2018 年半年度报告 公司代码：600814 公司简称：杭州解百 杭州解百集团股份有限公司 2018 年半年度报告 1 / 118 2018 年半年度报告 重要提示 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本半年度报告涉及未来计划等前瞻性陈述，不构成公司对投资者的实质承诺，敬请投资者注 意投资风险。 七、 是否存在被控股股东及其关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况？ 否 九、 重大风险提示 1、业务规模和盈利下降的风险 五、 经董事会审议的报告期利润分配预案或公积金转增股本预案 公司以实体百货零售业务为主，随着网络零售权重比例的逐年增长，市场竞争进一步加剧， 若公司无法实现业务模式的调整和创新，则可能面临业务规模和盈利能力持续下降的风险。 2、投资项目尚处于培育期的风险 公司近年来涉足的体育、医疗健康领域，投资项目尚处于投入和培育阶段，短期内无法为公 司业绩带来贡献，存在投资项目处于培育期的风险。 十、 其他 √适用 □不适用 本公司控股 60%的杭州大厦有限公司系中外合资经营企业，根据《中外合资经营企业法实施 条例》、《国务院关于中外合营企业建设用地的 ...

Financial Performance - Net profit attributable to shareholders increased by 43.89% to CNY 61,980,394.80 year-on-year[6] - Operating revenue rose by 8.25% to CNY 1,583,568,738.62 compared to the same period last year[6] - Basic earnings per share increased by 50.00% to CNY 0.09[6] - The company reported a significant increase in minority shareholders' profit by 77.01% to CNY 44,351,210.65[12] - The company reported a total comprehensive income of CNY 102,654,880.45 for Q1 2018, an increase from CNY 76,004,451.97 in the same period last year[30] - Net profit for Q1 2018 reached CNY 106,331,605.45, representing a 56.1% increase from CNY 68,129,451.97 in Q1 2017[30] - The net profit attributable to shareholders of the parent company was CNY 61,980,394.80, up 43.6% from CNY 43,073,966.34 in the previous year[30] Assets and Liabilities - Total assets decreased by 1.48% to CNY 5,145,642,733.63 compared to the end of the previous year[6] - Total assets decreased from CNY 5,222,991,955.94 to CNY 5,145,642,733.63, a decline of approximately 1.48%[24] - Current liabilities decreased from CNY 1,995,075,785.82 to CNY 1,816,240,608.80, a reduction of about 9.0%[25] - Non-current liabilities decreased from CNY 29,439,903.12 to CNY 28,270,977.38, a decrease of approximately 4.0%[25] - Total equity increased from CNY 3,198,476,267.00 to CNY 3,301,131,147.45, an increase of about 3.2%[25] Cash Flow - Cash flow from operating activities improved by 21.42% to a net outflow of CNY 78,778,008.89[6] - The company reported a significant increase in cash flow from operating activities, with receipts amounting to CNY 49,577,675.67, up 41% from CNY 35,161,292.33 in the same period last year[13] - Cash inflow from investment activities totaled ¥372,609,512.00, slightly up from ¥362,060,530.64[36] - Cash outflow from operating activities decreased to ¥1,965,448,478.08 from ¥1,839,427,899.44, indicating improved cash management[35] Investment Activities - Investment income rose by 155.75% to CNY 11,703,559.57, attributed to reduced losses from long-term equity investments[12] - Investment income received surged to CNY 18,263,016.13, reflecting an increase of 893.55% compared to CNY 1,838,163.50 from the previous year, attributed to higher returns from financial investments[13] - The company invested CNY 33,212,713.41 in fixed assets, intangible assets, and other long-term assets, marking a 176.91% increase from CNY 11,993,841.71 in the prior year, due to increased payments for mall renovations[13] - The net cash outflow from investing activities was CNY -60,654,191.41, a drastic decline of 983.31% compared to a cash inflow of CNY 6,866,688.93 in the previous year, primarily due to increased expenditures related to investment activities[13] Shareholder Information - The number of shareholders reached 34,449 at the end of the reporting period[8] - The company is actively negotiating with local authorities regarding the renewal of land use rights for its properties, which expired in June 2016, to protect shareholder interests[14] - The company is in discussions to address the land use fee obligations as per the original contract terms, ensuring compliance with local regulations[16] Miscellaneous - The company has reported no significant changes in expected cumulative net profit compared to the previous year, indicating stable financial performance[22] - The company completed the absorption merger with its wholly-owned subsidiary, Hangzhou Business Travel Investment Co., Ltd., enhancing its direct control over 60% of Hangzhou Tower[20] - As of March 31, 2018, the company's cash and cash equivalents stood at CNY 2,251,060,710.46, an increase from CNY 1,791,012,349.46 at the beginning of the year[23]

2017 年年度报告 公司代码：600814 公司简称：杭州解百 杭州解百集团股份有限公司 2017 年年度报告 1 / 145 2017 年年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实、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。 二、 未出席董事情况 | | 未出席董事职务 | 未出席董事姓名 | 未出席董事的原因说明 | 被委托人姓名 | | --- | --- | --- | --- | --- | | 董事 | | 章国经 | 因公务出差 | 童民强 | 三、 天健会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 四、 公司负责人童民强、主管会计工作负责人谢雅芳及会计机构负责人（会计主管人员）倪威勤 声明：保证年度报告中财务报告的真实、准确、完整。 五、 经董事会审议的报告期利润分配预案或公积金转增股本预案 经天健会计师事务所（特殊普通合伙）审计，2017年度公司实现归属于母公司股东的净利润 180,263,042.53元，按母公司实现的净利润提取法定盈余公积金8,598,918.53元，加期初 ...

2017 年第三季度报告 公司代码：600814 公司简称：杭州解百 杭州解百集团股份有限公司 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 | 5 | | 四、 | 附录 | 8 | 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 公司负责人童民强、主管会计工作负责人谢雅芳及会计机构负责人（会计主管人员）倪威勤 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 3 / 20 单位：元 币种：人民币 本报告期末 上年度末 本报告期末比上 年度末增减(%) 总资产 4,974,008,872.42 4,983,945,302.72 -0.20 归属于上市公司股东的净资 产 ...

