Financial Performance - Net profit attributable to shareholders of the listed company was ¥1,159,666,604.12, representing a year-on-year increase of 26.31%[18] - Operating revenue for the first nine months was ¥2,358,433,662.10, up 22.14% from the same period last year[18] - Basic earnings per share increased to ¥0.5068, reflecting a growth of 26.32% year-on-year[20] - Total operating revenue for Q3 2020 reached ¥322,495,072.34, a 12.7% increase from ¥285,973,898.92 in Q3 2019[53] - Operating profit for Q3 2020 was ¥237,402,696.97, compared to ¥114,682,256.19 in Q3 2019, reflecting a significant growth[56] - Net profit for Q3 2020 was ¥219,675,890.20, up from ¥103,164,226.31 in Q3 2019, indicating a year-over-year increase of 112.5%[56] - Total profit for Q3 2020 was ¥237,885,281.78, significantly higher than ¥120,451,287.81 in Q3 2019, reflecting a growth of 97.5%[56] - Total comprehensive income for Q3 2020 was ¥219,672,433.89, compared to ¥103,166,691.54 in Q3 2019, marking a 112.5% increase[61] Assets and Liabilities - Total assets at the end of the reporting period reached ¥12,205,353,652.42, an increase of 0.86% compared to the end of the previous year[18] - Non-current assets totaled ¥5,659,312,084.34, up from ¥5,412,087,224.31, indicating an increase of about 4.57%[49] - Total liabilities decreased to ¥3,677,252,663.38 from ¥4,289,563,854.84, a decline of about 14.26%[45] - Current liabilities decreased to ¥2,121,276,870.91 from ¥2,473,939,777.81, a reduction of approximately 14.25%[49] - Short-term borrowings increased by 321.25% to ¥1,234,275,080.51, mainly due to obtaining low-interest short-term loans[28] - The company reported a total asset value of CNY 12,101,572,369.11, with current assets totaling CNY 5,284,237,048.65 and non-current assets at CNY 2,743,047,868.70[88] Cash Flow - The net cash flow from operating activities for the first nine months was -¥1,024,359,796.46, a decline of 161.06% compared to the previous year[18] - The cash flow from operating activities for the first three quarters of 2020 was -1,024,359,796.46 RMB, compared to -392,377,469.35 RMB in the same period of 2019, showing a worsening cash flow situation[71] - The total cash inflow from operating activities was 1,315,959,700.66 RMB in Q3 2020, down from 1,413,788,202.18 RMB in Q3 2019, a decrease of approximately 6.9%[70] - The cash outflow from operating activities in Q3 2020 was 2,340,319,497.12 RMB, compared to 1,806,165,671.53 RMB in Q3 2019, reflecting an increase of about 29.5%[71] - The cash flow from financing activities showed a net inflow of ¥378,320,715.69, compared to ¥353,618,411.86 in the previous year, reflecting a growth of 6.5%[73] Shareholder Information - The total number of shareholders at the end of the reporting period was 21,757[25] - The largest shareholder, Lianzhong New Energy Co., Ltd., held 50.77% of the shares, amounting to 1,161,720,503 shares[25] - The total equity attributable to shareholders increased to ¥8,241,826,469.93 from ¥7,562,153,591.36, representing a growth of about 9.00%[45] Research and Development - Research and development expenses surged by 744.17% to ¥10,794,266.47, reflecting continued investment in R&D efforts[28] - Research and development expenses for Q3 2020 were ¥2,678,981.43, a decrease of 10.2% from ¥2,985,911.49 in Q3 2019[53] Other Financial Metrics - The weighted average return on net assets was 14.53%, an increase of 0.24 percentage points compared to the previous year[20] - Fair value changes in profit and loss increased by 6837.73% to ¥155,633,686.41, driven by the rise in fair value of assets measured at fair value[31] - Other income decreased by 93.58% to ¥16,176,333.83, mainly due to last year's receipt of subsidy for dismantling[31]

Financial Performance - The company's operating revenue for the first half of 2020 was ¥2,035,938,589.76, representing a year-on-year increase of 23.77% compared to ¥1,644,933,248.80 in the same period last year[24]. - The net profit attributable to shareholders of the listed company was ¥938,756,809.37, an increase of 15.12% from ¥815,479,749.22 in the previous year[24]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥915,300,999.83, up 14.21% from ¥801,419,970.04 in the same period last year[24]. - The basic earnings per share for the first half of 2020 was ¥0.4103, reflecting a 15.12% increase from ¥0.3564 in the previous year[24]. - The diluted earnings per share also stood at ¥0.4103, marking a 15.12% increase year-on-year[24]. - The company achieved operating revenue of ¥2,035,938,589.76, a year-on-year increase of 23.77%[41]. - Net profit reached ¥976,410,310.12, reflecting a growth of 17.50% compared to the previous year[41]. - The clean heating subsidiary, Hunnan Heating, reported operating revenue of ¥688,986,615.86, up 22.52% year-on-year[41]. - The company’s operating profit was ¥1,238,902,436.63, an increase of 15.68% year-on-year[41]. - The net profit attributable to ordinary shareholders was ¥938,756,809.37, up 15.12% from the