[Important Notice](index=3&type=section&id=%E4%B8%80%E3%80%81%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) [Board Statement and Audit Status](index=3&type=section&id=2.1-2.4) The company's board of directors, supervisory board, and senior management ensure the truthfulness, accuracy, and completeness of this quarterly report, which has been approved by all directors but remains unaudited - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report, free from false records, misleading statements, or major omissions[6](index=6&type=chunk) - The company's Q3 2015 report is unaudited[6](index=6&type=chunk) [Company's Key Financial Data and Shareholder Changes](index=3&type=section&id=%E4%BA%8C%E3%80%81%20%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%82%A1%E4%B8%9C%E5%8F%98%E5%8C%96) [Key Financial Data](index=3&type=section&id=2.5%20%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%95%B0%E6%8D%AE) As of Q3 2015, total assets increased by 18.83% from year-end, operating revenue remained flat, net profit attributable to shareholders grew by 3.6%, but basic EPS decreased by 29.46%, with net cash flow from operating activities improving significantly despite being negative Key Financial Data for Q1-Q3 2015 | Indicator | Jan-Sep 2015 / Period End | Change from Prior Year/Beginning of Year (%) | | :--- | :--- | :--- | | **Total Assets (RMB)** | 59,832,385,596.02 | 18.83% | | **Net Assets Attributable to Shareholders of Listed Company (RMB)** | 17,225,374,044.02 | 9.95% | | **Operating Revenue (RMB)** | 5,593,749,917.31 | 0.01% | | **Net Profit Attributable to Shareholders of Listed Company (RMB)** | 791,363,699.30 | 3.60% | | **Net Cash Flow from Operating Activities (RMB)** | -3,224,102,762.48 | 43.39% (Loss narrowed) | | **Basic Earnings Per Share (RMB/share)** | 0.505 | -29.46% | [Non-Recurring Gains and Losses Items and Amounts](index=4&type=section&id=%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) In Q1-Q3 2015, the company's total non-recurring gains and losses amounted to **6.23 million RMB**, primarily from entrusted loans and business combinations Non-Recurring Gains and Losses Items for Q1-Q3 2015 | Item | Amount (RMB) | | :--- | :--- | | Gains and losses from entrusted loans | 14,154,166.66 | | Gains from business combinations | 1,977,114.57 | | Net non-operating income and expenses | -1,555,703.65 | | **Total** | **6,228,559.53** | [Shareholder Information](index=4&type=section&id=2.6%20%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had **73,326 shareholders**, with controlling shareholder Beijing Urban Construction Group Co., Ltd. holding **40.39%**, and the top ten shareholders including various funds, trusts, and asset management plans - The total number of shareholders was **73,326** at the end of the reporting period[9](index=9&type=chunk) Top Three Shareholders' Holdings | Shareholder Name | Number of Shares Held (shares) | Shareholding Percentage (%) | | :--- | :--- | :--- | | Beijing Urban Construction Group Co., Ltd. | 632,885,693 | 40.39 | | E Fund Asset - GF Securities - Zhongrong Trust - Zhongrong Zhengying No. 7 | 100,000,000 | 6.38 | | Caitong Fund - Everbright Bank - Caitong Fund - Zhonghe No. 1 | 52,038,461 | 3.32 | [Significant Matters](index=6&type=section&id=%E4%B8%89%E3%80%81%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) [Significant Changes in Key Financial Indicators and Reasons](index=6&type=section&id=3.1%20%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87%E9%87%8D%E5%A4%A7%E5%8F%98%E5%8A%A8%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%8E%9F%E5%9B%A0) During the reporting period, several financial indicators changed significantly, with bonds payable increasing by **700.52%** due to a **5.8 billion RMB** bond issuance, financial expenses rising by **76.48%** from increased interest-bearing debt, investment income growing by **127.29%** from associate dividends, and cash received from sales increasing by **102.02%** due to higher sales collections - Bonds payable increased by **700.52%** from the beginning of the year, primarily due to the company's issuance of **5.8 billion RMB** in bonds during the reporting period[12](index=12&type=chunk) - Financial expenses increased by **76.48%** compared to the same period last year, mainly due to the company's increased interest-bearing debt during the reporting period[13](index=13&type=chunk) - Investment income increased by **127.29%** compared to the same period last year, primarily due to increased dividends from associate companies during the reporting period[14](index=14&type=chunk) - Cash received from sales of goods and rendering of services increased by **102.02%** compared to the same period last year, mainly due to higher sales collections during the reporting period[14](index=14&type=chunk) [Progress of Significant Matters](index=6&type=section&id=3.2%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9%E8%BF%9B%E5%B1%95%E6%83%85%E5%86%B5%E5%8F%8A%E5%85%B6%E5%BD%B1%E5%93%8D%E5%92%8C%E8%A7%A3%E5%86%B3%E6%96%B9%E6%A1%88%E7%9A%84%E5%88%86%E6%9E%90%E8%AF%B4%E6%98%8E) During the reporting period, the company completed