Financial Performance - The company achieved operating revenue of CNY 3.99 billion, a year-on-year increase of 9.24%[22] - Net profit attributable to shareholders reached CNY 129.38 million, up 11.56% compared to the same period last year[22] - Basic earnings per share were CNY 0.26, reflecting a growth of 13.04% year-on-year[22] - The company’s operating revenue for the first half of 2014 was CNY 3,988,317,140.93, representing a 9.24% increase compared to the same period last year[26] - The net profit for the current period is CNY 129,384,648.32, contributing to an increase in undistributed profits[76] - The company reported a net profit of CNY 908,689,085.76 for the period, up from CNY 799,381,637.44, indicating a growth of about 13.7%[58] - The company reported a significant increase in unallocated profits, which rose to CNY 773,215,359.88, up from CNY 750,933,447.57 in the previous year[78] Assets and Liabilities - Total assets increased to CNY 11.22 billion, a growth of 19.14% from the previous year[22] - The company's total assets increased to CNY 8,549,030,690.94, up from CNY 7,787,608,115.67, marking a growth of 9.79%[60] - The company's total liabilities reached CNY 8,698,951,823.99, up from CNY 7,445,380,000.38, indicating an increase of about 16.8%[57] - The total equity attributable to shareholders of the parent company was CNY 1,658,448,648.77, compared to CNY 1,551,591,650.05 at the beginning of the year, reflecting a growth of approximately 6.9%[58] - The total liabilities at the end of the reporting period are not explicitly stated but are implied to be managed effectively given the increase in equity[76] Cash Flow - The net cash flow from operating activities was -CNY 626,459,501.32, worsening from -CNY 316,861,095.82 in the previous year[26] - The company's financing activities generated a net cash flow of CNY 744,342,609.68, a significant increase of 120.20% compared to the previous year[26] - Total cash inflow from operating activities amounted to 3,611,550,029.75 RMB, compared to 2,562,111,353.54 RMB in the same period last year, reflecting a year-over-year increase of approximately 41%[71] - The net cash flow from financing activities was 744,342,609.68 RMB, compared to 338,034,195.19 RMB in the previous period, indicating a substantial improvement[69] Investments and Contracts - The company signed 85 new construction contracts with a total value of CNY 6.8 billion, representing an 87% increase year-on-year[24] - The company invested CNY 363 million to acquire 60% of Yunnan Gongshan Hengyuan Hydropower Development Co., Ltd.[24] - The company’s investment in external equity totaled CNY 36,300,000, a substantial increase of 1110.00% compared to the same period last year[32] - The company reported a total revenue of 51,250.00 million for construction project investments[155] Real Estate and Hydropower - Real estate business generated revenue of CNY 560 million, a significant increase of 36.02%[24] - The hydropower business generated 63.07 million kWh of electricity, with revenue of CNY 18 million, a decrease of 18.18% year-on-year[24] - The company added 51.71 acres of land reserves, which is expected to support the continuous development of its real estate business[32] Corporate Governance and Shareholder Information - The company has maintained its corporate governance structure in compliance with relevant laws and regulations, enhancing its internal control system and risk management capabilities[44] - The total number of shareholders at the end of the reporting period was 63,038, with the largest shareholder holding 17.03% of the shares[47] - The company’s largest shareholder, Anhui Provincial Water Conservancy Engineering Corporation, holds 85,473,813 shares, with a reduction of 25 million shares during the reporting period[47] Accounting and Financial Reporting - The financial statements are prepared based on the going concern principle and comply with the Accounting Standards for Business Enterprises[91] - The company confirms that its financial statements accurately reflect its financial position as of December 31, 2013, and its operating results for the year 2013[92] - The company uses Renminbi as its functional currency for accounting purposes[94] Inventory and Receivables - The total inventory as of June 30, 2014, was CNY 3,088,075,025.51, compared to CNY 2,379,756,530.51 at the end of 2013, reflecting an increase of about 29.7%[172] - As of June 30, 2014, the total accounts receivable amounted to ¥3,287,232,073.72, with a bad debt provision of ¥310,534,481.18, representing 9.07% of the total[164] - The accounts receivable aged within one year accounted for 74.67% of the total, with a balance of ¥2,394,594,209.03 and a bad debt provision of ¥119,729,710.45[165] Debt and Financing - The company's long-term borrowings reached CNY 1,476,400,000.00 as of June 30, 2014, up from CNY 730,100,000.00 at the end of 2013, indicating a significant increase in financing[200] - The total amount of guarantee loans increased to CNY 1,056,000,000.00 as of June 30, 2014, compared to CNY 583,500,000.00 at the end of 2013, showing a substantial rise[200] - The income tax payable as of June 30, 2014, was CNY 120,831,674.55, compared to CNY 108,617,847.70 at the end of 2013, reflecting a growth of approximately 11.1%[193]

