回国托 中 國 龍 天 集 團 有 限 公 司 ( 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ) 股份代號：1863 SIJIA 2020 年 薪 目錄 公司資料 2 財務摘要 3 主席報告 4 管理層討論及分析 7 董事及高層管理人員履歷詳情 16 企業管治報告 20 | --- | |--------------------------| | | | 環境、社會及管治報告 | | 董事會報告書 | | 獨立核數師報告 | | 綜合損益及其他全面收入表 | | 綜合財務狀況報表 | | 綜合權益變動表 | | 綜合現金流量表 | | 綜合財務報表附註 | | 五年財務概要 | 38 52 62 66 67 69 70 72 128 1 中國龍天集團有限公司 | --- | --- | --- | |-----------------------|-----------------------------------------|-------| | | | | | | | | | 公司資料 | | | | | | | | 董事會 執行董事 | 主要往來銀行 中國銀行（香港）有限公司 | | | ...

Revenue and Sales Performance - The company's revenue for the six months ended June 30, 2020, was approximately RMB 320.1 million, an increase of RMB 2 million or 0.6% compared to RMB 318.1 million in the same period last year[6]. - Revenue from material products was approximately RMB 291.7 million, accounting for about 91.1% of total revenue, down from 95.7% in the previous year, with a decrease of approximately 4.2% due to reduced demand for outdoor leisure products[14]. - Revenue from flooring products reached approximately RMB 28.4 million, representing an increase of approximately 108.8% compared to RMB 13.6 million in the previous year, accounting for about 8.9% of total revenue[15]. - Domestic sales continued to be the main source of revenue, accounting for approximately 69% of total revenue, while export sales accounted for about 31%[6]. - The company’s revenue for the six months ended June 30, 2020, was RMB 320,101,000, a slight increase from RMB 318,133,000 in the same period of 2019, representing a growth of approximately 0.6%[51]. - Revenue from the Chinese market was RMB 221,135,000, representing an increase of 3.9% compared to RMB 213,264,000 in 2019[73]. - Revenue from flooring products increased significantly to RMB 28,389,000, up 109.5% from RMB 13,567,000 in 2019[73]. Profitability and Financial Performance - The gross profit for the period was approximately RMB 71 million, with a gross margin of 22.2%, down from 22.9% in the previous year[17]. - Gross profit for the same period was RMB 71,095,000, compared to RMB 72,843,000 in 2019, indicating a decrease of about 2.4%[51]. - Operating profit significantly increased to RMB 49,772,000 from RMB 20,096,000 year-on-year, reflecting a growth of approximately 147%[51]. - The net profit attributable to the owners of the company for the period was RMB 44,532,000, up from RMB 16,535,000 in 2019, marking an increase of around 169%[51]. - The group recorded a profit attributable to owners of approximately RMB 44,500,000, with basic earnings per share of RMB 5.22, compared to RMB 16,500,000 or RMB 1.94 per share in the same period last year[29]. - Other income and gains increased to approximately RMB 32,800,000 from RMB 3,800,000, mainly due to the recovery of bad debts of about RMB 19,000,000[25]. - The company reported a pre-tax profit of RMB 44,532,000 for the six months ended June 30, 2020, compared to RMB 16,535,000 in 2019, marking a significant increase[87]. Expenses and Cost Management - Sales and distribution costs increased by approximately RMB 200,000 to RMB 10,100,000, representing 3.2% of revenue, primarily due to product patent usage fees[21]. - Administrative expenses decreased by approximately RMB 14,000,000 or 30.5% to about RMB 32,000,000, mainly due to reduced research and development and consultancy expenses[22]. - Research and development costs were approximately RMB 19,400,000, accounting for 6.1% of revenue, down from RMB 29,100,000 or 9.1% in the previous year[23]. - Financial costs rose to approximately RMB 3,400,000 from RMB 3,000,000, primarily due to increased interest on bank borrowings[24]. Assets and Liabilities - Total equity increased by 14% to approximately RMB 362,700,000 compared to RMB 318,200,000 