Financial Performance - The company's operating revenue for Q3 2021 was ¥505,334,788.97, representing a year-over-year increase of 40.94%[6] - The net profit attributable to shareholders for Q3 2021 was ¥113,619,704.26, showing a significant increase of 221.84% compared to the same period last year[6] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥108,871,452.54, up 291.51% year-over-year[10] - The basic earnings per share for Q3 2021 was ¥0.07, reflecting a 40.00% increase compared to the previous year[10] - The company's net profit attributable to shareholders increased to CNY 1,087.09 million, reflecting a significant rise due to the completion of a major asset restructuring in 2020[19] - Basic and diluted earnings per share both rose to CNY 500.00, indicating improved profitability for common shareholders[19] - Net profit for Q3 2021 was ¥349,894,042.56, compared to ¥204,084,154.87 in Q3 2020, representing a 71% increase[42] - Total comprehensive income attributable to the parent company reached ¥332,574,096.87, a significant increase from ¥28,015,938.38 in the same period last year[44] - Basic and diluted earnings per share were both ¥0.24, compared to ¥0.04 in the previous year, indicating a substantial growth in profitability[44] Assets and Equity - The total assets at the end of the reporting period were ¥20,369,395,390.36, an increase of 42.23% from the end of the previous year[10] - The company's total assets increased to ¥20,369,395,390.36, up from ¥14,321,756,533.84, marking a 42% growth[36] - Non-current assets totaled ¥15,777,428,187.08, compared to ¥10,717,081,950.11 in the previous year, indicating a 47% increase[36] - The equity attributable to shareholders increased to ¥4,815,372,427.76, marking a 52.40% rise year-over-year[10] - The company's equity increased to ¥5,101,871,507.01, compared to ¥3,431,065,261.21, a growth of 48%[36] - The equity attributable to shareholders totaled CNY 3,159,713,133.93, remaining unchanged[55] Liabilities - Total liabilities rose to ¥15,267,523,883.35, up from ¥10,890,691,272.63, reflecting a 40% increase[36] - The total liabilities decreased to CNY 10,890,691,272.63 from CNY 11,067,463,716.13, a reduction of CNY 176,772,443.50[55] - Long-term borrowings amounted to ¥11,471,625,046.45, up from ¥8,517,234,831.42, representing a 35% increase[36] - Long-term borrowings increased to CNY 8,517,234,831.42 from CNY 8,215,801,661.68, an increase of CNY 301,433,169.74[55] Cash Flow - The cash flow from operating activities for the year-to-date was ¥329,427,529.59, down 14.13% compared to the previous year[10] - Cash inflow from operating activities totaled ¥851,238,430.20, up from ¥628,713,941.54 year-over-year, reflecting improved operational efficiency[48] - Net cash flow from operating activities was ¥329,427,529.59, a decrease from ¥383,614,401.79 in the previous year, suggesting increased cash outflows[48] - Cash outflow from investing activities amounted to ¥6,596,942,226.36, compared to ¥4,963,111,472.28 in the same period last year, indicating higher investment expenditures[48] - Net cash flow from financing activities was ¥2,561,697,424.70, an increase from ¥1,405,639,877.68, reflecting stronger financing activities[51] - The total cash and cash equivalents at the end of the period were ¥573,105,110.20, down from ¥813,154,647.01, indicating a decrease in liquidity[51] - The company experienced a net decrease in cash and cash equivalents of ¥418,534,745.34 during the period, contrasting with an increase of ¥186,311,835.28 in the same period last year[51] Investments and Market Strategy - The company reported a significant increase in accounts receivable by 46.09%, attributed to increased power generation and subsidies[16] - The company’s long-term equity investments surged by 577.56%, indicating increased investments in joint ventures[16] - The company plans to continue expanding its market presence and investing in new projects to sustain growth[16] - Cash flow from investing activities netted CNY 106.47 million, reflecting increased investments in long-term assets[19] - Cash received from sales of goods and services was ¥841,096,417.49, compared to ¥609,826,429.16 in the previous year, showing a growth in revenue generation[44] Cost Management - Operating costs increased by 32.14%, correlating with the rise in power generation capacity[19] - Total operating costs for Q3 2021 were ¥1,002,001,020.04, up from ¥835,335,769.95 year-over-year, reflecting a 20% increase[39] - The company reported a decrease in sales and R&D expenses, both at 100% reduction for the reporting period[19] Accounting and Financial Reporting - The company recognized right-of-use assets and lease liabilities of CNY 65,231.35 million and CNY 53,322.20 million respectively as of January 1, 2021[59] - The weighted average interest rate used for discounting lease payments was 4.79%[59] - The company has implemented a unified accounting model for leases, affecting the recognition of right-of-use assets and liabilities[57]