Financial Performance - Operating revenue rose by 21.95% to CNY 1,825,678,541.21 year-on-year[10] - Net profit attributable to shareholders increased by 6.70% to CNY 57,417,076.09 compared to the same period last year[10] - Total operating revenue for the current period reached ¥1,825,678,541.21, an increase of 21.9% compared to ¥1,497,084,884.47 in the previous period[34] - Net profit for the current period was ¥56,994,308.99, representing a 8.5% increase from ¥53,456,179.58 in the previous period[35] - Basic and diluted earnings per share remained at ¥0.11, unchanged from the previous period[35] Cash Flow - Cash flow from operating activities improved, with a net cash outflow of CNY -123,915,543.07, an improvement from CNY -229,298,321.95 in the previous year[10] - Cash generated from operating activities was ¥2,203,566,808.34, significantly higher than ¥1,335,326,536.05 in the prior period[38] - The net cash flow from operating activities was CNY 407,076,263.15, a significant improvement from a net outflow of CNY 125,152,845.94 in the previous period[43] - Cash inflow from financing activities amounted to CNY 756,000,000.00, compared to CNY 440,000,000.00 in the prior period, marking an increase of approximately 72%[43] - The net cash flow from financing activities was CNY 151,364,158.27, up from CNY 47,514,415.39 in the previous period, indicating a growth of about 218%[43] Assets and Liabilities - Total assets increased by 8.06% to CNY 10,175,791,291.67 compared to the end of the previous year[10] - Total liabilities as of March 31, 2014, were ¥7,605,112,208.52, compared to ¥7,445,380,000.38 at the beginning of the year[28] - Total assets as of March 31, 2014, amounted to ¥10,175,791,291.67, an increase from ¥9,416,434,647.49 at the beginning of the year[27] - Total operating costs amounted to ¥1,741,101,777.36, up 22.9% from ¥1,416,210,050.55 in the prior period[34] - Long-term borrowings rose by 79.07% due to increased borrowing activities[17] Shareholder Information - The number of shareholders totaled 64,947, with the largest shareholder holding 12.05% of the shares[12] - Shareholders' equity increased to ¥1,647,130,996.38 from ¥1,587,510,824.07, marking a growth of 3.8%[32] Inventory and Receivables - Accounts receivable increased by 91.21% due to an increase in payments received via bank acceptance bills[17] - Inventory decreased to ¥839,348,696.02 from ¥1,004,622,988.05, a decline of 16.4%[32] Investment Activities - Cash received from investment absorption increased by ¥300 million year-on-year, attributed to increased trust financing[23] - Cash inflow from investment activities was CNY 11,418,779.84, compared to CNY 1,034,034.57 in the prior period, showing a substantial increase[43] - Net cash outflow from investment activities reached CNY 368,754,362.00, up from CNY 34,007,310.78 in the previous period, reflecting a significant increase[43] Other Financial Metrics - The weighted average return on equity decreased by 0.27 percentage points to 3.63%[10] - Cash received from sales and services increased by 65.02% year-on-year, reaching ¥2,203,566,808.34, attributed to increased project payments recovery[22] - Cash paid for purchasing goods and services increased by 57.08% year-on-year, amounting to ¥2,118,226,779.59, driven by higher project payments[23] - Cash paid for dividends, profits, or interest increased by 53.71% year-on-year, reaching ¥52,985,403.17, driven by increased interest payments from bank loans[23]

Financial Performance - The company's operating revenue for 2013 was CNY 6,812,234,363.34, representing a 4.96% increase compared to CNY 6,490,194,471.07 in 2012[22] - The net profit attributable to shareholders for 2013 was CNY 202,862,551.81, a decrease of 21.30% from CNY 257,774,681.59 in 2012[22] - The basic earnings per share for 2013 was CNY 0.40, down 21.57% from CNY 0.51 in 2012[23] - The total assets at the end of 2013 amounted to CNY 9,416,434,647.49, reflecting a 15.36% increase from CNY 8,162,675,160.90 in 2012[22] - The company's net assets attributable to shareholders increased by 14.54% to CNY 1,551,591,650.05 at the end of 2013[22] - The total profit amounted to 339 million RMB, slightly below the target of 340 million RMB, representing a shortfall of 0.15%[40] - The company achieved operating revenue of 6.812 billion RMB, which is 11.53% lower than the target of 7.7 billion RMB set at the beginning of the year[40] - The company reported a net profit of 341.17 million CNY from Anhui Bailianya Reservoir Development Co., with total assets of 331.98 million CNY[51] - The