as of December 31, 2019[31]. - The total non-current assets as of June 30, 2020, amounted to RMB 475,354,000, an increase from RMB 448,128,000 at the end of 2019[53]. - As of June 30, 2020, the total non-current liabilities amounted to RMB 31,917,000, a significant increase from RMB 4,658,000 as of December 31, 2019, reflecting a growth of approximately 585%[55]. - The net asset value increased to RMB 362,675,000 as of June 30, 2020, compared to RMB 318,207,000 as of December 31, 2019, representing a growth of about 14%[55]. - The company reported a decrease in lease liabilities from RMB 580,000 in 2019 to RMB 419,000 in 2020, reflecting a reduction of approximately 28%[55]. Cash Flow and Financing - Cash and cash equivalents increased to approximately RMB 45,000,000 from RMB 26,400,000 as of December 31, 2019[33]. - The net cash used in operating activities for the six months ended June 30, 2020, was RMB (6,869,000), a decline from RMB 40,673,000 in the same period of 2019[59]. - Cash and cash equivalents increased to RMB 45,040,000 as of June 30, 2020, up from RMB 36,013,000 as of June 30, 2019, indicating a growth of approximately 25%[59]. - The company incurred a net cash outflow from investing activities of RMB (44,165,000) for the six months ended June 30, 2020, compared to RMB (10,076,000) in the prior year[59]. - New bank borrowings amounted to RMB 116,945,000 during the financing activities, a substantial increase from RMB 19,000,000 in the previous year[59]. - The company received guarantees for bank loans amounting to RMB 127,577,000 from ultimate shareholders, up from RMB 66,000,000 in the previous year[109]. Research and Development - The company holds a total of 65 patents for its material products, including 38 invention patents, 22 utility model patents, and 5 software copyright patents[10]. - The new material space fabric has been successfully developed and launched, widely used in outdoor water sports, entertainment, and military industries[9]. - The company plans to create and develop more new products to maintain its leadership position in the industry[9]. - The company plans to enhance its product development in the TPU materials for medical applications and continue the development of eco-friendly TPU flooring[49]. - A new technical innovation center has been established to support the research and development of new products[46]. - The company intends to recruit polymer materials graduates to enhance its technical talent pool and improve competitiveness[49]. Market Strategy and Customer Relations - The company aims to expand its market share by developing special functional materials and flooring products for major domestic and international brand clients[46]. - The company has implemented strict monitoring of overdue receivables, with credit terms generally ranging from 30 to 90 days[90]. - The company had no single customer contributing 10% or more to total sales for the six months ended June 30, 2020, similar to the previous year[74]. Other Financial Information - The company did not recommend any interim dividend for the six months ended June 30, 2020, consistent with the previous year[86]. - The company confirmed a gain of RMB 6,776,000 from the dissolution of a subsidiary, Fujian Haosi Import and Export Trade Co., Ltd.[105]. - Contract liabilities related to trade receivables amounted to RMB 19,018,000, which had been fully impaired in previous years[100]. - Other payables and accrued expenses totaled RMB 51,877,000, an increase from RMB 47,752,000 in the previous year[101]. - The company reported a decrease in accrued liabilities to RMB 16,608,000 from RMB 16,941,000[101]. - The company had no significant contingent liabilities as of June 30, 2020, consistent with the previous year[108].

