Financial Performance - In 2018, the company's operating revenue was CNY 146,396,293.30, representing a 910.83% increase compared to CNY 14,482,789.54 in 2017[21] - The net profit attributable to shareholders of the listed company for 2018 was a loss of CNY 16,958,753.59, an improvement from a loss of CNY 25,483,276.66 in 2017[21] - The company reported a net profit attributable to the parent company for 2018 was -16.96 million RMB, with a cumulative loss of 489.98 million RMB[95] - The company reported a net loss of RMB 489,976,521.69 for the year, compared to a loss of RMB 473,017,768.10 in the previous year, indicating a worsening of approximately 3.6%[193] - The company reported a basic earnings per share of -0.08 yuan, unchanged from the previous year[23] - The weighted average return on net assets was -27.12%, an improvement from -30.40% in the previous year[23] - The company reported a net profit of -16,958,753.59 RMB for 2018, marking a 100% loss distribution ratio[92] - The company incurred financial expenses of ¥11,084,257.59, down from ¥12,589,916.44, indicating a decrease of about 12.0% year-over-year[197] Cash Flow and Assets - The company's cash flow from operating activities was negative at CNY -141,271,098.38, worsening from CNY -100,188,481.43 in the previous year[21] - The company's cash flow from operating activities was significantly negative at -144.82 million yuan for the fourth quarter[24] - Cash and cash equivalents increased by 253.87% to CNY 20,412,663.11, compared to CNY 5,768,365.73 in the previous period[50] - As of December 31, 2018, the company's cash balance was 20.41 million RMB, and current liabilities exceeded current assets by 294.26 million RMB[95] - The company's total assets as of December 31, 2018, were 505.19 million yuan, with net assets of 72.79 million yuan[36] - As of December 31, 2018, total assets amounted to RMB 505,187,914.53, an increase from RMB 476,755,388.58 at the beginning of the year, reflecting a growth of approximately 6.5%[191] - Current assets totaled RMB 39,237,413.00, up from RMB 19,443,816.46, indicating a significant increase of about 102.5%[191] - Total liabilities reached RMB 432,400,471.08, compared to RMB 388,095,921.15 at the start of the year, marking an increase of about 11.4%[192] Business Operations - The company achieved a total revenue of 146.40 million yuan in 2018, representing a 910.83% increase compared to 1.45 million yuan in the previous year[36] - Rental income from self-owned properties amounted to 18.44 million yuan, an increase of 27.30% year-on-year[36] - The newly added high-end wine trading business generated revenue of 117.68 million yuan, while the advertising media business contributed 10.28 million yuan[36] - The company has initiated new business ventures in high-end wine trading and advertising media, with operations starting in the fourth quarter of 2018[35] - The company aims to enhance its property rental business and advertising media services to improve profitability and ensure sustainable development[87] Liabilities and Debt - The company incurred a penalty of 17.68 million yuan due to overdue taxes from previous years, impacting profitability[36] - The company has committed to providing a loan of up to 200 million RMB to its actual controller, with a loan interest rate based on the benchmark rate published by the People's Bank of China[98] - The company borrowed a total of 192.48 million yuan from its actual controller, Wu Taijiao, during the reporting period[115] - The company has a remaining loan balance of 215.48 million yuan owed to Wu Taijiao as of the report date[115] - The company has resolved historical debts and litigation issues, improving its operational environment significantly[86] Governance and Management - The company has engaged Guangdong Zhengzhong Zhujiang Accounting Firm for its 2018 financial report audit, with an audit fee of 600,000 RMB[103] - The company has implemented a compensation management system for its full-time directors and senior management[148] - The company has seen changes in its supervisory board, with new appointments aimed at strengthening oversight[149] - The company has independent directors serving in various other organizations, enhancing its governance structure[147] - The company’s board of directors includes members with extensive experience in finance and management, contributing to strategic decision-making[146] Risks and Uncertainties - The audit report for 2018 was issued without reservation but included emphasis on significant uncertainties regarding the company's ability to continue as a going concern[4] - The company has faced significant uncertainty regarding its ability to continue as a going concern due to frequent changes in its main business and lack of stable profitability[95] - The company reported a fair value loss of 1.35 million RMB on investment properties for the year 2018, with a carrying amount of 453.22 million RMB as of December 31, 2018[178] - The advertising media business is facing risks due to industry competition and the need for a stable profit model[88] Shareholder Information - The largest shareholder, Shenzhen Qianhai Paide Gao Sheng Investment Partnership, holds 27,164,647 shares, representing 13.42% of the