previous year[41]. Cash Flow and Financial Position - The net cash flow from operating activities was negative at -¥1,101,186,505.28, compared to -¥576,162,434.39 in the same period last year, indicating a decline of 91.12%[24]. - The company's cash flow from operating activities showed a net outflow of ¥1,101,186,505.28, a decline of 91.12% year-on-year[42]. - The company's cash flow from investing activities showed a net outflow due to significant purchases of trust financial products, contrasting with the previous year's inflow from redemptions[45]. - The company's cash flow from financing activities showed significant fluctuations, primarily due to the acquisition of low-interest short-term loans[45]. - The company reported a significant increase in cash received from other investment activities, totaling CNY 2,428,940,765.79, compared to CNY 1,962,835,460.48 in the previous year[138]. - The total cash and cash equivalents at the end of the period amounted to CNY 3,216,441,445.82, compared to CNY 3,505,711,887.74 at the end of the same period last year[141]. Assets and Liabilities - Total assets at the end of the reporting period were ¥11,962,140,731.23, showing a slight decrease of 1.15% from ¥12,101,572,369.11 at the end of the previous year[24]. - The company's total assets decreased from 12,101,572,369.11 RMB at the end of 2019 to 11,962,140,731.23 RMB as of June 30, 2020, representing a decline of approximately 1.15%[109]. - Accounts receivable rose to ¥1,047,901,153.42, accounting for 8.76% of total assets, a 107.23% increase from ¥505,661,955.58 in the previous year, primarily due to increased receivables from factoring financing[47]. - Short-term borrowings increased significantly to ¥1,223,038,282.17, making up 10.22% of total assets, a 317.42% rise from ¥293,000,000.00 last year, attributed to low-interest short-term loans[47]. - The company's total liabilities increased, with accounts payable decreasing from 473,552,849.20 RMB to 400,228,072.68 RMB, a decline of about 15.5%[112]. Investments and Acquisitions - The company acquired a 49% stake in Shanghai Huadian Fuxin New Energy Co., Ltd., aiming to expand into the southern heating, cooling, and electricity market[29]. - The company acquired a 49% stake in Shanghai Huadian Fuxin Energy Co., which is a distributed energy system project, marking its first step into the southern market[41]. - The company acquired a 49% stake in Shanghai Huadian Fuxin New Energy Co., Ltd. for ¥81 million during the reporting period, with the transfer procedures completed[51]. Environmental Compliance - The company reported a total of 44.58 tons of sulfur dioxide emissions for the first half of 2020, with a concentration limit of 200 mg/m3[84]. - Nitrogen oxide emissions totaled 63.34 tons in the first half of 2020, with a concentration limit of 100 mg/m3[84]. - The company achieved a dust emission of 12.52 tons in the first half of 2020, with a concentration limit of 30 mg/m3[84]. - The company has implemented standards for emissions, including GB13223-2011 for power plants and GB13271-2014 for boilers[84]. - The company reported no instances of exceeding emission limits during the first half of 2020[87]. - The company has maintained compliance with environmental standards, with mercury emissions below 0.0032 mg/m3[84]. Corporate Governance and Compliance - The company has committed to avoiding or minimizing related party transactions with the reorganized listed company and its subsidiaries[65]. - The company ensures the independence of the reorganized listed company's personnel, finance, and operations, establishing a complete governance structure[66]. - The company guarantees that the reorganized listed company will have independent operational capabilities and will not rely on the parent company for its business activities[66]. - The company will adhere to fair market pricing principles for unavoidable related party transactions, protecting the interests of minority shareholders[66]. - The company has pledged to not interfere with the major decision-making of the reorganized listed company, ensuring its operational independence[68]. Risks and Challenges - The company faces several risks, including raw material price fluctuations, aging pipeline equipment, and increasing environmental compliance costs[56]. - The company has implemented strategies to mitigate raw material price risks by establishing long-term partnerships with coal suppliers and increasing off-season purchases[56]. - The company has maintained a strong safety record in production, despite inherent risks associated with high-temperature and high-pressure environments[56]. Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period was 11,667[102]. - The largest shareholder, Lianzhong New Energy Co., Ltd., held 50.77% of the shares, with 376.22 million shares pledged[102]. - The company has not proposed any profit distribution or capital reserve increase for the half-year period, with no dividends or stock bonuses planned[60].

