Financial Performance - The company's operating revenue for Q3 2022 was ¥3,683,689,071.61, a decrease of 24.20% compared to the same period last year[4]. - Net profit attributable to shareholders for Q3 2022 was ¥711,801,930.27, an increase of 264.15% year-on-year[4]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥71,048,221.00, a decrease of 141.20% compared to the same period last year[4]. - Basic earnings per share for Q3 2022 was ¥0.46, an increase of 253.85% year-on-year[5]. - Total operating revenue for the first three quarters of 2022 was CNY 11,610,064,132.14, a decrease of 23.4% compared to CNY 15,158,128,525.86 in the same period of 2021[19]. - Total operating costs for Q3 2022 were CNY 11.21 billion, a decrease from CNY 14.26 billion in Q3 2021, representing a reduction of approximately 21.5%[20]. - Net profit for Q3 2022 reached CNY 995.02 million, up from CNY 605.48 million in Q3 2021, indicating an increase of about 64.3%[21]. - The company reported a total profit of CNY 1.39 billion for Q3 2022, significantly higher than CNY 876.80 million in Q3 2021, marking an increase of about 58.5%[20]. - The company’s total comprehensive income for Q3 2022 was CNY 994.27 million, compared to CNY 615.95 million in Q3 2021, indicating an increase of approximately 61.5%[21]. Assets and Liabilities - Total assets at the end of Q3 2022 were ¥66,507,875,356.25, a decrease of 0.78% from the end of the previous year[5]. - Current assets totaled CNY 54,327,343,851.59 as of September 30, 2022, slightly down from CNY 54,426,151,614.27 at the end of 2021[16]. - The company's total assets were CNY 66,507,875,356.25, a slight decrease from CNY 67,027,801,818.87[18]. - Total liabilities decreased to CNY 52,396,805,306.25 from CNY 53,858,145,266.70, reflecting a decline of 2.7%[18]. - Non-current assets amounted to CNY 12,180,531,504.66, down from CNY 12,601,650,204.60, a decrease of 3.3%[17]. - The company's cash and cash equivalents decreased to CNY 2,277,015,769.79 from CNY 2,964,081,159.31, representing a decline of 23.2%[16]. - Accounts receivable stood at CNY 4,138,507,406.94, down from CNY 4,512,824,341.44, indicating a reduction of 8.3%[16]. - The company reported a decrease in short-term borrowings to CNY 4,276,962,723.39 from CNY 4,412,911,532.41, a reduction of 3.1%[17]. Cash Flow - The company reported a cash flow from operating activities of -¥1,296,278,631.95 for the year-to-date period[4]. - The company reported a net cash flow from operating activities of -CNY 1.30 billion for the first nine months of 2022, an improvement from -CNY 1.61 billion in the same period of 2021[24]. - Cash and cash equivalents at the end of Q3 2022 stood at CNY 1.52 billion, down from CNY 2.04 billion at the end of Q3 2021, reflecting a decrease of approximately 26.0%[25]. - Investment activities generated a net cash inflow of CNY 734.20 million in Q3 2022, compared to CNY 490.96 million in Q3 2021, an increase of approximately 49.6%[25]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 38,695[11]. - The largest shareholder, Lai Zhenyuan, holds 413,895,952 shares, accounting for 27.0% of total shares[11]. - The top ten shareholders include several related parties, indicating potential influence on company decisions[12]. - The company has not disclosed any related party transactions among the top ten shareholders beyond familial relationships[12]. - The company has not reported any financing or margin trading activities during the reporting period[12]. Goodwill and Acquisitions - The goodwill increased by 73.71% due to the acquisition of Zhejiang Jinkun Company by subsidiary Longyuan Shenghong[8]. - The goodwill increased to CNY 95,328,285.26 from CNY 54,878,285.26, reflecting an increase of 73.7%[17]. Guarantees and Contracts - The company has secured new business contracts totaling 7.065 billion RMB from January to September 2022[13]. - The company approved a maximum guarantee amount of 3.837 billion RMB for its subsidiaries during the annual shareholders' meeting[14]. - The company adjusted the unused guarantee amounts for its subsidiaries, reallocating a total of 639.9 million RMB[14]. - The company provided a guarantee of 375 million RMB for loans to Weifang Mingbo and other subsidiaries[14]. Audit and Financial Statements - The financial statements for the third quarter of 2022 are not subject to audit opinions[15].