total shares[132] - The top ten shareholders include individuals such as Zhong Ansheng with 11,033,598 shares (5.45%) and Liu Xiaocong with 9,138,380 shares (4.51%)[132] - The report indicates that there are no significant changes in the controlling shareholder or actual controller during the reporting period[136] - The company has maintained a stable shareholder structure with no significant changes in shareholding agreements among major shareholders[138] Employee and Labor Information - The company had a total of 119 employees, with 19 in the parent company and 100 in major subsidiaries[152] - The total number of retired employees for whom the company bears costs is 981[152] - The total hours of outsourced labor amounted to 71,040 hours, with total payments of ¥932,009.13[155] - The company has implemented a compensation policy that links performance assessment to employee salaries[153]

Financial Performance - Operating revenue surged by 972.48% to CNY 115,246,266.52 for the year-to-date period[6] - Net profit attributable to shareholders was a loss of CNY 2,676,266.15, improving from a loss of CNY 10,364,281.89 in the same period last year[6] - The weighted average return on equity was -2.95%, an improvement from -11.34% year-on-year[6] - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of CNY 1,926,628.63[6] - Total operating revenue for Q3 2018 reached ¥42,754,737.73, a significant increase from ¥3,684,574.85 in the same period last year, representing an increase of approximately 1,157%[22] - Net profit for Q3 2018 was a loss of ¥924,128.52, compared to a profit of ¥1,038,776.44 in Q3 2017, indicating a decline in profitability[24] - Total profit for the first nine months of 2018 was a loss of ¥3,620,790.85, improving from a loss of ¥7,845,127.95 in the same period last year[27] Cash Flow - Cash flow from operating activities turned positive at CNY 3,552,222.92, compared to a negative cash flow of CNY 20,664,689.04 in the previous year[6] - Cash flow from operating activities for the first nine months of 2018 was ¥3,552,222.92, a significant recovery from a negative cash flow of ¥20,664,689.04 in the same period last year[32] - Operating cash flow net amount for the first nine months of 2018 was ¥29,747,457.23, a significant improvement from a net loss of ¥3,728,944.30 in the same period last year[33] - Total cash inflow from operating activities reached ¥103,104,343.75, compared to ¥61,001,541.83 in the previous year, indicating a year-over-year increase of approximately 69%[33] - The company received ¥94,632,613.71 in other cash related to operating activities, a substantial increase from ¥51,884,628.30 in the previous year, marking an increase of approximately 82%[33] Assets and Liabilities - Total assets increased by 11.51% to CNY 531,632,325.54 compared to the end of the previous year[6] - The total liabilities increased to ¥438,967,702.61 from ¥388,095,921.15, indicating a rise in financial obligations[16] - The total assets as of the end of Q3 2018 amounted to ¥489,963,348.32, slightly up from ¥489,560,358.63 at the end of the previous quarter[21] - Total liabilities increased to ¥363,890,586.05 from ¥359,866,805.51 in the previous quarter, showing a rise of approximately 1%[21] - The company's total equity decreased to ¥126,072,762.27 from ¥129,693,553.12, reflecting a decline of about 2%[21] Shareholder Information - The company had a total of 10,354 shareholders at the end of the reporting period[8] - The largest shareholder, Shenzhen Qianhai Paide Gaosheng Investment Partnership, held 13.17% of the shares[8] - The company paid ¥17,394,356.47 in dividends, reflecting ongoing commitments to shareholder returns[34] Operational Developments - The company has not disclosed any new product developments or market expansion strategies in this report[6] - The company has established a new advertising media business during the reporting period, in addition to its existing leasing operations[11] - The company plans to conduct a capital increase for its high-end red wine trading business, although it has opted out of proportional capital increase rights due to external conditions[11] Expenses - The company reported a gross profit margin of 33.33%, down from 95.74%, indicating a decrease of 65.19%[10] - Sales expenses for Q3 2018 were not disclosed, but management expenses decreased to ¥1,965,152.27 from ¥5,368,871.29 in Q3 2017[27] - Financial expenses for Q3 2018 were ¥810,960.89, down from ¥2,637,124.11 in Q3 2017[27] - The company’s financial expenses for the first nine months of 2018 totaled ¥9,331,283.32, up from ¥8,824,104.03 in the same period last year, indicating an increase of approximately 6%[22]

