Financial Performance - The company's operating revenue for the first half of 2019 was CNY 19,001,918,664.71, representing a 16.50% increase compared to CNY 16,309,967,031.15 in the same period last year[18]. - The net profit attributable to shareholders of the listed company reached CNY 389,266,749.09, a 34.49% increase from CNY 289,442,272.51 in the previous year[18]. - Basic earnings per share for the first half of 2019 were CNY 0.23, up 35.29% from CNY 0.17 in the same period last year[19]. - The diluted earnings per share also stood at CNY 0.23, reflecting a 35.29% increase compared to the previous year[19]. - The total profit reached 707 million yuan, up 69.53% year-on-year, with a net profit attributable to shareholders of 389 million yuan, resulting in earnings per share of 0.23 yuan[35]. - The company reported a net profit after deducting non-recurring gains and losses of CNY 384,194,017.51, which is a 39.22% increase from CNY 275,964,369.44 in the same period last year[18]. Cash Flow and Financial Position - The net cash flow from operating activities was negative at CNY -1,289,634,671.76, a significant decrease of 183.10% compared to CNY 1,551,983,092.84 in the same period last year[18]. - The total assets of the company at the end of the reporting period were CNY 80,836,026,030.41, reflecting a 7.00% increase from CNY 75,546,003,325.67 at the end of the previous year[18]. - The total liabilities increased to CNY 68.67 billion, up from ¥63.69 billion, reflecting a growth of 7.73%[108]. - Current assets totaled approximately ¥62.31 billion, an increase of 7.83% from ¥57.95 billion in December 2018[106]. - Cash and cash equivalents increased to ¥11.74 billion from ¥8.53 billion, representing a growth of 37.76%[106]. Operational Highlights - The company operates in multiple sectors including construction engineering, infrastructure investment, and real estate development, with a focus on integrated services[22]. - The company signed new contracts worth 21.449 billion yuan in engineering construction, a decrease of 12.39% year-on-year, with a significant increase of 80.3% in the second quarter compared to the first quarter[36]. - The company completed 1,471 bidding projects on the centralized procurement platform, with a total bid amount of 10.547 billion yuan, achieving a cost reduction of 6.61% compared to the control price[37]. - The company has established a complete industrial chain in the construction sector, covering various services from design to construction and material supply[31]. Market and Industry Trends - The construction industry saw a 5.5% year-on-year increase in value added, although this growth rate was 0.8 percentage points lower than the GDP growth rate[29]. - The company is leveraging the PPP model to expand its infrastructure investment business, transitioning from a focus solely on construction to a dual model of investment and construction[25]. - The government is expected to focus on infrastructure investment as a key strategy for economic growth, which may benefit the company's future projects[30]. Risks and Challenges - The company is facing macroeconomic risks due to a tightening external economic environment and ongoing downward pressure on economic growth[55]. - Market expansion is becoming increasingly difficult as the construction industry experiences slower growth and larger enterprises are capturing more market share, indicating a "Matthew effect" in the industry[55]. - The company is experiencing financial risks due to high capital occupation and slow cash flow recovery, particularly in real estate and infrastructure investments which require significant upfront capital[56]. Corporate Governance and Compliance - The company has not proposed any cash dividends, stock bonuses, or capital reserve transfers for the mid-year period, indicating a focus on retaining earnings[59]. - The company guarantees that its senior management will work exclusively for Anhui Water Conservancy and will not hold positions in other companies controlled by the parent[63]. - The company has committed to maintaining an independent operational structure for its subsidiaries, ensuring no interference from controlling parties in management decisions[65]. Social Responsibility and Community Engagement - The company plans to invest no less than 1.5 million RMB in poverty alleviation efforts in the paired assistance villages of Jiugu Village and Zhifeng Village, focusing on infrastructure, collective industries, and education support[82]. - The company has achieved significant poverty alleviation results, with Jiugu Village and Zhifeng Village successfully evaluated and removed from poverty lists in 2016 and 2018 respectively[87]. - The company emphasizes the importance of social responsibility and plans to continue its poverty alleviation efforts in various areas such as industry, employment, and education[88]. Legal Matters - The company is involved in significant litigation matters, including a civil lawsuit with a claim amount of RMB 4,122.54 million, which has been adjudicated with a judgment in favor of the company[71]. - Another civil lawsuit involves a claim amount of RMB 20,535.02 million, which is still pending and may impact the company's financial position[71]. - The company has a pending civil lawsuit with a claim amount of RMB 8,890.49 million, which is also unresolved and could affect future financial assessments[72]. Shareholder Information - The largest shareholder, Anhui Construction Group, holds 556,265,118 shares, representing 32.32% of total shares[98]. - The employee stock ownership plan involved 2,190 participants with a total subscription amount of 505.20 million RMB, resulting in the issuance of 77,247,706 shares[75]. - The total number of restricted shares at the beginning of the period was 810,430,249, with no new restrictions added during the reporting period[94].