2017 年半年度报告 公司代码：600814 公司简称：杭州解百 杭州解百集团股份有限公司 2017 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实、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。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人童民强、主管会计工作负责人谢雅芳及会计机构负责人（会计主管人员）倪威勤 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 经董事会审议的报告期利润分配预案或公积金转增股本预案 无 八、 是否存在违反规定决策程序对外提供担保的情况？ 否 九、 重大风险提示 1、业务规模和盈利下降的风险 公司以实体百货零售业务为主，随着网络零售权重比例的逐年增长，市场竞争进一步加剧， 若公司无法实现业务模式的调整和创新，则可能面临业务规模和盈利能力持续下降的风险。 1 / 101 六、 前瞻性陈述的风险声明 √适用 □不适用 本半年度报告涉及未来计划等前瞻性陈述，不构成公司对投资者的实质承诺，敬请投资者注 意投资风险。 七、 是否存在被控股股东及其关联方非经 ...

2017 年第一季度报告 公司代码：600814 公司简称：杭州解百 杭州解百集团股份有限公司 2017 年第一季度报告 一、 重要提示 二、 公司基本情况 2.1 主要财务数据 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末增 | | | | --- | --- | --- | --- | --- | --- | | | | | 减(%) | | | | 总资产 | 4,837,116,932.95 | 4,983,945,302.72 | -2.95 | | | | 归属于上市公司 | 2,271,702,368.62 | 2,220,753,402.28 | 2.29 | | | | 股东的净资产 | | | | | | | | 年初至报告期末 | 上年初至上年报告期末 | 比上年同期增减(%) | | | | 经营活动产生的 | -100,256,456.64 | -7,419,561.91 | 不适用 | | | | 现金流量净额 | | | | | | | | 年初至报告期末 | 上年初至上年报告期末 | 比上年同期增减（%） | | | | 营业收入 | 1, ...

[Glossary](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section provides definitions of key terms used in the report [Company Profile and Key Financial Indicators](index=4&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section provides an overview of the company's basic information and key financial performance indicators over the past three years [Company Information](index=4&type=section&id=%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This chapter provides an overview of Hangzhou Jiebai Group Co Ltd's basic business registration information, contact details, stock listing location, and code Company Basic Information | Item | Information | | :--- | :--- | | **Chinese Name** | 杭州解百集团股份有限公司 | | **Chinese Abbreviation** | 杭州解百 | | **Legal Representative** | 童民强 | | **Registered Address** | 杭州市上城区解放路251号 | | **Stock Exchange** | Shanghai Stock Exchange | | **Stock Abbreviation** | 杭州解百 | | **Stock Code** | 600814 | [Key Accounting Data and Financial Indicators for the Past Three Years](index=5&type=section&id=%E8%BF%91%E4%B8%89%E5%B9%B4%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In 2016, the company's operating revenue and net profit attributable to shareholders both declined by 2.32% and 13.47% respectively, while net cash flow from operating activities significantly increased by 188.51%, indicating improved operating cash flow, with total assets and net assets showing stable growth 2014-2016 Key Accounting Data (Unit: Yuan) | Key Accounting Data | 2016 | 2015 | Current Period vs. Prior Year Change (%) | 2014 | | :--- | :--- | :--- | :--- | :--- | | **Operating Revenue** | 5,241,450,275.18 | 5,366,107,668.56 | -2.32 | 6,054,679,420.32 | | **Net Profit Attributable to Shareholders of Listed Company** | 195,726,223.45 | 226,207,545.91 | -13.47 | 240,476,363.32 | | **Net Cash Flow from Operating Activities** | 468,028,616.14 | 162,223,907.70 | 188.51 | 131,267,269.66 | | **Total Assets** | 4,983,945,302.72 | 4,557,464,305.27 | 9.36 | 4,540,095,705.07 | | **Net Assets Attributable to Shareholders of Listed Company** | 2,220,753,402.28 | 2,006,004,854.63 | 10.71 | 1,854,875,118.46 | 2014-2016 Key Financial Indicators | Key Financial Indicators | 2016 | 2015 | Current Period vs. Prior Year Change (%) | 2014 | | :--- | :--- | :--- | :--- | :--- | | **Basic Earnings Per Share (Yuan/share)** | 0.27 | 0.32 | -15.63 | 0.34 | | **Weighted Average Return on Net Assets (%)** | 9.42 | 11.68 | Decreased by 2.26 percentage points | 13.74 | [Quarterly Financial Data for 2016](index=6&type=section&id=2016%20%E5%B9%B4%E5%88%86%E5%AD%A3%E5%BA%A6%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%95%B0%E6%8D%AE) The fourth quarter of 2016 showed the best performance for the company, with operating revenue and net profit attributable to shareholders reaching their highest levels for the year, and operating cash flow turning positive and growing from the second quarter 2016 Quarterly Key Financial Data (Unit: Yuan) | Indicator | Q1 | Q2 | Q3 | Q4 | | :--- | :--- | :--- | :--- | :--- | | **Operating Revenue** | 1,358,993,669.16 | 1,155,983,281.88 | 1,081,992,242.12 | 1,644,481,082.02 | | **Net Profit Attributable to Shareholders of Listed Company** | 60,190,823.79 | 49,978,593.66 | 25,510,884.97 | 60,045,921.03 | | **Net Cash Flow from Operating Activities** | -7,419,561.91 | 84,097,233.29 | 158,643,609.97 | 232,707,334.79 | [Non-recurring Gains and Losses](index=6&type=section&id=%E9%9D%9E%E5%B8%B8%E6%9E%81%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) In 2016, the company's non-recurring gains and losses totaled 28.42 million Yuan, primarily from disposal gains on non-current assets, government subsidies, and gains from entrusted investments or asset management 2016 Major Non-recurring Gains and Losses Items (Unit: Yuan) | Non-recurring Gains and Losses Item | 2016 Amount | | :--- | :--- | | Gains and losses from disposal of non-current assets | 18,107,480.61 | | Government subsidies recognized in current profit or loss | 9,580,014.88 | | Gains and losses from entrusted investments or asset management | 12,392,512.32 | | **Total** | **28,415,759.08** | [Overview of Company Business](index=8&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E5%85%AC%E5%8F%B8%E4%B8%9A%E5%8A%A1%E6%A6%82%E8%A6%81) This section outlines the company's primary business operations, operating models, and core competitive advantages [Main Business and Operating Model](index=8&type=section&id=%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E3%80%81%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) The company primarily engages in merchandise retail through department stores and shopping centers, with revenue mainly from sales and rent, operating predominantly under a concessionaire model (86.05% of total revenue), while actively expanding into sports and healthcare sectors 2016 Retail Business Revenue Classification (Unit: 10,000 Yuan) | Item | Amount | Proportion (%) | | :--- | :--- | :--- | | **Operating Revenue** | **524,145.03** | **100.00%** | | Of which: Retail Business | 494,623.54 | 94.37% | | --Concessionaire Revenue | 451,037.26 | 86.05% | | --Self-operated Revenue | 43,586.28 | 8.32% | - The company's merchandise sales are primarily based on a concessionaire model, involving categories such as