Financial Performance - The company's operating revenue for 2020 was CNY 54,006,246,909.64, representing a 15.97% increase from CNY 46,568,040,505.77 in 2019[15]. - Net profit attributable to shareholders was CNY 2,267,232,336.31, a 2.22% increase compared to CNY 2,217,960,154.93 in the previous year[15]. - The net profit after deducting non-recurring gains and losses was CNY 2,102,804,501.05, reflecting a 4.51% increase from CNY 2,012,150,297.68 in 2019[15]. - The total assets at the end of 2020 were CNY 109,386,082,835.45, marking a 17.01% increase from CNY 93,486,377,551.21 in 2019[15]. - Basic earnings per share for 2020 were CNY 0.72, up from CNY 0.71 in 2019, indicating a 1.41% increase[16]. - The weighted average return on equity was 9.89%, down 0.32 percentage points from 10.21% in 2019[16]. - The company reported a net profit of CNY 1,004,932,211.22 in Q4 2020, which was the highest quarterly profit for the year[18]. - The total non-recurring gains and losses amounted to CNY 164,427,835.26 for 2020, compared to CNY 205,809,857.25 in 2019[19]. - The company's net assets attributable to shareholders increased by 2.19% to CNY 23,159,426,725.01 at the end of 2020 from CNY 22,662,970,075.66 in 2019[15]. Cash Flow and Financing - The net cash flow from operating activities decreased by 39.95% to CNY 3,169,581,083.29 from CNY 5,277,870,914.99 in 2019[15]. - The net cash flow from investing activities increased by 85.79% to -CNY 11,869,587,362.51, attributed to increased investments in PPP projects and the acquisition of two controlled companies[49]. - The net cash flow from financing activities rose by 177.26% to CNY 9,127,494,441.47, driven by a significant increase in short-term and long-term borrowings[49]. - The company's short-term borrowings increased by 256.13% to CNY 7,549,540,186.65, reflecting a significant growth in company scale and a higher demand for short-term capital turnover[51]. - The total value of restricted assets at the end of the reporting period was CNY 32,074,222,925.99, primarily due to pledged loans[52]. Dividend and Retained Earnings - The company plans to distribute a cash dividend of 2.20 RMB per 10 shares, totaling approximately 691.70 million RMB based on a total share capital of 3,144,096,094 shares as of December 31, 2020[3]. - The company reported a retained earnings balance of approximately 11.28 billion RMB to be carried forward to future years[3]. - For the 2020 fiscal year, the company increased the cash dividend to 2.20 RMB per 10 shares, amounting to 691,701,140.68 RMB, representing 30.51% of the net profit attributable to shareholders[80]. Audit and Compliance - The company has received a standard unqualified audit report from its accounting firm, ensuring the accuracy of its financial statements[3]. - The company is committed to ensuring the authenticity and completeness of its annual report, as stated by its management[3]. - The company has not encountered any significant accounting errors or issues requiring correction during the reporting period[85]. - The company appointed Lixin Accounting Firm (Special General Partnership) as its domestic auditor, with an audit fee of RMB 580,000 and an audit tenure of 26 years[86]. - The internal control audit conducted by Lixin Accounting Firm resulted in a standard unqualified opinion, confirming the effectiveness of the internal controls[146]. Operational Highlights - The company has completed 24 large-diameter tunnel projects with a diameter of over 14 meters, including significant projects like the Shanghai Yangtze River Tunnel and the Zhuhai Ma Liu Zhou Traffic Tunnel[22]. - The company has constructed approximately 595 kilometers of urban rail transit lines across various cities, including Nanjing, Hangzhou, and Wuhan[22]. - The company primarily operates under a PPP investment model for infrastructure projects, collaborating with government entities[24]. - The company has established a comprehensive quality management system that meets multiple national and international standards, enhancing overall quality control[25]. - The company has implemented a robust safety management system to ensure safe production practices in high-risk construction environments[26]. Research and Development - Research and development expenses increased by 25.92% to CNY 2,113,553,639.35[35]. - The company holds 1,689 authorized patents, including 474 invention patents, with 333 new authorizations in 2020, of which 76 were invention patents[30]. - The company has received 12 provincial and ministerial-level science and technology progress awards in 2020, reflecting its commitment to innovation[30]. - The company is actively involved in technological innovation, including projects focused on asphalt paving temperature detection and smart water management systems[31]. Market and Strategic Initiatives - The company aims to provide full lifecycle value-added services in infrastructure, enhancing collaboration between investment and design sectors[31]. - The company aims for a 10% increase in revenue and a 6-10% growth in net profit for 2021 compared to 2020[76]. - The company is focusing on digital transformation and enhancing its project management capabilities to improve operational efficiency[76]. - The company is exploring new investment models post-PPP era and aims to strengthen its financial planning and risk control processes[78]. Related Party Transactions - The total amount of related party transactions reached 120,306.23 million RMB, with an increase of 32,120.77 million RMB compared to the previous period[97]. - The company’s related party transactions primarily involve the sale of goods, subcontracting, and providing financing leasing services[97]. - The company reported a decrease in related party debts by 3,193.92 million RMB, resulting in a total of 99,653.31 million RMB at the end of the period[97]. Social Responsibility - The company reported a total of 931.66 million RMB in various poverty alleviation funds during the reporting period[104]. - The company donated 641.16 million RMB in material assistance to support poverty alleviation efforts[105]. - A total of 31 individuals from registered impoverished households were lifted out of poverty through the company's initiatives[105]. - The company has established a volunteer service team to provide educational support in impoverished areas[104]. Governance and Management - The company has maintained a consistent number of shares held by directors, with no changes reported during the year[125]. - The company’s management structure is clearly defined, with all executives fulfilling their duties responsibly within their designated roles[140]. - Independent directors have fulfilled their responsibilities and provided independent opinions on major decisions, with no dissenting opinions reported[142]. - The company has not reported any significant deficiencies in internal control during the reporting period[145].

