Financial Performance - In 2020, the company's operating revenue was CNY 568,279,740, a decrease of 52.09% compared to CNY 1,186,105,451 in 2019[23]. - The net profit attributable to shareholders was CNY 333,754,417.78, down 10.04% from CNY 371,003,912.38 in the previous year[23]. - The net cash flow from operating activities decreased by 45.25% to CNY 215,390,457.71 from CNY 393,405,597.42 in 2019[23]. - The total assets at the end of 2020 were CNY 8,140,066,818.54, an increase of 4.51% from CNY 7,788,548,910.82 in 2019[23]. - The company's net assets attributable to shareholders increased by 5.99% to CNY 6,360,029,155.22 from CNY 6,000,413,839.33 in 2019[23]. - The basic earnings per share for 2020 were CNY 0.42, a decrease of 10.64% from CNY 0.47 in 2019[24]. - The weighted average return on equity decreased to 5.40% from 6.40% in 2019, a reduction of 1 percentage point[24]. - The company reported a net profit of CNY 342,211,115.40 for 2020, with a proposed cash dividend of CNY 1 per 10 shares, totaling CNY 78,893,381.50, which represents 25.62% of the distributable profit[141]. Revenue Breakdown - In Q1 2020, the company reported revenue of approximately ¥170.91 million, with a net profit attributable to shareholders of about ¥110.52 million[26]. - The total revenue for Q2 2020 increased to approximately ¥182.43 million, while the net profit attributable to shareholders was around ¥107.53 million[26]. - In Q3 2020, the company generated revenue of approximately ¥169.53 million, with a net profit attributable to shareholders of about ¥110.44 million[26]. - The Q4 2020 revenue significantly dropped to approximately ¥45.40 million, with a net profit attributable to shareholders of only ¥5.27 million[26]. - The revenue from primary land development business was RMB 530,352,349.52, an increase of 20.08% year-on-year[76]. - The company’s trade business revenue was RMB 31,476,853.84, a decrease of 66.63% year-on-year[76]. Investment Activities - The company invested approximately ¥5.90 billion in the "Hongguiyuan" real estate development project, with a total planned construction area of about 586,600 square meters[34]. - The "Classic City" real estate development project received an investment of approximately ¥5.60 billion, with a total planned construction area of about 303,634 square meters[37]. - The company invested RMB 600 million in the "Liankang City" real estate development project, with a total construction area of approximately 434,661.48 square meters[49]. - The company invested RMB 168 million in the "Honghe Dijing" real estate development project, covering an area of approximately 82,796.52 square meters[52]. - The company has committed to accelerating land transfer processes in the South New City project, with a minimum of 6,000 acres to be auctioned off[70]. - The company has invested approximately CNY 402,578.72 million in the land development project, with CNY 179,403.52 million allocated for land acquisition and CNY 223,175.20 million for construction costs[65]. Cash Flow and Financial Management - The net cash flow from operating activities in Q4 2020 was approximately ¥230.67 million, indicating a strong recovery compared to previous quarters[26]. - The company reported a net cash flow from investing activities of CNY 118,557,917.27, a significant improvement compared to a negative cash flow of CNY 250,876,394.09 in the previous year[89]. - The company’s financial expenses increased by 25.23% to CNY 32,692,176.08, with interest expenses rising by 35.25%[75]. - The company has committed to enhancing risk management in 2021 by improving internal controls for the PPP model projects and ensuring timely recovery of funds from cooperative investment projects[134]. Internal Controls and Governance - The company faces risks of being delisted due to the issuance of an audit report with no opinion by the accounting firm[7]. - The company reported significant internal control deficiencies as noted in the audit report[8]. - The company has committed to improving internal controls and governance to mitigate investment risks and ensure the safety of investment returns[131]. - The company has established a governance structure that allows independent operation of the board, management, and shareholder meetings[146]. Shareholder Information - The total number of ordinary shares increased from 606,872,165 to 788,933,815 after a capital reserve conversion and cash dividend distribution[192]. - A cash dividend of RMB 0.60 per share was distributed, totaling RMB 36,412,329.90[191]. - The company has a three-year shareholder return plan, prioritizing cash dividends in the absence of significant investment plans or cash expenditures[148]. - The company’s remaining undistributed profit after the 2020 dividend payout is CNY 229,096,622.36, which will be carried over to 2021[141]. Risks and Challenges - The company anticipates risks related to the PPP project in Xining City, particularly concerning potential delays in government land acquisition processes[132]. - The company has acknowledged the potential risks from upstream suppliers and downstream customers affecting trade operations[133]. - The company is under a non-standard audit opinion due to insufficient evidence regarding the nature of certain payments and their recoverability[153]. Social Responsibility - The company has actively participated in social responsibility initiatives, including a donation of RMB 1 million for COVID-19 prevention efforts[186]. - During the reporting period, the company donated RMB 16.6 million to support poverty alleviation efforts in Dachen Village[184].