Financial Performance - Operating revenue for the first quarter was ¥7.18 billion, a decrease of 2.74% year-on-year[17]. - Net profit attributable to shareholders was ¥110.20 million, reflecting a slight increase of 0.51% compared to the same period last year[17]. - Basic earnings per share decreased by 12.50% to ¥0.07 from ¥0.08 in the same quarter last year[17]. - Total operating revenue for Q1 2019 was ¥7,180,728,197.09, a decrease of 2.73% compared to ¥7,382,935,775.97 in Q1 2018[47]. - Net profit for Q1 2019 was ¥113,122,768.18, an increase of 4.52% from ¥107,883,557.87 in Q1 2018[48]. - Operating profit for Q1 2019 was ¥24 million, down 40% from ¥40 million in Q1 2018[52]. - Net profit for Q1 2019 was ¥16 million, a decline of 47.1% from ¥30 million in Q1 2018[52]. - Total comprehensive income for Q1 2019 was approximately ¥12.69 million, down from ¥24.95 million in Q1 2018[55]. Cash Flow - Net cash flow from operating activities was negative at ¥2.28 billion, compared to a negative ¥161.68 million in the previous year[17]. - Cash flow from operating activities showed a net outflow of approximately ¥2.28 billion, compared to a net outflow of ¥161 million in Q1 2018[59]. - Cash flow from investing activities resulted in a net outflow of approximately ¥27 million, an improvement from a net outflow of ¥757 million in Q1 2018[59]. - Cash flow from financing activities generated a net inflow of approximately ¥3.31 billion, significantly higher than the net inflow of ¥1.28 billion in Q1 2018[59]. - Cash inflow from financing activities in Q1 2019 was 2,138,828,148.91, compared to 2,394,703,755.04 in Q1 2018[64]. - The company reported a decrease in cash outflow for operating activities, which was 3,440,220,190.19 in Q1 2019 compared to 4,783,336,271.98 in Q1 2018[61]. Assets and Liabilities - Total assets at the end of the reporting period reached ¥76.42 billion, an increase of 1.15% compared to the end of the previous year[17]. - The company's total assets increased to ¥58.55 billion from ¥57.95 billion, reflecting a growth of 1.04%[32]. - Total liabilities increased to ¥64.45 billion from ¥63.69 billion, reflecting a growth of about 1.19%[37]. - Non-current liabilities rose to ¥15.03 billion, compared to ¥11.75 billion, indicating an increase of about 27.5%[37]. - Current liabilities decreased to ¥49.42 billion from ¥51.94 billion, reflecting a reduction of approximately 4.85%[36]. - Long-term borrowings increased to ¥13.30 billion from ¥10.51 billion, indicating a growth of approximately 26.5%[37]. - Accounts receivable decreased to ¥7.14 billion from ¥8.18 billion, a decline of approximately 12.7%[41]. - Inventory decreased to ¥2.10 billion from ¥2.63 billion, representing a reduction of about 20.2%[41]. Shareholder Information - The total number of shareholders at the end of the reporting period was 72,868[20]. - The largest shareholder, Anhui Construction Group Holding Co., Ltd., held 32.32% of the shares[20]. - Shareholders' equity rose to ¥11.96 billion from ¥11.86 billion, showing an increase of approximately 0.84%[37]. Other Financial Metrics - The weighted average return on net assets decreased by 0.39 percentage points to 0.98%[17]. - The company reported non-recurring gains and losses totaling ¥5.36 million for the quarter[19]. - Interest income surged by 680.61%, reaching ¥172.38 million, primarily due to increased income from financial asset accounting[26]. - The total investment income decreased by 43.85% to ¥5.14 million, mainly due to reduced earnings from joint ventures and associates[26]. - The company reported a tax expense of ¥51,436,003.84 for Q1 2019, compared to ¥48,478,497.18 in Q1 2018, indicating an increase of 4.00%[48]. - Research and development expenses for Q1 2019 were ¥20,413,647.48, up from ¥16,665,265.70 in Q1 2018, reflecting a growth of 22.00%[47].