Financial Performance - The company's operating revenue for 2019 was CNY 43,623,680,176.22, representing a 17.06% increase compared to CNY 37,266,241,026.37 in 2018[18]. - The net profit attributable to shareholders of the listed company was CNY 2,136,785,823.11, an increase of 7.99% from CNY 1,978,762,763.14 in the previous year[18]. - The net profit after deducting non-recurring gains and losses was CNY 2,008,745,524.60, up 8.62% from CNY 1,849,272,572.00 in 2018[18]. - Basic earnings per share for 2019 was CNY 0.68, an increase of 7.94% compared to CNY 0.63 in 2018[19]. - Diluted earnings per share for 2019 was also CNY 0.68, reflecting the same percentage increase of 7.94% from 2018[19]. - The net profit attributable to shareholders for Q4 2019 reached CNY 747,794,841.49, up from CNY 510,260,179.15 in Q3 2019[21]. - The total operating income for Q4 2019 was CNY 15,891,670,864.46, showing a significant increase from CNY 11,423,596,067.89 in Q3 2019[21]. - The weighted average return on equity for 2019 was 10.08%, an increase of 0.09 percentage points from 9.99% in 2018[19]. - The company reported a net profit attributable to shareholders of 2,136,785,823.11 yuan for 2019[88]. Cash Flow and Investments - The net cash flow from operating activities reached CNY 4,877,421,302.71, a significant increase of 217.01% compared to CNY 1,538,578,600.35 in 2018[18]. - The net cash flow from operating activities in Q4 2019 was CNY 4,677,473,647.72, a recovery from a negative cash flow of CNY -2,388,504,755.48 in Q1 2019[21]. - The net cash flow from investment activities was -CNY 6,359,786,020.92, a 53.00% increase in outflow compared to the previous year, attributed to reduced project buybacks and increased upfront investments in new PPP projects[57]. - The total cash inflow from operating activities reached CNY 47,611,308,396.87, compared to CNY 41,951,400,939.86 in the previous year, indicating an increase of about 13%[185]. - The total cash outflow from investment activities was CNY 9,182,652,359.52, compared to CNY 7,702,130,337.73 in 2018, representing an increase of approximately 19%[185]. Assets and Liabilities - The total assets at the end of 2019 were CNY 90,416,847,277.08, reflecting a 15.96% increase from CNY 77,970,051,627.24 at the end of 2018[18]. - The total liabilities reached CNY 67.09 billion in 2019, an increase from CNY 56.44 billion in 2018, indicating a rise of 18.5%[176]. - The company's total equity rose to CNY 23.33 billion in 2019, compared to CNY 21.53 billion in 2018, reflecting an increase of 8.4%[176]. - The company's cash and cash equivalents decreased to CNY 15.05 billion in 2019 from CNY 13.09 billion in 2018, a decline of 14.9%[175]. - The company's total debt financing amounted to 231.03 billion RMB by the end of 2019, with long-term loans accounting for 71.57% of the total[73]. Research and Development - Research and development expenses increased by 28.52% to RMB 1.64 billion, reflecting the company's commitment to innovation[41]. - The company achieved a total of 1,356 authorized patents, including 398 invention patents, demonstrating its strong innovation capabilities[35]. - The company employed 2,260 R&D personnel, making up 20.59% of the total workforce, highlighting the emphasis on research capabilities[56]. Market and Business Expansion - The company has secured its first overseas design project worth 108 million RMB for the Makati Metro Line 1 in the Philippines, marking a significant step in expanding its international market presence[36]. - The company signed new contracts worth RMB 61.87 billion, with construction business orders reaching RMB 58.28 billion, marking a 56.20% increase in overseas construction projects[38]. - The company is focusing on enhancing profitability through technology, management, and service improvements in the competitive construction market[81]. - The company aims to achieve breakthroughs in overseas business scale and core areas, as well as in digital and new materials businesses[83]. Risk Management - There were no significant risks faced by the company during the reporting period, and potential risks are discussed in the report[6]. - The company is enhancing its risk control processes in response to the challenges posed by the PPP model in infrastructure investment[85]. - The company is focusing on improving its safety production management system to mitigate risks associated with its engineering construction projects[85]. Corporate Governance - The company has maintained a stable board structure with no significant changes in personnel during the reporting period[134]. - The overall governance structure is designed to align the interests of management with those of shareholders[135]. - The company has engaged Lixin Accounting Firm for auditing services, with a remuneration of RMB 5.6 million for the audit period[97]. Social Responsibility - The company has committed RMB 109.62 million in various forms of poverty alleviation efforts, helping 281 impoverished students[113]. - The company has established a volunteer service team to provide educational support in impoverished areas, enhancing its social responsibility initiatives[113]. - The company plans to continue supporting poverty alleviation efforts, ensuring the completion of targets despite challenges posed by the COVID-19 pandemic[117].