会议召开时间：2023 年 5 月 11 日（星期四）下午 16:00-17:00 关于召开 2022 年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性及完整性承担法律责任。 华夏幸福基业股份有限公司 会议召开地点： 上海证券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2023 年 5 月 4 日（星期四）至 5 月 10 日（星期三）16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 IR@cfldcn.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 华夏幸福基业股份有限公司（以下简称"公司"）已于 2023 年 4 月 29 日发 布公司 2022 年年度报告，为便于广大投资者更全面深入地了解公司 2022 年度经 营成果、财务状况，公司计划于 2023 年 5 月 11 日下午 16:00-17:00 举行 2022 年度业绩说明会，就投资者关心的问题进行交流。 ...

Financial Performance - The company's operating revenue for Q3 2022 was ¥7,616,190,373.46, representing a year-on-year increase of 3.56%[5] - The net profit attributable to shareholders for Q3 2022 was -¥1,021,192,088.28, with a year-to-date net profit of -¥1,559,626,492.90, indicating a significant loss[5] - The basic earnings per share for Q3 2022 was -¥0.26, compared to -¥0.40 for the same period last year[6] - Total revenue for the first three quarters of 2022 was CNY 21,980,439,901.04, a decrease of 22.6% compared to CNY 28,422,467,237.27 in the same period of 2021[26] - The company reported a net loss of CNY 2,751,413,078.32 in retained earnings, compared to a loss of CNY 1,191,786,585.42 in the previous year[23] - In Q3 2022, the company reported a net loss of CNY 1,635,756,513.68, compared to a net loss of CNY 13,077,475,046.34 in the same period of 2021, indicating a significant improvement[27] - The total comprehensive loss for Q3 2022 was CNY 5,023,003,638.93, compared to a loss of CNY 12,873,748,532.85 in Q3 2021[28] - The company reported a total profit loss of CNY 1,491,869,268.43 in Q3 2022, compared to a loss of CNY 15,589,653,287.12 in Q3 2021[27] Assets and Liabilities - Total assets at the end of Q3 2022 were ¥417,292,605,475.84, a decrease of 5.37% from the end of the previous year[6] - The equity attributable to shareholders decreased by 80.36% to ¥1,238,868,788.62 compared to the end of the previous year[6] - The total assets decreased to CNY 417,292,605,475.84 from CNY 440,964,154,092.08, reflecting a decline of 5.4%[23] - Current liabilities totaled CNY 268,680,700,246.59, down 26.3% from CNY 363,986,865,531.94 in the previous year[23] - The company's total liabilities amounted to CNY 400,801,915,139.06, a slight decrease from CNY 417,137,505,294.42[23] - Long-term borrowings increased to CNY 88,936,795,490.70 from CNY 31,147,467,390.12, indicating a significant rise[23] Cash Flow - The cash flow from operating activities for the year-to-date period was ¥1,676,035,033.70[6] - The cash flow from operating activities decreased due to a reduction in cash payments for goods and services[11] - Operating cash flow for the first nine months of 2022 was CNY 15,084,245,354.61, down from CNY 28,942,837,242.43 in the same period of 2021, reflecting a decrease of approximately 48%[30] - The company’s net cash flow from operating activities in Q3 2022 was CNY 1,676,035,033.70, a recovery from a negative cash flow of CNY 4,892,963,491.48 in Q3 2021[31] - The cash flow from financing activities in Q3 2022 was negative at CNY -3,393,522,951.23, compared to a negative cash flow of CNY -9,351,538,470.56 in Q3 2021[32] Shareholder Information - The total number of ordinary shares at the end of the reporting period was 155,368[13] - The largest shareholder, Huaxia Happiness Holdings, holds 538,559,482 shares, representing 13.76% of the total shares[14] - China Ping An Life Insurance Company holds 414,223,338 shares, accounting for 10.58% of the total shares[14] - The total shares held by the top 10 shareholders amount to 654,778,018, which is 16.73% of the total share capital[16] - The company has a total of 985,729,553 shares held by China Ping An Life Insurance and its affiliates, representing 25.19% of the total share capital[16] - The company has 421,320,026 shares pledged and 756,845 shares frozen by Huaxia Happiness Holdings[14] Land and Development - The company has a land reserve of 472,853.72 square meters in the Gu'an area, with a planned construction area of 1,085,881.31 square meters[17] - In the Bazhou area, the company holds 846,383.00 square meters of land, with a planned construction area of 1,475,608.80 square meters[17] - The company has 166,633.37 square meters of land in the Yongqing area, with a planned construction area of 322,995.29 square meters[17] - The company has 95,830.23 square meters of land in the Dachang area, with a planned construction area of 203,453.44 square meters[17] - The total area of land held for development is 4,242,047.57 square meters, with 8,281,209.46 square meters of primary land being organized and 7,718,902.89 square meters planned for construction[19] - The company completed a total of 644,239.74 square meters of real estate projects in the third quarter of 2022[19] - The company has a 30% equity stake in the cooperative development project in the Handan area, involving 155,131.10 square meters of land[19] - The company has a significant cooperative development project in Guilin, with an 85% equity stake involving 559,317 square meters of land[19] Investment and Expenses - The company reported a net investment income of CNY 11,967,391,128.95, significantly higher than CNY 277,221,419.56 in the previous year[26] - Research and development expenses increased to CNY 6,489,259.57 from CNY 2,758,292.13, showing a growth of 135.5%[26] - The company incurred total operating expenses of CNY 14,857,681,164.30 in Q3 2022, compared to CNY 34,962,795,199.75 in Q3 2021, showing a reduction in expenses[31] - The company's total assets impairment loss for Q3 2022 was CNY 225,881,927.75, a significant decrease from CNY 1,915,382,091.58 in Q3 2021[27]