apparel, cosmetics, jewelry, and home appliances, under which the company does not bear inventory depreciation losses or other risks[31](index=31&type=chunk) [Analysis of Core Competencies](index=9&type=section&id=%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competencies include a clear "one main business, one platform, one extension" strategy, strong regional brand image, mature retail management, experienced team, and a large customer base of 556,800 VIP members - The company's strategic positioning is "to be a high-quality life service integrator that meets diverse customer needs, with retail as its core," actively cultivating emerging businesses like sports and healthcare while stabilizing its main business[34](index=34&type=chunk) - The company possesses a VIP member customer base of **556,800 people**, engaging in various interactions to enhance member loyalty[35](index=35&type=chunk) [Discussion and Analysis of Operations](index=9&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section provides a detailed discussion and analysis of the company's operational performance, key initiatives, and future development outlook [Discussion and Analysis of Operations](index=9&type=section&id=%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) In 2016, the company made significant strides in innovation and transformation amidst a challenging market, including organizational restructuring, strategic planning, retail model reforms, and active development of new projects in healthcare and sports - The company restructured its organization to enable the group headquarters to focus on strategic planning, capital operations, and project investments, leveraging its listed company platform function[37](index=37&type=chunk) - The company actively promotes new industry projects, such as the comprehensive health project in collaboration with Sir Run Run Shaw Hospital and the Yuesheng Sports project, laying the foundation for future development[39](index=39&type=chunk) [Key Operating Performance During the Reporting Period](index=10&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) In 2016, the company's operating revenue decreased by 2.32% to 5.24 billion Yuan, and net profit attributable to shareholders declined by 13.47% to 196 million Yuan, yet operating cash flow significantly increased by 188.51%, with stable asset and liability conditions 2016 Profit Statement and Cash Flow Statement Key Item Changes | Item | Current Period Amount (Yuan) | Prior Year Amount (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | **Operating Revenue** | 5,241,450,275.18 | 5,366,107,668.56 | -2.32 | | **Net Profit Attributable to Parent Company Shareholders** | 195,726,223.45 | 226,207,545.91 | -13.47 | | **Net Cash Flow from Operating Activities** | 468,028,616.14 | 162,223,907.70 | 188.51 | | **Net Cash Flow from Investing Activities** | -104,437,003.75 | -298,419,165.90 | 65.00 | [Analysis of Main Business](index=10&type=section&id=%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Affected by market conditions, the company's main business in trade services saw a 3.60% revenue decrease, but gross profit margin slightly increased by 0.15 percentage points, with operating cash flow significantly up by 188.51% due to higher gross profit margin, and investment cash flow up by 65% due to reduced investments Main Business by Industry Segment | Industry Segment | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Profit Margin (%) | Operating Revenue Change vs. Prior Year (%) | Gross Profit Margin Change vs. Prior Year | | :--- | :--- | :--- | :--- | :--- | :--- | | Trade Services Industry | 4,992,057,818.22 | 4,039,245,430.03 | 19.09 | -3.60 | Increased by 0.15 percentage points | - Net cash flow from operating activities increased by **188.51%** year-on-year, primarily due to an increase in gross profit margin[52](index=52&type=chunk) [Analysis of Assets and Liabilities](index=12&type=section&id=%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) At the end of the reporting period, total assets reached 4.98 billion Yuan, a 9.36% increase, with significant changes in asset structure: other current assets surged by 240.33% due to increased bank wealth management investments, and available-for-sale financial assets soared by 2,170.26% due to the listing of equity investment projects Major Balance Sheet Item Changes (Unit: Yuan) | Item Name | Current Period End Amount | Prior Period End Amount | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | **Other Current Assets** | 781,044,586.78 | 229,498,775.30 | 240.33 | Due to increased bank wealth management investments | | **Available-for-sale Financial Assets** | 126,261,546.47 | 5,561,546.47 | 2,170.26 | Due to listing of equity investment projects, significant increase in market value | | **Other Receivables** | 18,046,524.48 | 6,360,514.23 | 183.73 | Due to loans provided by subsidiaries to external parties | | **Deferred Income Tax Liabilities** | 30,641,834.27 | 482,057.13 | 6,256.47 | Due to listing of equity investment projects, increase in fair value change gains/losses | [Analysis of Industry Operating Information](index=13&type=section&id=%E8%A1%8C%E4%B8%9A%E7%BB%8F%E8%90%A5%E6%80%A7%E4%BF%A1%E6%81%AF%E5%88%86%E6%9E%90) The company operates four shopping centers in Hangzhou and Jinhua, with Hangzhou stores experiencing a slight 1.53% sales decrease, while Jinhua stores saw a significant 27.23% decline, highlighting regional performance disparities, and 556,800 VIP members contributed 57.33% of total sales, with no online sales conducted this period Store Performance by Region | Region | Business Format | Sales Growth Rate | Annual Sales Per Square Meter of Building Area (Yuan) | | :--- | :--- | :--- | :--- | | Hangzhou Region | Shopping Center | -1.53% | 16,685.98 | | Jinhua Region | Shopping Center | -27.23% | 2,667.39 | - In 2016, the company had **556,800 VIP members**, achieving **2.989 billion Yuan** in member sales, accounting for **57.33%** of the company's total annual sales[64](index=64&type=chunk) [Analysis of Investment Status](index=15&type=section&id=%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) At the end of the reporting period, the company's equity investments totaled 799 million Yuan, including significant investments in Hangzhou Quancheng International Health Medical Management Center Co Ltd and Hangzhou Yuesheng Sports Brokerage Co