2022 年第三季度报告 证券代码：600665 证券简称：天地源 债券代码：185167 债券简称：21 天地一 债券代码：185536 债券简称：22 天地一 债券代码：137566 债券简称：22 天地二 天地源股份有限公司 2022 年第三季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务 信息的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 (一)主要会计数据和财务指标 单位：元 币种：人民币 | 项目 | 本报告期 | 本报告期比上 年同期增减变 | 年初至报告期末 | 年初至报告期 末比上年同期 | | --- | --- | --- | --- | --- | | | | 动幅度(%) | | 增减变动幅度 | | | | | | (%) | | 营 ...

Financial Performance - The company's operating revenue for the first half of 2022 was RMB 3,100,471,204.41, representing a 10.78% increase compared to RMB 2,798,733,280.41 in the same period last year[17]. - The net profit attributable to shareholders of the listed company decreased by 96.72% to RMB 8,814,684.77 from RMB 268,870,026.21 year-on-year[17]. - The net profit after deducting non-recurring gains and losses was RMB 9,310,973.67, down 93.90% from RMB 152,557,772.78 in the previous year[17]. - Basic earnings per share for the first half of 2022 were RMB 0.0102, down 96.72% from RMB 0.3111 in the same period last year[18]. - The weighted average return on net assets decreased by 6.43 percentage points to 0.21% from 6.64% in the previous year[18]. - The company reported a net profit of -12.56 million RMB from Xi'an Tiandi Yuan Real Estate Development Co., Ltd. for the first half of 2022[42]. - Xi'an Tiandi Yuan Qujiang Real Estate Development Co., Ltd. recorded a net loss of -382.59 million RMB, indicating significant financial challenges[42]. - The company reported a total profit of ¥157,815,080.70, down 54.5% from ¥347,434,355.64 in the first half of 2021[116]. - The company incurred income tax expenses of ¥48,615,583.57, compared to ¥78,389,801.21 in the previous year, a decrease of 38.1%[116]. Cash Flow and Liquidity - The net cash flow from operating activities was RMB 1,718,352,312.91, a significant improvement from a negative cash flow of RMB -916,402,396.74 in the same period last year[17]. - The company reported a total cash and cash equivalents balance of CNY 1,688,258,042.33 at the end of the period, an increase of CNY 617,879,574.14 from the beginning of the period[125]. - The cash inflow from investment activities was minimal, totaling CNY 519,227.08, indicating limited investment recovery[125]. - The total cash inflow from operating activities was approximately ¥6.83 billion in the first half of 2022, compared to ¥5.62 billion in the same period of 2021, indicating a growth of about 21%[120]. - The company's current liquidity ratio is 1.31, a decrease of 5.76% compared to the previous year[103]. - The company's current quick ratio is 0.34, down 15.00% from the previous year[103]. Assets and Liabilities - The total assets at the end of the reporting period were RMB 44,687,440,736.68, an increase of 8.27% compared to RMB 41,274,569,917.58 at the end of the previous year[17]. - Total liabilities reached ¥40.15 billion, an increase from ¥36.73 billion, reflecting a growth of approximately 9.8%[110]. - The total equity attributable to shareholders decreased to ¥4.05 billion from ¥4.16 billion, a decline of about 2.6%[110]. - Accounts payable increased by 70.40% to RMB 5.72 billion due to the recognition of installment payments for land acquisition[35]. - The company's debt-to-asset ratio is 89.85%, an increase of 0.97% compared to the previous year[103]. Investments and Subsidiaries - The company has invested RMB 59.53 million in Xi'an Silk Road International Financial Innovation Center, holding an 8.04% equity stake[39]. - The company reported a total of 30 subsidiaries involved in real estate development, with varying levels of profitability and asset values[42]. - The company established a new wholly-owned subsidiary, Xi'an Tiandi Yuan Haoyue Real Estate Development Co., Ltd., with a registered capital of 30,000 million RMB[43]. - The company holds a 51% stake in Shaanxi Shenbao Hydropower Development Co., Ltd. and a 70% stake in Xi'an Chuangdian Think Tank Business Consulting Management Co., Ltd., aiming for diversified development[46]. Market and Operational Strategy - The company plans to enhance its operational efficiency and adapt to market changes by focusing on marketing management and cash flow safety[26]. - The company aims to strengthen its land reserves and financing efforts, with a total financing amount of CNY 51.07 billion achieved in the first half of the year[28]. - The company emphasizes a strategic focus on "cultural real estate leadership" and "beautiful life operation" to drive growth and customer satisfaction[23]. - The company is focused on ensuring the continuous profitability and protection of minority shareholders' interests through strategic asset management[64]. Risks and Challenges - The company faces risks from the ongoing COVID-19 pandemic, which may impact project development and operations in certain cities[47]. - Market risks are heightened due to overall industry downturn and increased competition, prompting the company to enhance macroeconomic and regional market analysis[48]. - Financial pressures are evident due to regulatory impacts on the capital-intensive real estate sector, leading the company to adjust its financing structure and reduce costs[48]. Corporate Governance and Compliance - The company has not proposed any profit distribution or capital reserve fund transfer plan for the half-year period[55]. - There are no updates or changes regarding the stock incentive plan or employee stock ownership plan[55]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[57]. - The company actively promotes waste classification and has set up facilities for waste management in service communities[58]. Financial Instruments and Accounting Policies - Financial instruments are recognized as financial assets or liabilities based on the contractual agreements, with initial measurement at fair value[155]. - The company recognizes interest income on financial assets measured at amortized cost using the effective interest method[156]. - The company adopts a perpetual inventory system, conducting inventory counts semi-annually and a comprehensive count before the end of the fiscal year[176]. - The company recognizes intangible assets based on identifiable non-monetary assets without physical substance, including patents and trademarks[194].