Financial Performance - The company's operating revenue for the first half of 2022 was approximately ¥14.36 billion, a decrease of 31.82% compared to ¥21.07 billion in the same period last year[25]. - The net profit attributable to shareholders of the listed company was approximately -¥538.43 million, compared to -¥9.48 billion in the same period last year[25]. - The net cash flow from operating activities was approximately ¥1.33 billion, a significant improvement from -¥4.77 billion in the same period last year[25]. - The total assets at the end of the reporting period were approximately ¥423.91 billion, a decrease of 3.87% from ¥440.96 billion at the end of the previous year[25]. - The net assets attributable to shareholders of the listed company were approximately ¥4.15 billion, down 34.19% from ¥6.31 billion at the end of the previous year[25]. - The basic earnings per share for the first half of 2022 was -¥0.14, compared to -¥2.62 in the same period last year[27]. - The weighted average return on net assets was -10.29%, an increase of 14.92 percentage points compared to -25.21% in the same period last year[27]. - The company reported a loss of RMB 1.105 billion from other non-operating income and expenses[31]. Debt and Liquidity - The company is currently implementing a debt restructuring plan due to liquidity challenges caused by macroeconomic and industry conditions[8]. - There are significant uncertainties regarding the company's ability to continue as a going concern, as noted in the audit report for the previous year[8]. - The company has signed debt restructuring agreements totaling RMB 120.315 billion, with interest reductions and waivers amounting to RMB 10.77 billion[36]. - The company has initiated cash payments totaling RMB 1.916 billion to creditors under the debt restructuring plan[36]. - The company is implementing a debt restructuring plan to address liquidity risks and restore normal operations[96]. - The company faced liquidity risks and debt overdue situations due to the macroeconomic environment and multiple rounds of the pandemic, impacting normal business operations[193]. - The company has initiated a debt restructuring plan to address liquidity and overdue debt risks, with support from local governments and financial institutions[194]. Business Strategy and Development - The company aims to transform into an industrial new city service provider, focusing on providing comprehensive solutions for industrial development and government services[39]. - The company plans to optimize its business portfolio into six core segments, including industrial city development, residential development, asset management, and investment attraction services[41]. - The company is focusing on developing new urban areas as part of the high-quality development strategy, aligning with national policies to enhance urbanization quality[54]. - The company is committed to exploring new development models in response to the pressures faced in the residential development market due to various economic factors[58]. - The company plans to implement a comprehensive strategy involving organizational and cultural restructuring to ensure the effective execution of its new strategic direction[46]. - The company is actively pursuing asset disposal and strategic partnerships to enhance asset value and improve liquidity[196]. - The company is committed to transforming into a service provider for new urban projects, aiming to create new growth momentum and revenue streams[196]. Market Conditions and Trends - The GDP for the first half of 2022 was approximately 56.26 trillion yuan, showing a year-on-year growth of 2.5%, with a slight recovery in the second quarter at 0.4%[47]. - The retail sales of consumer goods in June 2022 increased by 3.1%, recovering from a decline of 6.7% in May 2022, indicating a positive market trend[47]. - In the real estate sector, the total investment in real estate development in the first half of 2022 was 683.14 billion yuan, a year-on-year decrease of 5.4%[59]. - The residential sales area decreased by 26.6% year-on-year, with total sales amounting to 660.72 billion yuan, down 28.9%[59]. - The company reported a 25.3% year-on-year decline in funds received for real estate development, totaling 768.47 billion yuan[60]. - The commercial real estate sector faced significant challenges due to multiple COVID-19 outbreaks and a downturn in the overall real estate market, leading to a sharp decline in residential sales[104]. Project Development and Operations - As of the report date, the company has completed the resumption of operations for 70 projects, covering 9.33 million square meters, and delivered 60 residential projects totaling 63,000 units and 6.95 million square meters since Q4 2020[35]. - The company has created over 50 livable residential communities under the "Peacock City" brand, emphasizing convenient transportation, beautiful environments, and comprehensive amenities[86]. - The company has ongoing cooperative development projects involving 1,616,533.82 square meters of land, with an equity stake of 51% in the Harbin Songbei area and 85% in the Guilin Xing'an area[112]. - The company is actively expanding its residential and commercial projects across various regions, including Baoding and Beidaihe New District, with significant completed and ongoing investments[115][116]. - The company is focusing on both residential and commercial developments, with a diverse portfolio aimed at capturing various market segments[115]. - The company is expanding its market presence with new projects in multiple regions, focusing on residential and supporting facilities[129]. Financial Management and Investments - The company established new companies and invested a total of 3.328 billion yuan in equity investments, an increase of 62.74% compared to the same period last year[182]. - The company's long-term borrowings increased by 165.57% to 82,719,802,811.06 yuan compared to the previous year[179]. - The company’s cash flow from investment activities increased by 221.94% to 755,410,946.12 yuan compared to the same period last year[174]. - The company is investing in new technologies to improve construction efficiency and reduce costs, aiming for a 10% reduction in project timelines[165]. Sales and Revenue - The company reported a total of 21,720.38 million RMB in revenue from transferred areas in Dachang, indicating strong sales performance[147]. - The total area available for sale across various projects is 1,020,000 square meters, with 1,000,000 square meters already sold or pre-sold, indicating a sales rate of approximately 98%[163]. - The average selling price per square meter for the transferred area is approximately 12,000 yuan, reflecting a stable market demand[160]. - The company reported a revenue of 38,400.73 million for the transferred area in the Wuhan project, with a total of 21,063.42 square meters pending transfer[163].