Ltd, alongside 159 million Yuan in non-equity investments for the Hangzhou Comprehensive Building Project (Sanli Project) - The company participated in the establishment of Hangzhou Quancheng International Health Medical Management Center Co Ltd, with a subscribed capital of **27 million Yuan**[67](index=67&type=chunk) - The company invested **9.292 million Yuan** to increase capital in Hangzhou Yuesheng Sports Brokerage Co Ltd, strategically entering the sports industry[67](index=67&type=chunk) Major Non-equity Investment Projects (Unit: 10,000 Yuan) | Project Name | Project Amount | Project Progress | Current Year Investment Amount | Cumulative Actual Investment Amount | | :--- | :--- | :--- | :--- | :--- | | Hangzhou Comprehensive Building Project (Sanli Project) | 27,000 | Under Construction | 3,800 | 15,860 | [Analysis of Major Holding and Participating Companies](index=16&type=section&id=%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) Hangzhou Tower Co Ltd is the company's primary profit driver, generating approximately 300 million Yuan in net profit in 2016, while subsidiaries in Yiwu and Lanxi, particularly Hangzhou Jiebai Lanxi Shopping Center Co Ltd, incurred losses of 11.57 million Yuan Major Holding and Participating Companies Operating Performance (Unit: 10,000 Yuan) | Name | Total Assets | Net Assets | Net Profit | | :--- | :--- | :--- | :--- | | **Hangzhou Tower Co Ltd** | 357,081.83 | 198,010.43 | **29,981.02** | | Hangzhou Jiebai Yiwu Commercial & Trade Co Ltd | 2,846.09 | 498.53 | -470.29 | | Hangzhou Jiebai Lanxi Shopping Center Co Ltd | 4,664.38 | 1,322.81 | -1,157.30 | [Company's Future Development Outlook](index=17&type=section&id=%E5%85%AC%E5%8F%B8%E5%85%B3%E4%BA%8E%E5%85%AC%E5%8F%B8%E6%9C%AA%E6%9D%A5%E5%8F%91%E5%B1%95%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) The company views the "new retail" era as an opportunity for transformation, aiming to become a leader in quality lifestyle services by focusing on retail while expanding into sports, health, education, and finance, with a 2017 target of 5.64 billion Yuan in revenue and 130 million Yuan in net profit attributable to shareholders, facing risks from macroeconomics, online retail, and new investment uncertainties - Industry Trend: E-commerce and physical retail are moving from competition to integration, with the "new retail" model, combining online and offline, presenting a historic opportunity for physical retail enterprises to transform and upgrade[76](index=76&type=chunk) - Company Development Strategy: Centered on retail, extending into sports, healthcare, education, and finance industries, building five major business centers, positioned as a "high-quality life service integrator that meets diverse customer needs"[80](index=80&type=chunk) 2017 Operating Targets | Indicator | Target Amount | | :--- | :--- | | Operating Revenue | 5.64 Billion Yuan | | Net Profit Attributable to Parent Company Shareholders | 130 Million Yuan | [Significant Matters](index=19&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section details significant corporate events, including profit distribution plans, fulfillment of commitments, major related-party transactions, and significant contracts [Profit Distribution Plan](index=19&type=section&id=%E6%99%AE%E9%80%9A%E8%82%A1%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) The board proposed a 2016 profit distribution of 0.83 Yuan per 10 shares (tax inclusive), totaling 59.35 million Yuan, representing 30.32% of net profit attributable to shareholders, maintaining a stable cash dividend policy of over 30% for the past three years Recent Three-Year Dividend Distribution Plans | Dividend Year | Dividend Per 10 Shares (Yuan) (Tax Incl.) | Cash Dividend Amount (Yuan) (Tax Incl.) | Ratio to Net Profit Attributable to Ordinary Shareholders of Listed Company (%) | | :--- | :--- | :--- | :--- | | **2016** | 0.83 | 59,347,220.91 | 30.32 | | **2015** | 1.00 | 71,502,675.80 | 31.61 | | **2014** | 1.05 | 75,077,809.74 | 31.22 | [Fulfillment of Commitments](index=19&type=section&id=%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) During the reporting period, the company and its controlling shareholder, Hangzhou Shanglv, strictly fulfilled all commitments made during the major asset restructuring, including share lock-up, avoiding horizontal competition, and standardizing related-party transactions, with Hangzhou Tower completing its 2014-2016 performance commitments without compensation - Hangzhou Tower's net profit after non-recurring items in 2016 was **324 million Yuan**, exceeding the committed **270 million Yuan**, and its cumulative net profit after non-recurring items for 2014-2016 was **960 million Yuan**, exceeding the committed **868 million Yuan**, thus fulfilling its performance commitments[92](index=92&type=chunk) - After impairment testing, as of the end of 2016, the target asset Shanglv Investment had not incurred impairment, and the controlling shareholder Hangzhou Shanglv was not required to provide compensation[93](index=93&type=chunk) [Major Related-Party Transactions](index=25&type=section&id=%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company's routine related-party transactions primarily involved selling goods to Hangzhou Lianhua Huashang Group Co Ltd, totaling 80.45 million Yuan in 2016, alongside a 9.29 million Yuan capital increase in Hangzhou Yuesheng Sports Brokerage Co Ltd and 64 million Yuan in financial assistance to associate Hangzhou Baida Real Estate Co Ltd - The company provided **64 million Yuan** in financial assistance to its associate, Hangzhou Baida Real Estate Co Ltd, for a term of **3 years** at an annual interest rate of **4.75%**[102](index=102&type=chunk) [Significant Contracts and Their Performance](index=27&type=section&id=%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company has several significant lease contracts, with 158 million Yuan in rent paid annually, and provided an 800 million Yuan guarantee for Hangzhou Baida Real Estate Co Ltd's bank loans, while actively managing idle funds through trust and bank wealth management products, generating corresponding returns - The controlling subsidiary Hangzhou Tower provided an **800 million Yuan** joint and several liability guarantee for the bank loans of its associate, Hangzhou Baida Real Estate Co Ltd[105](index=105&type=chunk)[106](index=106&type=chunk) - The company