Financial Performance - The company's operating revenue for 2018 was approximately ¥38.83 billion, representing a 9.51% increase compared to ¥35.46 billion in 2017[24]. - The net profit attributable to shareholders for 2018 was approximately ¥799.94 million, a 2.38% increase from ¥781.34 million in 2017[24]. - The net profit after deducting non-recurring gains and losses was approximately ¥771.72 million, showing a significant increase of 20.53% from ¥640.25 million in 2017[24]. - The company's total assets at the end of 2018 were approximately ¥75.55 billion, an 18.96% increase from ¥63.51 billion at the end of 2017[24]. - The net assets attributable to shareholders increased by 16.80% to approximately ¥9.06 billion from ¥7.75 billion in 2017[24]. - The basic earnings per share for 2018 was ¥0.46, a decrease of 8.00% compared to ¥0.50 in 2017[27]. - The weighted average return on net assets for 2018 was 10.36%, down 2.09 percentage points from 12.45% in 2017[27]. - The company reported a net cash flow from operating activities of approximately -¥2.06 billion for 2018, an improvement from -¥9.23 billion in 2017[24]. - The total profit for the year was 1.17 billion RMB, an increase of 1.99% compared to the previous year, with net profit attributable to shareholders reaching 800 million RMB, up 2.38%[49]. - The company achieved an annual operating revenue of 38.83 billion RMB, representing a year-on-year growth of 9.51%[49]. Dividend Policy - The company plans to distribute a cash dividend of 1.5 CNY per 10 shares, totaling 258.17 million CNY for the year 2018[6]. - The proposed dividend for 2018 is 1.5 CNY per 10 shares, amounting to a total cash dividend of 25.82 million CNY, with no bonus shares issued[158]. - The company has maintained a cash dividend policy, distributing a total of 17.53 million CNY in cash dividends over the past three years, which is 39.17% of the average distributable profit[158]. - The company’s net profit attributable to shareholders in 2018 was 79.99 million CNY, with a dividend payout ratio of 32.27%[159]. Risk Management - The company reported no significant risks affecting future development strategies or ongoing operations during the reporting period[8]. - The company emphasizes the importance of risk awareness in forward-looking statements regarding future plans and strategies[7]. - The company aims to mitigate major risks by strengthening budget management and reducing financing costs, while closely monitoring financial risks[149]. - The company emphasizes risk management to prevent liquidity and debt default risks, ensuring safe and healthy development[148]. - The construction industry faces significant market risks due to low entry barriers and increasing competition, leading to compressed profit margins[150]. - The company has experienced financial risks due to high capital requirements and slow cash flow recovery in real estate and infrastructure investments[150]. Operational Activities - The company has established a comprehensive information disclosure system to ensure transparency and compliance with regulatory requirements[20]. - The company is engaged in various sectors including construction, infrastructure investment, and real estate development, focusing on comprehensive engineering services[34]. - The company has established a comprehensive industrial chain in the construction sector, covering various areas including housing construction, public works, water conservancy, and bridge construction, enhancing its competitive edge[45]. - The company operates seven hydropower stations with a total installed capacity of 246,100 KW and an annual designed power generation of approximately 1 billion KWH[41]. - The company is transitioning from traditional construction to investment operations, focusing on PPP and EPC projects to extend its business model[45]. - The company has implemented centralized procurement for major construction materials, improving cost control and supplier relationships[45]. Project and Contract Management - The company signed 276 new construction contracts with a total value of 52.52 billion RMB, with an average contract value growth of 31.45% year-on-year[49]. - The company completed 12 PPP projects during the year, with a total of 40 ongoing PPP projects[48]. - The company has a total of 873 ongoing projects with a total amount of RMB 13,177,877.65 million, including 258 in housing construction and 351 in infrastructure engineering[79]. - The total amount of unfinished projects is RMB 14,343,217.03 million, with 918 projects remaining[85]. - Infrastructure engineering revenue accounted for 46.58% of total revenue in 2018, while housing construction revenue accounted for 32.46%[88]. Safety and Compliance - The company maintained a 100% safety training rate for employees and achieved a 100% rectification rate for major safety hazards, with no significant safety incidents reported during the year[48]. - The company has established a three-tier quality management system and has been certified under ISO9001:2016, ensuring effective quality control[92]. - The company received several prestigious awards, including the George R. Richardson Award and the Zhan Tianyou Award, indicating high-quality project execution[95]. - The company has committed to resolving existing property defects, with a preliminary estimated cost of 314.0723 million RMB for addressing non-productive personnel expenses related to the merger involving 5,818 individuals[175]. Investments and Financial Activities - The total amount of equity investment in 2018 reached CNY 4,685,580,000, an increase of CNY 2,137,475,866, or 83.9% compared to the previous year[100]. - The company has invested 144,000,000 RMB in bank wealth management products using idle self-owned funds, with no overdue amounts[198]. - The company has issued a total of 54,000,000 RMB in short-term loans from its own funds, with no overdue amounts[199]. - The company is transferring receivables worth RMB 529 million to a related party for factoring financing to improve capital efficiency[192]. Legal and Regulatory Matters - The company is involved in multiple civil lawsuits, with a total amount involved of approximately RMB 4,122.54 million, RMB 20,535.02 million, and RMB 8,890.49 million for different cases[183][186][186]. - The company has ongoing civil litigation with amounts involved of RMB 5,464.65 million and RMB 6,767.47 million, with some cases still pending[186][186]. - The company has a pending case involving RMB 17,323.36 million, with a first-instance judgment requiring payment, but the plaintiff has appealed[186]. - The company has a total of RMB 5,021.11 million involved in a lawsuit regarding unpaid project funds and interest[186]. Corporate Governance - The company has engaged Huapu Tianjian Accounting Firm for auditing services, with a fee of 3.25 million RMB for the current year[180]. - The company has been audited by the same accounting firm for 16 years, ensuring consistency in financial reporting[180]. - The company guarantees the independence of Anhui Water Conservancy's management and financial operations, ensuring no overlap with the controlling party's other enterprises[165]. - The company has established a commitment to transparency in related party transactions, ensuring fair pricing and compliance with legal regulations[165].