Financial Performance - In 2020, the company's operating revenue was CNY 568,279,740, a decrease of 52.09% compared to CNY 1,186,105,451 in 2019[24]. - The net profit attributable to shareholders was CNY 333,754,417.78, down 10.04% from CNY 371,003,912.38 in the previous year[24]. - The net cash flow from operating activities was CNY 215,390,457.71, a decline of 45.25% compared to CNY 393,405,597.42 in 2019[24]. - The basic earnings per share decreased to CNY 0.42, down 10.64% from CNY 0.47 in 2019[25]. - The weighted average return on equity was 5.40%, a decrease of 1 percentage point from 6.40% in 2019[25]. - The company reported a net profit of CNY 342,211,115.40 for 2020, with a proposed cash dividend of CNY 1 per 10 shares, totaling CNY 78,893,381.50, which represents 25.62% of the distributable profit[144]. - The company achieved operating revenue of RMB 568,279,740.00, a decrease of 52.09% compared to the same period last year[75]. - The net profit attributable to the parent company was RMB 333,754,417.78, down 10.04% year-on-year[75]. Cash Flow and Investments - The company’s cash flow from operating activities was RMB 215,390,457.71, a decrease of 45.25% compared to the previous year[76]. - The investment cash flow net amount increased by 147.26% to RMB 118,557,917.27, attributed to the new revenue recognition standards[90]. - The company invested a total of RMB 268,901.03 million in joint investment projects during the reporting period, generating a return of RMB 45,429.09 million[73]. - The company has invested approximately CNY 402,578.72 million in the land development project in the southern new city of Xingning, with CNY 179,403.52 million allocated for land acquisition and CNY 223,175.20 million for construction costs[66]. Project Developments - The company is involved in PPP projects and real estate development, with significant investments in projects like "Honggui Garden" and "Classic City," totaling RMB 5.90 billion and RMB 5.60 billion respectively[35][38]. - The "Honggui Garden" project has a total construction area of approximately 586,600 square meters, while the "Classic City" project covers 303,634 square meters[35][38]. - The company has completed construction and acceptance of 1-25 buildings in the Honggui Garden Development Project, with all units delivered to customers[103]. - In the Classic City Development Project, exterior wall decoration is 99% complete, and indoor public area renovation is 98% complete[104]. Risk Management and Compliance - The company faces risks of being delisted due to the issuance of an audit report with no opinion by the accounting firm[8]. - The company reported significant internal control deficiencies as noted in the audit report[9]. - The company emphasizes the importance of risk management and internal controls to maintain operational efficiency and safeguard shareholder interests[134]. - The company has committed to improving its information disclosure practices to enhance transparency and protect investor rights[133]. Shareholder and Dividend Information - The proposed cash dividend is CNY 1 per 10 shares, totaling CNY 78,893,381.50, which accounts for 25.62% of the distributable profit[5]. - In 2019, the company distributed a cash dividend of CNY 0.60 per 10 shares, amounting to CNY 36,412,329.90, which was 11.44% of the distributable profit[141]. - The company will not implement a capital reserve increase in 2020, maintaining its focus on cash dividends to shareholders[144]. - The company commits to distributing cash dividends of no less than 10% of the available profit each year, with a cumulative distribution of at least 30% of the average annual distributable profit over the last three years[151]. Audit and Governance - The company has appointed Huaxing Accounting Firm (Special General Partnership) as the auditor for the 2020 fiscal year, replacing Guangdong Zhengzhong Zhujiang Accounting Firm (Special General Partnership) which had been in place for 21 years[174]. - The audit fee for both the previous and current accounting firms is set at RMB 700,000[174]. - The company has established a governance structure that allows independent exercise of powers by the shareholders' meeting, board of directors, and management[149]. Future Outlook and Strategy - The company aims to strengthen communication with investment partners and follow through on real estate development projects to achieve expected returns in 2021[130]. - The company plans to enhance its investment in PPP model projects, particularly in the land development and public facility construction in Xining City, while addressing potential risks related to government land acquisition delays[135]. - The company anticipates a favorable industry outlook driven by national macro policies and urban development initiatives, which are expected to support its business growth[127].

Financial Performance - In 2020, the company's operating revenue was CNY 568,279,740, a decrease of 52.09% compared to CNY 1,186,105,451 in 2019[24]. - The net profit attributable to shareholders was CNY 333,754,417.78, down 10.04% from CNY 371,003,912.38 in the previous year[24]. - The net cash flow from operating activities decreased by 45.25% to CNY 215,390,457.71 from CNY 393,405,597.42 in 2019[24]. - The basic earnings per share decreased to CNY 0.42, down 10.64% from CNY 0.47 in 2019[25]. - The weighted average return on equity decreased to 5.40%, down from 6.40% in the previous year[25]. - The company reported a significant reduction in accounts receivable by 62.86%, primarily due to the collection of trade payments as per contract agreements[59]. - The company reported a significant increase in investment income, reaching RMB 490,335,426.64, a year-on-year increase of 3,760.71%[76]. - The revenue from primary land development business was RMB 530,352,349.52, an increase of 20.08% compared to the previous year[77]. - The company’s trade business revenue was RMB 31,476,853.84, a decrease of 66.63% compared to the previous year[77]. - The company’s financial expenses increased by 25.23% to RMB 32,692,176.08, with interest expenses rising by 35.25%[76]. Assets and Investments - The total assets at the end of 2020 were CNY 8,140,066,818.54, an increase of 4.51% from CNY 7,788,548,910.82 in 2019[24]. - The company's net assets attributable to shareholders increased by 5.99% to CNY 6,360,029,155.22 from CNY 6,000,413,839.33 in 2019[24]. - The fair value of investments increased from RMB 1.22 billion at the beginning of the year to RMB 1.30 billion by year-end, reflecting a gain