[Company Information](index=2&type=section&id=Company%20Information) This report is the 2019 annual report for China Longtian Group Holdings Limited, detailing its registration, Hong Kong office, and key personnel - This report is the 2019 annual report for **China Longtian Group Holdings Limited (Stock Code: 1863)**, registered in the Cayman Islands, with its Hong Kong principal place of business in Tsim Sha Tsui, detailing core company information including directors and bankers[2](index=2&type=chunk)[17](index=17&type=chunk) [Financial Highlights](index=3&type=section&id=Financial%20Highlights) The company's 2019 financial performance shows significant growth in revenue and profit, alongside improved financial health 2019 Annual Financial Highlights | Metric | 2019 | 2018 | Change | | :--- | :--- | :--- | :--- | | **Performance** | | | | | Revenue (RMB Million) | 660.5 | 536.6 | +23.1% | | Gross Profit (RMB Million) | 145.0 | 122.2 | +18.7% | | Profit Before Tax (RMB Million) | 44.2 | 31.1 | +42.1% | | Profit for the Year Attributable to Owners of the Company (RMB Million) | 40.4 | 31.1 | +29.9% | | Basic Earnings Per Share (RMB Cents) | 4.74 | 3.65 | +29.9% | | Gross Profit Margin (%) | 22.0 | 22.8 | -0.8pp | | **Financial Position** | | | | | Total Assets (RMB Million) | 784.6 | 751.1 | +4.5% | | Total Liabilities (RMB Million) | 466.4 | 477.2 | -2.3% | | Total Equity (RMB Million) | 318.2 | 274.0 | +16.1% | | Gearing Ratio (Borrowings/Total Assets) (%) | 11.6 | 14.1 | -2.5pp | [Chairman's Statement](index=4&type=section&id=Chairman%27s%20Statement) The Group achieved significant revenue and profit growth in 2019, actively preparing for future challenges through R&D and operational efficiency improvements - In 2019, the Group's turnover increased by **23.1%** to **RMB 660.5 million**, with profit attributable to shareholders growing to **RMB 40.4 million**, primarily due to increased sales across its PVC, TPU materials, and flooring businesses in domestic and international markets[31](index=31&type=chunk) - Facing challenges from the US-China trade war and the COVID-19 pandemic, the Group anticipates a severe economic environment in 2020, planning to increase R&D investment in new and eco-friendly flooring materials and implement lean and performance management to enhance operational efficiency[32](index=32&type=chunk)[34](index=34&type=chunk) - The Group secured **9 national authorized patents** and applied for **28 invention patents** in 2019, with Fujian Sijia recognized as a "National Intellectual Property Advantage Enterprise," while actively pursuing share resumption[34](index=34&type=chunk)[35](index=35&type=chunk) [Management Discussion and Analysis](index=7&type=section&id=Management%20Discussion%20and%20Analysis) This section reviews the Group's 2019 operational and financial performance, outlining its market position, financial health, and future strategic directions [Business Review and Market Outlook](index=8&type=section&id=Business%20Review%20and%20Market%20Outlook) The Group, a leader in eco-friendly materials, achieved significant revenue growth, maintaining a global lead in spacer fabric and developing medical materials Revenue by Product Category | Product Category | 2019 Revenue (RMB Million) | Proportion (%) | 2018 Revenue (RMB Million) | Proportion (%) | | :--- | :--- | :--- | :--- | :--- | | Material Products | 622.3 | 94.2 | 531.3 | 99.0 | | Flooring Products | 38.2 | 5.8 | 5.3 | 1.0 | | **Total** | **660.5** | **100.0** | **536.6** | **100.0** | Revenue by Geographical Region | Region | 2019 Revenue (RMB Million) | Proportion (%) | 2018 Revenue (RMB Million) | Proportion (%) | | :--- | :--- | :--- | :--- | :--- | | China | 450.3 | 68.2 | 353.5 | 65.9 | | Other Regions | 210.2 | 31.8 | 183.1 | 34.1 | | **Total** | **660.5** | **100.0** | **536.6** | **100.0** | - The Group achieved significant success in spacer fabric materials, becoming the **sole global supplier** with the largest production of both warp-knitted and woven spacer fabrics, and a **preferred global material supplier for Decathlon**[48](index=48&type=chunk) - The Group's successfully developed flooring material for medical isolation cabins was utilized in COVID-19 prevention and control in early 2020, leading to the inclusion of its Fuzhou factory on the national list of key epidemic prevention and control enterprises[49](index=49&type=chunk) [Financial