Financial Performance - The company's operating revenue for the first half of 2021 was approximately ¥863 million, representing a 30.02% increase compared to the same period last year[22]. - The net profit attributable to shareholders for the same period was approximately ¥219 million, a significant recovery from a loss of ¥77 million in the previous year[22]. - Basic earnings per share for the first half of 2021 were ¥0.17, compared to a loss of ¥0.19 in the same period last year[26]. - The weighted average return on net assets was 5.82%, a significant improvement from -0.36% in the previous year[26]. - The company reported a net profit of ¥227,577,486.89 for the first half of 2021, compared to ¥121,678,890.46 in the same period of 2020, representing an increase of approximately 87.1%[157]. - Operating profit for the first half of 2021 was ¥240,535,250.72, up from ¥139,890,696.29 in the previous year, indicating a growth of about 71.9%[157]. - The total profit for the first half of 2021 reached ¥256,110,515.80, compared to ¥139,838,919.83 in the same period of 2020, marking an increase of approximately 83.1%[157]. - The company's total comprehensive income for the first half of 2021 was ¥227,577,486.89, compared to ¥121,678,890.46 in the same period of 2020, showing an increase of approximately 87.1%[161]. Cash Flow and Investments - The net cash flow from operating activities increased by 15.05% to approximately ¥238 million[25]. - The company reported a significant increase in cash and cash equivalents, totaling ¥2,132,733,592.45, a 104.85% increase from ¥1,041,127,211.15 in the previous year[49]. - The net cash flow from investment activities was negative at ¥1,150,635,704.91, a decrease of 18.77% from the previous year[46]. - The net cash flow from financing activities was 2,035,529,450.10 RMB, up from 1,245,363,217.68 RMB, suggesting improved financial stability[172]. - The company reported a cash and cash equivalents balance of 2,114,245,449.10 RMB at the end of the period, compared to 662,314,603.56 RMB previously, indicating a strong liquidity position[172]. Assets and Liabilities - The total assets of the company reached approximately ¥20.92 billion, up 46.04% from the end of the previous year[25]. - The total current assets amounted to approximately CNY 6.26 billion, an increase from CNY 3.60 billion as of December 31, 2020, reflecting a growth of 73.6%[134]. - The total liabilities increased to ¥20,925,000,000.00, with long-term borrowings rising by 25.45% to ¥10,685,013,302.33 due to additional loans obtained[51]. - The total liabilities increased to 15,946,375,238.42 from 10,890,691,272.63, which is an increase of about 46%[141]. - The total equity attributable to shareholders rose to 4,689,557,024.11 from 3,159,713,133.93, representing an increase of approximately 48.3%[141]. Renewable Energy Sector - The company operates in the renewable energy sector, focusing on solar and wind power generation, with significant projects in resource-rich regions[34]. - The company's approved installed capacity reached 3,570 MW, with a grid-connected capacity of 2,654 MW as of June 30, 2021, reflecting a significant increase in renewable energy capacity[34]. - The total electricity generation for the reporting period was 1.923 billion kWh, representing a year-on-year growth of 69.58%[34]. - The renewable energy generation in the first half of 2021 was 1.06 trillion kWh, with wind power and solar power growing by approximately 44.6% and 23.4% respectively[34]. - The installed capacity of wind power in the country grew by 34.7% year-on-year, reaching 290 million kW by the end of June 2021[37]. Strategic Initiatives - The company has established a comprehensive investment decision-making system covering all stages from project initiation to post-investment management, enhancing decision-making efficiency[41]. - The company has initiated a digital transformation strategy, establishing a leadership team and completing the first batch of project approvals to enhance operational efficiency and data utilization[45]. - The company has formed strategic partnerships with financial institutions and industry players to expand its indirect financing channels and reduce financing costs[41]. - The company has made significant progress in new product development, including high-end anode materials and integrated photovoltaic hydrogen production projects[41]. Environmental Commitment - The company emphasizes its commitment to green and sustainable development, aligning with national low-carbon strategies and aiming for ecological protection in project development[75]. - The company has implemented measures to reduce carbon emissions, including using renewable energy for construction and promoting energy-saving practices internally[77]. - The company actively participates in ecological protection and resource recycling, managing fixed assets to reduce environmental impacts from waste[76]. - The company strictly adheres to environmental laws and regulations, ensuring that its operations do not produce hazardous waste and that wastewater is treated to meet standards before discharge[77]. Shareholder and Corporate Governance - The company received approval from the China Securities Regulatory Commission for a non-public issuance of A-shares on April 23, 2021[110]. - The company will ensure that any necessary related party transactions are conducted at fair market prices and comply with relevant regulations[90]. - The company commits to not engaging in any competitive business activities with the listed company and its subsidiaries from August 11, 2020, until the listed company is no longer included in the consolidated financial statements[88]. - The total amount of guarantees provided to shareholders and related parties was RMB 15,013,220,941.52[106].