Financial Performance - The company's operating revenue for Q1 2022 was ¥4,182,363,343.46, representing a decrease of 47.39% compared to the same period last year[6]. - The net profit attributable to shareholders of the listed company was ¥2,774,717,962.64, while the net profit attributable to shareholders after deducting non-recurring gains and losses was -¥4,287,583,300.73[6]. - The net profit for the first quarter of 2022 was approximately ¥2.79 billion, compared to a net loss of ¥3.74 billion in the first quarter of 2021, marking a significant turnaround[43]. - The total comprehensive income for the first quarter of 2022 was approximately ¥2.82 billion, a significant improvement from a loss of ¥3.86 billion in the same period of 2021[43]. - The company's basic and diluted earnings per share were both ¥0.71[6]. - The company reported a basic earnings per share of ¥0.71 for the first quarter of 2022, compared to a loss per share of ¥1.08 in the first quarter of 2021[43]. - Total operating costs for the first quarter of 2022 were approximately ¥8.74 billion, down from ¥12.29 billion in the previous year, indicating a reduction of about 29.5%[40]. Cash Flow and Liquidity - The net cash flow from operating activities was ¥311,911,925.36[6]. - The cash flow from operating activities for the first quarter of 2022 was approximately ¥311.91 million, a recovery from a negative cash flow of ¥2.57 billion in the same quarter of 2021[48]. - The company's cash and cash equivalents increased to ¥14,624,731,073.50 from ¥14,437,474,854.43, showing a growth of approximately 1.3%[31]. - The ending balance of cash and cash equivalents stood at $12.98 billion, down from $16.18 billion year-over-year[49]. - The net increase in cash and cash equivalents was $192.52 million, contrasting with a decrease of $9.29 billion in the previous year[49]. - Cash inflow from financing activities totaled $439.80 million, compared to $6.92 billion in the prior period[49]. - Cash outflow for debt repayment was $515.13 million, down from $6.07 billion year-over-year[49]. Assets and Liabilities - Total assets at the end of the reporting period were ¥433,267,980,604.78, a decrease of 1.75% from the end of the previous year[9]. - Current assets totaled ¥386,317,104,417.73 as of March 31, 2022, down from ¥392,470,413,957.64 at the end of 2021, reflecting a decrease of about 1.4%[31]. - Total liabilities amounted to ¥407,707,508,771.11, a slight decrease from ¥417,137,505,294.42, reflecting a decline of about 2.0%[37]. - The company's long-term borrowings increased significantly to ¥75,866,515,902.78 from ¥31,147,467,390.12, marking an increase of approximately 143.5%[37]. - The equity attributable to shareholders of the listed company increased by 44.56% to ¥9,118,327,142.23 compared to the end of the previous year[9]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 171,825[15]. - Huaxia Happiness Holdings Co., Ltd. holds 679,065,164 shares, accounting for 17.35% of the total shares[15]. - China Ping An Life Insurance Co., Ltd. - Self-owned funds holds 414,223,338 shares, representing 10.58% of the total shares[15]. - The total share capital of the company at the end of the reporting period is 3,913,720,342 shares[18]. - The top 10 shareholders collectively hold 19.14% of the total shares[18]. Debt Restructuring and Projects - The company reported non-recurring gains of ¥9,263,371,659.40 from debt restructuring[12]. - The company has signed debt restructuring agreements totaling 106.187 billion yuan as part of its debt restructuring plan[27]. - The company is actively coordinating with local governments to address liquidity issues and facilitate the implementation of its debt restructuring plan[26]. - The company has initiated new construction projects totaling 37,625.35 square meters in the first quarter of 2022, with completed projects amounting to 248,027.06 square meters[24]. Land and Development - The company holds a total of 4,251,828.43 square meters of land for development, with a planned construction area of 8,483,266.12 square meters[22]. - The company has a 71% equity stake in the land area of 51,073.43 square meters in the Jiangmen region, which includes a planned construction area of 127,683.58 square meters[22]. - The company has a 90% equity stake in the land area of 166,633.37 square meters in the Yongqing region, with a planned construction area of 322,995.29 square meters[21]. - The company has a 52% equity stake in the land area of 482,629.58 square meters in the Gu'an region, with a planned construction area of 1,085,881.31 square meters[21]. - The company has a 30% equity stake in the land area of 95,830.23 square meters in the Dachang region, with a planned construction area of 203,453.44 square meters[21]. - The company has a 35% equity stake in the land area of 846,383.00 square meters in the Bazhou region, with a planned construction area of 1,475,608.80 square meters[21]. Research and Development - Research and development expenses for the first quarter of 2022 were approximately ¥90,629, a decrease from ¥473,134 in the first quarter of 2021[40].