Review](index=11&type=section&id=Financial%20Review) In 2019, the Group's revenue grew by 23.1%, with increased gross profit despite a slight margin dip, while administrative and finance costs decreased Gross Profit and Gross Profit Margin | Metric | 2019 | 2018 | | :--- | :--- | :--- | | Gross Profit (RMB Million) | 145.0 | 122.2 | | Gross Profit Margin (%) | 22.0 | 22.8 | - Administrative expenses decreased from **RMB 76.9 million** to **RMB 70.6 million**, primarily due to the completion of several high-investment R&D projects in the previous year, resulting in reduced R&D costs this year[61](index=61&type=chunk) - Impairment losses of approximately **RMB 3.2 million** on trade and other receivables (2018: RMB 1.0 million) and approximately **RMB 4.0 million** on inventories (2018: RMB 4.7 million) were recognized this year[65](index=65&type=chunk)[66](index=66&type=chunk) [Liquidity, Financial Resources and Human Resources](index=13&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Human%20Resources) At 2019 year-end, total equity increased, net current liabilities narrowed, and gearing ratio improved, with employee growth supporting expansion Key Financial Position Indicators | Metric | As at 2019 Year-End (RMB Million) | As at 2018 Year-End (RMB Million) | | :--- | :--- | :--- | | Total Equity | 318.2 | 274.0 | | Net Current Liabilities | (125.3) | (184.5) | | Interest-Bearing Bank Borrowings | 89.7 | 105.0 | | Cash and Cash Equivalents | 26.4 | 28.2 | - The Board does not recommend the payment of a final dividend for the year ended December 31, 2019[77](index=77&type=chunk) - As at the end of 2019, the Group employed a total of **445 employees**, an increase from 430 in 2018, primarily due to the establishment of the flooring product manufacturing department[78](index=78&type=chunk) [Future Outlook](index=16&type=section&id=Future%20Outlook) The Group plans to expand its industrial chain, enhance production lines, accelerate R&D in advanced materials, and implement intelligent upgrades while investing in talent - The Group plans to implement a series of upgrades in 2020, including: - Shanghai Sijia introducing advanced foreign production lines to expand the industrial chain - Fujian Sijia adding dedicated production lines for Decathlon orders - Accelerating product R&D for TPU materials in medical applications - Implementing intelligent upgrades to flooring production lines to reduce labor costs and enhance efficiency - Planning to recruit **30 graduates** with bachelor's, master's, or doctoral degrees in polymer and chemical materials[83](index=83&type=chunk)[86](index=86&type=chunk) [Biographical Details of Directors and Senior Management](index=17&type=section&id=Biographical%20Details%20of%20Directors%20and%20Senior%20Management) This section provides detailed biographical information for the Group's six directors, highlighting their extensive industry experience and professional backgrounds - The Board comprises **six directors**, including three executive and three independent non-executive directors, with Chairman and Founder Mr. Lin Shenxiong possessing over **33 years of experience** in polymer materials and plastics, responsible for the Group's overall strategic planning[88](index=88&type=chunk)[89](index=89&type=chunk) - Executive Directors Mr. Huang Wanneng and Mr. Jiang Shisheng are both senior engineers with technical backgrounds, responsible for the Group's R&D and technological development respectively, possessing extensive industry experience and multiple patent contributions[90](index=90&type=chunk)[92](index=92&type=chunk) - The three independent non-executive directors, Mr. Liu Zhenbang, Mr. Lu Jiayu, and Ms. Jiang Ping, possess extensive professional backgrounds and experience in accounting, business administration, and financial auditing, respectively[93](index=93&type=chunk)[95](index=95&type=chunk)[96](index=96&type=chunk) [Corporate Governance Report](index=21&type=section&id=Corporate%20Governance%20Report) This report details the Group's adherence to corporate governance principles, outlining its Board and committee structure, risk management, and shareholder communication [Board and Committee Functions](index=22&type=section&id=Board%20and%20Committee%20Functions) The company complied with the Corporate Governance Code, maintaining a Board with balanced composition and establishing key committees with clear mandates - The Company has complied with the code provisions