Financial Performance - The company's operating revenue for Q1 2022 was RMB 361,087,588.01, representing a year-on-year increase of 5.68%[6] - The net profit attributable to shareholders was a loss of RMB 26,944,838.32, with a net profit excluding non-recurring items also showing a loss of RMB 27,482,667.25[6] - The company reported a net financial cost of CNY 22,873,500.78, up from CNY 18,083,617.69, indicating an increase of approximately 26.5%[19] - Net profit for Q1 2022 was a loss of CNY 29,544,464.93, an improvement from a loss of CNY 35,581,155.44 in Q1 2021, indicating a reduction in losses of about 16.4%[20] - Operating profit for Q1 2022 was a loss of CNY 37,025,877.59, compared to a loss of CNY 55,117,611.89 in Q1 2021, reflecting a decrease in losses of approximately 32.8%[20] - The total comprehensive income for Q1 2022 was a loss of CNY 29,544,464.93, compared to a loss of CNY 35,581,155.44 in Q1 2021, showing an improvement of about 16.4%[20] - Basic and diluted earnings per share for Q1 2022 were both CNY -0.0312, an improvement from CNY -0.0402 in Q1 2021, indicating a reduction in loss per share of approximately 22.4%[21] Cash Flow - The net cash flow from operating activities decreased by 77.83%, amounting to RMB 56,922,529.04, primarily due to increased land payment expenditures compared to the same period last year[8] - Cash flow from operating activities for Q1 2022 was CNY 56,922,529.04, down from CNY 256,762,542.18 in Q1 2021, showing a decline of about 77.8%[22] - Cash flow from investing activities in Q1 2022 resulted in a net outflow of CNY 1,670,433.78, compared to a net outflow of CNY 11,829,573.66 in Q1 2021, indicating a significant reduction in outflows[23] - Cash flow from financing activities in Q1 2022 showed a net outflow of CNY 1,378,051,441.08, worsening from a net outflow of CNY 811,361,798.84 in Q1 2021, reflecting an increase in cash outflows of about 69.8%[23] Assets and Liabilities - The total assets at the end of the reporting period were RMB 40,578,686,640.19, a decrease of 1.69% from the end of the previous year[7] - The company's total assets amounted to CNY 40,578,686,640.19, a decrease from CNY 41,274,569,917.58 in the previous period[18] - Current liabilities totaled CNY 27,437,086,067.01, down from CNY 28,578,717,256.11, indicating a reduction of approximately 4%[17] - Non-current liabilities increased to CNY 8,626,550,456.25 from CNY 8,151,295,431.70, representing an increase of about 5.8%[17] - The company's total equity was CNY 4,515,050,116.93, slightly down from CNY 4,544,557,229.77[18] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 39,223[10] - The largest shareholder, Xi'an High-tech Industrial Development Zone Real Estate Development Co., Ltd., holds 497,000,938 shares, accounting for 57.52% of the total shares[12] Inventory and Receivables - Inventory increased to CNY 28,662,613,434.46 from CNY 26,573,321,146.67, marking an increase of approximately 7.9%[16] - Accounts receivable decreased to CNY 72,942,666.20 from CNY 74,946,677.27, a decline of about 2.7%[16] Revenue and Costs - Total operating revenue for Q1 2022 was CNY 361,087,588.01, an increase of 5.2% compared to CNY 341,676,781.21 in Q1 2021[19] - Total operating costs for Q1 2022 were CNY 402,114,337.44, up from CNY 399,013,450.93 in Q1 2021, reflecting a slight increase of 0.5%[19] - Total revenue from sales and services received in Q1 2022 was CNY 2,173,469,682.65, slightly up from CNY 2,141,021,981.93 in Q1 2021, marking an increase of approximately 1.5%[22] Financial Instruments - The company completed a public issuance of bonds on March 14, 2022, with a total scale of RMB 500 million and a coupon rate of 7.50%[14] - The company plans to issue medium-term notes not exceeding RMB 700 million, pending approval from the shareholders' meeting[14]

Financial Performance - The company achieved a net profit attributable to shareholders of RMB 376,806,218.33 in 2021, representing a 14.61% increase compared to RMB 328,775,116.22 in 2020[6]. - Total operating revenue for 2021 was RMB 6,941,947,174.46, marking a 30.89% increase from RMB 5,303,654,893.66 in 2020[24]. - Basic earnings per share rose to RMB 0.4361 in 2021, a 14.61% increase from RMB 0.3805 in 2020[25]. - The weighted average return on equity increased to 9.31% in 2021, up from 8.65% in 2020, reflecting a 0.66 percentage point increase[25]. - The net profit after deducting non-recurring gains and losses was RMB 251,618,369.42, a decrease of 13.98% from RMB 292,505,508.99 in 2020[24]. - The company reported a decrease in diluted earnings per share to RMB 0.2912 after deducting non-recurring gains and losses, down from RMB 0.3385 in 2020, a decline of 13.97%[25]. - The company achieved a sales revenue of 6.942 billion RMB, representing a 30.89% increase compared to the previous year[39]. - The net profit attributable to the parent company was 377 million RMB, with a weighted average return on equity of 9.31%[37]. - The company recorded a contract sales amount of 12.189 billion RMB and an equity contract sales amount of 9.4 billion RMB[37]. - The company achieved total sales revenue of 1,218,892.35 million RMB, with a sales area of 731,963.15 square meters during the reporting period[60]. Cash Flow and Financial Stability - The net cash flow from operating activities decreased by 82.73% to RMB 669,379,333.63 at the end of 2021, down from RMB 