Financial Performance - Net profit attributable to shareholders increased by 15.08% to CNY 897,548,395.72 year-on-year[12] - Operating revenue rose by 25.04% to CNY 1,759,618,617.77 compared to the same period last year[12] - Basic earnings per share increased by 15.11% to CNY 0.3923[12] - Total operating revenue for Q1 2020 was approximately ¥1.76 billion, an increase of 25% compared to ¥1.41 billion in Q1 2019[42] - Net profit for Q1 2020 reached approximately ¥929.25 million, up 16.8% from ¥795.55 million in Q1 2019[44] - Operating profit for Q1 2020 was approximately ¥1.20 billion, compared to ¥1.03 billion in Q1 2019, reflecting a growth of 16.0%[42] - Total profit for Q1 2020 was approximately ¥1.20 billion, compared to ¥1.03 billion in Q1 2019, marking a growth of 16.1%[44] Asset Management - Total assets decreased by 2.84% to CNY 11,757,358,454.05 compared to the end of the previous year[12] - The total assets decreased from 12,101,572,369.11 to 11,757,358,454.05, indicating a reduction in overall asset value[27] - Current assets decreased from ¥5,284,237,048.65 to ¥4,876,575,510.17, a decline of approximately 7.7%[36] - Non-current assets remained stable at ¥2,743,047,868.70, unchanged from the previous period[36] - Total assets decreased from ¥8,027,284,917.35 to ¥7,619,623,378.87, a decrease of about 5.1%[36] Liabilities and Equity - Total liabilities decreased from ¥4,289,563,854.84 to ¥3,015,137,021.10, a reduction of approximately 29.7%[32] - Total equity increased from ¥7,812,008,514.27 to ¥8,742,221,432.95, reflecting a growth of about 11.9%[32] - The total current liabilities decreased from 2,473,939,777.81 to 1,382,959,849.13, reflecting improved liability management[30] - Current liabilities decreased from ¥3,245,371,161.51 to ¥2,667,489,147.11, a reduction of approximately 17.8%[38] - Total owner's equity attributable to shareholders increased from ¥4,089,791,863.41 to ¥4,987,340,259.13, an increase of about 22.0%[32] Cash Flow - Cash flow from operating activities showed a significant decline, with a net outflow of CNY 604,039,506.70[12] - Net cash outflow from operating activities increased significantly, reaching -604,039,506.70, attributed to factoring financing by subsidiaries to improve capital efficiency[21] - Net cash outflow from investing activities rose to -722,239,951.05, mainly due to investments in trust products to enhance capital efficiency[21] - Cash inflow from operating activities was ¥353,301,695.44, down from ¥432,201,857.79 year-over-year[52] - Cash outflow from operating activities totaled ¥957,341,202.14, significantly higher than ¥517,048,725.77 in the previous year[52] - Net cash flow from investing activities was -¥722,239,951.05, worsening from -¥383,667,859.49 year-over-year[52] Research and Development - R&D expenses increased by 272.16% compared to the end of last year, reflecting the company's continued investment in research and development[21] - R&D expenses for the current period were 2,208,732.46, a decrease of 61.73% compared to the same period last year, due to incomplete project phases[21] - The company reported a decrease in research and development expenses to approximately ¥2.21 million, down 61.7% from ¥5.77 million in Q1 2019[42] Shareholder Information - The total number of shareholders at the end of the reporting period was 8,557[15] - The company’s net assets attributable to shareholders increased by 11.88% to CNY 8,460,660,623.02 compared to the end of the previous year[12] - The company reported a basic earnings per share of ¥0.00, with diluted earnings per share also at ¥0.00[49] Other Financial Metrics - Trade financial assets increased by 1333.33% to CNY 430,000,000.00 due to new investments in non-listed trust products[19] - Accounts receivable rose by 101.23% to CNY 1,017,541,526.43, primarily due to a significant increase in factoring financing[19] - The company reported a significant increase in credit impairment losses, which rose due to an increase in receivables[21] - Other income decreased by 97.43% compared to the same period last year, primarily due to the absence of a significant subsidy received in the previous period[21] - The company reported a cash balance of ¥3,138,462,386.72, slightly down from ¥3,193,006,671.91[36]

Financial Performance - The company's operating revenue for 2019 was approximately RMB 3.40 billion, an increase of 11.83% compared to RMB 3.04 billion in 2018[24]. - The net profit attributable to shareholders for 2019 was approximately RMB 1.59 billion, representing a growth of 20.86% from RMB 1.32 billion in the previous year[24]. - The net profit after deducting non-recurring gains and losses was approximately RMB 1.54 billion, which is a 35.82% increase from RMB 1.13 billion in 2018[24]. - Cash flow from operating activities reached approximately RMB 1.44 billion, up 26.98% from RMB 1.13 billion in 2018[24]. - The total assets of the company at the end of 2019 were approximately RMB 12.10 billion, reflecting a 9.99% increase from RMB 11.00 billion in 2018[26]. - The net assets attributable to shareholders increased to approximately RMB 7.56 billion, a rise of 23.84% compared to RMB 6.11 billion in 2018[26]. - The company's basic earnings per share (EPS) for 2019 was CNY 0.6956, representing a year-on-year increase of 20.87% compared to CNY 0.5755 in 2018[28]. - The weighted average return on equity (ROE) rose to 23.67%, an increase of 6.19 percentage points from 17.48% in the previous year[28]. - The company achieved operating revenue of ¥3,396,169,209.85, representing a year-on-year growth of 11.83%[49]. - Operating profit reached ¥2,077,918,965.54, with a year-on-year increase of 22.76%[49]. - Net profit amounted to ¥1,644,737,392.28, reflecting a growth of 21.92% year-on-year[49]. Business Operations - The company has been focusing on clean heating and high-speed rail digital media advertising, with significant revenue from heating, power supply, engineering, and advertising[37]. - The company