of the Corporate Governance Code as set out in Appendix 14 to the Listing Rules[103](index=103&type=chunk) - The Board comprises **three executive directors** and **three independent non-executive directors**, meeting the Listing Rules' requirement that independent non-executive directors constitute at least one-third of the Board[109](index=109&type=chunk)[122](index=122&type=chunk) - The Audit Committee, Remuneration Committee, and Nomination Committee have all been established, chaired by independent non-executive directors, and provided with sufficient resources to discharge their duties[132](index=132&type=chunk)[133](index=133&type=chunk)[134](index=134&type=chunk)[136](index=136&type=chunk) [Risk Management, Internal Control and Compliance](index=33&type=section&id=Risk%20Management%2C%20Internal%20Control%20and%20Compliance) The Board confirmed the effectiveness of its risk management and internal control systems, maintaining full compliance and disclosing auditor remuneration - The Board has reviewed the risk management and internal control systems for the year ended December 31, 2019, and considers them to be effective and adequate[119](index=119&type=chunk)[152](index=152&type=chunk) 2019 Auditor's Remuneration | Services Provided | Fees Paid/Payable (HKD Thousand) | | :--- | :--- | | Audit of Financial Statements | 1,400 | | Review of 2019 Interim Results | 180 | | **Total** | **1,580** | [Shareholder Communication and Rights](index=35&type=section&id=Shareholder%20Communication%20and%20Rights) The company facilitates shareholder communication, outlining procedures for general meetings and resolutions, and has adopted a balanced dividend policy - Shareholders holding not less than **one-tenth of the paid-up share capital** may request to convene an extraordinary general meeting[168](index=168&type=chunk) - The Company has adopted a dividend policy, where the Board considers operating results, cash flow, capital requirements, and economic conditions, among other factors, when deciding on dividend distribution[176](index=176&type=chunk) [Environmental, Social and Governance Report](index=39&type=section&id=Environmental%2C%20Social%20and%20Governance%20Report) This report details the Group's commitment to environmental protection, responsible talent management, ethical operations, and community investment [Environmental Management and Resource Utilization](index=41&type=section&id=Environmental%20Management%20and%20Resource%20Utilization) The Group is committed to environmental protection, complying with regulations, disclosing resource data, and implementing energy-saving and recycling measures 2019 Key Resource Consumption | Resource Category | 2019 Consumption | Unit | | :--- | :--- | :--- | | Water | 41,954 | Cubic Meters | | Electricity | 2,157.19 | 10,000 kWh | | Gasoline | 19,040 | Tonnes | | Diesel | 724.02 | Tonnes | | Biomass Fuel | 10,111.29 | Tonnes | 2019 Key Emissions Data | Emission Category | 2019 Emissions | Unit | | :--- | :--- | :--- | | Sulfur Dioxide | 12,374 | Kilograms | | Nitrogen Oxides | 18,474.72 | Kilograms | | Wastewater | 3,145 | Tonnes | - The Group provides all biomass ash generated from its operations to surrounding villagers for agricultural and forestry fertilization, achieving resource recycling[221](index=221&type=chunk) [Talent Management and Health and Safety](index=45&type=section&id=Talent%20Management%20and%20Health%20and%20Safety) The Group upholds equal opportunity, provides regular training, and ensures a safe work environment with 100% safety training coverage and no work-related incidents Employee Composition as at 2019 Year-End | Category | Sub-category | Number of Employees | Proportion (%) | | :--- | :--- | :--- | :--- | | **Total Employees** | | **445** | **100%** | | **Gender** | Male | 304 | 68.3% | | | Female | 141 | 31.7% | | **Age** | 18-25 years old | 69 | 15.5% | | | 26-35 years old | 135 | 30.3% | | | 36-45 years old | 95 | 21.4% | | | 46-55 years old | 115 | 25.8% | | | Over 56 years old | 31 | 7.0% | - The Group conducts at least **3 training sessions weekly**, with a minimum of **30 attendees** per session, each lasting at least **1 hour**[238](index=238&type=chunk) - During the reporting period, the Group reported **no work-related fatalities or occupational disease cases**, with **445 employees** receiving occupational safety and health education, achieving a **100% safety training coverage