2018 年第三季度报告 公司代码：600502 公司简称：安徽水利 安徽水利开发股份有限公司 2018 年第三季度报告 1 / 20 | 目录 | | --- | | 一、 | 重要提示 | 3 | | --- | --- | --- | | 二、 | 公司基本情况 | 3 | | 三、 | 重要事项 | 5 | | 四、 | 附录 | 8 | 2018 年第三季度报告 一、 重要提示 1.1 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 1.2 未出席董事情况 | 未出席董事姓名 | 未出席董事职务 | 未出席原因的说明 | 被委托人姓名 | | --- | --- | --- | --- | | 许克顺 | 董事 | 因工作原因 | 童宗胜 | 1.3 公司负责人王厚良、主管会计工作负责人徐亮及会计机构负责人（会计主管人员）刘强保证 季度报告中财务报表的真实、准确、完整。 1.4 本公司第三季度报告未经审计。 单位：元 币种：人民币 | | 本报告期末 | | 上年度末 | | 本报告期末比上年度 ...

Financial Performance - The company's operating revenue for the first half of 2018 was CNY 16.31 billion, representing a 17.40% increase compared to CNY 13.89 billion in the same period last year[21]. - The net profit attributable to shareholders for the first half of 2018 was CNY 289.44 million, a slight increase of 0.74% from CNY 287.33 million year-on-year[21]. - The net profit after deducting non-recurring gains and losses increased by 81.61% to CNY 275.96 million from CNY 151.95 million in the previous year[21]. - The net cash flow from operating activities was CNY 1.55 billion, a significant recovery from a negative cash flow of CNY -3.93 billion in the same period last year[21]. - The total assets at the end of the reporting period were CNY 68.26 billion, up 7.48% from CNY 63.51 billion at the end of the previous year[21]. - The net assets attributable to shareholders increased by 6.17% to CNY 8.23 billion from CNY 7.75 billion at the end of the previous year[21]. - The basic earnings per share decreased by 29.17% to CNY 0.17 from CNY 0.24 in the same period last year[22]. - The company signed new contracts worth CNY 24.48 billion in engineering construction, representing a year-on-year growth of 6.7%[43]. - The real estate business recorded a signed sales area of 926,900 square meters and a signed sales amount of CNY 5.885 billion, with year-on-year increases of 58.55% and 87.84% respectively[43]. - The investment business saw a significant increase, with the amount of PPP project investments reaching CNY 8.344 billion, up 99.86% year-on-year[44]. Risk Management - There were no significant risks identified that could adversely affect the company's future development strategy or ongoing operations during the reporting period[6]. - The company has a comprehensive risk disclosure in the report, detailing potential operational risks[6]. - The report includes a forward-looking statement risk declaration, indicating that future plans and strategies do not constitute a substantive commitment to investors[5]. - The company faces macroeconomic risks due to global interest rate hikes and domestic economic imbalances, which may impact service revenue[68]. - Industry policy risks are present as infrastructure investment growth slows, affecting the construction sector's contract signing rates[69]. - Financial risks are highlighted by high capital demands and slow cash flow recovery in traditional construction and real estate investments[71]. - The company aims to improve project management standards and cost control to mitigate risks associated with project execution and material price fluctuations[72]. Corporate Governance and Shareholder Relations - The company reported a profit distribution plan for the reporting period, with no proposed capital reserve transfer to increase share capital[5]. - The company will not distribute cash dividends, issue bonus shares, or increase capital through profit distribution in the first half of 2018[75]. - The company has committed to eliminate any potential competition with its controlling shareholder within three years after the completion of the merger[77]. - The controlling shareholder will prioritize the interests of the company during the restructuring process and support its main business development[77]. - The company guarantees the independence of its financial and operational decisions, ensuring no interference from controlling shareholders[78]. - The company will ensure that no new competitive business relationships are formed during the restructuring process[77]. - The company has committed to resolving existing property defects and will seek alternative compliant properties if necessary[78]. Legal Matters - There are no significant litigation or arbitration matters during the reporting period[80]. - The company is involved in a civil lawsuit with a total amount of 4,122.54 million RMB related to unpaid project payments[81]. - Another civil lawsuit involves 20,535.02 million RMB concerning unpaid project payments, with ongoing judicial identification[81]. - The company is also pursuing a civil lawsuit for 8,890.49 million RMB due to unpaid project payments, with ongoing judicial identification[81]. - A civil lawsuit for 5,464.65 million RMB is in progress, related to unpaid project payments[81]. Subsidiaries and Market Position - The company completed the absorption and merger of Anhui Construction Group in June 2017, with Anhui Water Resources Development Co., Ltd. becoming the controlling shareholder[10]. - The company has a complete industrial chain in the construction sector, covering various fields including municipal, water conservancy, and bridge engineering, enhancing its competitive advantage[37]. - The company holds over 120 qualifications in construction, design, and supervision, including 6 special-level general contracting qualifications, which strengthens its brand advantage[38]. - The company has added 14 new subsidiaries during the reporting period, all categorized as newly established[159]. - The company has a diverse portfolio of subsidiaries, including 100% ownership in several companies such as Anhui Construction Overseas Labor Co., Ltd. and Huizhou Anjian Investment Co., Ltd.[154]. Financial Structure and Capital Management - The company completed a CNY 300 million issuance of perpetual bonds to optimize its debt structure and enhance financial risk control[47]. - The total amount of guarantees provided by the company, including those to subsidiaries, is RMB 742.97 million, which accounts for 90.26% of the company's net assets[90]. - The company has provided guarantees totaling RMB 699.07 million to entities with asset-liability ratios exceeding 70%[90]. - The company has implemented the transfer of RMB 529 million in accounts receivable to a related party for financing purposes, with funds already received[86]. - The company has also transferred RMB 40.01 million in accounts receivable to a related party, with financing funds already received[86]. Social Responsibility and Community Engagement - The company is actively participating in poverty alleviation efforts, focusing on industrial development and social welfare initiatives[91]. - The company has established a budget for poverty alleviation and is monitoring the use of funds to ensure effective investment[92]. - The company invested a total of RMB 65.6 million in poverty alleviation efforts during the reporting period[95]. - The company mobilized employees to donate RMB 296,000 for social work services and volunteer activities in impoverished areas[94]. - The company has established a scholarship fund to support students from impoverished backgrounds, ensuring ongoing educational assistance[97]. Future Outlook and Strategic Plans - The company plans to enhance its market strategy by optimizing regional resource allocation and focusing on emerging markets[69]. - The company plans to continue expanding its capital base and exploring new investment opportunities to enhance shareholder value[142]. - The company’s management indicated plans for market expansion and new product development in the upcoming quarters[130]. - The company plans to continue its poverty alleviation efforts, focusing on education and employment support in the future[97].