plans to expand its clean energy utilization and gradually enter the southern heating market, aligning with urbanization and industrial electricity demand growth[37]. - The company has optimized its media resources and improved overall media quality and advertising effectiveness in its advertising business[37]. - The company holds 22 authorized patents, including 9 invention patents, and has applied for 25 new patents in 2019, with 7 projects under research[41]. - The company has a heating service area target of 357 million square meters for 2020, with a combined heat and power generation ratio expected to increase to 60%[41]. - The advertising media network covers over 500 contracted stations and more than 5,600 digital media resources across 28 provinces, significantly enhancing media quality and advertising effectiveness[44]. - The company has established a unique advertising publishing information management system, allowing for rapid ad changes within 24 hours to meet client needs[44]. - The company has successfully integrated clean energy methods, including water source heat pumps and biomass power generation, to improve heating service quality in the 5.3 million square meter area of Shenyang's Huanggu District[46]. - The company has developed proprietary technologies in areas such as flue gas treatment and distributed clean energy, maintaining a leading position in the industry[41]. - The company operates in a relatively stable heating market due to government planning and approval of heating network layouts, minimizing competition in service areas[44]. Market Expansion and Strategy - The company aims to replicate and expand its business across the country while steadily growing its existing operations in Shenyang, Taizhou, and Shandong[49]. - The company plans to expand its clean heating business through a combination of organic growth and external investments, utilizing its experience in environmental heating and energy management[49]. - The company is focusing on developing clean energy heating solutions, with a target of achieving a 70% clean heating rate in northern regions by 2021[68]. - The company aims to leverage its high-tech capabilities in the heating industry to address the urgent heating needs in southern regions, indicating a strategic market expansion[68]. - The company plans to invest in or acquire projects in the northern clean heating sector, focusing on combined heat and power generation and distributed micro-heat sources[86]. - The company will utilize a combination of self-built, acquisition, and energy management strategies to accelerate nationwide business expansion[86]. Environmental Compliance and Sustainability - The company reported a total emission of 95.77 tons of particulate matter in 2019, with a concentration of 8.29 mg/m3[130]. - Sulfur dioxide emissions totaled 476.58 tons in 2019, with a maximum allowable concentration of 200 mg/m3[130]. - Nitrogen oxide emissions reached 638.26 tons in 2019, adhering to the limit of 200 mg/m3 for the last two months of the year[130]. - The company maintained compliance with emission standards, with no instances of exceeding pollutant discharge limits reported[130]. - The company executed its emissions strategy under the GB 13271-2014 standard for boiler air pollutants[130]. - The company plans to continue its focus on environmental sustainability and compliance in future operations[130]. - The company implemented low-nitrogen combustion technology and various desulfurization systems to control emissions[136]. - The company has established an emergency response plan for environmental incidents[137]. Risk Management - The company faces risks related to raw material price fluctuations, particularly coal, which is essential for heating operations. Increased coal consumption and prices directly impact profitability[95]. - The company has implemented strategies to mitigate risks from aging pipeline equipment by using high-quality materials and enhancing maintenance practices[95]. - Environmental compliance costs are expected to rise due to stricter national standards, impacting overall production costs[95]. - The company acknowledges potential risks from macroeconomic slowdowns affecting advertising spending, which could impact revenue[95]. - The company has established long-term partnerships with coal suppliers to stabilize procurement costs and mitigate price volatility[95]. Corporate Governance - The company has committed to avoiding any business activities that would compete with its main operations post-restructuring[97]. - The company guarantees the financial independence of the post-restructured entity, allowing it to make independent financial decisions and not share bank accounts with other controlled entities[102]. - The company ensures the independence of the post-restructured entity's personnel, with no interference in management appointments from controlling shareholders[102]. - The company has established a long-term commitment to uphold the legal rights of all shareholders and avoid unfair benefit transfers[102]. - The company has pledged to adhere to the established compensation system and ensure responsible use of company assets[102]. Audit and Financial Reporting - The audit report for the financial statements was issued by Zhongxi Certified Public Accountants, confirming the accuracy and completeness of the financial report[5]. - The financial statements fairly present the company's financial position and operating results for the year ended December 31, 2019, in accordance with accounting standards[190]. - The audit identified key audit matters related to the acquisition and accounting treatment of the business combination[194]. - The audit confirmed that the financial statements were prepared in accordance with the relevant accounting standards[190]. - The management is responsible for designing and maintaining necessary internal controls to prevent material misstatements in the financial statements[197].