of RMB 83.03 million[31]. - The company’s long-term equity investments increased by 100.00%, indicating a strategic focus on enhancing investment returns[61]. - The company’s inventory saw a dramatic increase of 37,755.13%, attributed to the reclassification of other current assets under new revenue standards[59]. - The company’s deferred tax assets rose by 144.97%, mainly due to increased credit impairment losses under new financial instrument standards[61]. - The company’s fixed assets decreased by 32.42%, resulting from the disposal of obsolete fixed assets[61]. - The cumulative investment in cooperative projects reached CNY 2,689,010,296.00, with a provision for impairment of CNY 239,402,274.56[100]. Dividends and Shareholder Returns - The proposed cash dividend is CNY 1 per 10 shares, totaling CNY 78,893,381.50, which accounts for 25.62% of the distributable profit[5]. - The company reported a net profit of CNY 342,211,115.40 for 2020, with a proposed cash dividend of CNY 1.00 per 10 shares, totaling CNY 78,893,381.50, which represents 25.62% of the distributable profit[144]. - In 2019, the company distributed a cash dividend of CNY 0.60 per 10 shares, amounting to CNY 36,412,329.90, which was 11.44% of the distributable profit[141]. - The company has committed to distributing at least 10% of the annual distributable profits as cash dividends, with a cumulative distribution of no less than 30% of the average annual distributable profits over the last three years[150]. - The company’s remaining undistributed profit after the proposed dividend for 2020 will be CNY 229,096,622.36, carried over to 2021[144]. Project Developments - The company is involved in PPP projects and real estate development, with a total investment of RMB 5.90 billion in the "Hongguiyuan" project[35]. - The "Classic City" real estate project has a planned investment of RMB 5.60 billion, with a total construction area of approximately 303,634 square meters[38]. - The company invested RMB 600 million in the "Liankang City" real estate development project, with a total construction area of approximately 434,661.48 square meters[50]. - The company invested RMB 168 million in the "Honghe Dijing" real estate development project, covering a total area of approximately 82,796.52 square meters[53]. - The company is involved in the "Nanshan New City" land development project with a total funding commitment of up to RMB 7.5379 billion[56]. - The company has completed construction and acceptance of 25 buildings in the Honggui Garden Project, with all units delivered to customers[101]. - In the Classic City Development Project, 99% of the exterior wall finishes are completed, and 98% of the indoor public area renovations are finished[102]. Risk Management and Compliance - The company reported a significant risk of being subject to delisting warnings due to the audit report issued by the accounting firm[8]. - The company has acknowledged major internal control deficiencies as noted in the audit report[9]. - The company plans to enhance risk management in 2021 by improving internal controls for the PPP model projects and ensuring timely recovery of funds from cooperative investment projects[137]. - The company emphasizes the importance of adhering to regulatory requirements for information disclosure to maintain transparency and protect investor interests[133]. - The company has engaged an independent valuation firm to assess the fair value of joint investment projects and subsidiaries[163]. - The company has taken measures to ensure that any business opportunities that may compete with Guangdong Mingzhu are reported and transferred to the company[150]. - The company has emphasized the importance of maintaining the interests of minority shareholders in its operations[150]. Corporate Governance - The company has appointed Huaxing Accounting Firm for the 2020 audit, replacing Guangdong Zhengzhong Zhujiang Accounting Firm, with an audit fee of RMB 700,000[171]. - The actual controller has provided a letter of commitment to guarantee the repayment of any funds occupied by related parties, ensuring financial security for the company[166]. - The board of directors is taking measures to address the issues raised in the audit report to ensure the company's sustainable development[161]. - The company has engaged Guangdong Zhongguangxin Asset Appraisal Co., Ltd. to assess the fair value of its equity investments, respecting the independent judgment of the appraisal firm[164]. - The company has no significant litigation or arbitration matters during the reporting period, indicating a stable legal standing[172]. Social Responsibility - The company donated RMB 16,600,000.00 for poverty alleviation efforts in 2020, which was fully invested as registered capital in an industry poverty alleviation company[185]. - The company donated RMB 1 million to support COVID-19 prevention efforts, reflecting its commitment to social responsibility[190]. - The company is not listed as a key pollutant discharge unit in the 2020 Meizhou environmental protection directory[188]. - The company has not experienced any incidents detrimental to social and economic development or environmental protection[190].

Financial Performance - Net profit attributable to shareholders decreased by 26.23% to CNY 81,526,623.82 year-on-year[5] - Operating revenue fell by 57.56% to CNY 72,527,795.99 compared to the same period last year[5] - Basic earnings per share decreased by 44.44% to CNY 0.10 compared to the same period last year[5] - Operating revenue decreased by 57.56% year-on-year to approximately ¥72.53 million, primarily due to the reclassification of income under the new revenue recognition standards[15] - Operating profit decreased to ¥111,536,563.48, down 28.0% from ¥154,792,595.81 in the same quarter last year[61] - Net profit for Q1 2021 was ¥78,543,399.41, a decline of 32.88% compared to ¥117,086,246.55 in Q1 2020[61] Cash Flow - Cash flow from operating activities turned negative at CNY -242,253,976.17, a decrease of 954.34% year-on-year[5] - Net cash flow from operating activities decreased by 954.34% year-on-year to approximately -¥242.25 million, mainly due to the reclassification of cooperative profit income[15][16] - The total cash inflow from operating activities was 68,131,545.17 RMB, down 64.4% from 191,856,260.33 RMB in the same period last year[65] - The company incurred cash outflows of 310,385,521.34 RMB in operating activities, which is an increase of 89.5% compared to 163,500,558.44 RMB in Q1 2020[66] - Cash and cash equivalents