Financial Performance - Operating revenue for the period was ¥365,946,646.95, representing a significant increase of 30.04% compared to the same period last year[12]. - Net profit attributable to shareholders of the listed company was ¥67,657,119.47, a turnaround from a loss of ¥7,335,154.09 in the previous year[12]. - Basic earnings per share for the period were ¥0.06, compared to a loss of ¥0.01 per share in the previous year[14]. - The weighted average return on net assets was 2.12%, a significant improvement from -0.86% in the previous year[14]. - Total operating revenue for Q1 2021 was CNY 365,946,646.95, an increase of 30% compared to CNY 281,403,228.69 in Q1 2020[51]. - Net profit for Q1 2021 reached CNY 72,497,735.82, compared to a net profit of CNY 36,278,900.44 in Q1 2020, representing a 100% increase[55]. - Earnings per share for Q1 2021 was CNY 0.06, compared to a loss of CNY 0.01 per share in Q1 2020[55]. Assets and Liabilities - Total assets at the end of the reporting period reached ¥14,568,467,069.84, an increase of 1.72% compared to the end of the previous year[12]. - Current liabilities totaled ¥2,507,872,587.63, compared to ¥2,367,528,347.16, marking an increase of about 5.9%[40]. - Non-current liabilities amounted to ¥8,557,278,770.00, slightly up from ¥8,523,162,925.47, showing a marginal increase of around 0.4%[40]. - The company’s total liabilities increased to ¥11,065,151,357.63 from ¥10,890,691,272.63, reflecting a growth of about 1.6%[40]. - The company reported a decrease in long-term deferred expenses from ¥477,103,338.94 to ¥298,482,823.43, a reduction of about 37.5%[37]. - The company’s long-term borrowings increased to 8,517,234,831.42 million, up from 8,215,801,661.68 million[77]. Cash Flow - The net cash flow from operating activities was ¥38,974,644.87, down by 14.76% from ¥45,721,787.22 in the same period last year[12]. - Cash inflow from operating activities totaled CNY 129,641,264.83, an increase from CNY 121,696,688.81 in the same quarter last year[66]. - Cash inflow from investment activities was CNY 385,358,162.09, significantly lower than CNY 1,345,758,460.21 in the previous year[66]. - The net cash flow from investment activities was -CNY 282,396,154.43, compared to -CNY 935,950,408.97 in the same quarter last year[66]. - Cash outflow from financing activities was CNY 300,575,364.95, down from CNY 673,313,734.87 year-over-year[68]. - The ending balance of cash and cash equivalents was CNY 449,103,268.33, a decrease from CNY 531,026,116.52 in the same quarter last year[68]. Shareholder Information - The total number of shareholders at the end of the reporting period was 25,867[18]. - The largest shareholder, Tianjin Jincheng State-owned Capital Investment Operation Co., Ltd., held 19.98% of the shares[18]. - The total equity attributable to shareholders increased to ¥3,227,124,970.87 from ¥3,159,713,133.93, a rise of approximately 2.1%[41]. Investments - The company's long-term equity investments increased by 66.30% to ¥148,752,813.79 from ¥89,447,370.46, reflecting new investments made during the period[25]. - The company reported non-recurring gains of ¥109,815.04, including government subsidies and investment income[14]. - The company reported a significant increase in investment income, reaching CNY 50,036.31 in Q1 2021, compared to CNY 3,757,887.33 in Q1 2020[52]. Cost Management - The company has maintained a strong focus on cost management, with operating costs rising at a slower rate than revenue growth[52]. - Total operating costs for Q1 2021 were CNY 285,004,605.16, up from CNY 242,479,429.53 in Q1 2020, reflecting a 17.5% increase[52].