rate**[239](index=239&type=chunk)[241](index=241&type=chunk) [Compliant Operations and Community Investment](index=49&type=section&id=Compliant%20Operations%20and%20Community%20Investment) The Group ensures product quality, implements anti-corruption policies, and actively engages in community investment through charitable donations - The Group maintains a comprehensive product quality control system and customer information security measures, strictly adhering to laws and regulations related to product quality and consumer rights[243](index=243&type=chunk) - The Group has established an anti-corruption policy, with no reports of bribery or corruption cases received, nor any concluded corruption-related legal proceedings during the year[246](index=246&type=chunk) - During the year, the Group donated a total of **RMB 698,000** for charitable purposes, actively participating in community activities such as rural revitalization and education poverty alleviation[247](index=247&type=chunk)[248](index=248&type=chunk) [Report of the Directors](index=53&type=section&id=Report%20of%20the%20Directors) This report covers the Board's dividend recommendation, details of major customers and suppliers, directors' and major shareholders' interests, and share trading suspension status - The Board does not recommend the payment of a final dividend for the year ended December 31, 2019[279](index=279&type=chunk) - During the year, sales to the **top five customers** accounted for approximately **25.3% of total revenue**, with the largest customer contributing **7.4%**; purchases from the **top five suppliers** accounted for approximately **38.8% of total cost of sales**, with the largest supplier contributing **16.6%**[288](index=288&type=chunk)[290](index=290&type=chunk) Shareholding of Directors and Major Shareholders (as at December 31, 2019) | Shareholder Name | Capacity/Nature of Interest | Number of Shares Held | Approximate Percentage of Company's Shareholding | | :--- | :--- | :--- | :--- | | Mr. Lin Shenxiong | Interest in Controlled Corporation | 410,886,000 | 48.19% | | Mr. Huang Wanneng | Beneficial Owner | 5,060,000 | 0.59% | | Rongliang Investment Enterprise Limited | Beneficial Owner | 59,011,000 | 6.92% | - The Company's shares have been suspended from trading since **February 14, 2013**, and will remain suspended until further notice[321](index=321&type=chunk) [Independent Auditor's Report](index=63&type=section&id=Independent%20Auditor%27s%20Report) The auditor issued an unmodified opinion on the financial statements, highlighting a material uncertainty regarding the Group's going concern ability - The auditor, Zhonghui Anda CPA Limited, believes the consolidated financial statements fairly and accurately reflect the Group's financial position and performance, issuing an **unmodified opinion**[323](index=323&type=chunk) - The auditor's report specifically draws attention to a "material uncertainty related to going concern," noting the Group's **RMB 125 million net current liabilities** as of 2019 year-end and the continuous suspension of its shares since 2013, which may cast significant doubt on its ability to continue as a going concern, though the auditor's opinion is not modified in respect of this matter[325](index=325&type=chunk) - Key audit matters, in addition to the going concern uncertainty, include the impairment testing of property, plant, and equipment, given their significant balances and the management's judgments and estimates involved[327](index=327&type=chunk)[328](index=328&type=chunk) [Consolidated Financial Statements](index=67&type=section&id=Consolidated%20Financial%20Statements) This section presents the Group's consolidated financial statements, providing a comprehensive overview of its financial performance and position [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=67&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For 2019, the Group reported increased revenue, gross profit, and profit attributable to owners 2019 Consolidated Statement of Profit or Loss Summary | Item (RMB Thousand) | 2019 | 2018 | | :--- | :--- | :--- | | Revenue | 660,482 | 536,619 | | Gross Profit | 144,987 | 122,179 | | Profit from Operations | 57,335 | 44,077 | | Profit Before Tax | 44,247 | 31,102 | | Profit for the Year Attributable to Owners of the Company | 40,448 | 31,125 | [Consolidated Statement of Financial Position](index=68&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of 