at the end of Q1 2021 were 68,420,148.85 RMB, down from 214,723,345.97 RMB at the end of Q1 2020, reflecting a decrease of 68.3%[67] - The company experienced a net decrease in cash and cash equivalents of 9,917,208.01 RMB in Q1 2021, contrasting with an increase of 113,203,876.88 RMB in Q1 2020[67] Assets and Liabilities - Total assets increased by 0.95% to CNY 8,217,246,324.92 compared to the end of the previous year[5] - Total current assets increased to ¥6,464,477,952.92 as of March 31, 2021, compared to ¥6,374,704,615.22 at the end of 2020, reflecting a growth of approximately 1.4%[54] - Total liabilities decreased slightly to ¥1,089,650,226.77 from ¥1,091,014,119.80, indicating a reduction of about 0.1%[56] - Total liabilities increased to ¥647,122,728.38 from ¥614,778,734.82, marking a rise of approximately 5.0% year-over-year[59] - Non-current liabilities rose to ¥256,313,828.07 from ¥193,613,828.07, an increase of 32.4%[59] Investments - The company has committed to invest RMB 5.90 billion in the "Honggui Garden" real estate development project, covering a total construction area of approximately 586,600 square meters[24] - The "Classic Ming City" real estate development project involves an investment of RMB 5.60 billion, with a total planned construction area of approximately 303,634 square meters[27] - The "Yijing Garden" real estate development project has an investment of RMB 3.00 billion, covering a total construction area of approximately 198,861 square meters[31] - The company invested CNY 210 million in the "Taining Huafu" real estate development project, with a total construction area of approximately 50,417.47 square meters[35] - The company invested CNY 600 million in the "Liankang City" real estate development project, with a total construction area of approximately 434,661.48 square meters[39] - The company invested CNY 168 million in the "Honghe Dijing" real estate development project, with a total construction area of approximately 82,796.52 square meters[42] Project Management and Compliance - The company has established joint supervision accounts for project funds and sales revenues to ensure financial oversight[28][31] - The company is focused on risk management and compliance with contractual obligations to secure its investment returns[29][30] - The company has agreements in place to ensure the safety of its investments through guarantees from the partners and their controlling shareholders[26][30] - The company has signed a debt settlement agreement with 正和房地产, which will terminate the cooperation contract upon completion of the required procedures[45] Shareholder Information - The number of shareholders reached 39,305 at the end of the reporting period[10] - The company has established a profit distribution rate of 18% based on actual contributions for both the "Honggui Garden" and "Classic Ming City" projects[25][28]

Financial Performance - Operating revenue decreased by 47.55% to CNY 522,878,032.44 for the first nine months compared to the same period last year[5] - Net profit attributable to shareholders increased by 1.15% to CNY 328,487,120.87 year-on-year[5] - Basic and diluted earnings per share decreased by 22.22% to CNY 0.42[5] - Total operating revenue for Q3 2020 was approximately ¥169.53 million, a significant decrease of 73.16% compared to ¥630.19 million in Q3 2019[66] - Net profit for Q3 2020 was approximately ¥112.67 million, down 64.80% from ¥320.00 million in Q3 2019[67] - Total comprehensive income for the first three quarters of 2020 was ¥311,888,287.23, a decrease of 4.3% from ¥325,959,391.02 in the same period of 2019[72] Cash Flow - The net cash flow from operating activities showed a significant decline of 103.59%, resulting in a negative cash flow of CNY -15,282,547.27[5] - Cash flow from operating activities for the first three quarters of 2020 was ¥572,972,038.06, significantly lower than ¥1,080,005,401.98 in the same period of 2019[73] - The net cash flow from operating activities for Q3 2020 was -15,282,547.27 RMB, a significant decrease compared to 425,211,843.28 RMB in Q3 2019[74] - Total cash inflow from operating activities for Q3 2020 was 578,124,863.30 RMB, while cash outflow was 593,407,410.57 RMB, resulting in a net cash flow deficit[74] - The net cash flow from financing activities for Q3 2020 was -24,903,046.75 RMB, compared to -31,868,630.95 RMB in Q3 2019, showing a reduction in cash outflow[75] Assets and Liabilities - Total assets increased by 4.65% to CNY 8,151,085,175.99 compared to the end of the previous year[5] - Cash and cash equivalents decreased by 46.81% to CNY 53,998,717.29 compared to the beginning of the year[12] - The company's current assets totaled RMB 4,564,796,161.97, compared to RMB 3,841,440,752.99 in the previous year, indicating a growth of approximately 18.8%[59] - The total liabilities increased to RMB 1,221,441,925.15 from RMB 1,160,223,704.46, representing an increase of approximately 5.3%[61] - The company's equity attributable to shareholders rose to RMB 6,288,688,630.30 from RMB 6,000,413,839.33, marking an increase of about 4.8%[61] Investments - Investment income increased by 367.48%, from ¥4,820,256.00 to ¥22,533,499.20, attributed to increased investment income recognized from equity investments[16] - The company has invested approximately ¥420,157.20 million in the South City Project as of September 30, 2020, with ¥175,540.62 million allocated for land acquisition and ¥244,616.58 million for construction costs[20] - The company has received investment compensation funds of ¥92,481.06 million related to land development business income as of September 30, 2020[20] - The company has invested a total of RMB 1.68 billion in the "Honghe Dijing" real estate development project, with a total construction area of approximately 82,796.52 square meters[43] Shareholder Information - The total number of shareholders reached 28,852 by the end of the reporting period[9] - The company distributed a cash dividend of RMB 0.60 per 10 shares, totaling RMB 36,412,329.90, and increased its total share capital by 182,061,650 shares through capital reserve conversion, raising total shares to 788,933,815[53] - The company’s capital (or share capital) increased by 30.00% compared to the end of the previous year, due to capital reserve being converted into share capital as per the 2019 profit distribution plan[13] Project Development - The "Honggui Garden" real estate development project has a total planned construction area of approximately 586,600 square meters, with an investment of CNY 590 million[26] - The "Classic City" real estate development project has a total planned construction area of approximately 303,634 square meters, with an investment of CNY 560 million[29] - The company is committed to ensuring that at least 6,000 acres of residential and commercial land will be made available for sale through public bidding during the development cycle[25] - The company has completed various construction phases for multiple infrastructure projects, including schools and roads, with ongoing acceptance and settlement procedures[22] Financial Ratios - The weighted average return on equity decreased by 0.44 percentage points to 5.34%[5] - Financial expenses increased by 26.06%, mainly due to higher borrowing costs from financial institutions[16] - Operating costs decreased by 87.79%, from ¥242,254,724.12 to ¥29,579,719.75, primarily due to the absence of land auction costs in the current period[16]