Financial Performance - Operating revenue increased by 10.65% to CNY 7.38 billion year-on-year[6] - Net profit attributable to shareholders rose by 30.22% to CNY 109.64 million[6] - Basic earnings per share increased by 14.29% to CNY 0.08[6] - Net profit for Q1 2018 reached CNY 107,883,557.87, representing a 34.6% increase compared to CNY 80,215,044.36 in Q1 2017[24] - Operating revenue for the current period reached ¥2,133,894,036.85, an increase of 6.1% compared to ¥2,011,093,057.37 in the previous period[27] - Net profit for the current period was ¥30,509,920.69, down 46.3% from ¥56,810,909.97 in the previous period[28] Cash Flow - Cash flow from operating activities improved significantly, with a reduction in outflow by 90.88% to CNY -161.68 million[6] - The net cash flow from operating activities was -¥161,682,680.72, an improvement from -¥1,773,266,300.00 in the previous period[30] - Cash received from sales increased by 59.46% to ¥13,629,571,948.67, attributed to higher sales collections[11] - Cash outflow for debt repayment was $1,305,896,587.73, compared to $534,000,000.00 in the previous year, reflecting a substantial increase in debt servicing[35] - The net increase in cash and cash equivalents was -$500,160,537.15, contrasting with an increase of $546,966,792.43 in the prior year[35] Assets and Liabilities - Total assets decreased by 2.48% to CNY 61.93 billion compared to the end of the previous year[6] - Total current assets decreased to ¥48,657,635,373.37 from ¥50,585,860,631.91, reflecting a reduction in cash and receivables[14] - Total liabilities decreased to ¥52,592,095,278.35 from ¥54,669,083,325.57, indicating improved financial stability[16] - Total equity increased to ¥9,337,627,629.95 from ¥8,838,384,399.14, reflecting growth in retained earnings and other equity instruments[16] Investments - Investment income increased by 858.74% to ¥9,156,491.18, primarily from equity investment and financial management gains[11] - Cash received from investment increased by 2765.44% to ¥750,000,000.00, primarily from investments in financial products[11] - The company reported cash outflows related to investments totaling $1,159,355,380.71, compared to $788,165,386.64 in the previous year, highlighting increased investment activity[35] Shareholder Information - The number of shareholders reached 66,225 at the end of the reporting period[8] - Employee compensation payable decreased by 43.35% to ¥182,316,046.05 due to higher salary payments in the previous period[11] Comprehensive Income - The company reported a total comprehensive income of CNY 103,699,829.23 for Q1 2018, compared to CNY 81,408,895.92 in Q1 2017[25] - The company reported a decrease in comprehensive income to ¥24,950,284.92, down from ¥56,810,909.97 in the previous period[28]

Dividend Distribution - The company plans to distribute a cash dividend of 0.5 yuan per share, totaling 71.715 million yuan, based on a total share capital of 1,434,300,227 shares[5] - The company’s profit distribution plan has been approved by the board and will be submitted for shareholder approval[5] - For the 2017 profit distribution plan, the company proposed a distribution of 2 shares for every 10 shares held, along with a cash dividend of RMB 71.715 million[171] - The company has maintained a consistent cash dividend policy, having distributed dividends for three consecutive years from 2015 to 2017[171] - The company’s profit distribution policy has been revised to ensure compliance with regulations and to protect minority shareholders' rights[170] Financial Performance - The company's operating revenue for 2017 was CNY 35.46 billion, an increase of 3.18% compared to CNY 34.36 billion in 2016[23] - The net profit attributable to shareholders for 2017 was CNY 781.34 million, representing a 25.25% increase from CNY 623.84 million in 2016[23] - The net profit after deducting non-recurring gains and losses was CNY 640.25 million, a significant increase of 120.75% compared to CNY 290.04 million in 2016[23] - The company's total assets at the end of 2017 reached CNY 63.51 billion, up 38.87% from CNY 45.73 billion at the end of 2016[23] - The net assets attributable to shareholders increased to CNY 7.75 billion, a growth of 47.38% from CNY 5.26 billion in 2016[23] Audit and Compliance - The company has a commitment to ensure the accuracy and completeness of its financial reports, as stated by its management[5] - The company’s financial report received a standard unqualified audit opinion from Huapu Tianjian Accounting Firm[5] - The company has a comprehensive governance structure in place, ensuring compliance with regulatory requirements[9] Risk Management - The company reported no significant risks affecting its future development strategy or ongoing operations during the reporting period[7] - The company emphasizes the importance of risk awareness in its forward-looking statements regarding future plans and strategies[6] - The company has identified risks associated with different business models, including performance risks, cost management risks, and policy risks[103] - The company is committed to risk management, focusing on preventing financial, investment, operational, and safety risks to ensure sustainable development[161] Mergers and Acquisitions - The company completed the absorption and merger of Anhui Construction Group by issuing 463,554,265 shares, making the Water