Financial Performance - The company achieved a net profit attributable to shareholders of 56.37 million yuan in 2020[7]. - As of the end of 2020, the company's undistributed profits amounted to -777.47 million yuan[7]. - The company will not distribute profits or increase capital reserves in 2020 due to previous losses[7]. - The company's operating revenue for 2020 was approximately ¥1.36 billion, a significant increase of 173.45% compared to ¥496.2 million in 2019[32]. - The net profit attributable to shareholders of the listed company was approximately ¥56.37 million, recovering from a loss of ¥197.93 million in the previous year[32]. - The net cash flow from operating activities reached approximately ¥759.94 million, a substantial increase of 428.60% from ¥143.76 million in 2019[32]. - The company reported a net profit of approximately -¥17.58 million after deducting non-recurring gains and losses, showing an improvement from -¥228.26 million in the previous year[32]. - The net assets attributable to shareholders of the listed company amounted to approximately CNY 3.16 billion, an increase of 268.45% compared to the previous period[35]. - Total assets reached approximately CNY 14.32 billion, reflecting a year-on-year increase of 19.20%[35]. - Basic earnings per share (EPS) improved to CNY 0.07, a significant increase of 117.50% compared to the adjusted EPS of -0.40 in the previous year[36]. - The weighted average return on net assets rose to 3.53%, an increase of 44.78 percentage points from -41.25% in the previous year[36]. - The company achieved a total profit of RMB 236 million in 2020, compared to a loss of RMB 143 million in the previous year[68]. - The company’s total operating costs for renewable energy generation were ¥500,827,371.81, reflecting a year-over-year increase of 181.91%[72]. - The company reported a total of 650.5 MW of newly commissioned grid-connected capacity during the reporting period[105]. Operational Highlights - The company has multiple ongoing projects, including a 100 MW photovoltaic project in Jiangsu and a 200 MW photovoltaic project in Ningxia, indicating a strong focus on renewable energy expansion[20]. - The company is actively involved in various wind and solar energy projects, with a total installed capacity of over 1,000 MW across different locations[20]. - The company operates mainly through its wholly-owned subsidiary, focusing on the development, investment, construction, and operation of solar and wind power plants[50]. - The company has ongoing projects with a total capacity of 70 MW in Heilongjiang, which is currently under construction[102]. - The company has multiple solar projects across various regions, with capacities ranging from 10MW to 200MW, including a 100MW project in Ningxia with a national subsidy of 0.6405 CNY/W for 20 years[115]. - The company is expanding its project portfolio with new initiatives, including a 100MW project in Xinjiang, which has a reported revenue of 18,158.98 million CNY and a net profit of 4,365.14 million CNY[119]. Strategic Initiatives - The company has established a strategic partnership with CITIC Securities for financial advisory services, enhancing its financial management capabilities[31]. - The company plans to expand its market presence and invest in new technologies to enhance operational efficiency and revenue growth[98]. - The company plans to increase its investment in clean energy technologies, focusing on lithium battery anode materials, renewable hydrogen production, and energy digitalization[138]. - The company aims to establish a clean energy investment ecosystem, leveraging multi-energy complementarity and intelligent collaboration in its operations[138]. - The company is focused on building a market-oriented operational mechanism and a high-quality talent team to support its growth in the renewable energy sector[138]. Risk Management - There are no significant risks affecting the company's normal operations during the reporting period[9]. - The report includes a detailed description of potential risks faced by the company[9]. - The company faces risks related to potential changes in supportive policies for renewable energy, which could impact its business operations and profitability[143]. - The company is exposed to risks from fluctuations in electricity prices and subsidies for new photovoltaic and wind power projects, which may lead to reduced sales prices[143]. Governance and Compliance - The company has provided a standard unqualified audit report from Da Xin Accounting Firm[5]. - All board members attended the board meeting, ensuring accountability for the report's accuracy[5]. - The company has committed to transparency by selecting Shanghai Securities News as its primary information disclosure media[27]. - The company has maintained a strong governance structure to ensure compliance and operational integrity[199]. - The company has implemented measures to protect the interests of all shareholders, particularly small and medium-sized shareholders, in accordance with relevant laws and regulations[199]. Environmental Impact - The company reported a total power generation of 2.282 billion kWh during the reporting period, which is equivalent to a reduction of 748,000 tons of standard coal consumption, 2.275 million tons of CO2 emissions, and 69,000 tons of SO2 emissions compared to coal-fired power generation[199]. - The company aims to contribute to China's carbon peak and carbon neutrality goals, aligning with national policies to enhance renewable energy capacity[50]. - The government has implemented various policies to support the renewable energy sector, including guidelines for solar and wind power development during the 13th Five-Year Plan[58]. Financial Commitments - The company has not distributed profits in the past three years, with a net profit of CNY 56.37 million in 2020, and plans to use profits to cover previous losses[151]. - The total net profit commitment for the years 2020, 2021, and 2022 is not less than RMB 903.48 million[173]. - The performance commitment for the audited net profit for 2020 was set at no less than 300.22 million RMB[185]. - The performance commitment for the combined net profit for 2020 and 2021 was set at no less than 608.12 million RMB[185].