2021 年第三季度报告 单位：元 币种：人民币 证券代码：600340 证券简称：华夏幸福 华夏幸福基业股份有限公司 2021 年第三季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 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、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务 报表的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一)主要会计数据和财务指标 本报告期比 年初至报告 | --- | --- | --- | --- | --- | |------------------------------------------------|-------------------|---------------------------|--------------------|------------------------- ...

Financial Performance - The company's operating revenue for the first half of 2021 was approximately ¥21.07 billion, a decrease of 43.63% compared to ¥37.37 billion in the same period last year[26]. - The net profit attributable to shareholders for the first half of 2021 was a loss of approximately ¥9.48 billion, a decline of 256.37% compared to a profit of ¥6.06 billion in the same period last year[26]. - The net cash flow from operating activities for the first half of 2021 was approximately -¥4.77 billion, compared to -¥18.54 billion in the same period last year[26]. - The total assets at the end of the reporting period were approximately ¥474.58 billion, a decrease of 2.90% from ¥488.76 billion at the end of the previous year[26]. - The net assets attributable to shareholders at the end of the reporting period were approximately ¥52.64 billion, a decrease of 15.07% from ¥61.98 billion at the end of the previous year[26]. - The basic earnings per share for the first half of 2021 was -¥2.62, a decrease of 230.35% compared to ¥2.01 in the same period last year[27]. - The weighted average return on net assets for the first half of 2021 was -25.21%, a decrease of 38.29 percentage points compared to 13.08% in the same period last year[27]. - The company reported a revenue of 21.068 billion yuan, a decrease of 43.63% compared to the same period last year[70]. - The net profit attributable to shareholders was -9.480 billion yuan, a decline of 256.37% year-on-year[70]. - The total sales amount reached 13.968 billion yuan, down 66.69% from the previous year[70]. Debt and Liquidity - The company is currently implementing a comprehensive debt resolution plan under the guidance of provincial and municipal government teams, which may impact future financial statements[8]. - There are significant uncertainties regarding the company's ability to continue as a going concern, as noted in the audit report for the previous fiscal year[8]. - The company has accumulated overdue debts totaling 69.166 billion yuan, and is actively coordinating with financial institutions for debt extension[78]. - The company is actively coordinating with financial institutions to extend debt repayment terms amid liquidity challenges[70]. - The company faced temporary liquidity risks due to macroeconomic conditions and multiple rounds of the pandemic, affecting debt repayment[164]. - The company is implementing measures to address liquidity and debt overdue risks, including establishing a creditor committee and formulating a comprehensive risk resolution plan[169]. - The company has restricted funds totaling CNY 13.246 billion, which cannot be used for repaying financial institution liabilities[165]. - The company aims to optimize its asset-liability structure and improve liquidity through asset disposal and strategic partnerships[170]. Real Estate Development - The real estate development sector saw a total investment of 72,179 billion RMB in the first half of 2021, reflecting a year-on-year growth of 15.0%[39]. - The company experienced a 23.5% year-on-year increase in funds available for real estate development, totaling 102,898 billion RMB[40]. - The residential construction area reached 617,480 million sqm, marking a growth of 10.5% year-on-year[39]. - The company has developed over 50 livable communities under the "Peacock City" brand, focusing on creating a healthy and vibrant living environment[60]. - The company is focusing on high-quality development in the industrial new city sector, adapting to post-pandemic market conditions[35]. - The company is expanding its market presence with multiple ongoing residential projects across various regions, indicating a strategic focus on real estate development[106]. - The company is focusing on expanding its residential and commercial projects across various regions, indicating a strategic growth plan in the real estate sector[120]. Environmental Compliance - The company is committed to complying with national and provincial regulations regarding solid waste management and pollution prevention[187]. - The company has implemented strict emission standards for pollutants, including a particulate matter limit of ≤ 10 mg/Nm³ and a mercury limit of ≤ 0.05 mg/Nm³[187]. - The company’s wastewater discharge standards include a chemical oxygen demand (COD) limit of ≤ 500 mg/L and ammonia nitrogen limit of ≤ 400 mg/L[187]. - The company has established partnerships with Beijing Jingbei Rixin Low-Sulfur Coal Trading Center for waste disposal and management[187]. - The company continues to monitor and improve its environmental performance in line with regulatory requirements and sustainability goals[187]. - The company is focused on reducing total nitrogen emissions, maintaining levels at ≤ 15 mg/L[195]. - The company has established a comprehensive waste management strategy, including both self-disposal and entrusted disposal methods[193]. Strategic Initiatives - The company plans to enhance its operational management capabilities and innovate its profit models in response to the evolving industry landscape[35]. - The company aims to create a "1+1>2" effect through strategic partnerships with local governments, promoting sustainable economic development[55]. - The company is planning to increase its marketing efforts to boost sales in underperforming regions, aiming for a 15% increase in sales volume next quarter[148]. - The company is actively pursuing new technology in construction, aiming to improve efficiency and reduce costs in upcoming projects[148]. - The company is planning to invest 100 million in technology upgrades to enhance project efficiency and customer experience[142]. - The company is committed to sustainability initiatives in new developments, which may attract environmentally conscious buyers and enhance brand reputation[148].