several major capital operations, including establishing a **2.8 billion RMB** equity investment fund for the Beijing Mentougou project, successfully issuing **5.8 billion RMB** corporate bonds at a **4.40%** coupon rate, and disclosing the use and balance of funds raised from the 2014 non-public share issuance - A **2.8 billion RMB** 'Phase I Fund' was established, fully funded, and invested in the company's wholly-owned subsidiary's Beijing Mentougou project, which has been consolidated[15](index=15&type=chunk) - In July 2015, **5.8 billion RMB** in corporate bonds were issued with a **4.40%** coupon rate, with **354 million RMB** in remaining raised funds as of September 30[20](index=20&type=chunk)[21](index=21&type=chunk) - As of September 30, 2015, the remaining raised funds from the 2014 non-public issuance of shares amounted to **295 million RMB**[17](index=17&type=chunk)[19](index=19&type=chunk) [Fulfillment of Commitments](index=7&type=section&id=3.3%20%E5%85%AC%E5%8F%B8%E5%8F%8A%E6%8C%81%E8%82%A1%205%25%E4%BB%A5%E4%B8%8A%E7%9A%84%E8%82%A1%E4%B8%9C%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company and its controlling shareholder actively fulfilled commitments, completing the acquisition of **100%** equity in Beijing Urban Construction Xincheng Investment Development Co., Ltd. to resolve horizontal competition, while the controlling shareholder Beijing Urban Construction Group continued to adhere to related party transaction commitments without interfering in the company's bidding processes - To resolve horizontal competition, the company completed the acquisition of **100%** equity in Beijing Urban Construction Xincheng Investment Development Co., Ltd. and paid the full equity transfer price[23](index=23&type=chunk) - Controlling shareholder Urban Construction Group continued to fulfill its commitments regarding regulating related party transactions, not interfering with the company's bidding processes using its controlling shareholder status[24](index=24&type=chunk) [Appendix](index=9&type=section&id=%E5%9B%9B%E3%80%81%20%E9%99%84%E5%BD%95) [Financial Statements](index=9&type=section&id=4.1%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This appendix includes the company's unaudited Q3 2015 consolidated and parent company financial statements, comprising the balance sheet, income statement, and cash flow statement [Consolidated Balance Sheet](index=9&type=section&id=%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of September 30, 2015, total assets were **59.83 billion RMB**, up **18.83%** from the year-beginning, driven by increases in inventories and cash, while total liabilities reached **41.55 billion RMB**, up **23.42%** due to a significant rise in bonds payable from new issuances, with total owners' equity attributable to the parent company at **17.23 billion RMB** Consolidated Balance Sheet Key Items (September 30, 2015) | Item | Period-End Balance (RMB) | Year-Beginning Balance (RMB) | | :--- | :--- | :--- | | **Total Assets** | **59,832,385,596.02** | **50,351,931,500.64** | | Cash and cash equivalents | 8,737,791,038.90 | 6,599,969,791.86 | | Inventories | 38,631,131,952.60 | 32,225,039,347.08 | | **Total Liabilities** | **41,547,257,706.56** | **33,664,626,375.84** | | Bonds payable | 5,725,844,462.45 | 817,512,741.83 | | **Total Owners' Equity** | **18,285,127,889.46** | **16,687,305,124.80** | [Consolidated Income Statement](index=14&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) For Jan-Sep 2015, total operating revenue was **5.59 billion RMB**, flat year-on-year, total operating costs were **4.54 billion RMB**, up **1.93%**, and net profit attributable to owners of the parent company was **791 million RMB**, increasing by **3.6%** Consolidated Income Statement Key Items (Jan-Sep 2015) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 5,593,749,917.31 | 5,593,368,387.18 | | Total Operating Costs | 4,540,505,099.40 | 4,454,529,008.83 | | Operating Profit | 1,157,474,681.42 | 1,186,970,573.94 | | Total Profit | 1,172,456,683.36 | 1,194,374,508.05 | | Net Profit Attributable to Owners of the Parent Company | 791,363,699.30 | 763,889,150.70 | [Consolidated Cash Flow Statement](index=18&type=section&id=%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For Jan-Sep 2015, net cash flow from operating activities significantly improved to **-3.22 billion RMB** from **-5.70 billion RMB** year-on-year, net cash flow from investing activities turned positive at **676 million RMB**, net cash flow from financing activities was **4.69 billion RMB**, and cash and cash equivalents increased by **2.14 billion RMB** from the beginning of the period Consolidated Cash Flow Statement Key Items (Jan-Sep 2015) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Net cash flow from operating activities | -3,224,102,762.48 | -5,694,976,636.34 | | Net cash flow from investing activities | 676,290,421.31 | -120,949,361.19 | | Net cash flow from financing activities | 4,685,623,838.56 | 6,142,261,038.55 | | Net increase in cash and cash equivalents | 2,137,811,497.39 | 326,335,041.02 |