3,876,529,048.96 at the end of 2020[24]. - The company secured financing of RMB 8.1 billion throughout the year, enhancing its financial stability[32]. - The company’s cash flow from operating activities decreased by 82.73% to 669 million RMB compared to the previous year[39]. - The average financing cost for the company was 7.38% with total financing amounting to 1,485,349.80 million RMB at the end of the reporting period[63]. - The company has a loan balance of CNY 1.15 billion from financial institutions, with a loan interest rate of 8.7% per annum, due within 30 months[159]. - The company has another loan balance of CNY 150 million, with a loan interest rate of 9% per annum, due within 24 months[160]. Strategic Initiatives and Market Position - The company aims to position itself as a leader in cultural real estate and a provider of quality living experiences[35]. - The company plans to invest 8.204 billion RMB in construction and planned projects in 2022, with an estimated land acquisition cost of approximately 11.7 billion RMB for about 1.05 million square meters[63]. - The company plans to focus on acquiring quality land in economically strong cities with net population inflow, using methods such as bidding and mergers[81]. - The company is considering strategic acquisitions to bolster its market position, with a budget of $100 million allocated for this purpose[98]. - The company is actively expanding its market presence through strategic partnerships and joint ventures in various regions[69]. Operational Efficiency and Management - The company implemented a strategic focus on project management and operational efficiency, resulting in multiple awards for engineering quality[32]. - The company aims to enhance cash flow safety by increasing sales efforts and improving fund utilization efficiency[81]. - The company is committed to improving operational efficiency and cost control through detailed cost estimation and project management[82]. - The company has optimized its subsidiary management structure to improve control efficiency[130]. - The company has established a comprehensive internal control system, reviewing 156 existing documents and enhancing the internal control framework[128]. Governance and Compliance - The company held 18 board meetings in 2021, passing 61 resolutions and receiving 13 special reports[87]. - The company’s governance structure has been refined with the revision of 7 governance rules, including the shareholder meeting rules[87]. - The company’s board and committees actively engaged in governance, holding a total of 13 committee meetings and 4 supervisory meetings[87]. - The company has improved its internal control and risk management awareness through the implementation of management manuals[87]. - The company’s audit committee confirmed that the related transactions during the reporting period did not harm the interests of the company or its minority shareholders[113]. Market Challenges and Outlook - The real estate market faced challenges in 2021, with a 23.8% year-on-year decline in residential land transactions across 300 cities[34]. - The outlook for 2022 suggests a potential recovery in the real estate market, although external challenges remain significant[34]. - The company anticipates a gradual recovery in market confidence and a slight increase in transaction volume in 2022, despite ongoing industry adjustments[74]. - The company is monitoring the impact of regulatory changes on the real estate market, with expectations of a stable policy environment in 2022[75]. Environmental and Social Responsibility - The company has actively promoted waste classification in its service communities, setting up centralized waste classification points[141]. - The company has implemented comprehensive management measures to effectively reduce air pollution during project construction[141]. - In response to the COVID-19 pandemic, the company dispatched over 700 personnel to support nucleic acid testing in 41 communities, demonstrating strong community engagement and social responsibility[143]. - The company initiated the "Orange Light" micro-light plan, supporting rural revitalization by purchasing local agricultural products, thereby aiding in poverty alleviation efforts[144]. Legal and Litigation Matters - The company has been involved in significant litigation, including a case where Tianjin Tiandi Yuan demanded RMB 45 million from Tianjin Binhai Development Investment Holding Co., which is currently under court proceedings[152]. - A total of RMB 1.6 billion in funds has been frozen by the Xi'an Intermediate People's Court due to ongoing litigation involving the company's subsidiary[152]. - The company has faced a lawsuit from Shaanxi Construction Sixth Group, claiming RMB 73.12 million in progress payments and RMB 12.80 million in economic losses due to delays[153]. Related Party Transactions - The total amount of related party transactions for 2021 was CNY 32.15 million, which did not exceed the initially estimated total of CNY 122.34 million[157]. - The company engaged in various related party transactions, including purchasing materials and providing services, with amounts ranging from CNY 7,547.17 to CNY 27.5 million[157]. - The company has signed a share custody agreement with its controlling shareholder, managing the equity of three project companies in real estate development[163].