Financial Performance - The company's operating revenue for 2020 was approximately ¥101.21 billion, a decrease of 3.80% compared to ¥105.21 billion in 2019[25]. - The net profit attributable to shareholders for 2020 was approximately ¥3.67 billion, representing a significant decline of 74.91% from ¥14.61 billion in 2019[25]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately ¥3.28 billion, down 77.31% from ¥14.44 billion in 2019[25]. - Basic earnings per share decreased by 73.35% to CNY 0.97 in 2020 from CNY 3.64 in 2019[26]. - Diluted earnings per share also fell by 73.41% to CNY 0.96 in 2020 compared to CNY 3.61 in 2019[26]. - The weighted average return on equity dropped by 28.45 percentage points to 7.27% in 2020 from 35.72% in 2019[26]. - Total revenue for Q4 2020 reached CNY 44.47 billion, while the net profit attributable to shareholders was a loss of CNY 3.61 billion[29]. - The company achieved operating revenue of 101.21 billion yuan, a decrease of 3.80% year-on-year[84]. - The net cash flow from operating activities for 2020 was approximately -¥23.16 billion, compared to -¥31.82 billion in 2019[25]. - The net cash flow from operating activities was -23,159,667,027.56 CNY, an improvement from -31,819,098,425.06 CNY in the previous year[171]. Assets and Liabilities - The net cash flow from investing activities decreased by 461.98% to -4,882,577,453.38 CNY, primarily due to a reduction in cash received from the disposal of subsidiaries[171]. - The total assets at the end of 2020 were approximately ¥488.76 billion, reflecting a growth of 6.76% from ¥457.81 billion at the end of 2019[25]. - The net assets attributable to shareholders at the end of 2020 were approximately ¥61.98 billion, an increase of 23.87% from ¥50.04 billion at the end of 2019[25]. - Cash and cash equivalents at the end of the period were 26,993,157,680.62 CNY, representing 5.52% of total assets, down 37.17% from the previous period[171]. - Accounts receivable increased by 34.71% to 63,142,026,157.48 CNY, mainly due to an increase in settlement amounts from the region[174]. - The company’s long-term borrowings increased by 32.00% to 64,403,143,220.47 CNY, primarily due to an increase in mortgage and guarantee loans[176]. Operational Strategy and Risks - The company has acknowledged significant uncertainties related to its ongoing operations in its audit report[5]. - The company has outlined potential risks in its operational discussion section, which investors should review[10]. - The company is committed to ensuring the accuracy and completeness of its financial reports as stated by its management[4]. - The company emphasizes cash management and investment control to alleviate financial pressure during the challenging economic environment[84]. - The company aims to maximize land supply and resource reserves by strengthening partnerships with large real estate firms and enhancing land marketing efforts[192]. - The company plans to accelerate asset revitalization by thoroughly reviewing assets and prioritizing cash recovery from signed transfer agreements[192]. - The company is focusing on regional closed management and classified policies to ensure cash flow stability and prevent risk transmission between regions[192]. Market and Economic Context - In 2020, China's GDP grew by 2.3%, with a quarterly recovery showing a 6.5% growth in Q4, indicating a strong economic rebound post-COVID-19[59]. - The urbanization rate in China exceeded 60% in 2020, with significant potential for growth compared to the global average of 81.3%, highlighting the importance of metropolitan areas in future urbanization efforts[60]. - The company’s focus on metropolitan areas aligns with national policies aimed at optimizing urbanization and enhancing regional economic integration, positioning industrial new towns as key components in this strategy[64]. - The real estate industry is expected to face a decline in growth rates, with a shift towards refined growth and increased market share for large companies[187]. Development Projects and Expansion - The company is a leading operator of industrial new cities in China, focusing on integrated development and urbanization[37]. - The company plans to expand into new areas such as commercial complexes, public housing, and health care services[37]. - The company has created over 50 residential projects under the "Peacock City" brand, emphasizing the development of livable communities[48]. - The company is actively expanding its commercial real estate sector, focusing on business office complexes and exploring new real estate fields such as health and wellness, scientific communities, and public housing, with a strategic focus on five core metropolitan areas and eight key cities[50]. - The company has ongoing projects in various regions, including a residential project in Zhuozhou with a total investment of CNY 398.17 million and an actual investment of CNY 95.72 million during the reporting period[45]. - The company is expanding its market presence through strategic collaborations and new project developments in various regions[100]. - The company is actively pursuing market expansion through new projects and ongoing developments, reflecting a strategic focus on growth and investment in residential and commercial properties[137]. Financial Management and Investment - The company reported a total operating profit of ¥8,011,510,973.84, with a significant contribution from the industrial new city and related businesses, generating ¥101,107,519,500.36 in revenue[159]. - Financial expenses increased dramatically by 173.34% to ¥7,603,330,279.34, primarily due to higher interest expenses[167]. - The company made equity investments totaling 77.61 billion CNY during the reporting period, a decrease of 13.47% compared to the previous year[180]. - The company aims to restore stable operations in 2021 and enter a growth phase in 2022, targeting long-term steady development[191]. - The company focuses on precise investment strategies, targeting high-efficiency projects with high net profit margins and cash flow recovery cycles[196]. Sales and Revenue Recognition - The company achieved real estate sales amounting to CNY 5,050,785.76 thousand, with a sales area of 4,822,358.64 square meters during the reporting period[153]. - The recognized revenue amounted to CNY 5,931,273.02 thousand, with a recognized area of 6,003,965.46 square meters[153]. - The total area available for sale in Bazhou is 27,167.35 square meters, with a sold area of 63,556.96 square meters, resulting in a revenue recognition of 27,322.71 million RMB[140]. - The total area available for sale in the Gu'an region is 100,498.99 square meters, with a sold area of 31,544.37 square meters, leading to a revenue recognition of 731,719.52 million RMB[140]. - The total area sold in the Baoding Peacock City project was 99,693.04 square meters, resulting in a revenue of 174,521.02 million[95].