Financial Performance - The company's operating revenue for the first half of 2015 was approximately CNY 3.27 billion, a decrease of 7.05% compared to the same period last year[20]. - The net profit attributable to shareholders for the first half of 2015 was approximately CNY 291.94 million, an increase of 12.09% year-over-year[20]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately CNY 286.79 million, representing a significant increase of 50.23% compared to the previous year[20]. - The basic earnings per share for the first half of 2015 were CNY 0.1863, down 23.68% from CNY 0.2441 in the same period last year[20]. - The weighted average return on net assets decreased to 1.85%, down 1.08 percentage points from 2.93% in the previous year[20]. - The company reported a net profit of CNY 122.09 million from Shenzhen Zhongke Investment Co., which it holds a 30% stake in[63]. - The company reported a significant increase in financial expenses by 162.23%, attributed to higher interest expenses[38]. - The company achieved a ranking of 42nd in the "Top 100 Comprehensive Strength of Listed Real Estate Companies in China" for 2015[46]. Cash Flow and Liquidity - The net cash flow from operating activities showed a substantial improvement, with a net outflow of approximately CNY 66.02 million, compared to a net outflow of approximately CNY 3.02 billion in the same period last year, marking a 97.82% improvement[20]. - The company completed a total business volume of ¥50.23 billion and cash collection of ¥56.31 billion in the first half of 2015, both setting historical highs for the same period[41]. - The company raised a total of CNY 3.9 billion for various projects, with CNY 3.38 billion actually invested as of the report date[61]. - Cash inflow from financing activities was RMB 2,736,859,655.72, down from RMB 3,942,412,687.39 in the previous period[115]. - The ending cash and cash equivalents balance was RMB 6,457,187,698.37, a decrease from RMB 4,846,777,075.30 in the previous period[115]. Assets and Liabilities - The total assets of the company at the end of the reporting period were approximately CNY 58.61 billion, an increase of 16.40% from the end of the previous year[20]. - The total amount of current assets as of June 30, 2015, is approximately RMB 45.39 billion, an increase from RMB 42.19 billion at the beginning of the period[99]. - Current liabilities totaled ¥22.99 billion, an increase from ¥20.22 billion, reflecting a growth of about 13.7%[100]. - The total liabilities reached ¥38.17 billion, up from ¥33.66 billion, indicating a growth of about 13.4%[100]. - The company's total equity attributable to shareholders increased to ¥19.38 billion from ¥15.67 billion, representing a growth of approximately 23.0%[101]. Investment and Development - The company successfully acquired land in Chengdu and Daxing, and made significant progress in various development projects, including the Tongzhou Taihu project through equity acquisition[23]. - The company plans to enhance sales efforts in the second half of the year, focusing on achieving sales collections and integrating marketing resources across projects[30]. - The company aims to expand land acquisition channels, particularly in the Beijing-Tianjin-Hebei region, and is exploring various methods such as public bidding and PPP[30]. - The company is committed to improving standardized management and project control processes to ensure timely project completion and quality management[31]. - The company is enhancing product development capabilities by revising housing product standards and integrating green building design standards and BIM technology[32]. Shareholder and Corporate Governance - The company’s board of directors and supervisory board were re-elected on July 17, 2015, with 9 directors and 3 supervisors appointed[84]. - The total number of shareholders as of the end of the reporting period is 63,078[90]. - The top shareholder, Beijing Urban Construction Group Co., Ltd., holds 632,885,693 shares, representing 40.39% of the total shares[92]. - The company has multiple asset management plans and trusts involved in its shareholder structure, reflecting diverse investment sources[92]. - The report indicates that all restricted shares are set to be released on August 20, 2015, subject to legal holidays[89]. Accounting and Financial Reporting - The financial statements are prepared in accordance with the enterprise accounting standards, ensuring a true and complete reflection of the company's financial status[135]. - The company recognizes the fair value of assets and liabilities acquired in a merger at the acquisition date, ensuring accurate financial reporting[142]. - The company assesses impairment of financial assets if there is objective evidence of impairment, such as significant financial difficulties of the issuer[165]. - The company recognizes joint operations based on the structure and legal form of the arrangement, classifying them as either joint operations or joint ventures[148]. - The company adopts a fair value model for subsequent measurement of investment properties, with no depreciation or amortization applied[198].