2020 年第三季度报告 公司代码：600821 公司简称：*ST 劝业 天津劝业场（集团）股份有限公司 2020 年第三季度报告 1 / 26 2020 年第三季度报告 一、 重要提示 二、 公司基本情况. 11[ 重要事项 四、 附录 目录 2 / 26 2020 年第三季度报告 单位：元 币种：人民币 3 / 26 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 公司负责人高震、主管会计工作负责人宋璐璐及会计机构负责人（会计主管人员）苏阳保证 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 | --- | --- | --- | --- | --- | |------------------------------|------------------------------|--------------------------------------| ...

Financial Performance - The company's operating revenue for the first half of 2020 was CNY 5,056,001.69, a decrease of 89.26% compared to CNY 47,086,950.44 in the same period last year[21]. - The net profit attributable to shareholders of the listed company was CNY -77,259,071.56, a slight improvement of 2.04% from CNY -78,870,691.47 year-on-year[21]. - The net cash flow from operating activities was CNY -27,447,014.49, which is a 9.76% improvement compared to CNY -30,414,749.46 in the previous year[21]. - The total assets at the end of the reporting period were CNY 1,075,221,742.51, reflecting a decrease of 0.83% from CNY 1,084,175,560.46 at the end of the previous year[21]. - The net assets attributable to shareholders of the listed company decreased by 651.08% to CNY -65,392,712.92 from CNY 11,866,358.64 at the end of the previous year[21]. - The basic earnings per share for the reporting period was CNY -0.19, unchanged from the same period last year[21]. - The company reported a net loss of ¥757,555,037.44, an increase of 42.23% compared to a net loss of ¥532,642,466.54 in the previous year[43]. - The company reported a significant increase in accounts payable, which rose to CNY 54,092,761.09 from CNY 47,481,479.10 in the previous year[88]. - The company reported a net loss of -757,555,037.44 in undistributed profits, compared to -680,295,965.88 previously[94]. - The comprehensive income for the period showed a decrease of 77,259,071.56 CNY, indicating a challenging financial environment[137]. Operational Changes - The company has completed the major asset restructuring, shifting its main business focus to the development, investment, construction, and operation of renewable energy projects, particularly in solar and wind energy[31]. - The company is actively exploring electricity distribution business and enhancing market trading capabilities to mitigate potential negative impacts from economic cycles[49]. - The company has established strong partnerships with financial institutions, ensuring a broad financing channel and maintaining low financing costs[52]. - The company is focusing on integrating new retail strategies to enhance customer experience and attract younger demographics[33]. - The company has launched online promotional activities in collaboration with platforms like Meituan to boost sales post-pandemic[29]. Risk Management - The company emphasizes a comprehensive risk management system, ensuring healthy and stable business development[38]. - The company has taken measures to mitigate risks from natural disasters by purchasing comprehensive insurance and implementing safety management systems[52]. - Changes in tax incentive policies could adversely affect the company's operating performance, although recent trends suggest a continuation of tax reductions[52]. - New investments in photovoltaic and wind power projects may experience risks related to changes in grid connection prices and subsidies, which are expected to gradually decline[49]. - The procurement costs of key equipment for new energy stations, such as wind turbines and components, represent a significant portion of total investment, making price fluctuations a risk factor[52]. Financial Structure - The total equity attributable to shareholders was -65,392,712.92, a decrease from 11,866,358.64[94]. - The total current assets as of June 30, 2020, amounted to CNY 24,356,452.41, a decrease from CNY 29,810,699.69 at the end of 2019[88]. - The total non-current assets as of June 30, 2020, were CNY 1,050,865,290.10, slightly down from CNY 1,054,364,860.77 at the end of 2019[88]. - The total liabilities were reported at 1,135,085,948.89, compared to 1,067,375,205.99 previously[101]. - The company has established a comprehensive procurement system to lock in major equipment prices and control development costs effectively[52]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 29,933[77]. - The top three shareholders held the following percentages: Tianjin Jincheng State-owned Capital Investment Operation Co., Ltd. at 13.19%, Guangzhou Runying Investment Co., Ltd. at 5%, and Tianjin Lian (Tianjin) Asset Management Co., Ltd. at 4.85%[77]. - The company had no changes in share capital structure during the reporting period[77]. - There were no new strategic investors or major shareholders due to new share placements[79]. Accounting and Compliance - The company executed the revised Accounting Standards for Enterprises No. 14 - Revenue from January 1, 2020, with no adjustments made to comparable period information[73]. - The financial statements are prepared based on the going concern principle, indicating that the company has the ability to continue its operations for at least 12 months from the reporting date[175]. - The company adheres to the accounting standards set by the Ministry of Finance, ensuring that the financial reports reflect a true and complete picture of its financial status and operating results[177]. - The company confirms that its financial statements comply with the requirements of the enterprise accounting standards, ensuring accuracy in financial reporting[177]. - The company has established specific accounting policies and estimates for revenue recognition based on its operational characteristics, which are detailed in the financial report[175]. Credit Risk Management - The company assesses expected credit losses based on a three-stage model for financial instruments, with different accounting treatments for each stage[198]. - The expected credit loss rates for accounts receivable as of June 30, 2020, are: 0% for less than 1 year, 5% for 1-2 years, 10% for 2-3 years, 30% for 3-4 years, 70% for 4-5 years, and 100% for over 5 years[200]. - The company evaluates credit risk increases by considering various factors, including internal price indicators and external credit ratings[200]. - The company uses a simplified approach for receivables and lease receivables, measuring expected credit losses over the entire duration[200]. - The company continuously monitors the economic conditions that may affect the debtor's ability to fulfill their obligations[200].