Financial Performance - The company's operating revenue for the first half of 2022 was approximately ¥7.93 billion, a decrease of 23.03% compared to ¥10.30 billion in the same period last year[15]. - Net profit attributable to shareholders for the first half of 2022 was approximately ¥256.75 million, down 37.26% from ¥409.23 million in the previous year[15]. - Basic earnings per share decreased by 37.04% to ¥0.17 from ¥0.27 in the same period last year[15]. - The weighted average return on net assets decreased to 2.11%, down 1.42 percentage points from 3.53% in the previous year[15]. - The net cash flow from operating activities was negative at approximately -¥622.41 million, compared to -¥584.66 million in the same period last year[15]. - Total assets at the end of the reporting period were approximately ¥65.55 billion, a decrease of 2.21% from ¥67.03 billion at the end of the previous year[15]. - The net assets attributable to shareholders increased by 1.61% to approximately ¥12.25 billion from ¥12.06 billion at the end of the previous year[15]. - The company reported a decrease of 34.35% in net profit after deducting non-recurring gains and losses, amounting to approximately ¥222.59 million compared to ¥339.07 million last year[15]. - The company achieved total operating revenue of CNY 792,637.51 million in the first half of 2022, a year-on-year decrease of 23.03%[39]. - The net profit attributable to shareholders was CNY 25,674.81 million, down 37.26% year-on-year[39]. Investments and Projects - The company has completed nearly 40 billion yuan in investments in the infrastructure sector, covering 14 fields including municipal, transportation, water conservancy, and education[25]. - The company has developed a high-performance prefabricated steel structure building product system, S-SYSTEM, which can achieve an assembly rate of up to 95% and reduce construction time by up to 40% compared to traditional methods[27]. - The company is developing a 300-acre prefabricated construction technology industrial park in Xuancheng, expected to serve 1 million square meters of green building products upon completion[43]. - The company signed strategic cooperation agreements with local governments in Huainan and Weinan for photovoltaic new energy investment and development, aiming to actively expand distributed photovoltaic business in rural areas[73]. Market Position and Reputation - The company is positioned as a leading private enterprise in the construction industry, consistently ranking among the top 500 private enterprises in China[19]. - The company has maintained a strong brand presence, being listed among the "Top 500 Private Enterprises in China" for 10 consecutive years and the "Top 80 Contractors in China" for 17 years[38]. - The company has a strong market reputation for quality and has undertaken complex construction projects such as the Global Financial Center and the Shanghai World Expo Sunshine Valley[22]. Risks and Challenges - The company is exposed to macroeconomic policy risks that could impact its construction and PPP business, necessitating proactive adjustments to its operational strategies[60]. - The company faces potential litigation risks related to project funding, quality disputes, and payment issues, which require enhanced project management and communication mechanisms[60]. - The company is at risk of bad debts from accounts receivable, primarily from engineering settlement payments, necessitating improved collection efforts and management of receivables[60]. Environmental and Social Responsibility - The company has been actively involved in environmental management, implementing measures to control dust, noise, wastewater, and waste during construction projects[69]. - The company has committed to social responsibility by donating 500,000 RMB annually to the Xiangshan Charity Association since 2007, supporting disaster relief, education, and assistance for the elderly[75]. - The company has contributed 80,000 RMB per year in collaboration with Hebei Qianxihe Company to provide scholarships and work-study opportunities for 10 underprivileged students at Yunnan Wenshan No. 1 Middle School[75]. Corporate Governance - There were significant changes in the board of directors, with the election of independent directors Zhang Chun and Wang Wenlie, while former directors Wang Xiao and Ding Huamei stepped down due to term expiration[64]. - The financial report was approved by the board of directors on August 29, 2022, ensuring compliance with regulatory requirements[143]. - The company confirmed that investments in subsidiaries or businesses under common control will be accounted for based on the fair value of identifiable assets and liabilities as of the acquisition date[155]. Financial Management and Accounting - The company follows specific accounting treatments for mergers and acquisitions, recognizing goodwill when the acquisition cost exceeds the fair value of identifiable net assets[152]. - The company uses the straight-line method for depreciation of fixed assets, with depreciation rates ranging from 3.17% to 19.00% depending on the asset category[184]. - The company estimates expected credit losses for financial assets measured at amortized cost and those measured at fair value through other comprehensive income, considering past events, current conditions, and forecasts of future economic conditions[169].

Financial Performance - The company's operating revenue for Q1 2022 was CNY 4,916,087,679.35, a decrease of 2.90% compared to the same period last year[3]. - The net profit attributable to shareholders was CNY 170,502,546.05, down 9.53% year-on-year[3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 138,226,316.37, a decline of 21.44% compared to the previous year[3]. - Basic earnings per share were CNY 0.11, reflecting an 8.33% decrease from the previous year[3]. - Total operating revenue for Q1 2022 was CNY 4,916,087,679.35, a decrease of 2.9% compared to CNY 5,062,689,187.29 in Q1 2021[16]. - Total operating costs for Q1 2022 were CNY 4,581,118,989.00, down 5.0% from CNY 4,824,390,817.93 in Q1 2021[16]. - Net profit for Q1 2022 was CNY 181,397,726.53, slightly up from CNY 180,675,178.65 in Q1 2021, representing a growth of 0.4%[17]. - Total comprehensive income for Q1 2022 was CNY 184,972,359.86, slightly down from CNY 184,995,695.22 in Q1 2021[17]. Cash Flow and Liquidity - The net cash flow from operating activities was negative at CNY -1,079,805,693.65, indicating a