Financial Performance - The company achieved operating revenue of RMB 1,080,497,627 in the first half of 2014, representing a growth of 6.19% compared to RMB 1,017,519,754 in the same period last year[24]. - Net profit attributable to shareholders reached RMB 283,405,395, an increase of 23.21% from RMB 230,019,076 in the previous year[24]. - The net cash flow from operating activities was RMB 549,708,751, up by 5.85% from RMB 519,333,139 in the same period last year[24]. - The company reported a total profit of RMB 3.8 billion for the first half of 2014, marking a 23.1% increase year-on-year[32]. - Basic earnings per share increased to RMB 0.28, reflecting a growth of 23.21% compared to RMB 0.23 in the same period last year[26]. - The company completed 48.4% of its annual revenue target of CNY 2,230,000,000 in the first half of the year[48]. - The company reported a total profit of CNY 380,000,000, achieving 59.4% of its annual profit target of CNY 640,000,000[49]. Assets and Liabilities - The company's total assets at the end of the reporting period were RMB 9,297,266,249, a slight decrease of 0.25% from RMB 9,320,750,892 at the end of the previous year[24]. - The company's total liabilities were RMB 4,325,310,191, down from RMB 4,460,722,497 at the end of 2013, indicating a reduction in financial obligations[103]. - Shareholders' equity increased to RMB 4,971,956,058 as of June 30, 2014, compared to RMB 4,860,028,395 at the end of 2013, reflecting a growth of approximately 2.3%[103]. - The total current liabilities decreased to RMB 825,310,191 from RMB 860,722,497, indicating a reduction of about 4.1%[103]. - The company reported a current liability exceeding current assets by RMB 163,577,922, indicating potential liquidity concerns[116]. Revenue Sources - The revenue from office buildings increased by CNY 58,607,752, accounting for 49.43% of total revenue, driven by higher average rental rates and occupancy[37]. - The hotel segment experienced a slight decline in revenue, decreasing by CNY 1,865,452, which is attributed to macroeconomic factors[37]. - The average rental rates and occupancy rates for Grade A office buildings and shopping centers in Beijing remained high due to limited new rental space and strong demand[32]. Cash Flow and Dividends - The company distributed a cash dividend of CNY 1.70 per share, totaling CNY 171,238,031, with retained earnings of CNY 1,302,375,890[61]. - The company’s cash and cash equivalents at the end of the first half of 2014 were RMB 454,782,210, an increase from RMB 426,125,141 at the end of the first half of 2013[107]. - The company distributed dividends totaling RMB 171,238,031 to shareholders during the first half of 2014[109]. Financial Management - The financial expenses decreased by CNY 16,914,678, representing an 18.37% reduction compared to the previous year[35]. - The company’s financial expenses decreased to RMB 75,149,806 in the first half of 2014 from RMB 92,064,484 in the same period of 2013, indicating improved cost management[105]. - The company has unused credit facilities from banks amounting to approximately RMB 1 billion, which may provide additional liquidity[117]. Compliance and Governance - The company has maintained compliance with relevant laws and regulations, with no violations reported[74]. - The company received approval from the China Securities Regulatory Commission to publicly issue bonds with a face value of up to 900 million RMB on May 16, 2014[76]. - The company successfully completed the public issuance of its first phase of bonds, raising 500 million RMB on August 22, 2014[77]. - The total number of shareholders as of the reporting period was 29,019[82]. - The largest shareholder, China International Trade Center Co., Ltd., holds 80.65% of the shares, totaling 812,360,241 shares[82]. Investments and Assets Management - The total amount of entrusted financial management reached CNY 1,106,000,000, with actual recoverable principal and income amounting to CNY 1,103,000,000 and total income of CNY 5,532,324[56]. - The construction of the second phase of the Guomao project has incurred total expenditures of CNY 1.6 billion, with cumulative investments reaching CNY 1.79 billion[60]. - Long-term equity investments as of June 30, 2014, amount to RMB 5,433,009, an increase from RMB 5,195,190 as of December 31, 2013, reflecting a growth of approximately 4.6%[199]. Accounting Policies - The company’s financial statements comply with the Chinese Accounting Standards, ensuring transparency and reliability in reporting[118]. - The company recognizes impairment losses on receivables when there is objective evidence indicating that the recoverable amount is less than the carrying amount, with provisions based on the present value of expected future cash flows[132]. - The company recognizes rental income from operating leases on a straight-line basis over the lease term, including the total rent during rent-free periods[159].