Financial Performance - The company's operating revenue for Q3 2021 was ¥803,729,184.82, representing a year-on-year increase of 37.80%[4] - The net profit attributable to shareholders for Q3 2021 was ¥17,080,111.12, a decrease of 74.86% compared to the same period last year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses for Q3 2021 was ¥16,744,606.34, down 75.17% year-on-year[4] - The basic earnings per share for Q3 2021 was ¥0.0198, a decrease of 74.86% compared to the same period last year[4] - The diluted earnings per share for Q3 2021 was also ¥0.0198, reflecting the same decline of 74.86% year-on-year[4] - The weighted average return on equity for Q3 2021 was 0.42%, a decrease of 1.41 percentage points compared to the same period last year[4] - The net cash flow from operating activities for the year-to-date was ¥286,287,381.42, down 75.90% year-on-year[4] - Total operating revenue for the first three quarters of 2021 reached RMB 3,602,462,465.23, a significant increase from RMB 1,541,159,025.30 in the same period of 2020, representing a growth of approximately 133.4%[18] - Total operating costs for the first three quarters of 2021 amounted to RMB 3,391,646,849.36, compared to RMB 1,380,868,687.10 in 2020, indicating an increase of about 145.0%[18] - The net profit for Q3 2021 was CNY 285,176,608.42, a significant increase from CNY 131,412,813.54 in Q3 2020, representing a growth of approximately 117.5%[19] - Operating profit for Q3 2021 reached CNY 211,096,733.77, compared to CNY 161,076,483.47 in the same period last year, indicating a year-over-year increase of about 31.1%[19] - Total revenue for the first three quarters of 2021 was CNY 10,103,674,792.72, up from CNY 9,539,732,042.06 in the first three quarters of 2020, reflecting a growth of approximately 5.9%[22] - The total profit for Q3 2021 was CNY 368,164,358.06, compared to CNY 151,086,209.34 in Q3 2020, reflecting an increase of approximately 143.5%[19] Assets and Liabilities - The total assets at the end of the reporting period were ¥40,343,641,275.79, an increase of 18.81% from the end of the previous year[5] - The equity attributable to shareholders at the end of the reporting period was ¥4,067,581,435.29, up 3.95% from the end of the previous year[5] - The company's cash and cash equivalents as of September 30, 2021, were RMB 8,175,382,913.84, up from RMB 7,207,366,418.29 at the end of 2020, reflecting a growth of approximately 13.4%[13] - The total assets of the company as of September 30, 2021, were RMB 40,343,641,275.79, compared to RMB 33,955,338,363.80 at the end of 2020, marking an increase of about 18.5%[15] - The total liabilities as of September 30, 2021, were RMB 35,932,571,655.37, up from RMB 29,723,275,340.41 at the end of 2020, representing an increase of approximately 20.9%[15] - The company's equity attributable to shareholders as of September 30, 2021, was RMB 4,067,581,435.29, compared to RMB 3,912,939,766.79 at the end of 2020, indicating a growth of about 4.0%[15] Cash Flow and Financing - Cash flow from operating activities for Q3 2021 was CNY 286,287,381.42, a decrease from CNY 1,187,952,513.58 in Q3 2020[23] - The company incurred financial expenses of CNY 47,765,010.04 in Q3 2021, compared to a financial income of CNY 11,443,094.72 in Q3 2020, indicating a significant shift in financial performance[19] - The company’s cash inflow from financing activities in Q3 2021 was CNY 6,997,041,788.00, an increase from CNY 5,496,978,500.00 in Q3 2020, indicating a growth of about 27.3%[23] - The company’s investment activities resulted in a net cash outflow of CNY 54,493,419.42 in Q3 2021, compared to a net outflow of CNY 22,551,549.89 in Q3 2020, showing an increase in investment expenditures[23] Corporate Actions - The company plans to issue corporate bonds of up to RMB 3 billion to professional investors, with a maturity of no more than 3 years[10] - The company has completed the payment of land value-added tax amounting to RMB 85,552,673.76 related to the "Water Ink Thirty Degrees" project[10] - The company's short-term borrowings and other financial liabilities are not detailed in the report, indicating a focus on operational metrics rather than financing[14] Prepayments and Inventory - The company has shown a strong increase in prepayments, which rose to RMB 698,056,787.01 from RMB 429,516,457.53, reflecting a growth of approximately 62.5%[13] - Inventory was valued at approximately CNY 22.58 billion, remaining stable[25]

Financial Performance - The company's operating revenue for the first half of 2021 reached RMB 2,798,733,280.41, representing a 192.17% increase compared to RMB 957,921,276.36 in the same period last year[19]. - The net profit attributable to shareholders of the listed company was RMB 268,870,026.21, a significant increase of 318.11% from RMB 64,305,904.40 in the previous year[19]. - The net profit after deducting non-recurring gains and losses was RMB 152,557,772.78, which is a 104.92% increase compared to RMB 74,447,021.12 in the same period last year[19]. - Basic earnings per share for the first half of 2021 were RMB 0.3111, up 318.15% from RMB 0.0744 in the same period last year[20]. - The weighted average return on net assets increased by 4.91 percentage points to 6.64% from 1.73% in the previous year[20]. - The company achieved a sales revenue of 2.799 billion RMB, an increase of 192.17% year-on-year[28]. - The net profit