utilized its own funds for wealth management investments, earning **4.0103 million Yuan** from bank wealth management products and investing **150 million Yuan** in trust plans during the year[107](index=107&type=chunk)[109](index=109&type=chunk) [Share Changes and Shareholder Information](index=31&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E6%99%AE%E9%80%9A%E8%82%A1%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section provides details on changes in ordinary shares and information regarding the company's shareholders and actual controller [Shareholders and Actual Controller Information](index=32&type=section&id=%E8%82%A1%E4%B8%9C%E5%92%8C%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E6%83%85%E5%86%B5) As of the end of 2016, the company had 36,402 ordinary shareholders, with Hangzhou Commercial Tourism Group Co Ltd as the controlling shareholder (56.59% stake) and its subsidiary Hangzhou Commercial Asset Management (Limited) Co Ltd as the second largest shareholder (11.44% stake), totaling 68.03% combined, and the actual controller being Hangzhou Municipal People's Government Top Ten Shareholders' Shareholding | Shareholder Name | Shares Held at Period End | Proportion (%) | Nature | | :--- | :--- | :--- | :--- | | Hangzhou Commercial Tourism Group Co Ltd | 404,643,737 | 56.59 | State-owned Legal Person | | Hangzhou Commercial Asset Management (Limited) Co Ltd | 81,791,279 | 11.44 | State | | China Life Insurance Co Ltd | 5,551,066 | 0.78 | Other | | Hangzhou Equity Management Center | 4,426,626 | 0.62 | Domestic Non-state-owned Legal Person | - The company's controlling shareholder is Hangzhou Commercial Tourism Group Co Ltd, and its actual controller is the Hangzhou Municipal People's Government (Hangzhou Municipal People's Government State-owned Assets Supervision and Administration Commission)[125](index=125&type=chunk)[127](index=127&type=chunk) [Preferred Shares Related Information](index=36&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section confirms that the company has no preferred shares related information during the reporting period [Preferred Shares Information](index=36&type=section&id=%E4%BC%98%E5%85%88%E8%82%A1%E6%83%85%E5%86%B5) During the reporting period, the company had no preferred shares related information - The company is not subject to preferred shares related regulations[130](index=130&type=chunk) [Directors, Supervisors, Senior Management, and Employees](index=37&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%92%8C%E5%91%98%E5%B7%A5%E6%83%85%E5%86%B5) This section provides details on the shareholdings and remuneration of directors, supervisors, and senior management, as well as information on the company's employees [Shareholdings and Remuneration of Directors, Supervisors, and Senior Management](index=37&type=section&id=%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5%E5%8F%8A%E6%8A%A5%E9%85%AC%E6%83%85%E5%86%B5) During the reporting period, the shareholdings of the company's directors, supervisors, and senior management remained largely stable, with their total pre-tax remuneration amounting to 16.98 million Yuan in 2016, and significant changes occurred in senior management personnel - The total pre-tax remuneration received by all directors, supervisors, and senior management (including those who left office) at the end of the reporting period was **16.9774 million Yuan**[138](index=138&type=chunk) - During the reporting period, changes occurred in the company's senior management, including the dismissal of the Executive Deputy General Manager, three Deputy General Managers, and the resignation of the former Board Secretary[139](index=139&type=chunk) [Employee Information](index=43&type=section&id=%E5%91%98%E5%B7%A5%E6%83%85%E5%86%B5) As of the end of the reporting period, the parent company and its main subsidiaries had 1,666 employees, with sales personnel accounting for the largest proportion at 846, and nearly 60% of employees holding college degrees or higher, with a compensation policy based on position and performance Employee Professional Composition | Professional Category | Number of People | | :--- | :--- | | Sales Personnel | 846 | | Technical Personnel | 174 | | Financial Personnel | 87 | | Administrative Personnel | 59 | | Logistics and Other Personnel | 500 | | **Total** | **1,666** | [Corporate Governance](index=44&type=section&id=%E7%AC%AC%E4%B9%9D%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86) This section describes the company's corporate governance structure and its compliance with relevant laws and regulations [Overview of Corporate Governance](index=44&type=section&id=%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) During the reporting period, the company maintained a sound corporate governance structure compliant with the Company Law and CSRC requirements, ensuring independence from its controlling shareholder in personnel, assets, finance, organization, and business, while strictly adhering to information disclosure and insider information management, and establishing a robust internal control system - The company's corporate governance largely complies with the Company Law and relevant requirements of the China Securities Regulatory Commission for listed companies, achieving "five independences" from its controlling shareholder in personnel, assets, finance, organization, and business[146](index=146&type=chunk)[147](index=147&type=chunk) - The company has disclosed its "2016 Internal Control Evaluation Report" and received a standard unqualified internal control audit report from Tianjian Certified Public Accountants[155](index=155&type=chunk) [Corporate Bonds Related Information](index=46&type=section&id=%E7%AC%AC%E5%8D%81%E8%8A%82%20%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section confirms that the company has no corporate bonds related information during the reporting period [Corporate Bonds Information](index=46&type=section&id=%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E6%83%85%E5%86%B5) During the reporting period, the company had no corporate bonds related information - The company is not subject to corporate bonds related regulations[156](index=156&type=chunk) [Financial Report](index=46&type=section&id=%E7%AC%AC%E5%8D%81%E4%B8%80%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the company's audited financial statements, including the audit