Financial Performance - Net profit attributable to shareholders was approximately -¥3.68 billion, a decrease of 227.50% year-on-year[11]. - Operating revenue for the period was approximately ¥7.95 billion, down 59.27% from ¥19.52 billion in the same period last year[11]. - Basic and diluted earnings per share were both -¥1.08, compared to ¥0.95 in the same period last year, a decrease of 213.68%[11]. - The company reported a significant increase in other receivables, rising to ¥24.09 billion from ¥21.33 billion, an increase of 12.93%[40]. - The company reported a net loss of approximately ¥3.74 billion for the current period, compared to a net profit of approximately ¥3.08 billion in the same period last year, representing a significant decline[59]. - The total comprehensive loss amounted to approximately ¥3.86 billion, contrasting with a total comprehensive income of approximately ¥2.71 billion in the previous year[59]. Cash Flow and Liquidity - The net cash flow from operating activities was approximately -¥2.57 billion, an improvement from -¥12.51 billion in the previous year[11]. - The company's cash and cash equivalents decreased by 37.28% to ¥16,931,206,152.78 from ¥26,993,157,680.62, primarily due to reduced cash generated from financing activities[21]. - The company reported a net cash flow from operating activities of CNY -2,565,929,233.02, improving from CNY -12,511,801,286.99[66]. - The ending balance of cash and cash equivalents was CNY 16,175,511,225.76, down from CNY 44,617,035,177.16[68]. - The company reported a net increase in cash and cash equivalents of CNY -9,286,426,123.05, compared to an increase of CNY 3,472,852,442.87[68]. Assets and Liabilities - Total assets at the end of the reporting period were approximately ¥482.72 billion, a decrease of 1.24% compared to the end of the previous year[11]. - Total liabilities as of March 31, 2021, were ¥395.15 billion, slightly down from ¥397.33 billion, a decrease of 0.55%[44]. - The company's total equity decreased to ¥87.56 billion from ¥91.43 billion, a decline of 4.19%[44]. - Total current liabilities were CNY 285.59 billion, a minor decrease from CNY 285.77 billion[77]. - Total liabilities reached CNY 397.33 billion, down from CNY 397.86 billion[79]. Shareholder Information - The total number of shareholders at the end of the reporting period was 944,229, with the largest shareholder holding 24.13% of the shares[17]. - Shareholders' equity totaled CNY 91.43 billion, unchanged from previous reports[79]. Operational Focus and Strategy - The company is focusing on improving cash flow and reducing losses in the upcoming quarters[11]. - The company is developing a comprehensive risk resolution plan under the guidance and support of local governments to address debt risks and ensure orderly operations[34]. - The company is exploring various methods to resolve its current financial challenges, including discussions with creditors and financial institutions[34]. - The company is prioritizing the protection of creditors' legal rights while working on its debt resolution strategies[34]. Government Support - The company reported a government subsidy of approximately ¥25.12 million related to normal business operations[14]. - The company’s other income increased by 80.24% to ¥25,124,553.88 from ¥13,939,159.27, mainly due to increased government subsidies[24]. Investment and Development - The area of land held for development in the Gu'an region is 580,262.40 square meters, with a planned construction area of 1,259,730.91 square meters[26]. - The company has a 50% equity stake in a cooperative development project involving 168,432.69 square meters of land[26]. - The company’s investment cash outflow was 100% lower compared to the previous period, indicating no new investments were made[27].