Financial Performance - The company's operating revenue for the first half of 2018 was ¥72,491,528.79, representing a significant increase of 926.62% compared to ¥7,061,151.34 in the same period last year[17]. - The net profit attributable to shareholders of the listed company was -¥1,137,104.55, an improvement from -¥11,440,573.37 in the previous year[17]. - The company's operating revenue for the first half of 2018 was CNY 72.49 million, an increase of 926.62% compared to CNY 7.06 million in the same period last year[24]. - The company reported a net profit attributable to the parent company of CNY -0.11 million, a reduction in loss of CNY 1.03 million compared to CNY -1.14 million in the previous year[24]. - The operating profit for the period was CNY 6.43 million, an increase of CNY 1.67 million from a loss of CNY 10.26 million in the same period last year[24]. - The company reported a total revenue of 15,054.90 million RMB, with a net profit of -1,561.37 million RMB for the first half of 2018[48]. - The company reported a significant increase in inventory, which rose to ¥7,139,201.70 from ¥82,985.63, a growth of approximately 8,588.5%[115]. - The company reported a total comprehensive income of ¥3,659,987.66, compared to a loss of ¥11,846,951.01 in the same period last year[123]. - The company reported a net profit of -25.48 million RMB for the year 2017, with a cumulative loss of 473.02 million RMB[73]. Cash Flow and Liquidity - The net cash flow from operating activities was -¥35,219,949.47, compared to -¥9,272,288.35 in the same period last year[17]. - The company's cash flow from operating activities was CNY -35.22 million, worsening by 279.84% compared to CNY -9.27 million in the previous year[26]. - The total cash inflow from operating activities was ¥118,700,928.01, a substantial increase from ¥8,846,801.56 in the previous period[127]. - Cash flow from financing activities generated a net inflow of ¥69,074,751.28, a significant improvement from a net outflow of ¥8,846,276.00 in the previous period[128]. - The company incurred asset impairment losses of ¥1,572,940.82, which is a significant increase compared to ¥675,523.72 in the previous period[125]. - The company experienced a net decrease in cash and cash equivalents of -2,588.99 RMB during the reporting period[131]. - The company has ongoing efforts to unseal assets related to Tianlong Building, with some unsealing work still pending[35]. Assets and Liabilities - Total assets increased by 9.51% to ¥522,094,176.79 from ¥476,755,388.58 at the end of the previous year[18]. - The company's total liabilities reached ¥429,774,721.70, compared to ¥388,095,921.15 at the beginning of the period, marking an increase of about 10.7%[117]. - Short-term borrowings rose by 61.20% to CNY 170.56 million, reflecting the company's efforts to manage historical debts and support trade operations[30]. - The company's total equity decreased to ¥125,418,962.51 from ¥129,693,553.12, a decline of approximately 3.1%[121]. - The total equity attributable to shareholders decreased slightly to ¥70,197,174.11 from ¥71,017,380.36, a decline of about 1.1%[117]. Business Operations and Strategy - The company attempted to engage in high-end red wine trade through its Hong Kong subsidiary, but has not yet established a stable and sustainable main business[6]. - The company has established a partnership with three individuals to invest in Shenzhen Haoshan Haoshui Media Partnership, with the company holding a 50% stake[37]. - The company plans to hold a 90% stake in the newly established Shenzhen Guanghe Shanshui Media Co., Ltd.[38]. - The company aims to improve rental income by actively managing properties through wholly-owned subsidiaries, reducing costs while enhancing service[148]. - The company has initiated high-end red wine trade attempts in Hong Kong through its subsidiary, Zhenjin Brick[148]. - The company has resolved most historical debts and litigation matters, focusing on maintaining stable operations[145]. Governance and Management - The board of directors and management have confirmed the accuracy and completeness of the financial report, which has not been audited[7]. - The company appointed new management, including Mr. Wu Taijiao as the general manager and Mr. Huang Haiping as the financial director, indicating a strategic shift in leadership[110]. - The company has undergone several changes in its supervisory board, with multiple appointments and resignations, reflecting ongoing governance adjustments[110]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 10,594[103]. - The top ten shareholders held a total of 25,164,647 shares, representing 12.43% of the total shares[105]. - The company did not experience any changes in its share capital structure during the reporting period[101]. - The company’s chairman transferred 25,164,647 shares to Shenzhen Qianhai Paide Gao Sheng Investment Partnership, which he controls[108]. Legal and Compliance - The company has engaged in litigation related to secured borrowings from Agricultural Bank of China, which has been resolved with debt repayment[35]. - The company has resolved 5 litigation and arbitration cases during the reporting period[76]. - The company has one unresolved arbitration case involving a wage dispute amounting to RMB 1,074,790[85][86]. - All major litigation cases have been settled, and there are no significant debts that remain unpaid[87]. Risk Management - The company emphasizes the importance of caution regarding forward-looking statements and associated investment risks[5]. - The company has made commitments to improve its financial situation and resolve historical debts and litigation issues[74]. - The company plans to continue cost control and risk management to enhance profitability based on policy environment and project evaluations[145].