significant cash outflow[3]. - Cash flow from operating activities in Q1 2022 was negative CNY 1,079,805,693.65, compared to negative CNY 167,703,561.88 in Q1 2021, indicating a significant decline[18]. - The company’s cash inflow from operating activities totaled CNY 6,991,723,918.89 in Q1 2022, compared to CNY 7,799,005,576.16 in Q1 2021, a decrease of 10.3%[18]. - The cash and cash equivalents at the end of the period amounted to approximately $1.39 billion, down from $2.32 billion at the beginning of the period[19]. - The company reported a net increase in cash and cash equivalents of -$768.52 million for the period[19]. - The company paid approximately $1.22 billion in cash for debt repayment during the financing activities[19]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 65,070,478,767.25, down 2.92% from the end of the previous year[3]. - The company's cash and cash equivalents decreased to RMB 2,138,297,772.27 from RMB 2,964,081,159.31, representing a decline of about 27.8%[11]. - Accounts receivable decreased to RMB 3,842,207,830.97 from RMB 4,512,824,341.44, indicating a reduction of approximately 14.8%[12]. - The total liabilities decreased to RMB 51,710,127,820.46 from RMB 53,858,145,266.70, showing a decline of about 4.0%[13]. - The company's inventory increased to RMB 43,684,127.76 from RMB 24,005,092.73, marking an increase of approximately 82.2%[12]. - The company's short-term borrowings decreased to RMB 4,194,558,432.73 from RMB 4,412,911,532.41, a reduction of about 4.9%[13]. - The company's long-term borrowings increased to RMB 18,916,915,247.97 from RMB 17,740,113,711.49, indicating an increase of approximately 6.6%[13]. - The company reported a total of 4,197,491,930.45 in other payables, a slight decrease from 4,325,816,838.50, reflecting a decline of about 3.0%[13]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 46,149[6]. - The largest shareholder, Lai Zhenyuan, holds 27.06% of the shares, amounting to 413,895,952 shares[7]. - Shareholders' equity attributable to the parent company increased by 1.51% to CNY 12,242,327,165.00[3]. - The company's equity attributable to shareholders increased to RMB 12,242,327,165.00 from RMB 12,059,650,179.85, reflecting an increase of approximately 1.5%[14]. Investment and Financing Activities - The net cash inflow from investment activities was approximately $993.82 million, with cash outflows totaling $1.91 billion, resulting in a net cash flow of -$917.15 million from investment activities[19]. - The net cash inflow from financing activities was approximately $382.19 million, with total cash inflows of $2.09 billion and outflows of $1.71 billion[19]. - The company received $1.96 billion in cash from borrowings during the financing activities[19]. - The cash received from the disposal of subsidiaries and other operating units was approximately $624.11 million[19]. - The cash received from other investment activities was approximately $369.52 million[19]. - The company incurred cash payments of approximately $50 million for investment activities[19]. Expenses - Research and development expenses decreased to CNY 23,738,236.07 in Q1 2022 from CNY 27,799,658.73 in Q1 2021, a reduction of 14.5%[16]. - Financial expenses surged to CNY 352,478,429.81 in Q1 2022, compared to CNY 57,302,226.20 in Q1 2021, reflecting a significant increase[16]. - The company reported investment income of CNY 4,983,890.09 in Q1 2022, down from CNY 81,337,730.25 in Q1 2021, a decline of 93.9%[17]. Exchange Rate Impact - The impact of exchange rate changes on cash and cash equivalents was a decrease of approximately -$158,556.27[19].

Financial Performance - In 2021, the company's operating revenue reached ¥19,547,817,428.57, representing a 9.90% increase compared to ¥17,786,683,374.72 in 2020[21] - The net profit attributable to shareholders of the listed company was ¥667,293,369.82, a decrease of 17.51% from ¥808,940,712.64 in the previous year[21] - The basic earnings per share for 2021 was ¥0.44, down 16.98% from ¥0.53 in 2020[22] - The total assets of the company at the end of 2021 were ¥67,027,801,818.87, an increase of 7.18% from ¥62,537,525,101.18 in 2020[21] - The net cash flow from operating activities was negative at -¥242,476,818.56, compared to a positive ¥317,733,871.09 in 2020[21] - The weighted average return on equity decreased to 5.72% in 2021 from 7.36% in 2020, a reduction of 1.64 percentage points[22] - The company reported a significant decline in net profit after deducting non-recurring gains and losses, which was ¥349,666,353.32, down 44.63% from ¥631,478,393.88 in 2020[21] Dividend Distribution - The company plans to distribute a cash dividend of ¥0.42 per 10 shares, totaling ¥64,249,834.11[6] - The company distributed a cash dividend of 0.50 CNY per 10 shares, totaling 76,487,897.75 CNY for the 2020 fiscal year[147] - The cash dividend distribution policy requires that at least 30% of the average distributable profit over the last three years must be distributed if there are no major capital expenditure plans[146] - The company’s cash dividend policy prioritizes cash distributions, with a minimum of 80% for mature companies without major capital expenditure plans[145] - The company’s cash dividend distribution is contingent upon profitability and the ability to meet ongoing operational needs[146] Project Development and Management - New projects signed during the reporting period amounted to 18.985 billion RMB, with non-state-owned projects accounting for 53.60% and non-construction projects for 28.10%[31] - The company achieved PPP project construction revenue of 3.2968 billion RMB, with new financing approvals of 3.094 billion RMB and PPP project repayments of 3.017 billion RMB[33] - The company is focusing on PPP project equity transfers to achieve early cash recovery amid varying repayment situations from local governments[34] - The company completed 146 projects during the reporting period, with a total value of 2,143,176.78 million yuan, of which 135 projects were domestic and 11 were international[83] - The total amount of ongoing projects reached 6,022,716.75 million yuan, with 228 projects in progress, primarily located domestically[86] Market and Industry Trends - The company is actively participating in the development of green buildings and infrastructure projects in response to national carbon neutrality goals[30] - The national real estate development investment in 2021 was 14.8 trillion yuan, with a year-on-year growth of 