attributable to the parent company was 269 million RMB, up 318.11% compared to the previous year[28]. - The cash collection reached 5.2 billion RMB, representing a year-on-year growth of 34%[28]. Assets and Liabilities - The company's total assets at the end of the reporting period amounted to RMB 36,766,276,092.05, an increase of 8.28% from RMB 33,955,338,363.80 at the end of the previous year[19]. - The net assets attributable to shareholders of the listed company increased by 6.87% to RMB 4,181,834,896.13 from RMB 3,912,939,766.79 at the end of the previous year[19]. - The total assets as of June 30, 2021, amounted to 36.766 billion RMB, with net assets of 4.182 billion RMB[29]. - The total liabilities increased to ¥32,265,119,292.42 from ¥29,723,275,340.41[102]. - The total current liabilities increased to ¥23,583,626,427.87 from ¥19,461,991,536.65[101]. - The total non-current liabilities decreased to ¥8,681,492,864.55 from ¥10,261,283,803.76[101]. Operational Strategy - The company is focusing on regional deep cultivation and national expansion, with strategic layouts in various economic circles across China[23]. - The company has adopted cooperative development and open project equity strategies to seize more market opportunities amid intensified competition in the real estate sector[23]. - The company emphasized a balanced development strategy focusing on scale, efficiency, and risk control[25]. - The company plans to enhance resource reserves, including funding, land, and talent, to align with annual development targets[32]. - The company is committed to improving product quality and operational efficiency through standardized product frameworks and performance assessment systems[31]. - The company’s overall strategy includes expanding its market presence through new project developments and strategic partnerships[46]. Risks and Challenges - There were no significant risk events reported during the reporting period, and the company has detailed potential risks in the report[7]. - The company faces policy risks due to tightening regulations in certain cities, which may impact operations and development[50]. - Market risks include increased industry concentration and fierce competition for prime land, compressing profit margins[50]. - The financing environment remains tight due to regulatory pressures, prompting the company to accelerate sales collection and diversify financing channels[50]. Investments and Subsidiaries - The company made equity investments totaling ¥16,501.98 million in Taicang Zhuorun Real Estate Development Co., Ltd., representing a 28% stake[41]. - The company’s investment in Xi'an Silk Road International Financial Innovation Center Co., Ltd. decreased from 10.98% to 8.04% after a capital increase by the controlling shareholder[42]. - The company established a new subsidiary, Guangzhou Tiandi Yuan Real Estate Co., with a registered capital of 10,000 million RMB to facilitate the development of a project in Panyu District, Guangzhou[46]. - The company added Zhenjiang Hengxiang Real Estate Development Co. to its consolidation scope, with a registered capital of 4,082 million RMB, holding a 51% stake[45]. - The company reported a total of 28 subsidiaries involved in real estate development, with varying levels of net profit performance[47]. Legal and Compliance - The company is involved in a significant lawsuit where it is seeking the return of 45 million RMB from Tianjin Bintou, which has not fulfilled its payment obligations as per a mediation agreement[69]. - The company has ongoing litigation related to a compensation agreement, with a claim for a total of 58,497,400 RMB against two companies for breach of contract[69]. - The company has maintained a good integrity status during the reporting period, with no significant debts or court judgments unfulfilled[71]. - The company has not reported any non-compliance issues or penalties during the reporting period[71]. Financing Activities - The company secured financing approval of 7.428 billion RMB, with 4.535 billion RMB received during the reporting period[29]. - The company has applied for a total of up to RMB 1.5 billion in entrusted loans from financial institutions, with a borrowing balance of RMB 1.211 billion as of the end of the reporting period[75]. - The annual interest rate for the entrusted loans is 8.7%, with a loan term not exceeding 30 months[75]. - The total amount of guarantees provided by the company, excluding guarantees to subsidiaries, is RMB 731.31 million, accounting for 162.47% of the company's net assets[77]. - The company has issued a total of RMB 5 billion in targeted debt financing tools with a maturity of 3 years and an interest rate of 7.98%[81]. Environmental and Social Responsibility - The company actively promotes waste classification in residential areas, setting up centralized disposal points and implementing four-category waste classification standards[61]. - The company has adopted BIM technology to reduce design changes and rework, and introduced new materials and technologies to save construction resources[61]. - The company has implemented measures to reduce carbon emissions, including energy-saving practices in office areas and promoting public transportation for employees[62]. - The company is committed to supporting rural revitalization efforts and has provided assistance to specific villages during the reporting period[64].