report, consolidated financial statements, changes in consolidation scope, and post-balance sheet events [Audit Report](index=46&type=section&id=%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) Tianjian Certified Public Accountants (Special General Partnership) issued a standard unqualified audit opinion on the company's 2016 financial statements, affirming their fair presentation in all material respects in accordance with enterprise accounting standards - The auditing firm, Tianjian Certified Public Accountants, issued a standard unqualified audit opinion (Tianjian Audit [2017] No 2188)[157](index=157&type=chunk)[160](index=160&type=chunk) [Consolidated Financial Statements](index=47&type=section&id=%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) As of the end of 2016, the company's total assets were 4.98 billion Yuan, a 9.36% increase, with total liabilities of 1.97 billion Yuan, while full-year operating revenue was 5.24 billion Yuan, a 2.32% decrease, and net profit attributable to parent company owners was 196 million Yuan, a 13.47% decrease, with operating cash flow significantly increasing by 188.51% to 468 million Yuan [Consolidated Balance Sheet](index=47&type=section&id=%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) At the end of 2016, the company's total assets were 4.98 billion Yuan and net assets were 3.02 billion Yuan, with 1.60 billion Yuan in monetary funds, 781 million Yuan in other current assets (mainly wealth management products), 800 million Yuan in long-term equity investments, and 1.01 billion Yuan in fixed assets, while liabilities included 1.03 billion Yuan in advances from customers and 662 million Yuan in accounts payable, indicating a stable overall financial structure Consolidated Balance Sheet Summary (December 31, 2016) | Item | Period-end Balance (Yuan) | Period-beginning Balance (Yuan) | | :--- | :--- | :--- | | **Total Current Assets** | 2,527,915,601.40 | 2,259,978,973.22 | | **Total Non-current Assets** | 2,456,029,701.32 | 2,297,485,332.05 | | **Total Assets** | **4,983,945,302.72** | **4,557,464,305.27** | | **Total Current Liabilities** | 1,929,400,276.07 | 1,823,968,613.93 | | **Total Liabilities** | **1,967,026,994.95** | **1,832,395,148.59** | | **Total Owners' Equity** | **3,016,918,307.77** | **2,725,069,156.68** | [Consolidated Income Statement](index=51&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) In 2016, the company's total operating revenue was 5.24 billion Yuan, a 2.32% decrease, and total operating costs were 4.79 billion Yuan, a 2.71% decrease, resulting in a net profit attributable to parent company owners of 196 million Yuan, a 13.47% decrease, with basic earnings per share of 0.27 Yuan Consolidated Income Statement Summary (2016) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | **I. Total Operating Revenue** | 5,241,450,275.18 | 5,366,107,668.56 | | **II. Total Operating Costs** | 4,793,342,733.25 | 4,927,053,216.20 | | **III. Operating Profit** | 427,248,335.46 | 476,994,931.96 | | **V. Net Profit** | 314,122,798.23 | 357,984,419.42 | | **Net Profit Attributable to Parent Company Owners** | 195,726,223.45 | 226,207,545.91 | | **Basic Earnings Per Share (Yuan/share)** | 0.27 | 0.32 | [Consolidated Cash Flow Statement](index=54&type=section&id=%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) In 2016, net cash flow from operating activities was 468 million Yuan, a significant 188.51% increase from the previous year's 162 million Yuan, indicating a substantial improvement in core business cash generation, while net cash outflow from investing activities significantly decreased to 104 million Yuan, with cash and cash equivalents at period-end totaling 1.03 billion Yuan Consolidated Cash Flow Statement Summary (2016) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | **Net Cash Flow from Operating Activities** | 468,028,616.14 | 162,223,907.70 | | **Net Cash Flow from Investing Activities** | -104,437,003.75 | -298,419,165.90 | | **Net Cash Flow from Financing Activities** | -116,672,386.02 | -125,839,837.26 | | **Net Increase in Cash and Cash Equivalents** | 246,919,226.37 | -262,035,095.46 | [Changes in Consolidation Scope](index=99&type=section&id=%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) During the reporting period, the company's consolidation scope changed, with the addition of Hangzhou Yuesheng Sports Brokerage Co Ltd as a new controlled subsidiary through a non-same-control business combination (69.49% stake), and the establishment of Hangzhou Jiebai Commercial Group Co Ltd as a wholly-owned subsidiary - The newly consolidated subsidiary for this period is Hangzhou Yuesheng Sports Brokerage Co Ltd, acquired through a non-same-control business combination[387](index=387&type=chunk) - The newly established subsidiary for this period is Hangzhou Jiebai Commercial Group Co Ltd, a wholly-owned subsidiary of the company[393](index=393&type=chunk) [Commitments and Contingencies](index=113&type=section&id=%E6%89%BF%E8%AF%BA%E5%8F%8A%E6%88%96%E6%9C%89%E4%BA%8B%E9%A1%B9) The company has several significant long-term lease commitments for core operating locations, including the Hangzhou Comprehensive Building Project, Kunhe Center, and Huazhe Plaza, outlining future rental obligations, and while Jiebai Lanxi Company's leased property faced bankruptcy reorganization, the administrator decided to continue the lease, with no other significant contingent matters requiring disclosure at the end of the reporting period - The company signed a pre-lease agreement for the Hangzhou Comprehensive Building Project with the Logistics Department of PLA Unit 61195, requiring a pre-lease deposit of **220 million Yuan** for construction funds and compensation during the construction period[429](index=429&type=chunk) - The company signed long-term lease contracts with Kunhe Center and Huazhe Plaza, with rent based on a "guaranteed minimum + sales commission" model[431](index=431&type=chunk)[432](index=432&type=chunk) [Post-Balance Sheet Events](index=114&type=section&id=%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8%E6%97%A5%E5%90%8E%E4%BA%8B%E9%A1%B9) After the reporting period, a significant non-adjusting event occurred in March 2017, where the company's controlled grandchild company, Hangzhou Tower Company, signed a long-term comprehensive lease and operation cooperation agreement for the Hangzhou Wulin Plaza Underground Commercial Center project, covering approximately 87,000 square meters with a total guaranteed rent of 690 million Yuan, further solidifying the company's operational layout in the core business district - In March 2017, the company's controlled grandchild company, Hangzhou Tower Company, signed a comprehensive lease and operation cooperation agreement for the Hangzhou Wulin Plaza Underground Commercial Center project, with a lease term until December 31, 2027, and a total guaranteed rent of **690 million Yuan**[440](index=440&type=chunk) [Reference Documents Catalog](index=125&type=section&id=%E7%AC%AC%E5%8D%81%E4%BA%8C%E8%8A%82%20%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6%E7%9B%AE%E5%BD%95) This section lists all documents available for reference related to the financial report