4.4%[41] - The construction industry is experiencing a "Matthew effect," where larger firms are gaining market share, while smaller firms may gradually exit the market due to increased competition and rising costs[101] - Infrastructure investment, particularly through the PPP model, is becoming a crucial driver of economic growth, with an increasing number of high-quality projects in the pipeline[102] Research and Development - The research and development expenses increased by 63.84%, reaching ¥122.54 million compared to ¥74.79 million in the previous year[60] - The company successfully developed the S-SYSTEM high-performance prefabricated steel structure building product system, achieving an assembly rate of up to 95%[56] - The company is actively pursuing the integration of Building-Integrated Photovoltaics (BIPV) technology into its prefabricated construction systems, enhancing its competitive edge in the green building market[37] - The company is committed to ongoing research and development in new technologies to maintain competitive advantage in the market[92] Risk Management - The company has outlined potential risks in its future development strategies, emphasizing the need for investors to be aware of investment risks[7] - The company is actively managing risks related to macroeconomic policy changes, litigation, and accounts receivable[112] - The company has implemented internal control measures to manage project funds and prevent similar issues in the future, including regular reconciliations and enhanced training for project managers[178] Corporate Governance - The company maintains independence in assets, personnel, finance, organization, and business from its controlling shareholder[119] - The company has a robust internal control system to prevent insider trading and ensure compliance with regulations[118] - The board consists of a mix of independent directors and executives, ensuring a balance of oversight and management[124] - The company has established mechanisms to ensure minority shareholders can express their opinions and protect their rights during dividend distribution discussions[145] Social Responsibility - The company has established the "Longyuan Charity Fund" since 2007, donating 500,000 RMB annually to support disaster relief, education, and aid for the elderly in Xiangshan County[164] - The company actively engages in social responsibility initiatives, including donations for poverty alleviation and support for healthcare workers and families in need[164] - The company has a long-term commitment to social service, aiming to inspire employees to participate in community service and create a better life[164]

Financial Performance - The company's operating revenue for the third quarter reached ¥4,859,599,717.72, representing a year-on-year increase of 1.78%[4] - The net profit attributable to shareholders was ¥195,467,805.50, reflecting a year-on-year growth of 4.22%[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥172,450,806.73, which increased by 9.66% compared to the same period last year[4] - The basic earnings per share for the quarter was ¥0.13, up by 8.33% year-on-year[4] - The diluted earnings per share also stood at ¥0.13, reflecting an increase of 8.33% compared to the same period last year[4] - The company's total comprehensive income for the third quarter of 2021 was ¥615,950,026.51, compared to ¥584,637,239.69 in the same quarter of 2020, reflecting an increase of approximately 5.00%[21] - Net profit for the third quarter of 2021 was ¥605,476,664.30, compared to ¥574,675,900.52 in the third quarter of 2020, reflecting an increase of about 5.00%[20] - Basic earnings per share for the third quarter of 2021 were ¥0.40, compared to ¥0.37 in the same quarter of 2020, showing an increase of approximately 8.11%[21] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥64,653,143,191.25, showing a growth of 3.38% from the end of the previous year[5] - The total liabilities as of the end of the third quarter of 2021 amounted to ¥51,587,606,571.13, up from ¥50,019,423,555.01 at the end of the previous year, indicating a growth of approximately 3.14%[18] - The total equity attributable to shareholders of the parent company increased to ¥11,997,739,016.12 from ¥11,374,781,012.62, reflecting a growth of about 5.48%[18] - The total non-current liabilities as of the end of the third quarter of 2021 were ¥20,186,357,629.88, an increase from ¥17,681,385,138.62 at the end of the previous year, indicating a growth of about 8.50%[18] - The company reported a significant decrease in inventory, which fell to RMB 34.383 million from RMB 704.071 million at the end of 2020[16] - The company’s long-term equity investments increased to RMB 844.105 million from RMB 754.088 million at the end of 2020[16] - The total current assets amounted to 29,716,981,760.13 RMB, a decrease from 50,854,523,795.13 RMB year-over-year[29] - Total liabilities amounted to ¥50,019,423,555.01, with current liabilities at ¥32,338,038,416.39 and non-current liabilities at ¥17,681,385,138.62[30] Cash Flow - The cash flow from operating activities showed a net outflow of ¥1,606,261,404.59 for the year-to-date period[4] - The company's cash flow from operating activities for the first three quarters of 2021 was ¥12,205,333,659.72, compared to ¥10,646,804,586.27 in the same period of 2020, marking an increase of about 14.63%[24] - The net cash flow from operating activities was -1,606,261,404.59 RMB, a decrease compared to 233,065,167.61 RMB in the previous year[25] - Total cash inflow from operating activities reached 18,516,559,387.53 RMB, up from 15,526,709,599.48 RMB year-over-year[25] - Cash outflow from operating activities increased to 20,122,820,792.12 RMB, compared to 15,293,644,431.87 RMB in the same period last year[25] - The net cash flow from investing activities was 490,958,390.17 RMB, a significant improvement from -3,665,783,077.26 RMB in the previous year[25] - Cash inflow from financing activities totaled 6,698,282,076.41 RMB, down from 9,493,651,371.01 RMB year-over-year[26] - The net cash flow from financing activities was 475,844,852.26 RMB, compared to 4,180,057,006.02 RMB in the previous year[26] Company Changes and Governance - The company appointed Mr. Lai Chaohui as the chairman of the board, effective from October 28, 2021[13] - The company has not disclosed any related party transactions among the top ten shareholders[12] - The company has not engaged in any financing or securities lending activities during the reporting period[12] - The company implemented new leasing standards effective January 1, 2021, impacting financial statement adjustments[31] Research and Development - Research and development expenses for the first three quarters of 2021 totaled ¥81,464,809.70, up from ¥64,681,126.11 in the same period of 2020, representing a growth of approximately 25.77%[19]