Financial Performance - The company's operating revenue for the first half of 2020 was approximately RMB 353.35 million, a decrease of 3.65% compared to RMB 366.72 million in the same period last year[17]. - The net profit attributable to shareholders of the listed company was approximately RMB 218.04 million, an increase of 1.69% from RMB 214.41 million year-on-year[17]. - The net profit after deducting non-recurring gains and losses was approximately RMB 228.00 million, reflecting a growth of 7.37% compared to RMB 212.35 million in the previous year[17]. - Basic earnings per share for the first half of 2020 were RMB 0.28, a decrease of 20.00% compared to RMB 0.35 in the same period last year[18]. - The weighted average return on net assets was 3.57%, a decrease of 0.29 percentage points compared to 3.86% in the previous year[18]. - Operating profit reached ¥323,684,836.10, an increase of 7.22% year-on-year[53]. - Total profit amounted to ¥310,477,727.26, reflecting a growth of 1.92% compared to the previous year[53]. - Net profit was ¥228,865,186.63, showing a slight decline of 0.38% year-on-year[53]. - The company achieved operating revenue of ¥353,347,072.49, a decrease of 3.65% compared to the same period last year[61]. - The company reported a comprehensive income total of 214,409,126.13 CNY for the current period[176]. Cash Flow and Assets - The net cash flow from operating activities was RMB 2.09 million, a significant decrease of 99.02% from RMB 212.91 million in the same period last year[17]. - Cash and cash equivalents increased by 118.35% compared to the end of the previous year, primarily due to the recovery of investment funds[49]. - The company reported a decrease in accounts receivable from RMB 38,232,127.16 to RMB 2,247,590.80, a decline of approximately 94.1%[141]. - The company's cash and cash equivalents reached RMB 221,670,858.69, compared to RMB 101,519,469.09 at the end of 2019, reflecting a significant increase of approximately 118.5%[141]. - The total amount invested in cooperative projects reached CNY 2,633,470,296.00, with an impairment provision balance of CNY 80,420,500.00 as of the reporting period[76]. - The total assets at the end of the reporting period were approximately RMB 8.14 billion, an increase of 4.53% from RMB 7.79 billion at the end of the previous year[17]. - The total liabilities were RMB 1,324,573,946.41, compared to RMB 1,160,223,704.46, marking an increase of around 14.1%[142]. - The company's total equity reached CNY 5,875,977,499.09, up from CNY 5,629,109,464.00, indicating an increase of 4.4%[148]. Investments and Projects - The company is involved in PPP model projects and real estate development, with a significant investment of RMB 590 million in the "Honggui Garden" project, covering a total construction area of approximately 586,600 square meters[24]. - The company invested RMB 5.90 billion in the Honggui Garden development project, with a profit distribution rate of 18% based on actual contributions[25]. - The company has committed RMB 5.60 billion to the Classic City real estate development project, with a similar profit distribution rate of 18%[28]. - The company increased its investment in the Yijing Garden project to a total of RMB 6.00 billion, maintaining an 18% profit distribution rate[32]. - The company has established joint supervision accounts for project funds and sales revenues in all cooperative investment contracts[25][28][31]. - The company expects to recover all investments and related profits from Hongyuan Real Estate by November 15, 2021[27]. - The total planned construction area for the Classic City project is approximately 303,633.98 square meters[26]. - The "Liankang City" real estate development project involves an investment of RMB 600 million by the Land Company, with a total construction area of approximately 434,661.48 square meters[38]. Risk Management - The company has outlined risk management measures to ensure the recovery of investments in all projects[27][30][33]. - The company faces risks related to project cooperation, market competition, and potential impacts from the COVID-19 pandemic on its operations and financial results[100]. - The company plans to enhance risk management and internal controls for its PPP model projects and trade operations to mitigate potential losses[101]. Shareholder and Governance - The company will not distribute profits or increase capital reserves in the first half of 2020[104]. - The company has committed to ensuring the fairness and transparency of related party transactions according to market principles and fair pricing[111]. - The company has confirmed that all commitments made by its actual controller have been fulfilled[105]. - The company guarantees the independence of its assets and financial management post-equity change, ensuring no mixed operations or unclear asset situations[107]. - The company has appointed Huaxing Accounting Firm as the auditor for the 2020 financial report, replacing Zhengzhong Zhujiang Accounting Firm[112]. - The company has not disclosed any significant related party transactions during the reporting period[117]. Market Strategy - The company continues to engage in PPP model projects for land development, which is expected to provide stable income[48]. - The company has maintained a focus on value investment across various sectors, including wine, iron ore, finance, and automotive manufacturing[47]. - The company plans to continue expanding its market presence and invest in new product development[178]. - The company is focusing on strategic acquisitions to bolster its market position and drive growth[178].