Financial Performance - In 2017, the company's operating revenue was CNY 14,482,789.54, a decrease of 29.79% compared to CNY 20,626,591.85 in 2016[24] - The net profit attributable to shareholders of the listed company for 2017 was a loss of CNY 25,483,276.66, representing a decline of 278.58% from a profit of CNY 14,269,737.47 in 2016[24] - The net cash flow from operating activities was a negative CNY 100,188,481.43, a decrease of 563.05% compared to a positive cash flow of CNY 21,636,656.79 in 2016[24] - Basic earnings per share decreased to -0.13 CNY, a decline of 285.71% compared to 0.07 CNY in 2016[26] - The weighted average return on equity dropped to -30.40%, down from 26.45% in the previous year[26] - The company incurred an operating loss of CNY 30.96 million, worsening from a loss of CNY 11.93 million in the prior year[40] - The net profit attributable to the parent company was a loss of CNY 25.48 million, compared to a profit of CNY 14.27 million in the previous year[40] Assets and Liabilities - As of the end of 2017, total assets amounted to CNY 476,755,388.58, down 4.43% from CNY 498,853,497.37 at the end of 2016[25] - The company's retained earnings at the end of 2017 were negative CNY 473,017,768.10, indicating a significant financial challenge[5] - The company's current liabilities exceeded current assets by 252.50 million RMB as of December 31, 2017[111] - The company has a total of 45.46 million RMB in investment properties and 61.89 million RMB in fixed assets under judicial seizure[111] Debt and Litigation - The company has ongoing efforts to complete the release of certain mortgaged assets, including properties in Tianlong Building[60] - The company has 6 unresolved litigation cases, with a total amount involved of RMB 34,518,515.56, impacting the company's debt book value by RMB 40,253,473.67[130] - The company signed a settlement agreement with Qingdao Hetian Biotechnology Co., resolving a debt of RMB 20,000,000, with all payments completed by October 2017[124] - The company repaid RMB 9,500,000 of debt to Xianju Garden in January 2017, followed by an additional payment of RMB 3,738,292 in March 2017, concluding the debt relationship[123] Investments and Subsidiaries - The company has initiated investments in subsidiaries in Hong Kong, Zhejiang, and Xinjiang to enhance profitability and diversify operations[39] - The company completed the acquisition of 51% of Minjia Global Fund Management (Shenzhen) Co., Ltd. and 100% of Shanghai Zhiwan Industrial Co., Ltd.[66] - The company disposed of 100% equity in Guangxi Shengjing, a wholly-owned subsidiary that had never commenced operations, completing the transfer in October 2017[69] - The company has established subsidiaries in Hong Kong and Ningbo, indicating a strategic expansion in investment management and trade logistics[66] Management and Governance - The actual controller of the company changed to Wu Tai Jiao, who is also the chairman of the board[179] - The company’s board of directors was restructured, with a majority of directors being recommended by the controlling shareholder[180] - The company has a diverse management team with experience in various sectors, including finance and consulting[190] - The total remuneration for the chairman, Wu Taijiao, during the reporting period was 525,701.8 yuan[187] Compliance and Regulatory Issues - The company faced multiple regulatory penalties over the past three years, including warnings and criticisms from the Shanxi Securities Regulatory Bureau and the Shanghai Stock Exchange for various compliance issues[200] - The company has engaged Lixin Accounting Firm for auditing services, with a remuneration of 600,000 RMB for the financial report audit[119] Future Plans and Challenges - The company aims to resolve historical debts and litigation issues in 2018 to restore its financing capabilities[102] - The company plans to enhance its internal control systems and manage costs effectively to improve profitability[102] - The company has a high asset-liability ratio and has not yet restored its financing capabilities, posing risks to its sustainable development[103]