company reported a net profit of 204,692,926.94 CNY for the year, contributing to an increase in retained earnings[145] - The total comprehensive income for the year was CNY 251,506,202.42 after accounting for other comprehensive losses of CNY 5,899,642.78[148] Cash Flow and Investments - The net cash flow from operating activities for 2013 was negative CNY 222,380,100.06, compared to negative CNY 91,507,030.55 in 2012[22] - Cash flow from investment activities showed a net inflow of 10,954,637.85 RMB, a significant improvement from a net outflow of -357,708,587.06 RMB in the previous year[38] - The company raised 300,000,000.00 CNY through capital contributions during the year[146] - The cash inflow from financing activities totaled ¥302,114,178.24, down from ¥446,689,081.49 in the previous period[140] - The cash flow from investment activities showed a net inflow of ¥10,954,637.85, a recovery from a net outflow of -¥357,708,587.06 in the previous period[139] - The company invested 433,857,122.22 CNY in acquiring fixed assets and other long-term assets during the year[143] Segment Performance - The engineering construction segment generated revenue of 5.67 billion RMB, up 5.51% year-on-year, while the gross profit decreased by 8.20% to 610 million RMB[28] - The real estate segment reported sales of 1 billion RMB, a 20% increase year-on-year, with operating revenue of 894 million RMB, up 5.11%[30] - The hydropower segment's revenue reached 48 million RMB, a 20.90% increase, with a gross profit of 24 million RMB, up 30.02%[30] - The company secured 136 new construction contracts with a total value of 9.09 billion RMB, representing a year-on-year growth of 19.97%[28] Assets and Liabilities - The company's total liabilities reached CNY 7,445,380,000.38, up from CNY 6,413,185,190.99, indicating an increase of about 16.0%[127] - The total equity attributable to shareholders of the parent company was CNY 1,551,591,650.05, compared to CNY 1,354,639,931.98 at the beginning of the year, reflecting a growth of approximately 14.5%[128] - Accounts receivable increased to CNY 3,029,980,986.82 from CNY 2,425,809,172.77, marking an increase of approximately 25.0%[126] - The company's long-term investments increased to CNY 982,103,464.43 from CNY 418,676,682.87, reflecting a significant growth of approximately 134.5%[126] Strategic Plans and Future Outlook - The company plans to achieve operating revenue of no less than 8.16 billion CNY and a total profit of no less than 380 million CNY in 2014[57] - The construction segment aims for new contract signings of no less than 12 billion CNY, while the real estate segment targets sales of no less than 1.35 billion CNY[57] - The company plans to develop 420,000 square meters of new projects, with 460,000 square meters to be launched and 180,000 square meters to be delivered, ensuring sales revenue of no less than 1.35 billion CNY and recognized income of no less than 1 billion CNY[57] - The company intends to apply for a credit line of 6.65 billion CNY from banks to meet funding needs for business development in 2014[60] - The company plans to strengthen communication with government and financial institutions to enhance the recovery of BT project debts and mitigate associated risks[65] Governance and Management - The company has established a governance structure that complies with relevant laws and regulations, ensuring clear responsibilities and operational norms among decision-making, supervisory, and management bodies[107] - The company has three independent directors, constituting one-third of the board, in compliance with regulatory requirements[108] - The company has maintained a consistent leadership team with no changes in key positions over the past five years[92] - The total remuneration for the board members and senior management during the reporting period amounted to 6.973 million yuan (pre-tax)[91] Challenges and Risks - Rising costs of construction materials and labor are compressing profit margins, leading to increased market pressure[56] - High financing costs and significant accounts receivable are straining the company's cash flow and profitability[56] - The company faces challenges in its real estate business due to limited scale and insufficient land reserves compared to larger competitors[56] - The company has a high debt-to-asset ratio and significant operating cash shortages, leading to substantial financial expenses and a large amount of accounts receivable, indicating considerable repayment risk[64] Compliance and Audit - The company received a standard unqualified audit report from Huapu Tianjian Accounting Firm for the annual financial report[121] - The company has not experienced any penalties or administrative actions from the China Securities Regulatory Commission during the year[79] - The internal control system is designed to ensure legal compliance, asset security, and the authenticity of financial reporting[117]