Financial Performance - Net profit attributable to shareholders decreased by 192.44% to a loss of CNY 34,709,101.45 compared to the same period last year[7]. - Operating revenue decreased by 30.47% to CNY 341,676,781.21 compared to the same period last year[13]. - The net profit for Q1 2021 was -35,581,155.44 RMB, a decrease of 199.78% compared to the same period last year[14]. - The net profit attributable to the parent company for Q1 2021 was a loss of ¥34,709,101.45, compared to a profit of ¥37,546,528.62 in Q1 2020, indicating a decline of 192.3%[30]. - The total comprehensive income for Q1 2021 was a loss of ¥35,581,155.44, contrasting with a total comprehensive income of ¥35,660,673.31 in Q1 2020[30]. Assets and Liabilities - Total assets increased by 2.21% to CNY 34,704,612,215.63 compared to the end of the previous year[7]. - The total assets as of March 31, 2021, amounted to 34,704,612,215.63 RMB, an increase from 33,955,338,363.80 RMB at the end of 2020[23]. - The total liabilities increased from 19,461,991,536.65 RMB to 22,168,769,993.13 RMB during the same period[23]. - Total liabilities as of March 31, 2021, were ¥9,681,316,709.31, compared to ¥8,453,678,235.38 at the end of 2020, reflecting an increase of 14.5%[27]. - The company reported a significant increase in contract liabilities from 10,437,702,523.87 RMB to 12,059,452,946.92 RMB[23]. Cash Flow - Net cash flow from operating activities improved to CNY 256,762,542.18, a significant recovery from a negative CNY 720,838,916.53 in the previous year[7]. - The net cash flow from operating activities for Q1 2021 was ¥256,762,542.18, a recovery from a negative cash flow of -¥720,838,916.53 in Q1 2020[34]. - The total cash inflow from operating activities was 11,059,102.42 RMB in Q1 2021, down from 24,750,478.13 RMB in Q1 2020, a decline of approximately 55%[38]. - The company incurred a net cash outflow from financing activities of -36,857,588.76 RMB in Q1 2021, contrasting with a net inflow of 7,022,455.84 RMB in Q1 2020[38]. Shareholder Information - The number of shareholders reached 34,883 at the end of the reporting period[9]. - The largest shareholder, Xi'an High-tech Zone Real Estate Development Co., Ltd., holds 57.52% of the shares and has pledged 145,000,000 shares[9]. Expenses - Sales expenses increased by 77.09% to CNY 37,372,200.06 due to higher advertising and promotion costs[13]. - Financial expenses rose significantly to CNY 18,083,617.69 from a negative CNY 750,906.13 in the previous year[13]. - The company's operating costs for Q1 2021 were ¥7,118,290.61, up from ¥1,104,153.95 in Q1 2020, reflecting an increase of approximately 544.5%[32]. Other Income and Expenses - Other income increased by 118.11% to CNY 696,603.86, primarily due to higher tax refund amounts[13]. - The company reported interest income of ¥3,234,886.49 in Q1 2021, an increase from ¥1,431,785.84 in Q1 2020, marking a growth of approximately 126.5%[33]. - The company recorded a tax expense of -¥2,266,498.62 for Q1 2021, compared to -¥2,822,116.04 in Q1 2020, showing a decrease of approximately 19.6%[33].

Financial Performance - In 2020, the company achieved a net profit attributable to shareholders of RMB 328,775,116.22, a decrease of 22.47% compared to 2019[5]. - The total operating revenue for 2020 was RMB 5,303,654,893.66, down 5.15% from RMB 5,591,345,602.68 in 2019[21]. - Basic earnings per share for 2020 were RMB 0.3805, down 22.46% from RMB 0.4907 in 2019[22]. - The weighted average return on equity decreased to 8.65%, down 3.34 percentage points from 11.99% in 2019[22]. - The company achieved sales revenue of RMB 5.304 billion and a net profit attributable to the parent company of RMB 329 million during the reporting period[36]. - The company reported a net profit of 1,605.16 million RMB for Xi'an Tiandi Source Real Estate Development Co., with total assets of 468,380.99 million RMB[68]. - Xi'an Tiandi Source Qujiang Real Estate Development Co. achieved a net profit of 6,995.44 million RMB, with operating revenue of 71,221.62 million RMB[75]. - Suzhou Tiandi Source Mudu Real Estate Co. generated a net profit of 16,755.09 million RMB, with operating revenue of 117,215.09 million RMB[75]. Cash Flow and Assets - The net cash flow from operating activities increased significantly to RMB 3,876,529,048.96, a rise of 578.78% compared to RMB 571,104,601.52 in 2019[21]. - The company's total assets at the end of 2020 reached RMB 33,955,338,363.80, reflecting a growth of 17.28% from RMB 28,951,651,918.77 in 2019[21]. - Cash and cash equivalents increased by 58.48% to ¥7,207,366,418.29, representing 21.23% of total assets, due to higher sales collections compared to the previous year[52]. - Accounts receivable decreased by 46.19% to ¥91,703,051.70, accounting for 0.27% of total assets, primarily due to the recovery of receivables[52]. - Contract liabilities reached ¥10,437,702,523.87, accounting for 30.74% of total assets, reflecting the reclassification of pre-received housing payments under new revenue standards[53]. Financing and Investment - The company secured financing of RMB 6.229 billion throughout the year, enhancing its financial stability[34]. - The company has established a diversified financing system to adapt to policy adjustments and industry changes[34]. - The total financing amount at the end of the period was 1,369,184.10 million RMB, with an average financing cost of 7.60%[62]. - The company plans to issue non-public A-shares to raise up to CNY 2.5 billion for project construction and repayment of financial institution loans[121]. - The company has registered a scale of up to CNY 2 billion for non-public debt financing tools, with a term not exceeding 3 years[124]. Market and Strategic Outlook - The company is strategically expanding its operations across key economic regions in China, including the Yangtze River Delta and the Greater Bay Area[28]. - The company plans to focus on core cities and urban agglomerations to seize structural opportunities in the real estate market[82]. - The company plans to achieve a sales revenue of 7.208 billion yuan in 2021[86]. - The company aims