Financial Performance - In 2019, the company's operating income reached ¥1,186,105,451.13, representing a 65.08% increase compared to ¥718,506,577.57 in 2018[22] - The net profit attributable to shareholders was ¥371,003,912.38, a decrease of 4.42% from ¥388,142,365.08 in the previous year[22] - The net cash flow from operating activities significantly improved to ¥393,405,597.42, up 110.04% from ¥187,302,116.48 in 2018[23] - Total assets increased by 12.00% to ¥7,788,548,910.82 at the end of 2019, compared to ¥6,954,318,268.58 at the end of 2018[23] - The company's net assets attributable to shareholders rose to ¥6,000,413,839.33, marking a 9.69% increase from ¥5,470,541,582.71 in 2018[23] - Basic earnings per share for 2019 decreased by 4.69% to CNY 0.61 compared to CNY 0.64 in 2018[24] - Diluted earnings per share for 2019 also decreased by 4.69% to CNY 0.61 compared to CNY 0.64 in 2018[24] - The weighted average return on equity decreased by 0.95 percentage points to 6.40% in 2019 from 7.35% in 2018[24] - The net profit attributable to shareholders for Q4 2019 was CNY 46,252,940.97, a significant decrease compared to previous quarters[26] - The total operating income for Q4 2019 was CNY 189,197,439.61, showing fluctuations throughout the year[26] Investment Projects - The company is involved in PPP projects and real estate development, with a total investment of CNY 590 million in the "Hongguiyuan" project[34] - The "Hongguiyuan" project has a total construction area of approximately 586,600 square meters, with two phases of development[34] - The company has established a cooperative investment contract with a profit distribution rate of 18% on the actual investment amount[35] - The company invested RMB 5.60 billion in the "Classic City" real estate development project, covering a total area of 62,886.26 square meters and a total construction area of 303,633.98 square meters[37] - The company has committed to invest RMB 3.00 billion in the "Yijing Garden" real estate development project, which spans approximately 48,394 square meters with a total construction area of about 198,861 square meters[41] - The company increased its investment in the "Yijing Garden" project to a total of RMB 6.00 billion after a supplementary agreement[43] - The "Taining Huafu" real estate development project involves an investment of RMB 2.10 billion, with a land area of approximately 15,072.00 square meters and a total construction area of about 50,417.47 square meters[44] - The company has established a profit distribution rate of 18% for the "Classic City" project, ensuring profit allocation based on actual contributions[38] - The company has set a profit distribution rate of 18% for the "Yijing Garden" project, with a similar structure for profit allocation[42] - The company requires full repayment of investments and related profits by November 15, 2021, from both "Classic City" and "Yijing Garden" projects[40][44] Risk Management - The company emphasizes the importance of risk awareness regarding future plans and market conditions[6] - The company has implemented risk management measures to ensure the safety of investments in the "Classic City" and "Yijing Garden" projects[39][43] - The company has established joint supervision accounts for project funds and sales revenues to ensure financial security during the investment period[38][42] - The company faces risks related to potential delays in land acquisition and project development due to the COVID-19 pandemic[141] - The company has implemented measures to strengthen customer credit evaluation and contract management to mitigate trade risks[143] Shareholder Returns - The proposed cash dividend is ¥0.6 per 10 shares, totaling ¥36,412,329.90, which accounts for 11.44% of the distributable profit[5] - The company plans to increase its total share capital by 182,061,650 shares through a capital reserve transfer, raising the total share capital to 788,933,815 shares[5] - The independent directors have expressed that the cash dividend level is reasonable and aligns with the company's actual situation and policies[149] - The company’s retained earnings after the dividend distribution will be RMB 2,689,714,776.69, carried over to 2020[149] - The company plans to distribute cash dividends amounting to no less than 10% of the distributable profits each year, with a cumulative distribution of no less than 30% of the average annual distributable profits over the last three years[162] Financial Health - The company's cash and cash equivalents increased by 158.44% compared to the previous year, primarily due to the land auction revenue received from the government for the South New Town project[59] - Accounts receivable decreased by 44.16% year-over-year, attributed to the recovery of trade receivables and adjustments related to land auction income[59] - Prepayments increased by 745.82% compared to the previous year, mainly due to increased advance payments for procurement as per trade contracts[59] - The company reported a 2,056.52% increase in advance receipts, reflecting the collection of trade payments as per contractual agreements[60] - Short-term borrowings rose by 35.28% compared to the previous year, primarily due to increased bank loans[60] Compliance and Governance - The audit report issued by Guangdong Zhengzhong Zhujiang Accounting Firm confirmed the accuracy and completeness of the financial statements[4] - The company emphasizes the importance of adhering to regulatory requirements for information disclosure to enhance transparency and investor trust[138] - The company has implemented corrective measures in response to regulatory decisions from the Guangdong Securities Regulatory Bureau and the Shanghai Stock Exchange[167] - The company has not encountered any significant accounting errors or changes in accounting estimates that would impact its financial statements[163] - The company has committed to using all funds raised from the non-public offering for the development of the first phase of land in the southern new city of Xingning and related public facilities[158] Social Responsibility - The company donated RMB 14,951,900.00 for targeted poverty alleviation, which helped establish a local agricultural development company[186] - The company donated RMB 1 million to support COVID-19 prevention efforts, reflecting its commitment to social responsibility[190] - The company actively complied with national laws and regulations, contributing to local economic development and job creation[190]