[Important Notice](index=3&type=section&id=Item%20I.%20Important%20Notice) The company's board and management guarantee the report's truthfulness and completeness, which remains unaudited [Statement on Report Authenticity and Audit Status](index=3&type=section&id=1.1-1.4) The board and management guarantee the report's truthfulness and completeness, confirming it is unaudited - The company's board of directors, supervisory board, and all senior executives guarantee the quarterly report's content is **true, accurate, and complete**, free from false records, misleading statements, or major omissions[5](index=5&type=chunk) - This company's Q3 2016 report is **unaudited**[5](index=5&type=chunk) [Company's Key Financial Data and Shareholder Changes](index=3&type=section&id=Item%20II.%20Company's%20Key%20Financial%20Data%20and%20Shareholder%20Changes) This section details the company's financial performance and shareholder structure as of Q3 2016 [Key Financial Data](index=3&type=section&id=2.1%20Key%20Financial%20Data) Q3 2016 total assets were 4.54 billion CNY; revenue and net profit declined, but operating cash flow significantly improved Key Financial Indicators for Q1-Q3 2016 | Indicator | Year-to-date (Jan-Sep) | Prior Year (Jan-Sep) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 3,596,969,193.16 CNY | 3,834,632,612.29 CNY | -6.20% | | Net Profit Attributable to Shareholders | 135,680,302.42 CNY | 170,352,172.67 CNY | -20.35% | | Net Profit Attributable to Shareholders (Excl. Non-recurring) | 130,341,438.35 CNY | 156,944,147.43 CNY | -16.95% | | Net Cash Flow from Operating Activities | 235,321,281.35 CNY | -3,085,200.55 CNY | 7,727.42% | | Basic Earnings Per Share | 0.19 CNY/share | 0.24 CNY/share | -20.83% | | Weighted Average Return on Net Assets | 6.64% | 8.93% | Decrease of 2.29 percentage points | Non-recurring Gains and Losses for Q1-Q3 2016 | Item | Year-to-date Amount (Jan-Sep) (CNY) | | :--- | :--- | | Disposal gains/losses on non-current assets | -854,935.69 | | Government grants recognized in current profit/loss | 1,843,988.40 | | Investment income (non-core business related) | 6,344,806.43 | | Other non-operating income and expenses | 1,047,619.05 | | Income tax impact | -2,039,903.74 | | Impact on minority interests (after tax) | -1,002,710.38 | | **Total** | **5,338,864.07** | [Shareholder Holdings](index=5&type=section&id=2.2%20Shareholder%20Holdings) The company had 28,522 shareholders; Hangzhou Commercial Tourism Group Co., Ltd. is the controlling shareholder - As of the end of the reporting period, the company had a total of **28,522 shareholders**[12](index=12&type=chunk) Top Two Shareholder Holdings | Shareholder Name | Shares Held at Period End | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Hangzhou Commercial Tourism Group Co., Ltd. | 404,643,737 | 56.59 | State-owned Legal Person | | Hangzhou Commercial Asset Management (Co., Ltd.) | 81,791,279 | 11.44 | State | - Hangzhou Commercial Asset Management (Co., Ltd.) is a subsidiary of Hangzhou Commercial Tourism Group Co., Ltd., indicating an **associated relationship**[13](index=13&type=chunk) [Preferred Shareholder Status](index=6&type=section&id=2.3%20Preferred%20Shareholder%20Status) The company had no preferred shareholders at the end of the reporting period - The company had **no preferred shareholders** during this reporting period[13](index=13&type=chunk) [Significant Matters](index=6&type=section&id=Item%20III.%20Significant%20Matters) This section details significant financial changes, key initiative progress, and commitment fulfillment [Analysis of Significant Changes in Key Financial Statement Items and Indicators](index=6&type=section&id=3.1%20Analysis%20of%20Significant%20Changes%20in%20Key%20Financial%20Statement%20Items%20and%20Indicators) Operating cash flow significantly increased; investment income sharply declined, and non-operating income rose Explanation of Significant Financial Indicator Changes | Item | Change (%) | Explanation of Change | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 7,727.42% | Due to increased cash inflows from operating activities | | Investment Income | -87.92% | Primarily due to subsidiary's entrusted loan income in the prior year | | Non-operating Income | 649.93% | Mainly due to increased government grants | | Financial Expenses | 64.36% | Due to decreased interest income from deposits | | Cash Paid for Investments | -97.09% | Primarily due to subsidiary's entrusted loan investment in the prior year | [Progress on Significant Matters](index=7&type=section&id=3.2%20Progress%20on%20Significant%20Matters) Progress on 'Quan Cheng Medical' strategic cooperation; Hangzhou Tower property lease and financial assistance remain pending - The company's 45%-owned Hangzhou Quan Cheng International Health Medical Management Co., Ltd. ('Quan Cheng Medical') signed a strategic cooperation framework with Sir Run Run Shaw Hospital, with **preparatory work progressing smoothly**[15](index=15&type=chunk) - The lease of commercial property at Wulin Plaza No. 11 by controlling sub-subsidiary Hangzhou Tower Co., Ltd. is **actively progressing**, but the lease contract has not yet been formally signed[16](index=16&type=chunk) - Hangzhou Tower Co., Ltd.'s proposed **120 million CNY financial assistance** to Hangzhou Baida Real Estate Co., Ltd. has **not yet been implemented** as of the report disclosure date[16](index=16&type=chunk) [Fulfillment of Commitments](index=8&type=section&id=3.3%20Fulfillment%20of%20Commitments) The company and its controlling shareholder are fulfilling major asset