to enhance management capabilities and operational efficiency through a focus on resource optimization and performance assessment[87]. - The company is committed to enhancing shareholder value, with plans to initiate a dividend policy in the upcoming fiscal year[152]. Corporate Governance and Compliance - The company has engaged Sigma Accounting Firm for auditing services, with a total remuneration of 1,230,000 RMB for the year 2020[101]. - The company has not reported any significant accounting errors or non-standard audit opinions during the reporting period[99]. - The board of directors received the "Golden Round Table Award" for excellence in governance in 2020[166]. - The company confirmed that related transactions followed fair market pricing and did not create dependency on related parties[183]. - The company has implemented measures to significantly reduce the impact of peer companies on its operating profits, effectively protecting the interests of minority investors[186]. Social Responsibility and Community Engagement - The company coordinated the procurement of agricultural products from targeted poverty alleviation villages amounting to over RMB 80,000, helping to increase income for local farmers[127]. - Total funds allocated for poverty alleviation efforts amounted to RMB 860,000, with material contributions valued at RMB 397,500[128]. - The company mobilized over 220 volunteers for COVID-19 prevention efforts, receiving high recognition from local authorities[130]. - The company organized nearly 200 community activities under the theme "Building a Better Life with Culture" to enhance resident engagement[131]. Shareholder Information - The total number of ordinary shareholders increased from 34,883 to 35,547 during the reporting period[138]. - The largest shareholder, Xi'an High-tech Industrial Development Zone Real Estate Development Co., Ltd., holds 497,000,938 shares, representing 57.52% of the total shares[140]. - The company has no strategic investors or general legal entities becoming top 10 shareholders during the reporting period[142]. - The company reported no significant changes in shareholding structure or restrictions on share reduction[146]. Employee and Management Structure - The company employs a total of 2,460 staff, with 84 in the parent company and 2,376 in major subsidiaries[159]. - The training plan includes both general and specialized training for new employees and key personnel, aimed at enhancing skills and optimizing work methods[162]. - The board of directors includes 12 members, with a diverse range of experience in engineering and management[149]. - The company has a strong leadership team, with key positions held by individuals with significant industry experience, such as the CFO with 131.98 million in compensation[149].

Financial Performance - Operating revenue decreased by 37.62% to CNY 1,541,159,025.30 for the first nine months compared to the same period last year[6] - Net profit attributable to shareholders decreased by 46.91% to CNY 132,247,557.01 for the first nine months compared to the same period last year[6] - The company reported a basic earnings per share of CNY 0.1530, a decrease of 46.93% compared to the previous year[6] - Total operating revenue for Q3 2020 was ¥583.24 million, a decrease of 18.0% compared to ¥711.59 million in Q3 2019[31] - Net profit for Q3 2020 was ¥71.13 million, a decrease of 7.8% from ¥77.13 million in Q3 2019[32] - Total profit for the first three quarters of 2020 was ¥151.09 million, down 54.4% from ¥330.32 million in the same period of 2019[32] - Operating profit for Q3 2020 was ¥69.08 million, a decrease of 28.4% from ¥96.44 million in Q3 2019[32] Cash Flow - Cash flow from operating activities turned positive with a net amount of CNY 1,187,952,513.58, compared to a negative cash flow of CNY -977,444,891.58 in the same period last year[6] - The company’s cash flow from financing activities was negative at CNY -347,034,291.59, a decrease from CNY 2,639,248,080.04 in the same period of 2019[16] - Cash flow from operating activities for the first nine months of 2020 was CNY 1,187,952,513.58, a significant improvement from a negative cash flow of CNY -977,444,891.58 in the same period of 2019[16] - The company reported a significant increase in cash received from operating activities, totaling ¥9,539,732,042.06 in Q3 2020, compared to ¥4,185,709,927.83 in Q3 2019[40] - The company’s net cash flow from financing activities in Q3 2020 was 37,868,066.28 RMB, a significant decrease from 311,425,250.06 RMB in Q3 2019[43] Assets and Liabilities - Total assets increased by 16.94% to CNY 33,857,067,523.93 compared to the end of the previous year[6] - Total liabilities increased to CNY 29,842,427,636.67 from CNY 24,933,426,319.86, reflecting a growth of approximately 19.5%[26] - Non-current liabilities rose to CNY 10,812,307,920.58, compared to CNY 9,218,057,001.52, marking an increase of about 17.3%[26] - The total assets as of Q3 2020 amounted to 28,951,651,918.77 RMB, showing a slight increase from 28,984,441,859.98 RMB at the beginning of the year[46] - The total liabilities as of Q3 2020 were 24,933,426,319.86 RMB, which is a marginal decrease from 24,941,623,805.18 RMB at the start of the year[47] Shareholder Information - The number of shareholders reached 36,023 by the end of the reporting period[10] - The largest shareholder, Xi'an High-tech Industry Development Zone Real Estate Development Co., Ltd., holds 57.52% of the shares[10] Legal Matters - The company is involved in a legal case with Tianjin Binhai Development Investment Holding Co., requiring the latter to return CNY 45,000,000 in cooperation funds[17] - A settlement agreement was reached in a legal dispute, with Tianjin Binhai required to pay a total of CNY 49,579,261.5 in installments by March 2021[18] Other Financial Metrics - Other receivables increased by 256.10% to CNY 1,449,779,300.38 due to increased project cooperation payments and land auction deposits[13] - Contract liabilities reached CNY 11,059,374,964.68 as a result of the new revenue recognition standards[13] - Long-term borrowings increased to CNY 7,317,748,000.00, up 39.68% from CNY 5,239,000,000.00 in the previous period[14] - Other income increased by 298.90% to CNY 2,013,408.78, primarily due to increased government subsidies[15] - Investment income rose significantly to CNY 2,051,995.01, a 4,733.41% increase compared to CNY 42,454.39 in the same period of 2019[15]