Financial Performance - Operating income decreased by 1.24% to CNY 170,914,847.79 year-on-year[6] - Net profit attributable to shareholders increased by 7.50% to CNY 110,515,963.62 compared to the same period last year[6] - Basic earnings per share rose by 5.88% to CNY 0.18[6] - The weighted average return on net assets decreased by 0.04 percentage points to 1.82%[6] - Operating revenue decreased by 1.24% to CNY 170,914,847.79 compared to CNY 173,055,331.49 in the same period last year[15] - Operating costs significantly reduced by 72.87% to CNY 4,566,915.63, primarily due to a decrease in trade income[15] - Financial expenses increased by 29.44% to CNY 7,149,671.86, mainly due to higher borrowing costs from financial institutions[15] - Total revenue for Q1 2020 was ¥170,914,847.79, a decrease of 0.66% compared to ¥173,055,331.49 in Q1 2019[68] - Net profit for Q1 2020 was ¥117,086,246.55, an increase of 5.3% from ¥110,616,020.70 in Q1 2019[68] - Earnings per share for Q1 2020 was ¥0.18, up from ¥0.17 in the same period last year[69] Cash Flow and Liquidity - Net cash flow from operating activities decreased significantly by 81.08% to CNY 28,355,701.89[6] - Net cash flow from investing activities improved by 92.61% to CNY -11,216,582.53, due to reduced payments for cooperative investment[19] - Net cash flow from financing activities increased significantly to CNY 96,064,757.52, reflecting higher borrowings from financial institutions[19] - Cash and cash equivalents increased by 111.51% to CNY 214,723,345.97 compared to the end of the previous year[13] - The company's cash and cash equivalents showed a slight increase, indicating improved liquidity management[66] - Cash inflow from operating activities for Q1 2020 was CNY 84,610,143, a decrease of 10.4% compared to CNY 94,452,906 in Q1 2019[75] - Cash outflow for purchasing goods and services decreased significantly to CNY 2,807,619 in Q1 2020, down 83.2% from CNY 16,724,425 in Q1 2019[75] - Cash inflow from financing activities totaled CNY 130,000,000 in Q1 2020, compared to CNY 23,500,000 in Q1 2019, marking a substantial increase of 451.1%[76] Assets and Liabilities - Total assets increased by 3.43% to CNY 8,055,860,960.76 compared to the end of the previous year[6] - The company's current assets reached CNY 4,235,633,845.75, up from CNY 3,841,440,752.99 in the previous year, indicating a growth of approximately 10.3%[62] - The total liabilities increased to CNY 1,310,449,507.85 from CNY 1,160,223,704.46, representing a rise of about 12.9%[64] - The total equity attributable to shareholders rose to CNY 6,110,929,802.95 from CNY 6,000,413,839.33, marking an increase of approximately 1.8%[64] - Total liabilities decreased to ¥659,978,771.56 from ¥702,941,216.17, a reduction of approximately 6.1%[67] Investments and Projects - The company has invested approximately CNY 393,116.20 million in the South City Project, with CNY 172,540.46 million allocated for land acquisition and CNY 220,575.74 million for construction costs[24] - The company has made progress in infrastructure projects, including the completion of a kindergarten and ongoing work on primary and secondary schools[26] - The company invested ¥590 million in the "Honggui Garden" real estate development project, covering a total construction area of approximately 586,600 square meters[30] - The "Classic Ming City" real estate development project received an investment of ¥560 million, with a total planned construction area of 303,633.98 square meters[34] - The company invested RMB 3.00 billion in the "Yijing Garden" real estate development project, with a total construction area of approximately 198,861 square meters[38] - The company invested RMB 2.10 billion in the "Taining Huafu" real estate development project, covering an area of approximately 50,417.47 square meters[42] - The company has invested RMB 6.00 billion in the "Liankang City" real estate development project, with a total construction area of approximately 434,661.48 square meters[46] Risk Management and Compliance - The company has outlined a risk management strategy to ensure full recovery of investments and profits from cooperative projects[49] - The company has established a joint supervision account for the management of project funds and sales revenue in the cooperative investment projects[32] - The company has committed to recover the full investment and related profits from Qisheng Industrial by November 15, 2021[49] - The company is currently adjusting the overall planning scheme for the LianKang City development project, with geological surveys for the sixth phase completed at 95%[58] - The impact of the COVID-19 pandemic has caused delays in project progress for six cooperative partners[58] Government Relations and Commitments - The company has a commitment from the government to provide at least 6,000 acres of residential and commercial land for auction in the South New Town project[29] - The government has agreed to expedite land acquisition and infrastructure development in the South New Town area to enhance land value[29] - The company has the right to request compensation from the government if any part of the land designated for auction is not sold as residential or commercial land[29] - The company aims to accelerate the progress of land transfers and infrastructure development in the South New Town project[29]

Financial Performance - The company's operating revenue for 2019 was CNY 1,186,105,451.13, representing a 65.08% increase compared to CNY 718,506,577.57 in 2018[22] - The net profit attributable to shareholders of the listed company was CNY 371,003,912.38, a decrease of 4.42% from CNY 388,142,365.08 in the previous year[22] - The net profit after deducting non-recurring gains and losses was CNY 373,628,125.07, an increase of 21.06% compared to CNY 308,642,314.17 in 2018[23] - The net cash flow from operating activities was CNY 393,405,597.42, a significant increase of 110.04% from CNY 187,302,116.48 in 2018[23] - Basic earnings per share for 2019 decreased by 4.69% to CNY 0.61 compared to CNY 0.64 in 2018[24] - Diluted earnings per share for 2019 also decreased by 4.69% to CNY 0.61 compared to CNY 0.64 in 2018[24] - The weighted average return on equity decreased by 0.95 percentage points to 6.40% in 2019 from 7.35% in 2018[24] - The net profit attributable to shareholders for Q4 2019 was CNY 46,252,940.97, a significant drop compared to previous quarters[26] - The total operating income for Q4 2019 was CNY 189,197,439.61, showing fluctuations throughout the year[26] Assets and Investments - As of the end of 2019, the total assets amounted to CNY 7,788,548,910.82, reflecting a 12.00% increase from CNY 6,954,318,268.58 at the end of 2018[23] - The net assets attributable to shareholders of the listed company were CNY 6,000,413,839.33, which is a 9.69% increase from CNY 5,470,541,582.71 in 2018[23] - The company engaged in PPP projects and real estate development, with a total investment of CNY 590 million in the "Hongguiyuan" project[35] - The company invested RMB 5.60 billion in the "Classic City" real estate development project, with a total planned area of 62,886.26 square meters and a total construction area of 303,633.98 square meters[38] - The company has committed to invest RMB 3.00 billion in the "Yijing Garden" real estate development project, covering an area of approximately 48,394 square meters and a total construction area of approximately 198,861 square meters[42] - The company increased its investment in the "Yijing Garden" project to a total of RMB 6.00 billion[44] - The "Taining Huafu" real estate development project involves an investment of RMB 2.10 billion, with a land area of approximately 15,072.00 square meters and a total construction area of approximately 50,417.47 square meters[46] - The company invested RMB 600 million in the "Liankang City" real estate development project, with a total construction area of approximately 434,661.48 square meters[48] - The company invested RMB 168 million in the "Honghe Dijing" real estate development