Construction General Company the controlling shareholder[12] - The company completed a significant asset restructuring by absorbing Anhui Construction Group, enhancing its capabilities in engineering contracting across various sectors including housing construction, water conservancy, municipal projects, and more[32] - Following the merger, the company inherited multiple top-tier qualifications, including five special contracting qualifications and various design and consulting qualifications, significantly expanding its operational scope[33] - The company completed the absorption merger with Anhui Construction Group in June 2017, leading to retrospective adjustments in financial data for 2015 and 2016[26] Project and Contract Management - The company achieved a total of 450 new construction contracts with a total value of 68.787 billion yuan, representing a year-on-year increase of 37.60% after the merger[50] - The company secured 450 new engineering contracts with a total value of 68.79 billion RMB, representing a year-on-year increase of 37.60%[57] - The company has ongoing projects in Algeria, Angola, Sierra Leone, and Pakistan, with a total value of 326,857 million RMB[102] - The company confirmed significant ongoing projects, including financing models and PPP projects, with completion percentages ranging from 3.47% to 44.58%[95] Revenue Sources - The real estate development segment, led by two major brands, is a crucial profit source, driving related businesses such as construction and engineering services[37] - The real estate business recorded a signed sales area of 1.0709 million square meters and a signed sales revenue of 5.826 billion yuan, with year-on-year increases of 24.86% and 50% respectively after the merger[50] - The company’s hydropower revenue reached 131 million RMB, a year-on-year increase of 20.08%[57] - Infrastructure construction revenue was ¥16.66 billion, with a gross profit margin of 11.1%, reflecting a significant increase of 42.43 percentage points year-over-year[68] Cost Management - The company is focusing on cost control through centralized procurement and project cost management to enhance operational efficiency[46] - The company's total operating costs decreased by 17.20% year-over-year, amounting to ¥12.49 billion[71] - Direct labor costs for construction decreased by 18.00% to ¥2.65 billion, representing 8.34% of total costs[70] - Material costs decreased by 13.57% to ¥6.42 billion, accounting for 20.19% of total costs[70] Strategic Initiatives - The company is focusing on expanding its infrastructure investment business, leveraging the PPP model to secure quality projects in transportation, municipal engineering, and water conservancy[36] - The company aims to innovate its business model by exploring new PPP projects in urban development and environmental management, positioning itself for future market opportunities[41] - The company plans to expand its market presence and invest in new technologies to enhance operational efficiency and profitability[69] Safety and Quality Management - The company has established a three-tier quality management system, ensuring effective monitoring and control of engineering quality, with no significant quality issues reported[123] - The company has maintained its ISO quality management certifications and is progressing towards new standard certifications in 2018[124] - The company has implemented a comprehensive quality control system, which has significantly improved internal quality standards and project management[124] Future Outlook - The company aims to achieve a revenue of 42.537 billion yuan and a total profit of 1.298 billion yuan in 2018[160] - The company plans to strengthen its main business by actively undertaking EPC projects and optimizing its market layout, particularly focusing on the western regions of China[160] - The company anticipates an increase in the proportion of infrastructure business revenue due to new contracts and ongoing projects in water conservancy and municipal engineering[118] Related Party Transactions - The company plans to conduct daily related party transactions totaling RMB 1,050 million in 2017, with actual transactions amounting to RMB 1,691.31 million, including RMB 250.21 million from sales to related parties and RMB 1,441.10 million from services received from related parties[195] - The company has committed to avoiding any related party transactions unless absolutely necessary, adhering to market rules and fair commercial principles[182] Employee and Management Structure - The company has a professional technical team of 10,623 personnel, including 3,147 with various professional qualifications, ensuring a strong talent pool[47] - The employee stock ownership plan was adjusted to include 2,190 participants, with a total subscription amount of RMB 505.20 million and an adjusted number of shares to be subscribed of 77,247,706[193]

2017 年第三季度报告 公司代码：600502 公司简称：安徽水利 安徽水利开发股份有限公司 2017 年第三季度报告 1 / 20 | 目录 | | --- | | 一、 | 重要提示 | 3 | | --- | --- | --- | | 二、 | 公司基本情况 | 3 | | 三、 | 重要事项 | 6 | | 四、 | 附录 | 9 | 2017 年第三季度报告 一、 重要提示 1.1 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 1.2 公司全体董事出席董事会审议季度报告。 1.3 公司负责人张晓林、主管会计工作负责人徐亮及会计机构负责人（会计主管人员）李成建保 证季度报告中财务报表的真实、准确、完整。 1.4 本公司第三季度报告未经审计。 二、 公司基本情况 2.1 主要财务数据 单位：元 币种：人民币 | | | 上年度末 | | 本报告期末 | | --- | --- | --- | --- | --- | | | 本报告期末 | 调整后 | 调整前 | 比上年度末 | | | | | ...

