Management and Cash Flow - The company emphasizes the importance of cash flow management and aims to enhance operational cash flow metrics[4]. - Net cash used in operating activities decreased by 59.3% to RMB 12,643 million in 2021 from RMB 31,074 million in 2020, primarily due to faster turnover of contract assets and trade receivables[91]. - Net cash generated from financing activities was RMB 42,204 million in 2021, a decrease of 55.0% from RMB 93,687 million in 2020, attributed to optimized investment structures and reduced funding needs[92]. Risk Management - The group is focusing on enhancing research on macroeconomic policies and industry trends to mitigate risks associated with economic fluctuations[104]. - The group faced risks related to raw material procurement, with a focus on centralized purchasing to mitigate price fluctuations of key materials like steel and cement[107]. - The group emphasizes "value investment" and strict control over non-core investments to manage investment risks effectively[106]. Corporate Governance - The company has complied with the corporate governance code, with a separation of roles between the chairman and the CEO as of April 7, 2021[180]. - The company operates under the International Financial Reporting Standards and prepares its financial statements in RMB[133]. - Ernst & Young has been appointed as the international auditor for the company for the year ended December 31, 2021, confirming the consistency of the financial figures[189].