Financial Performance - Operating revenue for the reporting period was 3,027,327.97 RMB, a decrease of 89.85% compared to the same period last year[10]. - Net profit attributable to shareholders of the listed company was -30,021,914.36 RMB, a decrease of 33.34% year-on-year[10]. - Basic earnings per share for the reporting period was -0.07 RMB, down 36.36% from -0.11 RMB in the previous year[10]. - Operating revenue for the first quarter decreased by 89.85% to approximately CNY 3,027,328 compared to CNY 29,826,785 in the same period last year, primarily due to the impact of the pandemic and the adoption of the net method for joint venture income[21]. - Operating profit (loss) for the first quarter was -CNY 30,102,555.37, an improvement from -CNY 45,151,452.63 year-over-year[50]. - Net profit (loss) for the period was -CNY 30,102,175.37, compared to -CNY 45,117,957.63 in the first quarter of 2019[50]. - The company reported a total comprehensive loss of -CNY 30,102,175.37 for the quarter, reflecting ongoing challenges in the market[50]. - The net profit for the first quarter of 2020 was -28,495,527.03 RMB, compared to -43,564,889.66 RMB in the same period of 2019, showing an improvement of approximately 34.6%[56]. Assets and Liabilities - Total assets at the end of the reporting period decreased by 1.16% compared to the end of the previous year, amounting to 1,071,608,178.55 RMB[10]. - Total liabilities amounted to 1,091,678,236.06, an increase from 1,074,143,442.60[35]. - Current liabilities totaled 1,091,100,422.63, up from 1,073,565,629.17[35]. - Non-current liabilities were recorded at 577,813.43, unchanged from the previous period[35]. - The total equity attributable to shareholders was -18,155,555.72, compared to 11,866,358.64 in the previous period[35]. - The company’s retained earnings were -710,317,880.24, compared to -680,295,965.88 previously[35]. - Total cash and cash equivalents at the end of the period were 4,517,965.59 RMB, down from 14,561,013.02 RMB at the end of Q1 2019[62]. Cash Flow - The net cash flow from operating activities was -13,718,711.17 RMB, an improvement from -20,851,869.46 RMB year-over-year[59]. - Cash inflow from operating activities totaled 6,016,080.94 RMB, a decrease of 84.5% from 38,802,742.62 RMB in Q1 2019[59]. - Cash outflow from operating activities was 19,734,792.11 RMB, down from 59,654,612.08 RMB in the previous year, indicating a reduction of 66.9%[59]. - Cash inflow from financing activities was 78,260,000.00 RMB, an increase of 26.2% compared to 62,000,000.00 RMB in Q1 2019[62]. - Cash outflow from financing activities totaled 73,362,042.36 RMB, down from 81,564,630.33 RMB in the same quarter of the previous year, reflecting a decrease of 10.3%[62]. - The net cash flow from financing activities was 4,897,957.64 RMB, compared to -19,564,630.33 RMB in Q1 2019, indicating a significant turnaround[62]. Shareholder Information - The total number of shareholders at the end of the reporting period was 33,047[17]. - The largest shareholder, Tianjin Jincheng State-owned Capital Investment Operation Co., Ltd., held 54,918,156 shares, representing 13.19% of the total shares[17]. Government Support - The company received government subsidies of 167,221.24 RMB related to stable employment support[12]. - Other income increased to CNY 167,221 from CNY 0, marking a 100% change attributed to increased subsidies[21]. Investment and Expenses - Investment income rose to CNY 2,070,290 from a loss of CNY 14,449,605, a significant improvement of 114.33% due to increased profits from associated companies[24]. - Financial expenses increased to CNY 14,732,806.55 from CNY 12,763,320.69 year-over-year, primarily due to higher interest expenses[47]. - Sales expenses were CNY 1,147,055.57, down from CNY 1,876,154.14 in the previous year[47]. - Research and development expenses were not reported for the current quarter, indicating a potential shift in focus[53]. Future Plans - The company plans to continue its asset restructuring and capital raising efforts as approved in previous board meetings[25]. - The company is implementing new revenue and leasing standards starting from 2020, affecting financial reporting[68].