Financial Performance - Net profit attributable to shareholders decreased by 25.30% to CNY 7.28 billion year-on-year[16]. - Operating revenue declined by 11.79% to CNY 56.73 billion compared to the same period last year[16]. - Basic earnings per share decreased by 24.90% to CNY 1.84[16]. - The weighted average return on equity dropped by 9.96 percentage points to 15.23%[16]. - The company reported a significant decrease in investment income by 88.43% from 205,240,873.62 to 23,750,664.84, attributed to reduced returns from long-term equity investments[28]. - Total operating revenue for Q3 2020 was ¥19.36 billion, a decrease of 24% compared to ¥25.59 billion in Q3 2019[74]. - The company reported a total profit of ¥2.33 billion for Q3 2020, up from ¥2.02 billion in Q3 2019[78]. - The net profit for Q3 2020 was approximately ¥184.22 million, compared to a net loss of ¥21.97 million in Q3 2019[85]. Assets and Liabilities - Total assets increased by 10.70% to CNY 506.81 billion compared to the end of the previous year[16]. - The company's total liabilities increased by 76.71% from 33,818,358,564.15 to 59,761,980,238.51 due to the reclassification of long-term borrowings and bonds payable[25]. - The company's long-term borrowings increased by 33.66% from 48,789,992,626.24 to 65,214,191,362.78, primarily due to the increase in pledged and guaranteed loans[25]. - The company's asset-liability ratio at the end of the reporting period was 82.1%, a decrease of 1.8 percentage points year-on-year and 1.1 percentage points compared to the previous half-year[34]. - The total liabilities of the company as of September 30, 2020, were CNY 362.24 billion, compared to CNY 334.30 billion at the end of 2019, representing an increase of approximately 8.4%[62]. - Total current liabilities increased to CNY 70.25 billion from CNY 39.69 billion, representing a growth of about 76.9%[69]. Cash Flow - Net cash flow from operating activities improved to -CNY 25.07 billion, a significant reduction from -CNY 39.55 billion in the previous year[16]. - The company's cash inflow from the disposal of fixed assets and intangible assets increased significantly, with a net cash inflow of 128 million yuan, a 392.45% increase compared to the previous year[30]. - The cash flow from operating activities for the first three quarters of 2020 was approximately -¥25.07 billion, an improvement from -¥39.55 billion in the same period of 2019[89]. - The total cash inflow from financing activities in Q3 2020 was CNY 6,730,545,000.00, a decrease from CNY 13,550,633,986.66 in Q3 2019[94]. - The net cash flow from financing activities for the first three quarters of 2020 was CNY 25,283,977,935.12, down from CNY 38,550,922,033.97 in the previous year[91]. Shareholder Information - The company reported a total of 116,510 shareholders as of the end of the reporting period[19]. - The largest shareholder, Huaxia Happiness Holdings, holds 29.69% of the shares, with 1.16 billion shares pledged[19]. - The total number of shares held by the top ten unrestricted shareholders is 1,456,064,200, accounting for 37.20% of the total share capital as of the reporting period end[22]. Investments and Development - The company's receivables increased by 36.70% from 390,200 to 533,400 due to the receipt of accepted bills during the period[25]. - Investment properties increased by 146.59% from 3,340,380,000.00 to 8,236,906,437.63 due to the acquisition of investment properties during the period[25]. - The company has engaged in cooperative development projects covering 113,263.90 square meters, with an equity share of 51%[48]. - The company has a cooperative development project in the Guilin area, covering 559,317.00 square meters, with an equity share of 70%[49]. Expenses - The company's financial expenses surged by 301.33% from 916,386,813.32 to 3,677,726,068.46, mainly due to increased interest expenses[26]. - Sales and management expenses decreased by 14.5% and 21.3% year-on-year, respectively, with sales expense ratio and management expense ratio decreasing by 0.06 and 0.75 percentage points[33]. - The company reported a significant decrease in sales expenses, which were ¥384.24 million in Q3 2020, compared to ¥295.42 million in Q3 2019[74]. Other Financial Metrics - Government subsidies recognized in the current period amounted to CNY 34.41 million[19]. - Non-operating income for the current period totaled CNY 42.53 million[19]. - Other income rose by 33.01% from 98,419,594.21 to 130,905,752.85, primarily due to an increase in government subsidies[28]. - The company’s retained earnings increased to CNY 42.37 billion from CNY 38.84 billion, reflecting a growth of approximately 9.7%[64].