Financial Performance - The company's operating revenue for the first half of 2021 was ¥10,298,528,808.14, representing a 2.45% increase compared to ¥10,052,237,110.51 in the same period last year[18]. - The net profit attributable to shareholders of the listed company was ¥409,225,918.30, up 7.31% from ¥381,358,335.67 in the previous year[18]. - Basic earnings per share for the first half of 2021 were ¥0.27, an increase of 8.00% from ¥0.25 in the same period last year[19]. - The net profit after deducting non-recurring gains and losses was ¥339,068,121.46, a decrease of 9.94% from ¥376,492,002.96 in the previous year[18]. - The company reported a total profit of CNY 585,837,333.15, compared to CNY 561,704,993.52 in the same period last year, reflecting a growth of 4.3%[123]. - The comprehensive income for the first half of 2021 totaled CNY 417,103,120.40, compared to CNY 381,374,467.07 in the same period of 2020, marking an increase of 9.35%[124]. Cash Flow and Financial Position - The net cash flow from operating activities was negative at -¥584,658,927.79, compared to a positive cash flow of ¥94,899,318.45 in the same period last year[18]. - The total assets at the end of the reporting period were ¥63,983,852,865.70, an increase of 2.31% from ¥62,537,525,101.18 at the end of the previous year[18]. - The company's total liabilities were RMB 50,745,938,335.00, compared to RMB 49,685,138,710.68 at the end of 2020, showing an increase in leverage[115]. - The total equity of the company was RMB 13,237,914,530.70 as of June 30, 2021, compared to RMB 12,852,386,390.50 at the end of 2020, indicating a growth of about 3%[115]. - Cash generated from operating activities was CNY 9,313,530,035.26, a significant increase from CNY 6,838,488,821.83 in the first half of 2020[129]. - The total cash and cash equivalents at the end of the period was CNY 1,015,397,949.81, down from CNY 2,045,259,970.10 at the end of the previous year[133]. Investments and Subsidiaries - The company has established a wholly-owned subsidiary, Longyuan Mingxing, to enhance its operational management capabilities in PPP projects, covering areas such as theater management and environmental technology services[28]. - The company completed the transfer of 100% equity in Zhejiang Dadi Steel Structure Co., Ltd. for RMB 27.85 million on March 5, 2021[59]. - The company established a new subsidiary, Longyuan (Wenzhou) Construction Co., Ltd., with a registered capital of RMB 50 million in May 2021[60]. - The company holds an 18.95% stake in Hangyu Technology, which officially listed on the Shanghai Stock Exchange on July 5, 2021, with an initial public offering of 35 million shares priced at 11.48 RMB per share[64]. - The company has a total subscription amount of 3,000 million RMB for its partnership investments, with significant contributions from Ningbo Mingcheng and other partners[64]. Market and Industry Trends - The construction industry achieved an added value of 3,333.52 billion yuan, growing by 8.6% year-on-year, with new contracts signed amounting to 14,413.403 billion yuan, a 14.4% increase[32]. - The market penetration of prefabricated buildings is expected to increase as standards and policies are established, with significant growth potential in the steel structure segment[38]. - The company has actively engaged in PPP projects since 2011, focusing on urban infrastructure and public service facilities, with projects covering over 10 fields including municipal roads and ecological environment management[27]. - The government plans to allocate 3.65 trillion yuan in local government special bonds in 2021 to support major projects and basic livelihood initiatives[33]. Environmental and Social Responsibility - The company is actively involved in multiple environmental projects, including rural sewage treatment and urban water environment improvement, under various PPP projects[78]. - The company has committed to enhancing environmental management and reducing carbon emissions through various initiatives[78]. - The company donated 1 million yuan to support disaster recovery efforts in Changyuan City following severe flooding[79]. - The company has established a charity fund contributing 500,000 yuan annually to support local disaster relief and education initiatives[79]. Legal and Compliance Issues - The company has a significant ongoing lawsuit against Ningbo Sunshine Bay Development Co., Ltd. for a total claim of RMB 301 million (approximately $46 million) plus penalties[84]. - The company confirmed a debt amount of RMB 729.73 million (approximately $113 million) related to the Ningbo Sunshine project, which will be converted into a 60% equity stake in the company[84]. - The company has ongoing litigation involving a claim for construction payments amounting to RMB 141,915,713.80, with interest, against a related party[87]. - The company maintains a good integrity status, with no overdue debts or unfulfilled commitments reported[90]. Research and Development - Research and development expenses increased by 46.83% to RMB 60,298,144.41 from RMB 41,066,566.16[54]. - The company has invested approximately 20.24 million in new product development and technology research during the first half of 2021, indicating a commitment to innovation[148]. - The company has transformed from traditional construction to urban infrastructure investment and operation, leveraging its full industry chain and professional teams[27]. Strategic Goals and Future Outlook - The company aims to become a leader in the construction of beautiful cities and the operation of happy lives, focusing on quality and service excellence[24]. - The company plans to expand its investment in infrastructure projects, particularly in PPP projects[62]. - The company is actively exploring new directions in urbanization and infrastructure, successfully winning bids for various consulting projects in Zhejiang province[49]. - The company has set a performance guidance for the next quarter, expecting a revenue range of 13 to 14 billion, which would represent a growth of 5% to 10% year-over-year[149].