Financial Performance - The company reported a net profit of -228 million RMB for 2019, with an undistributed profit of -680 million RMB at the end of the year, leading to no profit distribution for the year [6]. - Total revenue for 2019 was approximately 69.76 million RMB, a decrease of 56.08% compared to 158.83 million RMB in 2018 [22]. - The net assets attributable to shareholders decreased by 95.05% to approximately 11.87 million RMB at the end of 2019, down from 239.61 million RMB in 2018 [22]. - The company experienced a net cash flow from operating activities of -132.97 million RMB in 2019, compared to -4.84 million RMB in 2018, indicating a significant increase in cash outflow [22]. - Basic earnings per share for 2019 were -0.54 RMB, a slight improvement from -0.66 RMB in 2018 [22]. - The weighted average return on net assets was -181.03% for 2019, a decrease of 108.28 percentage points from -72.75% in 2018 [25]. - The company reported a significant loss attributed to subsidiary losses, with minority shareholder equity reflecting a decrease of 519.61% [59]. - The company reported a net profit attributable to ordinary shareholders of -226,524,190.81 RMB for 2019, representing a 100% loss rate [79]. - The company achieved an EBITDA of -142,036,570.50 RMB in 2019, a 30.28% improvement compared to -203,729,749.56 RMB in 2018 [182]. Revenue and Costs - Operating costs were 52.0936 million RMB, down 58.47% from 125.423 million RMB year-on-year, primarily due to reduced sales [44]. - The total non-recurring gains for 2019 amounted to ¥1,732,619.98, a decrease from ¥2,015,812.02 in 2018 [32]. - The gross profit margin for merchandise sales was 9.91%, a decrease of 1.78 percentage points compared to the previous year [45]. - The company reported an increase in undistributed profits, amounting to -680,295,965.88, reflecting a 62.75% decline compared to the previous period [59]. Strategic Focus and Development - The company plans to focus on risk management and has outlined potential risks in its future development strategy [8]. - The company is focusing on enhancing the quality of its business operations and improving the overall image of its retail space, particularly in the Jin Street pedestrian area [34]. - The company aims to leverage its historical brand culture and customer loyalty to drive its transformation into a new retail model, emphasizing customer experience [37]. - The company plans to integrate well-known brands and create themed retail spaces to attract diverse consumer groups, particularly targeting the post-95 generation and third- and fourth-tier cities [34]. - The company is committed to cultural heritage and tourism development, aiming to create a unique shopping experience that cannot be easily replicated by competitors [37]. - The company has identified opportunities for market expansion through strategic partnerships and innovative retail concepts, enhancing its competitive edge [34]. - The company is actively working on transforming its business model to adapt to the evolving retail landscape, focusing on efficiency and customer engagement [34]. - The company is exploring partnerships with other firms to leverage synergies and drive growth [132]. Financial Management and Governance - The company has appointed Da Xin Accounting Firm as its auditor for three years, with an audit fee of CNY 600,000 [93]. - The company conducted an independent audit of its internal control by Da Xin Accounting Firm, receiving a standard unqualified opinion [170]. - The governance body oversees the financial reporting process of the company [196]. - The company established an effective investor relations management system to enhance communication with investors, utilizing platforms such as Weibo and official public accounts [157]. - The board of directors held ten meetings during the reporting period, adhering to legal and procedural requirements [153]. Risk Management - The company acknowledges risks from natural disasters that could adversely affect its assets and financial status [73]. - The company may face risks related to the decline of industry support policies, which could impact its operational status and profitability if adverse changes occur in renewable energy policies [73]. - The company is actively addressing challenges in the economic environment by restructuring operations and optimizing asset management [40]. Employee and Management - The number of employees in the parent company is 419, while the total number of employees in the parent company and major subsidiaries is 452 [147]. - The company has 1,566 retired employees who require financial support [147]. - The company’s remuneration policy is based on economic indicators such as net profit, with a performance-linked salary distribution system [142]. - The board of directors and senior management received a total pre-tax remuneration of 30.60 million RMB during the reporting period [129]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 35,741, an increase from 33,047 at the end of the previous month [114]. - The actual controller of the company is the Tianjin Municipal Government State-owned Assets Supervision and Administration Commission [124]. - The company has no preferred shareholders with restored voting rights [120]. - The company has no significant changes in controlling shareholders during the reporting period [122].