Financial Performance - Operating revenue surged by 850.14% to CNY 33,021,978.05 year-on-year[6] - Net profit attributable to shareholders reached CNY 1,336,960.68, a significant recovery from a loss of CNY 5,607,534.33 in the same period last year[6] - The company's operating revenue for Q1 2018 reached ¥33,021,978.05, a significant increase of 850.14% compared to ¥3,475,483.65 in Q1 2017, primarily due to the launch of the wine trading business[12] - The company reported a net profit of ¥606.99 million from the wine trading business, with an operating profit of ¥710.88 million[13] - Net profit for the first quarter was ¥3,276,286.73, compared to a net loss of ¥6,283,364.67 in the previous year[25] - The company reported a net profit of -1,038,863.84 yuan for Q1 2018, compared to -3,431,128.56 yuan in the same period last year, indicating an improvement of approximately 69.7%[28] - The company’s total comprehensive income for Q1 2018 was -1,038,863.84 yuan, an improvement from -3,431,128.56 yuan year-over-year, suggesting a positive trend in overall financial performance[28] Assets and Liabilities - Total assets increased by 10.75% to CNY 528,000,490.41 compared to the end of the previous year[6] - Total assets as of March 31, 2018, amounted to ¥528,000,490.41, up from ¥476,755,388.58 at the beginning of the year[18] - Total liabilities decreased slightly from ¥359,866,805.51 to ¥358,834,433.45, a decline of about 0.3%[22] - The company reported a total equity of ¥128,654,689.28, down from ¥129,693,553.12 at the beginning of the year, a decrease of approximately 0.8%[23] - Short-term borrowings increased to ¥172,432,863.27, a rise of 62.97% from ¥105,807,518.00 at the start of the year, reflecting increased financing needs[18] Cash Flow - Cash flow from operating activities showed a negative net amount of CNY -40,980,071.62, compared to CNY -2,771,672.36 in the previous year[6] - The cash flow from operating activities was negative at -¥40,980,071.61, primarily due to repayments of other payables[12] - Operating cash flow for Q1 2018 was -40,980,071.62 yuan, a decline from -2,771,672.36 yuan year-over-year, reflecting a significant increase in cash outflows[30] - The company generated 51,565,945.35 yuan in cash from sales in Q1 2018, a substantial increase from 4,278,433.35 yuan in the same quarter last year, representing a growth of over 1,100%[30] - Cash outflows from operating activities totaled 115,636,569.47 yuan in Q1 2018, compared to 7,381,823.01 yuan in the previous year, indicating a significant rise in operational expenses[30] - The company recorded cash inflows from financing activities of 98,636,135.27 yuan in Q1 2018, compared to 7,000,000.00 yuan in the same period last year, reflecting a strong increase in financing efforts[31] - The net cash flow from financing activities was ¥73,377,898.45, a substantial improvement from a negative cash flow of ¥10,446,276.00 in the previous year, indicating successful bank loan acquisitions[12] Shareholder Information - The number of shareholders totaled 10,836 at the end of the reporting period[9] - The top shareholder, Shenzhen Qianhai Paide Gao Investment Partnership, holds 12.43% of shares, totaling 25,164,647 shares[9] Inventory and Prepayments - Significant increases in inventory by 11,070.48% to CNY 9,269,892.78 due to the subsidiary's wine trade activities[11] - Prepayments rose dramatically by 27,649.88% to CNY 9,944,800.47, reflecting increased business activities[11] Operational Costs - The operating cost for Q1 2018 was ¥20,377,511.80, reflecting a dramatic rise of 18,443.99% from ¥109,887.41 in the same period last year, also attributed to the wine trading operations[12] - Total operating costs rose from ¥8,012,642.01 to ¥28,119,891.48, an increase of about 250.5%[24] Other Financial Metrics - The weighted average return on net assets improved to 1.87% from -5.98% year-on-year[6] - Earnings per share improved to ¥0.01 from a loss of ¥0.03 in the same period last year[25] - The company’s other comprehensive income showed a significant increase of 3,481.23%, reaching -¥43,699.59, mainly due to foreign currency translation differences[12] - The company has not indicated any significant changes in expected cumulative net profit for the year compared to the previous year[15] - The company resolved four historical debt and litigation issues during the reporting period, which may positively impact future financial stability[14]

2017 年第三季度报告 公司代码：600234 公司简称：ST 山水 山西广和山水文化传播股份有限公司 2017 年第三季度报告 1 / 20 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 公司负责人董事长吴太交、总经理陆麟育、主管会计工作负责人唐敏及会计机构负责人（会 计主管人员）唐敏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 | 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 | 8 | 2017 年第三季度报告 一、 重要提示 | | | | | 单位：元 币种：人民币 | | --- | --- | --- | --- | --- | | | 本报告期末 | | 上年度末 | 本报告期末比上 | | | | ...