Financial Performance - Net profit attributable to shareholders of the listed company reached CNY 918,088,036.50, an increase of 25.10% year-on-year[17]. - Operating income for the period was CNY 1,930,907,147.72, reflecting a growth of 10.56% compared to the same period last year[17]. - Basic earnings per share were CNY 0.4012, representing a 25.10% increase year-on-year[17]. - The weighted average return on equity increased to 14.29%, up by 4.71 percentage points from the previous year[17]. - The company reported a significant increase in other receivables, which rose to approximately ¥490.73 million from ¥241.18 million year-over-year[36]. - The total comprehensive income attributable to the parent company was ¥102,608,287.28 for Q3 2019, compared to ¥87,195,845.85 in Q3 2018, reflecting an increase of about 17.5%[56]. - The company experienced a significant drop in net profit for the first three quarters, totaling CNY 854,512,983.16, down from CNY 103,139,179.89 in the previous year[65]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 10,658,277,587.35, a decrease of 3.13% compared to the end of the previous year[17]. - The company’s total liabilities decreased by 56.47% in tax payable, amounting to ¥73,008,112.20, due to tax payments made during the period[26]. - Total liabilities decreased to approximately ¥3.79 billion from ¥4.81 billion compared to the previous year[42]. - Total assets decreased to ¥6,848,662,810.34 from ¥7,460,777,947.97, a decline of approximately 8.2%[51]. - Total liabilities reached approximately $4.81 billion, remaining stable compared to the previous period[80]. - Total current assets increased to RMB 4,551,219,713.10, up from RMB 4,551,057,003.74, reflecting an increase of RMB 162,709.36[85]. Cash Flow - The net cash flow from operating activities improved to -CNY 392,377,469.35, a 28.11% increase compared to the previous year[17]. - The net cash flow from financing activities showed a significant decrease of ¥311,612,794.91, primarily due to new short-term borrowings[29]. - The net cash flow from financing activities was 353,618,411.86 RMB, compared to -311,612,794.91 RMB in the previous year, indicating a turnaround in financing activities[70]. - Cash outflow from operating activities totaled 1,806,165,671.53 RMB, down from 1,943,409,522.37 RMB in 2018, indicating a decrease of about 7.1%[70]. - The ending balance of cash and cash equivalents was 3,790,672,794.31 RMB, down from 4,646,809,727.20 RMB at the end of the same period in 2018[70]. Shareholder Information - The total number of shareholders at the end of the reporting period was 11,523[19]. - The largest shareholder, Lianzhong New Energy Co., Ltd., held 50.77% of the shares, with 1,161,720,503 shares pledged[19]. - The company received government subsidies amounting to CNY 13,724,357.68 for the year-to-date[19]. Inventory and Receivables - Accounts receivable increased by 267.31% to ¥8,815,400.00, primarily due to the collection of bank acceptance bills[26]. - Inventory rose by 143.19% to ¥407,536,732.04 as the company increased coal stockpiling to enhance heating services[26]. - The company’s receivables increased by approximately $2.31 million, reflecting improved collection efficiency[76]. Financial Management - The company reported a 30.18% decrease in financial expenses, amounting to -¥115,793,378.92, due to lower bank interest income[29]. - The company reported a financial expense of -¥35,582,732.80 in Q3 2019, compared to -¥62,351,473.84 in Q3 2018, indicating a reduction in financial costs[52]. - The company’s cash flow management appears to be a focus, with a notable reduction in short-term borrowings and accounts payable[42]. Other Financial Metrics - The company received 508,392,952.20 RMB in borrowings during the financing activities, which was not reported in the previous year[70]. - The company recognized a credit loss provision reduction of RMB 4,655,468.65, positively impacting retained earnings by RMB 3,292,822.82[94]. - The company’s investment in non-current financial assets includes RMB 500,000,000.00 in a trust plan, indicating ongoing financial investment strategies[94].