Financial Performance - Operating revenue for the period was CNY 2.37 billion, a slight increase of 0.65% year-on-year[6] - Net profit attributable to shareholders decreased by 9.77% to CNY 229.99 million compared to the same period last year[6] - Net profit attributable to shareholders after deducting non-recurring gains and losses increased by 27.10% to CNY 225.53 million compared to the same period last year[6] - Basic earnings per share decreased by 48.28% to CNY 0.15 per share[6] - Total operating revenue for Q1 2015 was CNY 2,373,084,900.53, a slight increase of 0.11% compared to CNY 2,357,707,392.90 in the same period last year[24] - Net profit for Q1 2015 was CNY 220,981,416.94, down 32.1% from CNY 324,906,600.85 in the previous year[25] - Basic earnings per share for Q1 2015 were CNY 0.15, down from CNY 0.29 in the same period last year[25] - The company reported a significant increase in other comprehensive income, totaling CNY 3,092,145,000.00, compared to a loss of CNY 8,955,943.11 in the previous year[25] Assets and Liabilities - Total assets increased by 7.28% to CNY 54.02 billion compared to the end of the previous year[6] - The company's total assets reached CNY 24,347,843,879.09, an increase of 21.2% from CNY 19,983,940,107.03 year-on-year[20] - The total liabilities of the company were CNY 34.02 billion, slightly up from CNY 33.66 billion, indicating a marginal increase of about 1.1%[16] - Total liabilities amounted to CNY 8,932,532,006.96, up 15.8% from CNY 7,709,716,810.33 in the previous year[20] - The company's equity increased to CNY 15,415,311,872.13, a rise of 25.5% compared to CNY 12,274,223,296.70 last year[20] - The company's total current liabilities were CNY 19.09 billion, down from CNY 20.22 billion, a decrease of about 5.6%[16] - Non-current assets increased significantly to CNY 12.29 billion from CNY 8.16 billion, reflecting a growth of approximately 50.5%[15] Shareholder Information - Net assets attributable to shareholders increased by 21.21% to CNY 18.99 billion compared to the end of the previous year[6] - The number of shareholders reached 77,365 at the end of the reporting period[8] - The company's equity attributable to shareholders rose to CNY 18.99 billion from CNY 15.67 billion, marking an increase of approximately 20.5%[17] Cash Flow and Investments - The cash flow from operating activities shows a net outflow of CNY -345,827,008.57, an improvement from CNY -2,081,089,286.80 in the previous period[32] - Cash inflow from operating activities totaled CNY 2,482,693,673.04, compared to CNY 2,087,317,352.32 in the previous period, reflecting an increase of approximately 19%[31] - The company reported cash outflows from operating activities of CNY 2,828,520,681.61, down from CNY 4,168,406,639.12 in the previous period, indicating a reduction of about 32.2%[32] - The company recorded an investment cash inflow of CNY 812,792,600.55, a significant increase from CNY 45,000,000.00 in the previous period[32] - The net cash flow from investment activities was -490,584,299.00, indicating a significant outflow compared to the inflow of 45,000,000.00[37] - The net cash flow from financing activities was 469,013,483.33, showing a strong inflow compared to the outflow of 330,986,516.67[37] - The company received cash from borrowings amounting to 800,000,000.00, which contributed to the financing activities[37] - Cash paid for the acquisition of subsidiaries and other business units totaled 490,570,000.00, reflecting ongoing investment strategies[37] Strategic Developments - The company completed the acquisition of 100% equity in Beijing Urban Construction New City Investment Development Co., Ltd. for CNY 490.57 million, resolving competition issues with its controlling shareholder[12] - The company has committed to resolving competition issues with its controlling shareholder by 2018, ensuring compliance with state asset management regulations[12] - The company has maintained its commitment to not interfere with bidding processes and has adhered to its agreements with the controlling shareholder[13] Financial Ratios - The weighted average return on equity decreased by 1.36 percentage points to 1.46%[6] - The company's total liabilities to equity ratio was approximately 0.58, indicating a stable leverage position[20]

Financial Performance - The company achieved total revenue of CNY 10.01 billion in 2014, a decrease of 3.22% compared to 2013[24]. - Net profit attributable to shareholders was CNY 1.37 billion, an increase of 3.88% year-on-year[24]. - The company reported a significant decline in cash flow from operating activities, with a net cash outflow of CNY 6.11 billion, a decrease of 65.67% compared to the previous year[24]. - Total assets reached CNY 50.35 billion, reflecting a 30.03% increase from the previous year[24]. - The company's operating revenue decreased by 3.22% to ¥10,011,047,447.62 compared to the previous year[40]. - The cost of goods sold decreased by 5.28% to ¥6,541,330,508.22, contributing to a slight improvement in gross margin[40]. - The net cash flow from operating activities worsened by 65.67%, resulting in a net outflow of ¥6,106,030,729.65 due to increased land acquisition and project investments[46]. - The net cash flow from financing activities increased by 129.41% to ¥7,694,472,645.37, reflecting a significant rise in external borrowings[46]. - The company reported a revenue of approximately CNY 8.19 billion for the current period, representing a 9.6% increase from CNY 7.47 billion in the previous period[73]. - The net profit for the current period was CNY 567.41 million, compared to a loss of CNY 1.03 billion in the previous period, indicating a significant turnaround[73]. Dividend Policy - The company plans to distribute a cash dividend of 2.7 yuan per 10 shares, totaling approximately 423.1 million yuan[2]. - The revised profit distribution policy prioritizes cash dividends over stock dividends, with a minimum cash distribution of 12% of distributable