Financial Performance - The company's operating revenue for the first half of 2017 was ¥7,061,151.34, a decrease of 3.67% compared to ¥7,330,183.32 in the same period last year[18]. - The net profit attributable to shareholders for the first half of 2017 was -¥11,440,573.37, representing a decline of 614.39% from a profit of ¥2,224,118.86 in the previous year[18]. - The net cash flow from operating activities was -¥9,272,288.35, a significant drop of 220.76% compared to ¥7,678,321.67 in the same period last year[18]. - The company's operating profit was -10,262,700 RMB, which is a loss increase of 436.24 million RMB compared to the previous year[26]. - The net profit attributable to the parent company for the same period was -1,144.06 million RMB, an increase in loss of 1,366.47 million RMB year-on-year[26]. - The net loss for the first half of 2017 was CNY 11,846,951.01, compared to a net profit of CNY 2,021,037.05 in the same period last year[121]. - The operating profit for the first half of 2017 was a loss of CNY 9,088,503.92, compared to a loss of CNY 5,670,912.83 in the previous year[123]. - The company reported a comprehensive income for the period as a total loss of 11,440,573.37, reflecting a decline in overall financial performance[132]. Assets and Liabilities - The total assets at the end of the reporting period were ¥481,698,690.07, down 3.44% from ¥498,853,497.37 at the end of the previous year[19]. - The total liabilities of the company included a mortgage loan of 12,070.00 million RMB, with 7,400.00 million RMB secured by company assets[38]. - The total liabilities amounted to 376,753,095.29 RMB, slightly down from 382,060,951.58 RMB at the start of the period[113]. - The company's equity attributable to shareholders was CNY 133,829,940.18, down from CNY 143,417,679.00 at the beginning of the year[118]. - The total amount of guarantees provided to subsidiaries during the reporting period was ¥226,200[92]. - The outstanding guarantee balance for subsidiaries at the end of the reporting period was ¥52,199,579.19[92]. Cash Flow - The cash and cash equivalents decreased to 2,522,642.58 RMB from 20,442,337.31 RMB[112]. - The company reported a total cash inflow from operating activities of CNY 8,846,801.56, down from CNY 15,383,355.02 in the previous year[125]. - The total cash inflow from financing activities amounted to 8,600,000.00, with a net cash flow of 4,392,016.00 after outflows[130]. - The net cash flow from investing activities was 234,690.22, compared to a cash outflow of 928,800.00 in the previous period[130]. Operational Challenges - The company faces significant uncertainty regarding its profitability and ongoing viability due to historical debt and legal issues[4]. - The company has been working to resolve its financial issues, but as of the report date, the fundamental situation has not improved significantly[4]. - The company has faced significant operational difficulties, leading to the judicial dissolution of Shanxi Jinzhen Optics due to governance issues and inability to operate normally[52]. - The company is currently dealing with historical debts and multiple lawsuits, which pose risks to its financial stability and sustainable development[56]. - The company has faced multiple legal disputes, including a contract dispute with Agricultural Bank of China involving a loan of CNY 7.77 million[69]. Legal and Regulatory Issues - The company has had its bank accounts frozen and assets seized as part of ongoing legal proceedings, affecting its liquidity[68]. - The company is involved in multiple legal disputes regarding loan repayments, including a case with Chengdu Chenyu Tong for RMB 1.5 million[78]. - The company has been ordered to repay RMB 280,000 to Mianyang Yaoda, along with applicable interest[78]. - The company has unresolved litigation cases totaling CNY 121.88 million, impacting the company's debt book value by CNY 118.20 million[65]. - The company has 10 ongoing lawsuits, with the largest case involving a loan dispute amounting to CNY 15.07 million[67]. Management and Governance - The company has no controlling shareholder or actual controller, and there are ongoing issues with not fulfilling court judgments[82]. - There were several changes in the board of directors and senior management, with multiple resignations and new appointments[107]. - The company has not proposed any profit distribution or capital reserve increase plans for the reporting period, indicating no profits to distribute[59]. Subsidiaries and Investments - The company has five subsidiaries under its consolidated financial statements as of June 30, 2017[145]. - The company has not yet commenced substantial business operations in several subsidiaries, including Guangxi Shanshui Shengjing and Shanshui Leting[48]. - The company has authorized management to dispose of its 45% stake in Beijing Junren Film Industry, with a transfer agreement reached with a third party[53]. - The company disposed of its 40.08% stake in Taiyuan Sanjin Building, completing the transfer on July 12, 2017[48]. Accounting Policies - The financial statements are prepared based on the going concern principle, with no significant factors affecting the company's ability to continue operations within the next 12 months[147]. - The company adheres to the accounting policies in accordance with the enterprise accounting standards, ensuring a true and complete reflection of its financial status[148]. - The company applies the accounting treatment for business combinations under common control and non-common control, measuring assets and liabilities at book value or fair value respectively[152]. - The company recognizes investment income based on its share of the investee's net profit and other comprehensive income[188].