Financial Performance - The company's operating revenue for 2020 was CNY 17,786,683,374.72, a decrease of 16.99% compared to CNY 21,427,094,520.39 in 2019[21] - The net profit attributable to shareholders for 2020 was CNY 808,940,712.64, down 20.75% from CNY 1,020,747,158.55 in 2019[21] - The net cash flow from operating activities was CNY 317,733,871.09, a decrease of 12.28% compared to CNY 362,198,215.70 in 2019[21] - Basic earnings per share for 2020 were CNY 0.53, down 20.90% from CNY 0.67 in 2019[22] - The weighted average return on net assets decreased to 7.36% in 2020 from 10.05% in 2019, a decline of 2.69 percentage points[22] - The company reported a decrease in net profit after deducting non-recurring gains and losses to CNY 631,478,393.88, down 24.89% from CNY 840,705,361.31 in 2019[21] - The total operating cost also fell by 17.56% to CNY 15,858,053,636.00 from CNY 19,236,451,739.01 year-on-year[68] - The gross profit margin for the main business was 10.77%, an increase of 0.62 percentage points compared to the previous year[68] Dividends and Profit Distribution - The company plans to distribute a cash dividend of CNY 0.5 per 10 shares, totaling CNY 76,487,897.75[5] - The company distributed a cash dividend of 0.72 CNY per 10 shares in 2019, amounting to 110,142,572.76 CNY[129] - The company’s cash dividend for 2020 represents approximately 9.46% of the net profit attributable to ordinary shareholders[133] - The company has a structured approach to profit distribution, requiring board approval and shareholder consultation before any changes[127] - The company’s cash dividend distribution for 2018 was 0.6 CNY per 10 shares, totaling 91,785,477.30 CNY[133] Operational Developments - The company has successfully bid for a total of 81 PPP projects with a total investment amount exceeding ¥90 billion, focusing on economically developed areas and various sectors including urban development and public services[33] - The company has developed the S-SYSTEM product system in the prefabricated steel structure field, achieving a leading position in domestic integration[29] - The company has established a comprehensive operational management platform through its wholly-owned subsidiary, focusing on various sectors such as healthcare, culture, and environmental protection[35] - The company has maintained a strong competitive advantage in construction with various qualifications, including special-grade general contracting for housing construction and first-grade general contracting for municipal public works[30] - The company has expanded its operational capabilities by establishing specialized subsidiaries for various operational management services, enhancing its service offerings in the PPP sector[35] Market Trends and Future Outlook - The market for prefabricated steel structure buildings is expected to grow significantly, as the penetration rate in China is still low compared to over 50% in developed countries[44] - The company aims to continuously iterate and update its product system, focusing on "assembly" as a means and "performance improvement" as the goal to accelerate industrialization[36] - The company is positioned to benefit from the increasing emphasis on performance management in PPP projects, as the market shifts from quantity to quality[42] - The prefabricated construction market in China is projected to reach CNY 4.7 trillion by 2025, driven by improved standards and policies[116] Corporate Governance and Compliance - The company has established a comprehensive compliance management system to enhance governance and protect the interests of stakeholders[158] - The company emphasizes the protection of minority shareholders' rights and interests throughout its governance practices[192] - The company has disclosed its internal control self-assessment report, available on the Shanghai Stock Exchange website[197] - A standard unqualified opinion internal control audit report for the fiscal year 2020 was issued by Lixin Certified Public Accountants[198] Social Responsibility - The company has actively engaged in social responsibility initiatives, focusing on education and poverty alleviation projects[154] - The company donated a total of 6.392 million yuan to support medical personnel during the COVID-19 pandemic and contributed 36 million yuan to Ningbo University for educational development[161] - The company provided CNY 74.8 million in total for poverty alleviation efforts, including CNY 19.8 million for supporting 30 impoverished students[156] Legal Matters - The company is involved in a lawsuit with Chengdu Aux Wealth Plaza Investment Co., Ltd., claiming a total of 179,720,578.19 CNY for construction progress payments and interest[140] - The company has a pending lawsuit against Tongliao Western Urban-Rural Development Co., Ltd., seeking 141,915,713.8 CNY for overdue construction payments and related damages[141] - The first-instance judgment in the lawsuit against Tongliao Western Urban-Rural Development Co., Ltd. ordered the defendant to pay 69,773,360.96 CNY plus interest, calculated at the People's Bank of China’s loan interest rate[141] Employee and Management Structure - The company employed a total of 5,035 staff, including 2,345 production personnel, 334 sales personnel, and 1,678 technical personnel[184] - The total pre-tax remuneration for all listed executives amounted to approximately 10.96 million CNY[175] - The company has a structured performance evaluation system to improve overall performance management[185] - The company continues to focus on retaining key management personnel to ensure operational stability[175]

Financial Performance - Operating revenue for the first quarter reached CNY 5.06 billion, a 7.25% increase from CNY 4.72 billion in the same period last year[7]. - Net profit attributable to shareholders was CNY 188.46 million, up 2.16% from CNY 184.48 million year-on-year[7]. - Net profit excluding non-recurring gains and losses decreased by 3.55% to CNY 175.96 million compared to CNY 182.43 million in the previous year[7]. - Total revenue for Q1 2021 reached ¥5,062,689,187.29, an increase of 7.25% compared to ¥4,720,294,164.25 in Q1 2020[25]. - Operating profit for Q1 2021 was ¥262,656,640.90, a decrease of 5.06% from ¥277,317,426.03 in Q1 2020[25]. - The company's total comprehensive income for Q1 2021 was CNY 192,778,904.70, compared to CNY 187,992,247.74 in Q1 2020, showing an increase of 2.0%[26]. - The net profit for Q1 2021 was CNY 180,675,178.65, slightly up from CNY 179,945,441.24 in Q1 2020, indicating a growth of 0.4%[26]. Assets and Liabilities - Total assets decreased by 1.64% to CNY 61.51 billion compared to the end of the previous year[7]. - The total assets as of March 31, 2021, were RMB 61.51 