profits[92]. - The company has a minimum cash dividend ratio of 20% for growth stages with major capital expenditures, demonstrating a commitment to shareholder returns while investing in growth[99]. - In the past three years, the company has maintained a cash dividend ratio of 30.82% in 2014, 29.60% in 2013, and 29.74% in 2012, indicating a stable profit distribution policy[103]. - The company has established a differentiated cash dividend policy based on its development stage and capital expenditure plans, ensuring flexibility in profit distribution[99]. Corporate Governance - The company received a standard unqualified audit report from Da Hua Certified Public Accountants[4]. - The company’s financial report is guaranteed to be true, accurate, and complete by its management[4]. - The company has established a robust management system, enhancing operational efficiency and strategic management capabilities[56]. - The company has confirmed that all projects are progressing as planned, with expected returns on investment being met[68]. - The company has established a comprehensive internal control system to ensure compliance, asset security, and the accuracy of financial reporting, with a dedicated audit department and three internal auditors[195]. - The internal control audit for the year 2014 was conducted by Da Hua Accounting Firm, which issued a standard unqualified audit report[196]. Investments and Acquisitions - The company successfully raised CNY 3.9 billion through a private placement and secured CNY 7.25 billion in bank loans and trust funds[34]. - The company completed equity transfers and acquisitions, with total investments amounting to CNY 1.245 billion, generating cash dividends of CNY 149 million in 2014[34]. - The company completed the acquisition of 100% equity in Beijing Urban Construction New Town Investment and Development Co., Ltd. for CNY 490.57 million, which is expected to enhance project reserves and address industry competition[74]. - The company has committed to various projects, with a total planned investment of CNY 390 million, of which CNY 287.95 million has been invested to date[68]. - The company has engaged in significant asset transactions, including the acquisition of 100% equity in New Town Company and a 34% stake in Chengdu Company, reflecting ongoing market expansion efforts[106]. Market Strategy and Operations - The company aims to enhance its development capabilities and expand its real estate business by acquiring land resources and promoting sales through various channels[79]. - The company plans to strengthen cost control by improving target cost audits and expanding centralized procurement to reduce costs and improve operational efficiency[80]. - The company is focusing on product development by refining housing product standards and enhancing the design and research capabilities of its subsidiaries[80]. - The company is committed to improving service quality and enhancing customer satisfaction through a comprehensive service approach and better property management[80]. - The company plans to enhance capital operations and increase equity investments, focusing on new energy, new industries, and modular companies[86]. Shareholder Structure - The total number of shares increased from 1,067,040,000 to 1,567,040,000 after a private placement of 50,000,000 shares[135]. - The top shareholder, Beijing Urban Construction Group, held 184,644,757 shares, representing 40.39% of the total shares[144]. - The total number of shareholders at the end of the reporting period was 63,608, down from 73,304 prior to the report[142]. - The company is actively managing its shareholder structure to ensure compliance with regulations regarding shareholding changes[146]. - The company has multiple asset management plans in place, indicating a diversified investment strategy[148]. Employee and Management - The total remuneration for the board members and senior management during the reporting period amounted to 1,000.00 million RMB[163]. - The number of employees in the parent company is 111, while the total number of employees in major subsidiaries is 1,924, resulting in a total of 2,035 employees[178]. - The company conducted four internal training sessions in 2014, promoting professional knowledge exchange among employees[181]. - The company appointed Chen Xing as an independent director during the reporting period[177]. Risk Management - The company emphasizes the importance of market analysis and policy research to mitigate risks associated with macroeconomic changes[89]. - The company is committed to enhancing operational efficiency and internal control systems to prevent operational risks[89]. - The company has not reported any major litigation or arbitration issues during the reporting period, indicating a stable legal environment[106].

Financial Performance - Operating revenue for the first nine months rose by 37.04% to CNY 5.20 billion compared to the same period last year[7] - Net profit attributable to shareholders increased by 13.21% to CNY 700.39 million compared to the same period last year[7] - The company's main business revenue increased by 37.04% compared to the same period last year, primarily due to an increase in project turnover[17] - The net profit attributable to shareholders increased by 13.21% year-on-year, with a significant growth of 300.43% in the third quarter compared to the same quarter last year, driven by increased project turnover[17] - Total operating revenue for the period (July-September) reached ¥2,042,908,251.12, a significant increase from ¥1,039,443,376.51 in the same period last year, representing a growth of approximately 96.5%[38] - Net profit for the period was ¥510,945,836.80, compared to ¥113,695,473.11 in the previous year, marking an increase of approximately 349.5%[39] - The company reported a total profit of ¥734,738,927.65 for the period, compared to ¥186,798,128.06 in the previous year, an increase of approximately 293.5%[39] - The total