Financial Performance - In 2013, the company achieved a net profit of CNY 327,943,291, with a proposed cash dividend of CNY 1.70 per 10 shares, totaling CNY 171,238,031[6]. - The company's operating revenue for 2013 was CNY 2,050,149,034, representing a year-on-year increase of 3.55% compared to CNY 1,979,950,431 in 2012[29]. - The net profit attributable to shareholders decreased by 15.00% to CNY 325,196,780 from CNY 382,577,911 in 2012[29]. - The total profit for the year was CNY 430 million, a decrease of CNY 80 million from the previous year, while the profit excluding non-recurring items increased by CNY 70 million to CNY 560 million[39]. - The company achieved operating revenue of 2.05 billion RMB, a 3.6% increase from 1.98 billion RMB in the same period last year, but 3.5% lower than the annual target of 2.12 billion RMB[61]. - The total profit amounted to 430 million RMB, a decrease of 15.1% from 510 million RMB in the previous year, and 22.5% lower than the annual profit target of 560 million RMB[61]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion RMB for the year, representing a growth of 15% compared to the previous year[181]. Cash Flow - The net cash flow from operating activities increased by 12.01% to CNY 1,097,411,315, up from CNY 979,722,570 in 2012[29]. - The company reported a net cash flow from operating activities of CNY 1.1 billion, an increase of 12.01% year-on-year[41]. - Cash flow from operating activities increased by 12.01% to 1.1 billion RMB from 979.7 million RMB year-on-year[56]. - Cash flow from investing activities showed a significant decline, with a net outflow of 519.9 million RMB, which is a 119.51% increase in outflow compared to 236.9 million RMB last year[56]. - Cash flow from financing activities decreased by 16.96%, with a net outflow of 597.7 million RMB compared to 719.8 million RMB in the previous year[56]. Assets and Liabilities - The total assets of the company at the end of 2013 were CNY 9,320,750,892, a slight decrease of 0.53% from CNY 9,370,785,454 in 2012[29]. - The company’s long-term borrowings decreased to 2.6 billion RMB from 2.83 billion RMB, reflecting an 8% reduction[69]. - The company’s investment properties accounted for 57.90% of total assets, increasing from 56.39% in the previous year[69]. - The company reported a cash outflow of 350 million RMB in 2013, with year-end cash and cash equivalents totaling 710 million RMB[167]. Shareholder Information - The total number of shareholders at the end of the reporting period was 29,606, with the largest shareholder holding 80.65% of the shares[163]. - The company has a significant shareholder structure, with China Life Insurance (Group) Company holding 32.5% of shares[172]. - The company has not issued any securities or experienced changes in its share structure over the past three years[159]. - The company has no other shareholders holding more than 10% of shares as of the end of the reporting period[173]. Dividends - The company has a cash dividend policy to distribute at least 30% of the net profit to shareholders annually, with a focus on cash dividends[105]. - In 2013, the company distributed cash dividends totaling RMB 171,238,031, representing 52.66% of the net profit attributable to shareholders[110]. - The cash dividend per share for 2013 was RMB 1.70, an increase from RMB 1.60 in 2012 and RMB 1.30 in 2011[110]. Operational Highlights - The company implemented flexible leasing strategies to attract and retain quality tenants, enhancing the appeal of its properties[37]. - The hotel segment experienced a decline in revenue of CNY 19.7 million, totaling CNY 375 million, due to reduced demand from corporate travel[43]. - The average rental rate for office space increased to CNY 513 per square meter per month, with an overall occupancy rate of 96.7%[44]. - The company aims to establish a differentiated competitive advantage through innovation, targeting to be the top in China and a world-class entity[72]. Future Outlook - The company expects to achieve operating revenue of 2.23 billion RMB and a total profit of 640 million RMB in 2014[97]. - The company plans to maintain daily operating funds and tax expenditures at approximately 1.12 billion RMB, with total capital expenditures estimated at 60 million RMB[100]. - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[183]. - New product launches are expected to contribute an additional 300 million RMB in revenue, with a focus on innovative technology solutions[184]. Employee Information - The company employed a total of 2,332 staff, with 993 in the parent company and 1,339 in major subsidiaries[193]. - The company has 160 sales personnel, 850 technical personnel, 84 financial personnel, and 259 administrative personnel[193]. - The company’s employee compensation includes base salary, bonuses, and social insurance contributions[195]. - The company has a training program that combines internal and external training to enhance employee skills[196]. Corporate Governance - The company has maintained its accounting firm, PwC, for 15 years, with an audit fee of CNY 100.35 million[149]. - The company has not reported any significant changes in shareholding for its directors during the reporting period[179]. - The management team remains stable, with all key executives retaining their positions since their initial appointments[179]. Social Responsibility - The company engaged in various social responsibility initiatives, including educational support for impoverished students and collaboration with international organizations for charitable activities[111]. - The company actively participated in disaster relief and environmental protection efforts through various charitable activities[111].