Financial Performance - The company's operating revenue for the first half of 2019 was CNY 1,644,933,248.80, representing a year-on-year increase of 9.72% compared to CNY 1,499,253,539.43 in the same period last year[24]. - The net profit attributable to shareholders of the listed company reached CNY 815,479,749.22, a significant increase of 26.10% from CNY 646,690,937.79 in the previous year[24]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 801,419,970.04, up 43.38% from CNY 558,964,220.88 in the same period last year[24]. - Basic earnings per share for the first half of 2019 were CNY 0.3564, reflecting a year-on-year increase of 26.11%[26]. - Operating profit reached CNY 1,070,944,473.54, reflecting a growth of 29.03% compared to the previous year[45]. - Net profit amounted to CNY 831,015,900.43, up 26.19% year-on-year, with net profit attributable to ordinary shareholders at CNY 815,479,749.22, an increase of 26.10%[45]. Assets and Liabilities - The total assets of the company at the end of the reporting period were CNY 10,464,060,990.72, a decrease of 4.89% from CNY 11,002,449,440.66 at the end of the previous year[26]. - The net assets attributable to shareholders of the listed company increased to CNY 6,631,712,741.69, marking an 8.60% increase from CNY 6,106,557,497.34 at the end of the previous year[26]. - Total liabilities decreased from CNY 4,809,772,479.64 to CNY 3,699,952,686.99, a decline of around 23.1%[125]. - Owner's equity increased from CNY 6,192,676,961.02 to CNY 6,764,108,303.73, an increase of approximately 9.2%[125]. Cash Flow - The company reported a net cash flow from operating activities of CNY -576,162,434.39, compared to CNY -685,320,606.26 in the previous year, indicating an improvement[24]. - Cash flow from investing activities showed a significant decline to -¥142,917,692.25, down 161.70% from ¥231,641,725.16 last year, primarily due to the previous year's recovery of entrusted loan principal[48]. - Cash flow from financing activities increased to ¥219,277,493.77, a turnaround from -¥274,865,616.96 last year, mainly due to new short-term borrowings at benchmark interest rates[48]. Business Operations - The growth in net profit was primarily driven by a steady increase in heating area and network connection area[27]. - The company has not disclosed any plans for new products, technologies, market expansion, or mergers and acquisitions in this report[27]. - The company operates a digital media advertising business in high-speed rail stations, providing comprehensive advertising services to clients[34]. - The company is focused on expanding its clean heating and high-speed rail digital media businesses, aligning with national policies for sustainable development[32]. Environmental Compliance - The company reported a total pollutant discharge of 476.583 tons of sulfur dioxide for the first half of 2019, exceeding the limit[94]. - The average emission concentration of nitrogen oxides was recorded at 242.91 mg/m3 for the first half of 2019, which is within the regulatory standards[92]. - The company has implemented measures to ensure compliance with the GB 13271-2014 boiler air pollutant emission standards[90]. - The company is committed to ongoing monitoring and compliance with environmental standards to mitigate pollution[88]. Shareholder Information - The total number of shares increased to 2,288,119,475 after a stock dividend distribution of 3 shares for every 10 shares held[108]. - The cash dividend distributed was RMB 1.50 per share, totaling RMB 264,013,785.60[108]. - The largest shareholder, Lianzhong New Energy Co., Ltd., holds 1,161,720,503 shares, representing 50.77% of the total shares[111]. - The total number of common shareholders at the end of the reporting period was 10,193[111]. Strategic Investments - The company acquired a 66% stake in Shandong Heze Fulin Thermal Technology Co., Ltd., which is expected to enhance economic income and profit after the project completion[32]. - The company plans to adopt a combination of internal growth and external investment strategies to expand its clean heating business[45]. Risk Management - The company faces risks related to raw material price fluctuations, particularly coal, which directly impacts operational costs[60]. - The company is implementing strategies to mitigate risks from aging pipeline equipment by using high-quality materials and enhancing maintenance practices[62]. Accounting and Reporting - The financial report was approved for release on August 26, 2019[175]. - The company adheres to the accounting standards set by the Ministry of Finance, ensuring accurate financial reporting[180]. - The accounting period follows the calendar year from January 1 to December 31[181].

2019 年第一季度报告 公司代码：600167 公司简称：联美控股 联美量子股份有限公司 2019 年第一季度报告 1 / 27 2019 年第一季度报告 í 二、 11Í 四、 目录 | --- | |----------------| | | | 重要提示 . | | 公司基本情况 . | | 重要事项 . | | 附录 . | 2 / 27 2019 年第一季度报告 单位：元 币种：人民币 一、 重要提示 1.1 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 1.2 公司全体董事出席董事会审议季度报告。 1.3 公司负责人苏壮强、主管会计工作负责人潘文戈及会计机构负责人（会计主管人员）智桥保 证季度报告中财务报表的真实、准确、完整。 1.4 本公司第一季度报告未经审计。 二、 公司基本情况 2.1 主要财务数据 | --- | --- | --- | --- | --- | |-------------------------------------------------|----------- ...