2019 year-end, the Group's total assets, liabilities, and net assets are presented, showing an improvement in net current liabilities 2019 Consolidated Statement of Financial Position Summary | Item (RMB Thousand) | 2019 | 2018 | | :--- | :--- | :--- | | Total Non-current Assets | 448,128 | 461,532 | | Total Current Assets | 336,462 | 289,603 | | **Total Assets** | **784,590** | **751,135** | | Total Current Liabilities | 461,725 | 474,128 | | Total Non-current Liabilities | 4,658 | 3,041 | | **Total Liabilities** | **466,383** | **477,169** | | **Net Assets** | **318,207** | **273,966** | [Consolidated Statement of Cash Flows](index=71&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) In 2019, the Group generated net cash from operating activities, with outflows from investing and financing, resulting in a net decrease in cash 2019 Consolidated Statement of Cash Flows Summary | Item (RMB Thousand) | 2019 | 2018 | | :--- | :--- | :--- | | Net Cash Generated from Operating Activities | 56,750 | 38,521 | | Net Cash (Used in)/Generated from Investing Activities | (21,239) | (8,554) | | Net Cash Used in Financing Activities | (37,369) | (34,069) | | Net Decrease in Cash and Cash Equivalents | (1,858) | (4,102) | | Cash and Cash Equivalents at Year-End | 26,414 | 28,200 | [Notes to the Consolidated Financial Statements](index=73&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) These notes provide detailed explanations and disclosures for the consolidated financial statements, including accounting policies and financial instrument details - The financial statements are prepared on a going concern basis, but Note 2 explicitly states a **material uncertainty regarding going concern** due to the Group's **RMB 125.3 million net current liabilities** as of 2019 year-end and continuous share trading suspension, with its validity dependent on controlling shareholder financial support[379](index=379&type=chunk) - Note 33 discloses that the Group breached certain financial covenants for secured bank loans with an outstanding balance of **RMB 19.0 million**, and the Group is currently negotiating renewal with the banks[646](index=646&type=chunk) - Note 38 discloses that the Group completed the disposal of its entire equity interest in Hubei Sijia, an indirect wholly-owned subsidiary, in November 2019 for a consideration of **RMB 4.549 million**, recognizing a gain on disposal of approximately **RMB 0.587 million**[669](index=669&type=chunk) - Note 42 discloses that the ultimate shareholders and their family members provided guarantees for the Group's bank loans totaling approximately **RMB 66.0 million**[680](index=680&type=chunk) [Five Year Financial Summary](index=132&type=section&id=Five%20Year%20Financial%20Summary) This section provides a five-year overview of the Group's key financial performance and position indicators Five Year Financial Summary | Item (RMB Thousand) | 2019 | 2018 | 2017 | 2016 | 2015 | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue | 660,482 | 536,619 | 523,799 | 472,688 | 466,531 | | Profit/(Loss) for the Year | 40,448 | 31,125 | 28,396 | 22,252 | (692,444) | | Total Assets | 784,590 | 751,135 | 783,283 | 765,148 | 801,806 | | Total Liabilities | 466,383 | 477,169 | 540,518 | 550,704 | 607,090 | | Total Equity | 318,207 | 273,966 | 242,765 | 214,444 | 194,716 |

미국 IF 中 國 龍 天 集 團 有 限 公 司 ( 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ) 股份代號：1863 201 中 期 報 告 | --- | --- | --- | |----------------------------------------------------|-------------------|--------------------------------------------------------------------| | | | | | 公司資料 | | | | | | | | 董事會 | | 註冊辦事處 | | 執行董事 林生雄先生 （主席） | | Cricket Square Hutchins Drive | | 黃萬能先生 蔣石生先生 | | PO Box 2681 Grand Cayman KY1-1111 Cayman Islands | | 獨立非執行董事 劉振邦先生 盧佳譽先生 | 香港九龍 | 香港總辦事處及主要營業地點 | | 姜萍女士 | 尖沙咀東 科學館道 | 1 號 | | 審核委員會 劉振邦先生 （主席） 盧佳譽先生 ...

DE IFC: 中 國 龍 天 集 團 有 限 公 司 ( 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ) 股份代號：1863 2018 目錄 公司資料 2 財務摘要 3 主席報告 4 管理層討論及分析 6 董事及高層管理人員履歷詳情 16 企業管治報告 20 環境、社會及管治報告 34 董事會報告書 49 獨立核數師報告 59 綜合損益及其他全面收入表 62 綜合財務狀況報表 63 綜合權益變動表 65 綜合現金流量表 66 綜合財務報表附註 68 五年財務概要 124 1 中國龍天集團有限公司 | --- | --- | --- | |------------------------------|-----------------------------------------------|----------------------------| | | | | | | | | | 公司資料 | | | | 董事會 | 主要往來銀行 | | | 執行董事 | 中國銀行（香港）有限公司 | | | 林生雄先生 （主席） | | | | 黃萬能先生 | 註冊辦事處 | | | 蔣石生先生 | C ...