Financial Performance - The company's operating revenue for the first half of 2020 was approximately CNY 37.37 billion, a decrease of 3.51% compared to CNY 38.73 billion in the same period last year[25]. - The net profit attributable to shareholders for the first half of 2020 was approximately CNY 6.06 billion, down 28.52% from CNY 8.48 billion year-on-year[25]. - The net cash flow from operating activities was negative at approximately CNY -18.54 billion, compared to CNY -20.50 billion in the same period last year[25]. - Basic earnings per share for the first half of 2020 were CNY 2.01, down 27.70% from CNY 2.78 in the same period last year[26]. - The weighted average return on equity decreased to 13.08%, down 8.26 percentage points from 21.34% year-on-year[26]. - The gross margin for the first half of 2020 was reported at 35%, a slight improvement from 32% in the previous year[183]. - Revenue for the current period is ¥37,371,903,949.74, a decrease of 3.51% compared to ¥38,730,112,802.18 in the same period last year[195]. - Operating costs decreased slightly to ¥19,833,999,035.90, down 0.12% from ¥19,857,597,542.72[195]. - Sales expenses significantly reduced by 29.55% to ¥616,417,528.09 from ¥875,032,668.45[198]. - Management expenses decreased by 9.24% to ¥2,569,436,990.62 compared to ¥2,830,952,390.79 in the previous year[198]. - Financial expenses increased dramatically by 232.12% to ¥2,319,792,022.77 from ¥698,487,950.55[198]. - R&D expenses decreased by 33.84% to ¥3,400,443.80 from ¥5,139,949.45[198]. - Net cash flow from operating activities improved to -¥18,540,338,070.61 from -¥20,501,346,525.92[198]. - Total assets include other receivables of ¥20,338,463,186.54, which is 4.08% of total assets, up 32.00% from the previous year[199]. - Inventory decreased significantly by 37.77% to ¥180,640,396,085.39, down from ¥290,281,390,276.14[199]. - Short-term borrowings increased by 30.12% to ¥34,579,450,000.00 from ¥26,575,100,000.00[199]. Strategic Focus and Business Development - The company is a leading operator of industrial new cities in China, focusing on high-quality sustainable development through a development-oriented PPP model[32]. - The development-oriented PPP model emphasizes a self-sustaining approach without government investment or guarantees, enhancing local fiscal health[36]. - The company aims to attract high-end industries, technologies, and talents to drive regional economic growth and urban development[37]. - The operational model includes long-term management and service provision, ensuring continuous urban appeal and attractiveness[38]. - The company is expanding its business into commercial real estate, public housing, and wellness communities, diversifying its portfolio[32]. - The company focuses on comprehensive urban development services, integrating infrastructure and public services to enhance regional value[33]. - The company’s strategy includes fostering a collaborative environment between government and social capital to achieve mutual goals[37]. - The company is committed to creating a better living environment for industrial populations, enhancing regional stickiness[32]. - The company is actively enhancing its project development and operational capabilities in commercial real estate to leverage its strategic advantages in core urban areas[58]. - The company aims to diversify its business structure by expanding into various commercial real estate sectors, including public housing and health care communities[58]. - The company is focusing on developing modern urban agglomerations as a key strategy for high-quality urbanization, which is expected to enhance investment and consumption demand[65]. - The central government emphasizes the importance of urban agglomerations for economic development, which aligns with the company's strategic focus[69]. Market Trends and Economic Context - In 2020, the company expanded into target cities such as Nanjing and Guangzhou, aiming to acquire quality land and project resources to support high-quality business development[58]. - In the first half of 2020, China's GDP decreased by 6.8% in Q1 but rebounded with a 3.2% growth in Q2, indicating strong economic resilience[62]. - The total retail sales of consumer goods in China reached 17.23 trillion yuan in the first half of 2020, a year-on-year decline of 11.4%[66]. - Online retail sales in China amounted to 5.15 trillion yuan, growing by 7.3% year-on-year, with physical goods online retail sales at 4.35 trillion yuan, increasing by 14.3%[66]. - The "Three New" economy, including new industries, new business formats, and new models, is becoming a crucial part of China's economic recovery[67]. Project and Investment Highlights - The company has established a strategic layout of "3+3+N" around major urban agglomerations, focusing on the Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macao Greater Bay Area[45]. - The company has created over 50 livable communities that meet the "beautiful living system" standards and has consistently ranked in the top 10 real estate brands[45]. - The company has established stable strategic partnerships with multiple banks and financial institutions, enhancing its financing capabilities[55]. - The company has received "AAA" credit ratings from top domestic rating agencies and a "Ba3" rating from Moody's, indicating strong financial health[55]. - The company’s industrial big data platform covers 82 million enterprises and 6,200 parks, with 1.32 billion data entries, providing efficient services for investment location and regional industrial development[54]. - The company signed 176 new enterprises in various regions, with a total signed investment amount of 62.46 billion RMB during the reporting period[99]. - The company is focusing on ten key industries, including electronic information and high-end equipment, to meet local development needs and enhance park establishment[104]. - The company is actively promoting the construction of a robot industry ecosystem in the Xianghe area, with 3 new enterprises signed and a total investment of 0.7 billion RMB[109]. - The company is developing a new industrial cluster in the Daxing area, focusing on film and television culture, headquarters business, and artificial intelligence[108]. - The company is enhancing the industrial cluster effect in the Baizhou area, with 1 new enterprise signed and a total investment of 0.05 billion RMB[109]. Future Outlook and Growth Strategies - The company provided a future outlook, projecting a revenue growth of 20% for the next fiscal year, driven by new product launches and market expansion[183]. - New product development includes the launch of three new residential projects, expected to contribute an additional 300 million in revenue[183]. - The company is expanding its market presence in five new cities, aiming to increase market share by 10% in these regions[183]. - A strategic acquisition of a local competitor is anticipated to enhance operational efficiency and increase market penetration by 15%[183]. - The company is investing 50 million in technology upgrades to improve customer experience and operational processes[183]. - The company plans to implement a new marketing strategy focusing on digital channels, aiming for a 30% increase in customer engagement[183]. - Overall, the company remains optimistic about achieving its financial targets, with a strong pipeline of projects and strategic initiatives in place[183]. - The company aims to achieve a significant increase in revenue through these strategic initiatives, with projected growth rates of over 20% in key markets[168]. - The company is actively pursuing mergers and acquisitions to strengthen its market position and diversify its portfolio[168]. - New technology development is being prioritized to improve construction efficiency and sustainability across all projects[168].