2017 年第一季度报告 公司代码：600234 公司简称：ST 山水 山西广和山水文化传播股份有限公司 2017 年第一季度报告 1 / 18 | 一、重要提示 | 3 | | --- | --- | | 二、公司基本情况 | 3 | | 三、重要事项 | 6 | | 四、附 录 | 8 | 2017 年第一季度报告 一、 重要提示 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 | 本报告期末比上年度末增 | | | | | 减(%) | | 总资产 | 485,787,981.05 | 498,853,497.37 | -2.62 | | 归属于上市公司 | 91,009,548.64 | 96,617,082.97 | -5.80 | | 股东的净资产 | | | | | | 年初至报告期末 | 上年初至上年报告期末 | 比上年同期增减(%) | | 经营活动产生的 | -2,771,672.36 | 272,731.88 | 不适用 | | 现金流量净额 | | | | | | ...

Financial Performance - In 2016, the company's net profit attributable to shareholders was ¥14,269,737.47, a significant recovery from a net loss of ¥16,108,904.92 in 2015, marking an improvement of 188.5%[2] - The company's operating revenue for 2016 was ¥20,626,591.85, representing an 88.33% increase compared to ¥10,952,570.00 in 2015[18] - The net profit attributable to shareholders was negative in Q1 and Q3, with losses of CNY 1,717,273.51 and CNY 1,465,897 respectively, but turned positive in Q4 with a profit of CNY 13,511,515.61[21] - The company reported a gross margin of 100% for rental business and a gross margin of 1.72% for liquor trade[41] - The company reported a significant decrease in other receivables, which fell by 80% to ¥388,995.33 from ¥1,934,086.86, indicating improved cash flow management[52] - The company achieved certain results in disposing of non-performing assets and obtaining some debt waivers in 2016[79] Assets and Liabilities - The total assets at the end of 2016 were ¥498,853,497.37, a 3.59% increase from ¥481,565,271.49 at the end of 2015[19] - The net assets attributable to shareholders increased by 106.36% to ¥96,617,082.97 in 2016 from ¥46,819,699.50 in 2015[19] - The company's estimated liabilities decreased to ¥18,131,534.98, which is 3.63% of total liabilities, down from ¥46,564,817.81 (9.67%), indicating a reduction of 61.06%[52] - The company has significant mortgage liabilities, with a total of ¥12,070.00 million in loans, of which ¥7,400.00 million is secured by company assets[55] - As of December 31, 2016, current liabilities exceeded current assets by RMB 239.81 million, indicating significant financial strain[89] Cash Flow - The company reported a net cash flow from operating activities of ¥21,636,656.79 in 2016, a recovery from a negative cash flow of -¥396,033.52 in 2015[18] - The company generated a net cash flow from operating activities of CNY 15,383,432.59 in Q4 2016, indicating improved cash generation capabilities[21] - The company's cash and cash equivalents at the end of the reporting period amounted to ¥20,442,337.31, representing 4.10% of total assets, a significant increase from ¥704,659.69 (0.15%) at the end of the previous period, reflecting a growth of 2,801.02%[52] Debt and Restructuring - The company undertook debt restructuring, which included a gain of CNY 21,800,000 from debt restructuring activities, contributing to the improvement of its financial condition[23] - The company plans to continue debt restructuring and improve its financing capabilities to enhance sustainable operational and profitability levels[34] - The company is actively negotiating with creditors to restructure historical debts and resolve ongoing litigation[80] Subsidiaries and Investments - The company shifted its property management strategy from third-party management to in-house management through its wholly-owned subsidiary, aiming to increase rental income[32] - The company disposed of its 40.08% equity stake and debt of 142,328,956.25 CNY in Taiyuan Sanjin Building, receiving 36,900,000 CNY for the debt transfer and 400,800 CNY for the equity transfer[63] - The financial performance of subsidiaries indicates a need for strategic realignment, with several reporting losses and operational challenges[67][72][74][78] Legal and Regulatory Issues - The company has faced legal challenges resulting in the freezing of bank accounts totaling ¥3,920,400.00 and the seizure of properties, including the Tianlong Building, affecting its liquidity[56] - The company has ongoing litigation that may affect its financial position, with several cases still pending judgment[108] - The company faced a risk of delisting due to negative net profits in 2014 and 2015, but the situation has improved for 2016[95] Shareholder and Management Structure - As of December 31, 2016, Zhong Ansheng and his concerted actors held a total of 36,521,845 shares, accounting for 18.04% of the total share capital, making them the largest shareholder[155] - The company does not have a controlling shareholder as of the latest report[172] - The total pre-tax compensation for the chairman, You Niandong, was 3.75 million CNY[178] Future Outlook and Strategy - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 1.32 billion RMB[184] - A strategic acquisition is planned, which is anticipated to enhance operational efficiency and add 150 million RMB to annual revenue[183] - The company aims to improve customer retention rates by 15% through enhanced service offerings and user engagement strategies[184]