Financial Performance - The net profit attributable to shareholders for the period is 170.14 million yuan, a year-on-year increase of 107.29% compared to 82.08 million yuan from the previous year[5]. - The company's operating revenue for the first half of 2017 was CNY 13.89 billion, a decrease of 16.16% compared to CNY 16.57 billion in the same period last year[20]. - The net profit attributable to shareholders for the first half of 2017 was CNY 287.33 million, an increase of 62.24% from CNY 177.10 million year-on-year[20]. - The basic earnings per share for the first half of 2017 was CNY 0.24, up 71.43% from CNY 0.14 in the previous year[22]. - The company's total assets increased by 16.96% to CNY 53.49 billion compared to CNY 45.73 billion at the end of the previous year[21]. - The company's net assets attributable to shareholders decreased by 1.96% to CNY 5.23 billion from CNY 5.33 billion at the end of the previous year[21]. - The company reported a weighted average return on equity of 6.49%, an increase of 2.1 percentage points from 4.39% in the previous year[22]. - The company achieved a total revenue of 13.893 billion yuan, a year-on-year decrease of 16.16%, while net profit attributable to shareholders reached 287 million yuan, an increase of 62.24%[48]. Mergers and Acquisitions - The company completed the absorption merger on May 31, 2017, resulting in Anhui Construction Group's profits being attributed to the company from that date onward[5]. - The financial data presented in the report reflects the completion of the absorption merger with Anhui Construction Group, with adjustments made to the previous year's financial indicators[5]. - The report indicates that the financial data is based on consolidated statements following the absorption merger, and previous data does not include Anhui Construction Group's contributions[5]. - The merger has significantly expanded the company's overall business scale and strength, reducing competition and enhancing overall advantages[42]. - The company completed the absorption merger with Anhui Construction Group, significantly expanding its business scale and strength, and enhancing its qualifications and technical level[50]. - The company completed the issuance of 463,554,265 shares to absorb Anhui Construction Group, with a transaction price of 303,164.49 million CNY[87]. - The company has established new subsidiaries, including Leiyang Urban Construction Ring Development Co., Ltd. and Anhui Water Conservancy (Linquan) Harmony Real Estate Co., Ltd., to expand its business operations[90]. Operational Risks and Challenges - The company has outlined potential operational risks in the report, which are detailed in the section discussing operational conditions[6]. - The report includes a risk statement indicating that the performance data for the third quarter and first three quarters of 2017 are preliminary estimates and may vary[3]. - The company has faced risks related to overseas business, including performance, country, political, exchange rate, and tax risks, which could impact profitability[95][96]. - The construction industry is significantly affected by the volatility of raw material prices, particularly steel and cement, which have seen substantial increases due to supply-side capacity cuts and recovering demand[97]. - The construction market is closely tied to macroeconomic conditions, with a slowdown in economic growth and reduced fixed asset investment negatively impacting overall business volume in the construction sector[98]. - The rise of PPP (Public-Private Partnership) projects is transforming the construction industry, with traditional engineering business volumes declining while infrastructure projects continue to grow rapidly[99]. - Regulatory changes in the real estate sector, including increased down payment ratios and higher mortgage rates, are expected to impact sales and cash flow in the construction industry[100]. - The construction industry faces intense competition due to low market entry barriers and a large number of players, leading to low overall profit margins[101]. Investment and Growth Strategies - The company plans to invest in a second production base for precast components, aiming for an annual production capacity of 500,000 square meters and an annual output value of 1.3 billion RMB[34]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[164]. - The company is actively pursuing growth opportunities in the construction and real estate sectors, as evidenced by the addition of multiple subsidiaries in these areas[200]. - The company plans to distribute a cash dividend of 0.5 yuan per share, totaling approximately 71.72 million yuan, based on a total share capital of 1,434,300,227 shares[104]. - The company has committed to eliminating any potential competition with its controlling shareholder within three years following the completion of an asset merger[106]. Corporate Governance and Compliance - The company emphasizes that the financial report has not been audited, ensuring the accuracy and completeness of the information presented[4]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[4]. - The company guarantees the establishment of an independent financial accounting department and management system, ensuring financial independence from controlling entities[109]. - The controlling party has committed to not engaging in similar business activities to avoid competition with 安徽水利[108]. - The company has committed to resolving industry competition issues and ensuring operational independence from Anhui Construction Group within three years following the completion of its non-public offering[114]. - The company has no major litigation or arbitration matters during the reporting period[116]. - The company has not received any non-standard audit reports during the reporting period[116]. Social Responsibility and Community Engagement - The company provided a total of 81.28 million RMB in funding for poverty alleviation efforts during the reporting period[137]. - A total of 363 individuals from 103 registered impoverished households achieved poverty alleviation through the company's initiatives[137]. - The company invested 10 million RMB in three different poverty alleviation projects, focusing on industrial development[138]. - The company allocated 5 million RMB to support 50 impoverished students through educational assistance programs[138]. - The company plans to continue its support for Zhifeng Village, aiming to complete government evaluations by October and achieve specific poverty alleviation goals[139]. - The company is set to assist in the construction of a new hospital and a new materials company in Susong County as part of its ongoing support initiatives[139]. - The company has committed to maintaining a poverty rate below 2% in its supported villages through targeted assistance programs[139].