operating revenue for the year-to-date (January-September) was ¥5,201,139,432.80, up from ¥3,795,243,481.70, representing a growth of about 37.1%[38] Assets and Liabilities - Total assets increased by 17.09% to CNY 42.45 billion compared to the end of the previous year[7] - Current assets rose to CNY 37.99 billion, up from CNY 31.64 billion, marking an increase of about 19.9%[29] - Total liabilities rose to CNY 29.00 billion from CNY 26.82 billion, an increase of about 8.1%[30] - Long-term borrowings increased to CNY 12.24 billion from CNY 8.35 billion, representing a growth of approximately 46.5%[30] - The company reported a significant increase in other receivables, rising to CNY 10.78 billion from CNY 8.02 billion, an increase of approximately 34.4%[33] Shareholder Information - Net assets attributable to shareholders increased by 46.54% to CNY 12.50 billion compared to the end of the previous year[7] - The total number of shareholders reached 51,029 by the end of the reporting period[10] - The largest shareholder, Beijing Urban Construction Group, holds 40.39% of the shares[11] Cash Flow - Net cash flow from operating activities decreased by 180.98% to -CNY 5.21 billion compared to the same period last year[7] - Operating cash inflow for the period was CNY 8,981,817,400.51, down 24.4% from CNY 11,814,142,067.53 in the previous year[46] - Cash inflow from financing activities totaled CNY 7,980,412,687.39, an increase of 97.5% from CNY 4,030,000,000.00 in the previous year[47] - Net cash flow from financing activities was CNY 5,769,431,038.57, up 177.5% from CNY 2,078,508,220.11 year-over-year[47] - Cash inflow from operating activities was impacted by a decrease in cash received from sales, which fell to CNY 3,898,471,560.49 from CNY 5,433,361,510.78[46] Investments and Acquisitions - The company raised a total of 3.9 billion RMB through a non-public stock issuance at a price of 7.8 RMB per share, with a net amount of 3.8208 billion RMB after deducting issuance costs[19] - The company completed the transfer of 100% equity of Sanya Yucheng Investment Co., Ltd. for a total price of 125.5 million RMB[18] - The company acquired 34% equity of Beijing Urban Construction Chengdu Real Estate Co., Ltd. for 125.8 million RMB, with the payment completed by the reporting period[18] - The company received CNY 3,900,000,000.00 from investment absorption, indicating a strategic move to enhance capital[50] Operational Costs and Expenses - Total operating costs for the period were ¥1,314,947,323.38, up from ¥871,436,552.76, indicating a year-over-year increase of about 50.9%[38] - The company incurred total operating costs of ¥4,145,660,533.32 for the year-to-date, compared to ¥2,995,370,443.92, indicating an increase of approximately 38.2%[38] - The company experienced a significant increase in management expenses, which rose to ¥157,829,202.82 from ¥74,828,798.17, representing an increase of about 110.8%[38] Equity and Return Metrics - Basic earnings per share decreased by 10.32% to CNY 0.6239 compared to the same period last year[7] - The weighted average return on equity decreased by 0.23 percentage points to 7.71%[7] - Shareholders' equity increased to CNY 13.45 billion from CNY 9.44 billion, a growth of about 42.5%[30] - The company maintained a stable capital reserve, which increased to CNY 4.52 billion from CNY 1.53 billion, reflecting a growth of about 194%[30]

Financial Performance - The company reported a total revenue of RMB 3.16 billion for the first half of 2014, an increase of 14.60% compared to RMB 2.76 billion in the same period last year[11]. - Net profit attributable to shareholders decreased by 62.09% to RMB 185.82 million, down from RMB 490.14 million in the previous year[11]. - Basic earnings per share fell to RMB 0.1741, a decrease of 62.09% from RMB 0.4593 in the same period last year[9]. - The company's operating revenue increased by 14.60% year-on-year, reaching approximately CNY 3.16 billion, primarily due to the increased scale of revenue recognition projects[41]. - Operating costs rose by 34.15% year-on-year, totaling approximately CNY 2.24 billion, mainly due to the increased proportion of policy housing in the reporting period[41]. - The company reported a significant increase in financing activities, with net cash flow from financing activities rising by 172.92% to approximately CNY 2.13 billion[41]. - The company expects a net profit growth of no less than 10% compared to the same period last year, with a projected increase of no less than 300% in the third quarter due to revenue recognition from certain properties[61]. Assets and Liabilities - The company's total assets reached RMB 38.89 billion, representing a 7.27% increase from RMB 36.26 billion at the end of the previous year[11]. - The net asset attributable to shareholders was RMB 8.32 billion, down 2.51% from RMB 8.53 billion at the end of the previous year[11]. - Total liabilities increased to RMB 29,646,094,777.12 as of June 30, 2014, from RMB 26,819,619,793.50 at the end of 2013, representing a rise of 10.3%[98]. - The company's total equity decreased to RMB 9,244,851,172.36 as of June 30, 2014, from RMB 9,437,190,110.06 at the end of 2013, a decline of 2.0%[98]. Cash Flow - The company reported a net cash flow from operating activities of -RMB 2.68 billion, indicating significant cash outflows during the reporting period[11]. - The net cash flow from operating activities decreased significantly, amounting to approximately -CNY 2.68 billion, compared to -CNY 7.59 million in the previous year[41]. - Cash inflow from operating activities totaled 4,976,304,760.14 RMB, down 34.3% from 7,547,376,865.63 RMB year-on-year[102]. - Cash outflow from operating activities increased to 7,661,266,158.42 RMB, slightly up from 7,554,965,242.58 RMB in the previous year[102]. - The total cash and cash equivalents at the end of the period stood at 4,585,399,015.13 RMB, down from 6,647,757,556.53 RMB at the end of the first half of 2013[104]. Investments