Financial Performance - Operating revenue for the year-to-date reached ¥11,045,351.52, representing a growth of 34.35% compared to the same period last year[7] - Net profit attributable to shareholders of the listed company was a loss of ¥6,986,461.82, an improvement from a loss of ¥18,125,270.86 in the previous year[7] - The company reported a net loss of CNY 460.93 million, slightly improved from a loss of CNY 461.69 million in the previous period[29] - Total operating revenue for Q3 2016 was ¥2,762,985.66, a slight increase from ¥2,731,390.50 in Q3 2015, representing a growth of approximately 1.15%[37] - Net profit for Q3 2016 was a loss of ¥1,406,880.92, compared to a profit of ¥3,844,154.40 in Q3 2015, indicating a significant decline[37] - Operating profit for the first nine months of 2016 was a loss of ¥6,890,068.75, compared to a loss of ¥15,467,160.93 in the same period of 2015, showing an improvement[37] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥6,253,224.20, a significant recovery from a negative cash flow of ¥520,164.70 in the same period last year[7] - Cash inflow from sales of goods and services reached ¥9,832,757.60, up from ¥6,406,770.00 in the same period last year, representing a growth of approximately 53.8%[40] - Total cash inflow from operating activities amounted to ¥16,851,559.26, compared to ¥14,497,255.10 in the previous year, indicating an increase of about 16.3%[41] - Cash outflow for operating activities decreased to ¥10,598,335.06 from ¥15,017,419.80, reflecting a reduction of approximately 29.8%[41] - The net increase in cash and cash equivalents for the period was ¥5,384,424.20, compared to a decrease of ¥1,328,013.37 in the same period last year[42] Assets and Liabilities - Total assets at the end of the reporting period reached ¥489,210,473.82, an increase of 1.59% compared to the end of the previous year[7] - Current assets rose significantly to CNY 13.68 billion, up from CNY 6.86 billion, marking a 99.5% increase[28] - Total liabilities increased to CNY 420.40 billion from CNY 413.21 billion, a rise of 1.5%[29] - Owner's equity totaled CNY 68.81 billion, slightly up from CNY 68.35 billion, indicating a 0.7% increase[29] - The company’s fixed assets increased by 76.84% to ¥1,597,575.02, up from ¥903,426.74, due to new asset acquisitions[16] Shareholder Information - The company had a total of 20,994 shareholders at the end of the reporting period[12] - The top shareholder, Huang Guozhong, held 20,000,000 shares, accounting for 9.88% of the total shares[12] - A major shareholder, Mr. Wu Taijiao, acquired 4,422,200 shares, representing 2.18% of the total share capital, and proposed to provide up to ¥80 million in loans to support the company's operations[21][24] Management and Strategy - The company has not disclosed any new product developments or market expansion strategies in this report[6] - The company plans to establish a wholly-owned subsidiary in Shenzhen to seek profit growth points, following shareholder approval[21] - The company is actively pursuing measures to resolve its ongoing operational challenges, although the outcome remains uncertain[22] Expenses - Management expenses decreased by 54.12% to ¥7,664,463.66 from ¥16,707,259.42, attributed to reduced intermediary fees and travel expenses[16] - The company reported total operating costs of ¥5,105,903.04 for Q3 2016, down from ¥5,212,600.65 in Q3 2015, a decrease of about 2.05%[34] - Management expenses for Q3 2016 were ¥1,125,946.55, a decrease from ¥1,749,303.28 in Q3 2015, reflecting a reduction of approximately 35.5%[37] - Financial expenses for Q3 2016 were ¥853,900.74, down from ¥1,023,439.32 in Q3 2015, indicating a decrease of about 16.6%[37] Investment Income - The company reported non-recurring gains and losses totaling -¥218,438.77 for the year-to-date[10] - The company’s investment income increased to ¥60,000, a 100% rise from zero in the previous year, due to received investment returns[16] - The company recorded an investment income of ¥60,000.00 in Q3 2016, compared to no investment income in Q3 2015[37]