project, covering an area of approximately 82,796.52 square meters[52] Profit Distribution and Dividends - The company proposed a cash dividend of CNY 0.6 per 10 shares, totaling CNY 36,412,329.90, which accounts for 11.44% of the distributable profit for the year[5] - The company plans to distribute cash dividends of no less than 10% of the distributable profits each year, with a cumulative distribution of no less than 30% of the average annual distributable profits over the last three years[156] - The company’s cumulative undistributed profits after the 2019 dividend distribution will be 2,689,714,776.69 RMB, to be carried over to the 2020 fiscal year[149] - The independent directors confirmed that the cash dividend levels are reasonable and align with the company's long-term sustainable dividend policy[149] Risk Management and Compliance - The company has detailed the risks it faces in the annual report, urging investors to pay attention to these risks[7] - The company has implemented risk management measures to ensure the full recovery of investments and profits from the "Classic City" and "Yijing Garden" projects[40][44] - The company emphasizes compliance with securities regulations to enhance the quality of information disclosure and maintain investor relations[138] - The company will implement measures to track and manage risks associated with joint investment projects and ensure the recovery of investment costs[142] Corporate Governance and Social Responsibility - The company is committed to building a vibrant enterprise while contributing to society and creating greater value for shareholders[135] - The company donated RMB 14,951,900.00 for targeted poverty alleviation, which helped establish a local agricultural development company[190] - The company donated RMB 1 million to support COVID-19 prevention efforts in February 2020, reflecting its commitment to social responsibility[194] Financial Reporting and Auditing - The company has appointed Guangdong Zhengzhong Zhujiang Accounting Firm as its auditor, with a remuneration of RMB 700,000[164] - The company has implemented new financial instrument standards, which require the classification of financial assets into three categories based on their business model and cash flow characteristics[159] - The new expected credit loss model has replaced the previous incurred loss model for financial assets measured at amortized cost[159] - The company has made adjustments to its financial statements in accordance with the new accounting standards, including the separation of accounts receivable and notes receivable[162] Project Development and Collaboration - The company is involved in the "Xingning South New City" land development project, with a total funding commitment of up to RMB 7.5379 billion[57] - The company is actively collaborating with local government to enhance infrastructure and public facilities in the Nancheng project area[73] - The company has completed construction and handover of several educational facilities, including kindergartens and schools, as part of the Nancheng project[67] - The company signed multiple cooperation agreements for real estate development projects, including "Honggui Garden" and "Classic Ming City" in 2019[184][185]

Financial Performance - Operating revenue for the first nine months reached CNY 996,908,011.52, a 102.28% increase year-on-year[5] - Net profit attributable to shareholders increased by 11.50% to CNY 324,750,971.41 for the first nine months[5] - The net profit after deducting non-recurring gains and losses increased by 47.89% to CNY 318,564,275.82[5] - Total revenue for Q3 2019 reached ¥630,185,881.47, a significant increase from ¥174,040,342.66 in Q3 2018, representing a growth of approximately 262.5%[62] - Operating profit for Q3 2019 was ¥421,165,954.95, compared to ¥152,545,635.21 in Q3 2018, indicating a year-over-year increase of about 176.5%[63] - Net profit for Q3 2019 amounted to ¥320,004,680.25, up from ¥118,012,218.33 in Q3 2018, reflecting a growth of approximately 171.6%[63] - The total comprehensive income attributable to the parent company for Q3 2019 was ¥110,341,845.28, compared to ¥109,242,691.42 in Q3 2018, showing a slight increase of 1.01%[65] Cash Flow and Liquidity - The net cash flow from operating activities surged to CNY 425,211,843.28, a significant increase of 6,551.31% compared to the same period last year[5] - Cash and cash equivalents increased by 573.77% compared to the beginning of the year, reaching ¥264,669,644.12, primarily due to land auction revenue from the government[12] - The cash flow from operating activities for the first three quarters of 2019 was ¥1,080,005,401.98, significantly higher than ¥541,500,893.00 in the same period of 2018, indicating an increase of 99.49%[69] - The ending cash and cash equivalents balance was CNY 258,766,514.26, compared to CNY 6,876,016.56 at the end of the same quarter last year[71] - The net increase in cash and cash equivalents for Q3 2019 was CNY 224,686,418.24, contrasting with a decrease of CNY 116,578,879.81 in the previous year[71] Assets and Liabilities - Total assets increased by 8.36% to CNY 7,535,903,258.74 compared to the end of the previous year[5] - The company's current assets totaled approximately 5.855 billion CNY, compared to 3.453 billion CNY at the end of 2018, indicating significant growth[55] - The total liabilities of the company were approximately 1.146 billion CNY, compared to 1.079 billion CNY at the end of 2018[57] - The company reported a short-term loan of 350 million CNY, an increase from 281.3 million CNY at the end of 2018[57] - The company has a total of 1.987 billion CNY in non-current assets due within one year, indicating a significant portion of its long-term investments are maturing soon[55] Shareholder Information - The total number of shareholders reached 26,767 by the end of the reporting period[10] - The largest shareholder, Shenzhen Jinxin'an Investment Co., Ltd., holds 24.55% of the shares, with 60,162,683 shares pledged[10] - The company's paid-in capital increased by 30.00% to ¥606,872,165.00, due to capital reserve conversion[13] Investment and Development Projects - The company has invested approximately ¥367,704.09 million in the South New Town project as of September 30, 2019, with ¥168,230.30 million for land acquisition and ¥199,473.79 million for construction costs[22] - The company has invested ¥5.90 billion in the "Honggui Garden" real estate development project, covering a total construction area of approximately 586,600 square meters[28] - The company has also invested ¥5.60 billion in the "Classic City" real estate development project, with a total construction area of 303,633.98 square meters[30] - The company has established joint supervision accounts for project funds and sales revenue across all development projects to ensure financial security[37] Market Strategy and Future Plans - The company is actively pursuing real estate development projects in Guangdong Province, indicating a strategy for market expansion[36] - The company plans to expand its market presence and explore potential mergers and acquisitions to drive future growth[63] - The company is planning a non-public stock issuance, although specific details have not been finalized[50]