and Acquisitions - The company successfully acquired a project in Qingdao with a planned construction area of 126,900 square meters, marking a significant expansion into new markets[13]. - The company completed the equity transfer of the Sanya project and acquired shares in Chengdu and New Town companies, optimizing its investment structure[34]. - The company plans to enhance investment in new energy, new industries, and people's livelihood industries to diversify its investment strategy[34]. Market Outlook and Strategy - The company remains cautiously optimistic about the real estate market in the second half of 2014, despite ongoing adjustments and pressures in the industry[12]. - The company plans to enhance its sales efforts, with a focus on improving sales management processes and conducting promotional activities to boost sales performance[25]. - The company is committed to expanding its land acquisition efforts, particularly in Beijing, while monitoring market conditions to mitigate risks[27]. - The company aims to strengthen cost management and has implemented a centralized procurement platform to enhance procurement processes[27]. Corporate Governance and Compliance - The company has adhered to corporate governance regulations and has updated its audit committee's operational guidelines[79]. - There were no penalties or corrective actions against the company or its major stakeholders during the reporting period[78]. - The company has not changed its accounting firm during the reporting period[77]. Shareholder Information - The company issued 500 million shares at a price of 7.8 RMB per share, raising a total of 3.9 billion RMB, with a net amount of 3.8208 billion RMB after deducting issuance costs[83]. - Following the issuance, the total share capital increased from 1,067,040,000 shares to 1,567,040,000 shares, which will dilute the earnings per share proportionately[83]. - As of the end of the reporting period, the total number of shareholders was 55,115, with the largest shareholder, Beijing Urban Construction Group, holding 52.21% of the shares[85]. Financial Management - The company has no entrusted financial management or loan activities during the reporting period[51][52]. - There were no fundraising activities or usage of previously raised funds reported during the period[53]. - The company plans to continue focusing on investment and financing activities to improve cash flow and overall financial health[106]. Subsidiaries and Operations - The company has a total of 15 subsidiaries, with 100% ownership in most of them, including Beijing Chengjian Xinghua Real Estate Co., Ltd. and Beijing Chengjian Chongqing Real Estate Co., Ltd.[173]. - The company operates in real estate development, with a focus on property sales and investment management[120].

Financial Performance - Operating revenue surged by 93.12% to CNY 2.02 billion year-on-year, primarily due to increased project turnover[11] - Net profit attributable to shareholders rose by 12.25% to CNY 176.07 million compared to the same period last year[11] - Total operating revenue for Q1 2014 reached CNY 2,023,310,817.90, a significant increase of 93.1% compared to CNY 1,047,672,472.04 in the same period last year[31] - Net profit for Q1 2014 was CNY 249,322,035.95, representing a 76.7% increase from CNY 140,988,118.79 in Q1 2013[32] - Earnings per share for Q1 2014 were CNY 0.1980, compared to CNY 0.1764 in the previous year, reflecting a growth of 12.8%[32] Assets and Liabilities - Total assets increased by 4.52% to CNY 37.89 billion compared to the end of the previous year[11] - The company's total liabilities amounted to CNY 28.22 billion, up from CNY 26.82 billion, indicating an increase of about 5.22%[25] - The total assets of the company as of the end of Q1 2014 amounted to CNY 13,508,769,415.03, an increase from CNY 13,185,783,936.13 at the end of Q1 2013[29] - Total liabilities increased to CNY 7,501,744,903.62 in Q1 2014, compared to CNY 7,215,662,353.03 in the same period last year, marking a rise of 3.9%[29] Cash Flow - Cash flow from operating activities decreased significantly by 418.89% to -CNY 1.96 billion, mainly due to land transfer payments for the Dongba project[11][17] - The company's cash flow from operating activities for Q1 2014 was CNY 1,527,917,417.15, down from CNY 2,654,001,805.06 in Q1 2013[36] - The net cash flow from operating activities was -1,961,741,870.86 CNY, compared to 615,179,147.82 CNY in the previous period, indicating a significant decline[37] - Total cash inflow from operating activities was 1,766,228,183.01 CNY, while cash outflow was 3,727,970,053.87 CNY, resulting in a net cash flow deficit[37] Shareholder Information - The number of shareholders totaled 53,128, with the largest shareholder holding 50.41% of the shares[14] - A cash dividend of CNY 4.4 per 10 shares (including tax) was approved, along with a bonus share distribution of 2 shares for every 10 shares held[18] Equity and Investments - The company's total equity reached CNY 9.68 billion, an increase from CNY 9.44 billion, representing a growth of approximately 2.56%[25] - The company reported a significant increase in investment income due to dividends from associated companies[17] - The company reported an investment income of CNY 17,346,106.59 in Q1 2014, compared to a loss of CNY 2,071,367.73 in the same period last year[32] - The company received 45,000,000.00 CNY from investment income during the period[41] Inventory and Receivables - The company's inventory stood at CNY 25.93 billion, up from CNY 24.24 billion, indicating an increase of about 6.96%[23] - The company’s accounts receivable increased to CNY 85.63 million from CNY 64.72 million, marking a rise of about 32.25%[23] - The company reported a significant increase in prepayments, which rose to CNY 1.52 billion from CNY 1.33 billion, reflecting a growth of approximately 14.14%[23] Future Plans and Commitments - The company plans to issue new shares following the approval of its non-public offering by the China Securities Regulatory Commission[18] - The company has committed to resolving competition issues with its subsidiaries by transferring 100% equity of Beijing Chengjian New Town Investment Development Co., Ltd. by December 31, 2015[20] - The company plans to resolve competition with Beijing Chengjian Real Estate Development Co., Ltd. by December 31, 2018, through various feasible methods including asset injection or cash acquisition[20] - The company has signed a share transfer letter with its controlling shareholder to transfer the 100% equity of a subsidiary, with audit and evaluation work currently in progress[21]