Financial Performance - Operating income for the first nine months decreased by 53.85% to CNY 56,148,587.20 compared to the same period last year[10]. - Net profit attributable to shareholders was a loss of CNY 135,942,424.42, a 25.75% increase in loss compared to the same period last year[10]. - Basic earnings per share decreased by 26.92% to CNY -0.33 compared to the same period last year[10]. - The weighted average return on net assets decreased by 55.96 percentage points to -79.48% compared to the same period last year[10]. - The company reported a net loss of RMB 589,714,199.49, worsening by 30.31% compared to a loss of RMB 452,550,863.66 in the previous year[24]. - Total operating revenue for Q3 2019 was CNY 9,061,636.76, a decrease of 71.5% compared to CNY 31,742,070.38 in Q3 2018[47]. - Net loss for Q3 2019 was CNY -45,709,870.12, compared to a net loss of CNY -30,842,410.61 in Q3 2018[47]. - The overall comprehensive loss for Q3 2019 was CNY 55,468,181.24, compared to a loss of CNY 29,832,327.45 in Q3 2018, indicating a deteriorating financial position[64]. Assets and Liabilities - Total assets decreased by 6.19% to CNY 1,220,057,685.50 compared to the end of the previous year[10]. - Total liabilities as of September 30, 2019, were CNY 1,110,461,124.69, compared to CNY 1,056,116,251.32 at the end of 2018[44]. - The total amount of accounts payable was ¥135,242,282.42, indicating stable operational liabilities[79]. - The company’s total liabilities included short-term borrowings of ¥338,000,000.00, indicating a stable level of short-term debt obligations[77]. - Total liabilities amounted to approximately $1,056.12 million[88]. - Non-current liabilities totaled approximately $734.91 million[88]. Cash Flow - Net cash flow from operating activities was a negative CNY 83,116,848.81, a decrease of 603.39% compared to the same period last year[10]. - Cash flow from operating activities for the first three quarters of 2019 was negative CNY 83,116,848.81, compared to positive CNY 16,511,401.54 in the same period of 2018[69]. - Cash inflow from financing activities in Q3 2019 was CNY 509,450,000.00, significantly higher than CNY 274,000,000.00 in Q3 2018[69]. - The total operating cash inflow was ¥60,354,072.02, significantly lower than ¥173,351,788.79 in the previous year, highlighting a decline in revenue generation[71]. Shareholder Equity - Net assets attributable to shareholders decreased by 57.24% to CNY 102,448,125.03 compared to the end of the previous year[10]. - Shareholders' equity as of September 30, 2019, was CNY 204,388,999.06, down from CNY 337,031,440.54 at the end of 2018[44]. - The company's total equity attributable to shareholders was ¥239,611,460.86, reflecting a decrease in undistributed profits to -¥452,550,863.66[82]. Operational Challenges - Operating costs decreased by 55.82% to RMB 42,383,843.68 from RMB 95,931,283.48, primarily due to reduced sales volume influenced by online shopping factors[21]. - The company reported a significant increase in tax and additional charges, totaling RMB 12,235,567.36, up 235.49% from RMB 3,647,086.24, mainly due to increased property tax[21]. - The company experienced a 100% decrease in other income, which fell to RMB 0 from RMB 107,714.07, attributed to reduced stability subsidies[21]. - The company is undergoing a significant asset restructuring and capital raising plan, pending approval from regulatory authorities, which introduces uncertainty regarding its implementation timeline[25]. Investment and Financing - The company reported a significant increase in other payables, rising to CNY 523,986,379.54 from CNY 263,923,380.96 year-over-year[43]. - The company incurred financial expenses of ¥16,669,493.20, which included interest expenses of ¥16,596,123.34[51]. - Investment losses totaled ¥11,433,678.73, primarily from equity investments in joint ventures[54]. - The company paid ¥425,150,000.00 in debt repayments during the period, an increase from ¥310,660,220.49 in the same period last year, indicating a higher debt servicing burden[74].

2019 年半年度报告 公司代码：600821 公司简称：津劝业 天津劝业场（集团）股份有限公司 2019 年半年度报告 1 / 123 2019 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、 公司负责人杨川、主管会计工作负责人陈洁及会计机构负责人（会计主管人员）樊乃媛声明： 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 不适用 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成对投资者的承诺，敬请广大投资 者理性投资，并注意投资风险。 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 公司已在本报告中详细描述了存在的风险事项，敬请查阅第四节经营情况讨论与分析中"公 司关于未来发展的讨论与分析"中"可能面对的风险 ...