billion, down from RMB 62.54 billion at the end of 2020, indicating a decrease of approximately 1.65%[19]. - The total liabilities decreased to RMB 48.855 billion from RMB 50.019 billion, a reduction of about 2.33%[19]. - Total liabilities decreased to ¥29,037,161,739.25 in Q1 2021 from ¥30,063,385,810.68 in Q1 2020, indicating a reduction of 3.42%[23]. - Total liabilities were reported at ¥50,019,423,555.01, with non-current liabilities at ¥17,681,385,138.62[36]. - The company reported a total asset value of approximately ¥41.64 billion, reflecting a slight decrease from the previous period[40]. Shareholder Information - Net assets attributable to shareholders increased by 1.97% to CNY 11.60 billion year-on-year[7]. - The total number of shareholders at the end of the reporting period was 44,613[11]. - Major shareholders include Lai Zhenyuan with 27.06% ownership and Lai Chaohui with 8.10% ownership, both of whom have pledged their shares[11]. - The total equity attributable to shareholders increased to RMB 11.599 billion from RMB 11.375 billion, an increase of about 1.98%[19]. - Owner's equity totaled approximately ¥11.58 billion, with retained earnings of ¥4.91 billion and capital reserves of ¥4.04 billion[40]. Cash Flow - The company reported a net cash flow from operating activities of -CNY 167.70 million, compared to -CNY 151.09 million in the same period last year[7]. - The company's cash flow from operating activities was CNY 7,799,005,576.16 in Q1 2021, an increase of 54.7% from CNY 5,048,385,609.46 in Q1 2020[30]. - Total cash inflow from operating activities increased to 11,672,582,367.15 RMB in Q1 2021, up from 8,481,479,472.90 RMB in Q1 2020, representing a growth of approximately 37.5%[32]. - Cash outflow from operating activities totaled 11,809,426,823.21 RMB in Q1 2021, compared to 8,673,921,805.45 RMB in Q1 2020, indicating a rise of about 36.8%[32]. - The net cash flow from investing activities was 184,688,827.49 RMB in Q1 2021, a significant recovery from -270,494,496.68 RMB in Q1 2020[32]. - Cash inflow from financing activities was 1,303,051,000.00 RMB in Q1 2021, compared to 845,000,000.00 RMB in Q1 2020, marking an increase of approximately 54%[32]. Expenses and Investments - Total operating costs for Q1 2021 were ¥4,824,390,817.93, up from ¥4,387,702,806.93 in Q1 2020, reflecting a year-over-year increase of 9.95%[25]. - Research and development expenses increased to ¥27,799,658.73 in Q1 2021, compared to ¥16,074,309.54 in Q1 2020, marking a rise of 73.43%[25]. - Research and development expenses for Q1 2021 were CNY 7,346,532.08, up from CNY 6,832,662.43 in Q1 2020, indicating a focus on innovation[28]. - The investment income for Q1 2021 was CNY 33,019,986.48, significantly higher than CNY 14,524,865.01 in Q1 2020, showcasing effective investment strategies[28]. Other Financial Metrics - The weighted average return on equity decreased by 0.25 percentage points to 1.64%[7]. - Basic and diluted earnings per share remained unchanged at CNY 0.12[7]. - The gross profit margin for Q1 2021 was approximately 6.0%, compared to 5.0% in Q1 2020, reflecting improved cost management[28]. - The company has no overdue commitments or significant litigation matters pending[14]. - The company implemented the new leasing standards effective January 1, 2021, resulting in adjustments to financial statement items[41].

Financial Performance - The company's operating revenue for 2020 was CNY 17,786,683,374.72, a decrease of 16.99% compared to CNY 21,427,094,520.39 in 2019[21] - The net profit attributable to shareholders for 2020 was CNY 808,940,712.64, down 20.75% from CNY 1,020,747,158.55 in the previous year[21] - The net cash flow from operating activities was CNY 317,733,871.09, a decrease of 12.28% compared to CNY 362,198,215.70 in 2019[21] - Basic earnings per share for 2020 were CNY 0.53, down 20.90% from CNY 0.67 in 2019[22] - The weighted average return on equity decreased to 7.36% in 2020 from 10.05% in 2019, a decline of 2.69 percentage points[22] - The company reported a decrease in net profit after deducting non-recurring gains and losses to CNY 631,478,393.88, down 24.89% from CNY 840,705,361.31 in 2019[21] - The company achieved total operating revenue of CNY 1,778.67 million, a decrease of 16.99% year-on-year[49] - Net profit attributable to shareholders was CNY 808.94 million, down 20.75% year-on-year, with a net profit of CNY 631.48 million after deducting non-recurring gains and losses, a decline of 24.89%[49] - The total operating cost also fell by 17.56% to CNY 15,858,053,636.00 from CNY 19,236,451,739.01 year-on-year[68] - The gross profit margin for the main business was 10.77%, an increase of 0.62 percentage points compared to the previous year[68] Investments and Projects - The company has successfully bid for a total of 81 PPP projects with a total investment amount exceeding ¥90 billion, focusing on economically developed areas and various sectors including urban development and public services[33] - The company secured PPP projects worth CNY 516.7 million, a year-on-year increase of 56.20%, with total financing approvals for new projects reaching CNY 6.594 billion[50] - The company invested CNY 1.5 billion in a prefabricated building technology industrial park to enhance its competitive edge in the prefabricated construction market[51] - The company has over CNY 90 billion in outstanding PPP project bids, with a focus on economically developed regions, particularly in Jiangsu and Zhejiang, accounting for over 30% of its business[54] - The company established 7 new SPV project companies during the reporting period, bringing the total to 72 SPV companies for PPP projects, with a cumulative project commencement rate exceeding 90%[55] - The company achieved a significant increase in government repayments for PPP projects, totaling RMB 1.84 billion, representing a year-on-year growth of 33.92%[55] Research and Development - The company's R&D expenses rose by 1.83% to CNY 74,792,080.36, indicating a focus on innovation despite overall revenue decline[68] - The total R&D investment amounted to ¥74,792,080.36, representing 0.42% of operating revenue, with 381 R&D personnel, accounting for 7.57% of total employees[78] - The company is investing approximately RMB 1.5 billion in a prefabricated building technology industrial park in Xuancheng, Anhui Province, to enhance its production capacity for steel structure prefabricated buildings[60] - The company aims to deepen its involvement in the prefabricated steel structure sector, targeting performance enhancement and industrialization as key growth strategies[62] Market Trends and Opportunities - The penetration rate of steel structure buildings in China is still low compared to