Financial Performance - The company's operating revenue for the first half of 2020 was approximately ¥957.92 million, a decrease of 45.54% compared to ¥1,758.94 million in the same period last year[19]. - The net profit attributable to shareholders for the first half of 2020 was approximately ¥64.31 million, down 63.02% from ¥173.87 million in the previous year[19]. - The basic earnings per share for the first half of 2020 were ¥0.0744, a decrease of 63.02% compared to ¥0.2012 in the same period last year[20]. - The weighted average return on equity for the first half of 2020 was 1.73%, down 3.27 percentage points from 5.00% in the previous year[20]. - The company achieved a sales revenue of 9.58 billion RMB, a decrease of 45.54% year-on-year[29]. - The net profit attributable to the parent company was 0.64 billion RMB, down 63.02% compared to the previous year[29]. - The company reported a significant reduction in sales expenses, which increased to CNY 57,829,525.69 in the first half of 2020, compared to CNY 44,184,105.10 in the previous year, an increase of 30.9%[110]. - The financial expenses showed a notable decrease, with a net financial income of CNY -4,849,950.51 in the first half of 2020, compared to CNY 23,144,752.54 in the same period of 2019[110]. Cash Flow and Liquidity - The net cash flow from operating activities was approximately ¥657.86 million, compared to a negative cash flow of ¥1,042.91 million in the same period last year[19]. - The total cash inflow from operating activities for the first half of 2020 was approximately ¥4.09 billion, a significant increase from ¥2.28 billion in the same period of 2019, representing an increase of about 79.3%[116]. - The total cash inflow from financing activities was approximately ¥3.52 billion, compared to ¥4.41 billion in the first half of 2019, indicating a decrease of about 20.1%[117]. - The total cash and cash equivalents at the end of the period reached approximately ¥5.15 billion, up from ¥2.06 billion at the end of the first half of 2019, marking an increase of about 149.5%[117]. - The company maintained a loan repayment rate of 100% during the reporting period[96]. Assets and Liabilities - The total assets at the end of the reporting period were approximately ¥31.31 billion, an increase of 8.15% from ¥28.95 billion at the end of the previous year[19]. - The total liabilities increased to CNY 9,500,113,965.73 in the first half of 2020, compared to CNY 8,588,673,548.03 in the same period of 2019, reflecting a growth of 10.6%[107]. - The company's asset-liability ratio increased to 86.94%, up by 0.95% from the previous year[96]. - The total liabilities amounted to CNY 27.22 billion, up from CNY 24.93 billion, which is an increase of around 9.2%[104]. - The total equity attributable to the parent company at the beginning of the year was approximately 4.042 billion, with a total of 3.712 billion after adjustments[123]. Strategic Focus and Development - The company continues to focus on regional development strategies, establishing a national strategic layout centered around key cities[22]. - The company operates in the real estate sector with a comprehensive business model that includes development, sales, property management, and real estate agency services[22]. - The company plans to strengthen market analysis and develop tailored marketing strategies in response to ongoing real estate regulations and market competition[46]. - The company aims to accelerate project development and enhance cash flow management to mitigate risks associated with the global economic environment and increased market competition[46]. - The company is committed to leveraging national policies on clean energy and cultural industries to support its strategic initiatives in cultural real estate[44]. Risk Management - There were no significant risk events reported during the reporting period, and the company has outlined potential risks in the report[6]. - The company has ongoing litigation involving a total of 28,565.54 million CNY and 8,188.96 million CNY in claims, with hearings yet to conclude[51]. - The company has outlined a careful evaluation process for asset restructuring, considering legal and regulatory requirements[50]. Corporate Social Responsibility - The company has actively engaged in poverty alleviation efforts, including helping to sell agricultural products and providing employment opportunities for villagers[63]. - The company donated 10,000 masks and two disinfection vehicles to support local communities during the pandemic[63]. - The company installed 97 solar streetlights in the villages to improve living conditions for residents[63]. - The company plans to continue its poverty alleviation initiatives by expanding sales channels for agricultural products and providing skills training for villagers[68]. Accounting and Financial Reporting - The company adjusted its financial statements in accordance with the new revenue recognition standards effective from January 1, 2020[71]. - The company has maintained its accounting policies and estimates in accordance with enterprise accounting standards, ensuring the financial statements reflect a true and complete picture of its financial status[140]. - The company recognizes expected liabilities when certain conditions related to contingent matters are met[200]. Shareholder Information - The controlling shareholder, Xi'an High-tech Zone Real Estate Development Co., Ltd., holds 57.52% of the shares, amounting to 497,000,938 shares[80]. - The company plans to issue up to 354,969,574 shares in a private placement, raising a total of up to 1.75 billion RMB for project construction[72]. - The top ten shareholders do not have any associated relationships, ensuring no concerted actions as per regulatory guidelines[81].