Financial Performance - The company's operating revenue for 2018 was RMB 3,037,023,688.10, an increase of 11.89% compared to RMB 2,714,174,237.95 in 2017[24] - The net profit attributable to shareholders of the listed company reached RMB 1,316,794,135.38, reflecting a growth of 25.68% from RMB 1,047,750,713.19 in the previous year[24] - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 1,132,619,265.45, up by 28.02% from RMB 884,700,654.59 in 2017[24] - Basic and diluted earnings per share increased by 13.78% year-on-year, reaching CNY 0.7481 per share[29] - Operating profit reached ¥1,692,610,414.87, with a year-on-year increase of 25.61%[59] - Net profit amounted to ¥1,349,047,798.63, reflecting a year-on-year growth of 26.14%[59] - The company achieved total revenue of ¥3,037,023,688.10, an 11.89% increase from the previous year, with operating costs of ¥1,440,889,785.63, up 9.16%[66] Cash Flow and Assets - The net cash flow from operating activities was RMB 1,132,818,443.35, a decrease of 11.31% compared to RMB 1,277,296,374.47 in 2017[24] - The total assets at the end of 2018 amounted to RMB 11,002,449,440.66, a decrease of 4.88% from RMB 11,566,696,324.50 in 2017[27] - The company reported a net cash flow from operating activities of CNY 1,679,285,906.71 in the fourth quarter[31] - The company reported a net cash flow from operating activities of ¥1,132,818,443.35, a decrease of 11.31% compared to the previous year[65] - The company’s investment activities resulted in a net cash outflow of ¥2,056,935,785.19, a significant increase of 190.53% year-on-year[65] Dividends and Shareholder Returns - The company plans to distribute a cash dividend of RMB 1.50 per 10 shares, totaling RMB 264,013,785.60, and issue 3 bonus shares for every 10 shares held[6] - The company reported a cash dividend of 264,013,785.60 RMB for 2018, with a net profit attributable to ordinary shareholders of 1,316,794,135.38 RMB, representing 20.05% of the net profit[126] Acquisitions and Business Expansion - The company completed the acquisition of 100% equity in Zhaoxun Media in November 2018, contributing to the growth in net profit[29] - The company is expanding into the high-speed rail digital media sector through the acquisition of Zhaoxun Media, enhancing its revenue sources[41] - The company plans to expand its clean heating business through a combination of organic growth and external investments, leveraging its experience in environmental heating and clean energy[61] - The company plans to expand its clean heating and high-speed rail digital media businesses nationwide, leveraging technological and management advantages[116] Risks and Future Outlook - The company has outlined potential risks in its future development in the report, which investors should consider[8] - The company’s future plans and projections are subject to uncertainties and do not constitute a commitment to investors[7] - The company has identified risks related to raw material price fluctuations, aging pipeline equipment, and environmental compliance, implementing strategies to mitigate these risks[122] Environmental Compliance - The company is classified as a key pollutant discharge unit, with emissions managed according to environmental regulations[170] - The company maintained compliance with emission standards, with no instances of exceeding the allowed limits reported for 2018[171] - The company is committed to ongoing improvements in emission reductions and compliance with environmental standards[171] - Future strategies include further investments in technology to enhance emission control and reduce environmental impact[171] Shareholder Structure - The total number of common shareholders at the end of the reporting period was 9,345, an increase from 7,697 at the end of the previous month[189] - The top shareholder, Lianzhong New Energy Co., Ltd., holds 953,461,156 shares, representing 54.17% of total shares, with 526,801,014 shares added during the reporting period[189] - The total number of shares held by the top ten shareholders accounts for 84.85% of the total shares[189]

2018 年第三季度报告 公司代码：600167 公司简称：联美控股 联美量子股份有限公司 2018 年第三季度报告 1 / 23 | 目录 | | --- | | 一、 | 重要提示 | 3 | | --- | --- | --- | | 二、 | 公司基本情况 | 3 | | 三、 | 重要事项 | 6 | | 四、 | 附录 | 10 | 2018 年第三季度报告 一、 重要提示 1.1 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 1.2 公司全体董事出席董事会审议季度报告。 1.3 公司负责人苏壮强、主管会计工作负责人潘文戈及会计机构负责人（会计主管人员）智桥保 证季度报告中财务报表的真实、准确、完整。 1.4 本公司第三季度报告未经审计。 二、 公司基本情况 2.1 主要财务数据 单位：元 币种：人民币 | | 本报告期末 | 上年度末 | | 本报告期末比上 | | --- | --- | --- | --- | --- | | | | 调整后 | 调整前 | 年度末增减(%) | | 总资 ...