restructuring commitments - Controlling shareholder Hangzhou Commercial Tourism Group Co., Ltd. committed to a **36-month lock-up period** for shares acquired in the major asset restructuring, effective September 26, 2014, which is currently being fulfilled[17](index=17&type=chunk) - The controlling shareholder committed to **minimizing related party transactions** with the company and ensuring their fairness[17](index=17&type=chunk) - The controlling shareholder made a **net profit commitment** for Hangzhou Tower for 2014-2016, with share compensation if targets are not met[19](index=19&type=chunk) [Performance Forecast](index=11&type=section&id=3.4%20Performance%20Forecast) The company does not anticipate a cumulative net profit loss or significant change in the next reporting period - The company has **not issued any warning** regarding a potential cumulative net profit loss or significant change for the period from the beginning of the year to the end of the next reporting period[20](index=20&type=chunk) [Appendix](index=11&type=section&id=Item%20IV.%20Appendix) This section includes the unaudited consolidated and parent company financial statements for Q3 2016 [Financial Statements](index=11&type=section&id=4.1%20Financial%20Statements) This chapter presents the unaudited consolidated and parent company financial statements for Q3 2016 [Consolidated Balance Sheet](index=11&type=section&id=Consolidated%20Balance%20Sheet) Consolidated total assets were 4.54 billion CNY, liabilities 1.70 billion CNY, and parent equity 2.07 billion CNY Key Items from Consolidated Balance Sheet (September 30, 2016) | Item | Period-End Balance (CNY) | Year-Start Balance (CNY) | | :--- | :--- | :--- | | Total Assets | 4,538,705,086.53 | 4,557,464,305.27 | | Total Liabilities | 1,700,552,396.67 | 1,832,395,148.59 | | Total Equity Attributable to Parent Company Owners | 2,070,182,481.25 | 2,006,004,854.63 | [Parent Company Balance Sheet](index=14&type=section&id=Parent%20Company%20Balance%20Sheet) Parent company total assets were 2.25 billion CNY, liabilities 388 million CNY, and owner's equity 1.86 billion CNY Key Items from Parent Company Balance Sheet (September 30, 2016) | Item | Period-End Balance (CNY) | Year-Start Balance (CNY) | | :--- | :--- | :--- | | Total Assets | 2,249,076,872.00 | 2,245,452,492.08 | | Total Liabilities | 388,159,805.25 | 388,445,541.75 | | Total Owner's Equity | 1,860,917,066.75 | 1,857,006,950.33 | [Consolidated Income Statement](index=16&type=section&id=Consolidated%20Income%20Statement) Consolidated operating revenue was 3.60 billion CNY, total profit 305 million CNY, and net profit attributable to parent owners 136 million CNY Key Items from Consolidated Income Statement (Jan-Sep 2016) | Item | Current Period Amount (CNY) | Prior Year Period Amount (CNY) | | :--- | :--- | :--- | | I. Total Operating Revenue | 3,596,969,193.16 | 3,834,632,612.29 | | III. Operating Profit | 302,507,263.76 | 365,862,592.35 | | IV. Total Profit | 305,300,087.50 | 361,127,517.76 | | Net Profit Attributable to Parent Company Owners | 135,680,302.42 | 170,352,172.67 | [Parent Company Income Statement](index=18&type=section&id=Parent%20Company%20Income%20Statement) Parent company operating revenue was 606 million CNY, net profit 75.41 million CNY, and investment income 71.13 million CNY Key Items from Parent Company Income Statement (Jan-Sep 2016) | Item | Current Period Amount (CNY) | Prior Year Period Amount (CNY) | | :--- | :--- | :--- | | I. Operating Revenue | 605,550,088.70 | 796,778,890.80 | | Investment Income | 71,132,226.09 | 80,329,198.54 | | IV. Net Profit | 75,412,792.22 | 103,348,334.66 | [Consolidated Cash Flow Statement](index=20&type=section&id=Consolidated%20Cash%20Flow%20Statement) Consolidated net cash flow from operating activities improved to 235 million CNY, with net cash outflows from investing and financing Key Items from Consolidated Cash Flow Statement (Jan-Sep 2016) | Item | Current Period Amount (CNY) | Prior Year Period Amount (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 235,321,281.35 | -3,085,200.55 | | Net Cash Flow from Investing Activities | -17,301,114.18 | 503,052,693.57 | | Net Cash Flow from Financing Activities | -115,964,505.02 | -125,839,837.26 | | Cash and Cash Equivalents at Period End | 885,384,709.13 | 1,419,491,798.20 | [Parent Company Cash Flow Statement](index=21&type=section&id=Parent%20Company%20Cash%20Flow%20Statement) Parent company net cash flow from operating activities improved to 91.67 million CNY, with net cash outflows from investing and financing Key Items from Parent Company Cash Flow Statement (Jan-Sep 2016) | Item | Current Period Amount (CNY) | Prior Year Period Amount (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 91,672,554.34 | -45,681,006.61 | | Net Cash Flow from Investing Activities | -56,242,232.96 | 17,131,537.45 | | Net Cash Flow from Financing Activities | -71,502,675.80 | -75,077,809.74 | | Cash and Cash Equivalents at Period End | 7,922,688.35 | 18,599,527.56 | [Audit Report](index=23&type=section&id=4.2%20Audit%20Report) This quarterly financial report has not been audited - The report explicitly states that this quarterly financial report is **not subject to an audit report**, meaning it is unaudited[41](index=41&type=chunk)

本半年度报告涉及未来计划等前瞻性陈述，不构成公司对投资者的实质承诺，敬请投资者注意投 资风险。 七、 是否存在被控股股东及其关联方非经营性占用资金情况 2016 年半年度报告 公司代码：600814 公司简称：杭州解百 杭州解百集团股份有限公司 2016 年半年度报告 重要提示 无 六、 前瞻性陈述的风险声明 否 八、 是否存在违反规定决策程序对外提供担保的情况？ 否 1 / 96 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实、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。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人童民强、主管会计工作负责人谢雅芳及会计机构负责人（会计主管人员）戚莲花 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 经董事会审议的报告期利润分配预案或公积金转增股本预案 | 第一节 | 释义 3 | | --- | --- | | 第二节 | 公司简介 3 | | 第三节 | 会计数据和财务指标摘要 4 | | 第四节 | 董事会报告 6 | | 第五节 | 重要事项 17 | ...

2015 年年度报告 公司代码：600814 公司简称：杭州解百 杭州解百集团股份有限公司 2015 年年度报告（修订稿） 重要提示 | 未出席董事职务 | 未出席董事姓名 | 未出席董事的原因说明 | 被委托人姓名 | | --- | --- | --- | --- | | 独立董事 | 裴长洪 | 因公出差 | 童本立 | 三、 天健会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 四、 公司负责人童民强、主管会计工作负责人谢雅芳及会计机构负责人（会计主管人员）戚莲花 声明：保证年度报告中财务报告的真实、准确、完整。 五、 经董事会审议的报告期利润分配预案或公积金转增股本预案 经天健会计师事务所（特殊普通合伙）审计，2015年度公司实现归属于母公司股东的净利润 226,207,545.91元，按母公司实现的净利润提取法定盈余公积金10,308,581.89元；加期初未分配 利润1,019,027,529.76元，减支付2014年度普通股股利75,077,809.74元，期末未分配的利润 1,159,848,684.04元。 董事会决定2015年度按2015年12月31日的总股本715, ...