Financial Performance - Operating revenue decreased by 17.81% to CNY 2,125,372,565.61 compared to the same period last year[7] - Net profit attributable to shareholders decreased by 11.81% to CNY 40,656,421.57 compared to the same period last year[7] - Basic earnings per share decreased by 11.76% to CNY 0.0450 compared to the same period last year[7] - Total operating revenue decreased to ¥2,125,372,565.61 from ¥2,585,898,779.41, a decline of approximately 17.7% year-over-year[31] - Net profit for the period was ¥39,796,171.23, down from ¥44,893,905.72, reflecting a decrease of approximately 11.5% year-over-year[31] - Earnings per share (EPS) decreased to ¥0.0450 from ¥0.0510, a decline of about 11.8% year-over-year[31] Cash Flow - Cash flow from operating activities improved to a net outflow of CNY 300,898,800.94, compared to a net outflow of CNY 460,956,039.50 in the same period last year[7] - Cash received from operating activities increased by 352.73% year-on-year, due to an increase in received deposits[16] - Cash flow from operating activities showed a net outflow of ¥300,898,800.94, improving from a net outflow of ¥460,956,039.50 in the previous period[35] - The net cash flow from operating activities was $220,870,357.40, a significant improvement compared to a net outflow of $621,440,475.82 in the previous period[38] - The company reported a total cash outflow from operating activities of $3,049,941,584.41, compared to $3,549,180,117.52 in the previous period[38] Assets and Liabilities - Total assets increased by 6.76% to CNY 18,469,952,253.27 compared to the end of the previous year[7] - Total assets as of March 31, 2017, amounted to CNY 18.47 billion, an increase from CNY 17.30 billion at the beginning of the year, representing a growth of approximately 6.77%[25] - Current assets totaled CNY 14.48 billion, up from CNY 13.91 billion, indicating a rise of about 4.23%[25] - Total liabilities reached CNY 14.17 billion, compared to CNY 13.06 billion at the start of the year, marking an increase of about 8.54%[26] - The company's equity attributable to shareholders increased to CNY 3.69 billion from CNY 3.68 billion, a slight growth of about 0.09%[26] - The total liabilities to equity ratio stands at approximately 3.29, indicating a leverage increase compared to the previous period[26] Cash and Cash Equivalents - Cash and cash equivalents increased by 29.87% to CNY 3,250,437,455.92 compared to the beginning of the year[11] - Cash and cash equivalents at the end of the period increased to ¥2,500,127,979.34 from ¥1,284,434,801.10, marking a significant increase of approximately 94.8%[35] - The ending balance of cash and cash equivalents was $2,054,860,303.18, up from $765,457,864.45 at the end of the previous period[38] Borrowings and Financing - Short-term borrowings increased by 65.75% to CNY 2,552,600,000.00 compared to the beginning of the year[11] - Long-term borrowings increased to CNY 1.86 billion from CNY 1.34 billion, representing a growth of approximately 39.24%[26] - Cash obtained from bank loans increased by 67.92% year-on-year, aimed at supplementing working capital[18] - The company received cash inflows from financing activities totaling ¥2,189,000,000.00, compared to ¥1,281,000,000.00 in the previous period, an increase of about 71.0%[36] - The company obtained loans amounting to $1,671,000,000.00, an increase from $1,231,000,000.00 in the previous period[38] Expenses - Sales expenses increased by 104.64% year-on-year, attributed to new real estate projects[15] - Management expenses rose by 64.02% year-on-year, driven by changes in the company's compensation policy[15] - Financial expenses surged by 226.29% year-on-year, resulting from reduced returns on the BT project[15] - Cash paid to employees increased by 74.76% year-on-year, reflecting changes in the company's salary policy[17] - The company reported a decrease in tax expenses to ¥26,133,407.26 from ¥20,174,636.92, indicating a year-over-year increase of approximately 29.4%[31] Investment Activities - Cash received from investment activities rose by 537.48% year-on-year, due to increased BT investment returns[18] - The company’s investment activities resulted in a net cash outflow of ¥407,753,117.88, worsening from a net outflow of ¥62,665,728.55 in the previous period[36] - Total cash inflow from investment activities was $14,136,221.72, while cash outflow amounted to $788,165,386.64, resulting in a net cash flow from investment activities of -$774,029,164.92[38] Mergers and Acquisitions - The company is in the process of completing the asset transfer procedures related to the merger with Anhui Construction Group[23] - The company has received approval from the China Securities Regulatory Commission for the merger and fundraising plan[22]