Financial Performance - The company's operating revenue for the first half of 2018 was CNY 1,343,789,443.21, representing a year-on-year increase of 12.99% compared to CNY 1,189,252,962.38 in the same period last year[18]. - The net profit attributable to shareholders of the listed company reached CNY 596,068,351.46, which is a 32.42% increase from CNY 450,144,250.40 in the previous year[18]. - The net profit after deducting non-recurring gains and losses was CNY 558,964,220.88, reflecting a 25.57% increase from CNY 445,147,322.98 in the same period last year[18]. - The basic earnings per share for the first half of 2018 was CNY 0.3387, up 7.35% from CNY 0.3155 in the same period last year[19]. - Operating profit increased by 30.21% to ¥776,847,868.32, while net profit rose by 31.85% to ¥607,946,598.14[34]. - The company achieved operating revenue of ¥1,343,789,443.21, representing a year-on-year growth of 12.99%[34]. Assets and Liabilities - The total assets of the company at the end of the reporting period were CNY 10,389,097,632.69, a decrease of 6.71% compared to CNY 11,136,330,015.53 at the end of the previous year[18]. - The total equity attributable to shareholders of the listed company increased by 5.32% to CNY 7,483,250,220.52 from CNY 7,105,307,268.23 at the end of the previous year[18]. - The total liabilities decreased from ¥3,977,156,946.87 to ¥2,840,103,365.06, a reduction of approximately 28.6%[77]. - The total current assets as of June 30, 2018, amounted to ¥5,559,874,895.23, a decrease of approximately 14.6% from ¥6,510,051,612.00 at the beginning of the period[75]. Cash Flow - The company reported a cash flow from operating activities of CNY -733,750,783.45, indicating a significant cash outflow compared to CNY -313,336,447.57 in the same period last year[18]. - The net cash flow from operating activities was negative at -¥733,750,783.45, compared to -¥313,336,447.57 in the previous year[36]. - The cash flow from financing activities showed a net outflow of CNY 228,811,947.52, contrasting with a significant inflow of CNY 3,842,879,995.87 in the previous period[92]. Research and Development - The company has a strong focus on R&D, with several patented technologies in the heating supply sector, including energy-saving and environmental protection technologies[30]. - Research and development expenses increased by 7.40% to ¥4,436,202.63, driven by higher direct fuel inputs for R&D[36]. Market Position and Strategy - The company is positioned as a leading "environmental and renewable energy comprehensive operator" in the clean energy heating sector, leveraging technological and cost advantages[24]. - The main business activities include heating, power supply, steam supply, property leasing, municipal construction, and engineering services, with heating and power supply being the primary revenue sources[25]. - The company operates in a region with significant market potential, particularly in emerging districts like the Hunnan New District, which provides stable growth opportunities[31]. Risk Management - The company has disclosed potential risks in its future development in the report, urging investors to be cautious[5]. - The company plans to mitigate risks related to raw material price fluctuations by establishing long-term partnerships with coal mining companies and increasing procurement during off-peak seasons[45]. - The company has identified potential risks including aging pipeline equipment and environmental compliance, which may increase operational costs[45]. Environmental Compliance - The company is classified as a key pollutant discharge unit, with specific emissions management practices in place for its subsidiaries[56]. - The company effectively operated pollution control facilities, adhering to national and local environmental discharge standards to ensure compliance[59]. - The average emission concentration for nitrogen oxides was 303 mg/m3 for the first half of 2018, with total nitrogen oxide emissions reaching 218.756 tons[58]. - The company implemented low-nitrogen combustion technology and other advanced pollution control measures to manage emissions effectively[59]. Shareholder Information - The total number of shares increased from 880,045,952 to 1,760,091,904 after the capital reserve conversion, resulting in a 100% increase in total shares[66]. - The largest shareholder, Lianzhong New Energy Co., Ltd., holds 853,320,284 shares, accounting for 48.48% of the total shares[68]. - The report indicates that there were no changes affecting earnings per share or net asset per share during the reporting period[66]. Accounting Policies - The financial statements comply with the requirements of the Accounting Standards for Business Enterprises, reflecting the company's financial position and operating results accurately[110]. - The company has not made any changes to significant accounting policies or estimates during the reporting period[171]. - The company recognizes provisions for liabilities when there is a present obligation likely to result in an outflow of economic benefits, with reliable measurement of the obligation amount[160]. Legal and Regulatory Matters - There were no major lawsuits or arbitration matters reported during the reporting period, indicating a stable legal environment for the company[53]. - The company has not disclosed any significant related party transactions or changes in its accounting firm during the reporting period, reflecting a consistent operational approach[54].