developed countries, which exceed 50%, indicating significant growth potential in the market[44] - The assembly-type construction market in China is projected to reach a scale of 4.7 trillion yuan by 2025, driven by increasing penetration rates and supportive policies[116] - The company is positioned to benefit from the increasing emphasis on performance management in PPP projects, as the market shifts from quantity to quality[42] - The company plans to enhance its competitive edge in traditional construction by optimizing asset management and focusing on high-efficiency project support[117] Corporate Governance and Shareholder Relations - The company has established a three-year shareholder return plan for 2019-2021, emphasizing sustainable development and investor returns[128] - The cash dividend for 2020 represents a payout ratio of approximately 9.46% of the consolidated net profit[133] - The company has not proposed a cash profit distribution plan for the reporting period despite having positive distributable profits[133] - The company’s cash dividend policy aims to promote long-term and rational investment among shareholders[128] - The company’s independent directors fulfilled their responsibilities in the decision-making process regarding profit distribution[129] Social Responsibility and Community Engagement - The company has donated a total of RMB 748,000 for poverty alleviation efforts, including RMB 198,000 specifically for educational support to 30 impoverished students[156] - The company established the "Longyuan Charity Fund" in 2007, donating RMB 500,000 annually to support disaster relief, education, and aid for the elderly in Xiangshan County[155] - In 2020, the company donated RMB 6.392 million to support medical personnel combating the COVID-19 pandemic[161] Legal and Compliance Matters - The company is involved in a lawsuit with Chengdu Aokes Wealth Plaza Investment Co., Ltd. for a total claim of RMB 179,720,578.19, which includes construction progress payments and interest[140] - The company has been involved in a significant lawsuit since 2011 regarding the Ningbo Fenghua Sunshine Bay project, which is still ongoing[138] - The company has no significant litigation or arbitration matters pending that have not been disclosed[139] Employee and Management Structure - The total annual remuneration for all directors, supervisors, and senior management personnel amounted to RMB 10.9585 million, with independent directors receiving an annual salary of RMB 100,000 each[181] - The company employed a total of 5,035 staff, including 2,345 production personnel, 334 sales personnel, 1,678 technical personnel, 373 financial personnel, and 305 administrative personnel[184] - The company emphasizes performance-based remuneration, aligning employee salaries with their roles, capabilities, and performance, while also considering market conditions[185] - Employee training programs were enhanced in 2020, focusing on various vocational and professional skills to support business development and improve overall performance[186] Future Outlook - The company aims to secure new orders worth 28 billion and achieve a production value of 21 billion in 2021, including 6 billion from PPP investments[120] - The company plans to significantly reduce outstanding receivables by 2 billion and enhance asset management[120] - Overall, the management remains optimistic about future growth, citing strong demand and a robust pipeline of projects[176]

Financial Performance - Net profit attributable to shareholders decreased by 9.26% to CNY 568.91 million year-to-date[7] - Operating revenue for the first nine months was CNY 14.83 billion, down 8.07% year-on-year[7] - Basic earnings per share fell by 9.76% to CNY 0.37[7] - Total operating revenue for Q3 2020 was approximately ¥4.77 billion, a slight decrease from ¥4.80 billion in Q3 2019, representing a year-over-year decline of about 0.5%[27] - The company reported a total profit of approximately ¥312.17 million for Q3 2020, up from ¥267.58 million in Q3 2019, which is an increase of about 16.7%[28] - The company’s total revenue for the first three quarters of 2020 was approximately ¥14.83 billion, down from ¥16.13 billion in the same period of 2019, representing a decline of about 8.0%[27] - The company’s total comprehensive income for the first nine months of 2020 was ¥657,427,084.48, down from ¥686,309,168.65 in the same period of 2019, reflecting a decrease of about 4.22%[33] Assets and Liabilities - Total assets increased by 8.44% to CNY 64.46 billion compared to the end of the previous year[7] - Total liabilities increased to CNY 52.18 billion from CNY 47.72 billion, representing an increase of approximately 9.6% year-over-year[20] - Current liabilities totaled RMB 33.58 billion, a decrease from RMB 34.69 billion, reflecting a reduction of 3.21% year-over-year[19] - Total equity increased to CNY 12.28 billion from CNY 11.72 billion, showing a growth of approximately 4.8%[20] - The company’s total liabilities to equity ratio is approximately 4.07, indicating a high leverage position[44] Cash Flow - The net cash flow from operating activities improved significantly to CNY 233.07 million, compared to a negative CNY 1.27 billion in the same period last year[7] - The company’s cash flow from operating activities for the first nine months of 2020 was ¥233,065,167.61, a recovery from a negative cash flow of ¥-1,266,108,892.26 in the same period of 2019[35] - Cash outflow from operating activities totaled CNY 25,222,794,377.76 in the first three quarters of 2020, a decrease of 2.2% compared to CNY 25,796,250,661.43 in 2019[39] - The company reported a significant increase in financial expenses, with interest expenses rising to approximately ¥62.00 million in Q3 2020 from ¥46.91 million in Q3 2019, an increase of about 32.5%[27] Shareholder Information - The total number of shareholders reached 35,941 at the end of the reporting period[10] - The largest shareholder, Lai Zhenyuan, holds 27.06% of the shares, with 217.83 million shares pledged[10] - The company has no preferred shareholders as of the reporting date[13] Operational Efficiency and Strategy - The company plans to expand its market presence and invest in new technologies to enhance operational efficiency[20] - The company is focusing on strategic acquisitions to bolster its competitive position in the industry[20] Research and Development - Research and development expenses increased significantly to approximately ¥23.61 million in Q3 2020, compared to ¥5.72 million in Q3 2019, marking an increase of about 313%[27] - Research and development expenses increased significantly to ¥9,915,484.66 in Q3 2020 from ¥2,117,395.58 in Q3 2019, marking an increase of about 368.56%[32]