Financial Performance - The company achieved operating revenue of CNY 7.69 billion in 2013, representing a year-on-year increase of 15.08%[11] - The net profit attributable to shareholders reached CNY 1.28 billion, up 17.31% compared to the previous year[11] - The total assets of the company at the end of 2013 amounted to CNY 36.26 billion, reflecting a growth of 20.82% year-on-year[11] - The net assets attributable to shareholders increased to CNY 8.53 billion, a rise of 13.41% from the previous year[11] - The basic earnings per share for 2013 was CNY 1.4444, an increase of 17.31% from the previous year[11] - The weighted average return on equity was 15.94%, showing an increase of 0.5 percentage points year-on-year[11] - The total operating revenue for the year reached approximately ¥6.64 billion, while the net profit was about ¥993.43 million[54] - The total comprehensive income for the year was RMB 1,474,133,040.05, compared to RMB 1,435,406,145.91 from the previous year[161] - The net profit for the period was RMB 1,284,374,807.88, contributing to a total comprehensive income of RMB 1,474,133,040.05[166] Cash Flow and Financial Position - The company reported a negative net cash flow from operating activities of CNY -4.18 billion, a significant decline compared to the previous year[11] - Cash and cash equivalents decreased by 10.83% to ¥5,070,473,631.16, accounting for 13.98% of total assets[38] - The company reported a cash flow management system that ensures the authenticity and completeness of financial reporting[143] - Cash flow from operating activities showed a net outflow of RMB 4,181,083,491.33, a significant decline from a net inflow of RMB 1,393,297,626.94 in the previous year[164] - The company raised RMB 2,296,000,000.00 through borrowings, compared to RMB 111,000,000.00 in the previous year[177] Investments and Acquisitions - The company successfully acquired six land parcels in Beijing, with a planned construction area of 1.08 million square meters, marking the largest land acquisition year[17] - The company plans to raise ¥3.9 billion through a private placement to support project development and enhance liquidity[19] - The company has plans for strategic acquisitions, including the transfer of 100% equity in Beijing Capital Construction Environmental Investment Development Co., Ltd.[77] - The company established Beijing Chengjian (Hainan) Real Estate Co., Ltd. with an investment of ¥50,000,000, acquiring 100% equity[45] Operational Efficiency and Management - The company is focusing on enhancing its product capabilities and has implemented a comprehensive planning process for project development[17] - The management level has improved, with the implementation of ERP systems for planning, operations, costs, and sales[23] - The company has maintained a consistent management structure with no changes in the board of directors during the reporting period[105] - The company has engaged in various board roles across different subsidiaries, indicating a strategy of leveraging expertise across its operations[115] - The company has a structured approach to governance with clear roles defined for its board members, which may enhance decision-making efficiency and accountability[115] Market and Strategic Focus - The company aims to increase sales and accelerate project turnover, with a focus on affordable housing and self-occupied housing[60] - The company intends to adopt a "70-30" land acquisition strategy, focusing on Beijing and first-tier cities, while also exploring various land acquisition channels[61] - The real estate market is expected to see a shift towards market-driven regulation, with differentiated policies for different cities[57] - The company plans to optimize its investment structure, focusing on increasing investments in new energy, new industries, and people's livelihood industries, aiming for a diversified and cross-industry strategic layout[66] Financial Management and Governance - The company has established a comprehensive corporate governance system in compliance with relevant laws and regulations, ensuring proper management of raised funds[131] - The internal control system has effectively mitigated enterprise risks and established a culture of internal control within the company[143] - The company has implemented various internal control measures to prevent significant misstatements in financial reporting due to fraud or error[151] - The audit committee is responsible for overseeing the establishment and implementation of the internal control system[141] Employee and Management Compensation - Total compensation for senior management during the reporting period amounted to 1,114.68 million CNY (pre-tax) with an additional 446.73 million CNY from shareholder units[104] - The total remuneration for directors, supervisors, and senior management during the reporting period amounted to CNY 11.1468 million[120] - The remuneration for directors and senior management is determined based on their positions and performance evaluations conducted by the board[120] Future Projections - The company provided guidance for the next fiscal year, projecting revenue growth of 25% to $1.875 billion[118] - The company plans to enter two new international markets in the upcoming year, aiming for a 15% revenue contribution from these regions[118]