Financial Performance - Total operating revenue for the first half of 2019 was CNY 1,631,566,850.57, an increase of 11.31% compared to CNY 1,465,844,245.73 in the same period last year[23]. - Net profit attributable to shareholders of the listed company reached CNY 508,092,103.44, a significant recovery from a loss of CNY 114,861,203.83 in the previous year[23]. - Net cash flow from operating activities was CNY 2,324,877,456.89, compared to a negative cash flow of CNY -1,456,393,980.73 in the same period last year[23]. - Total assets at the end of the reporting period were CNY 41,413,770,420.76, reflecting a 6.44% increase from CNY 38,909,170,131.48 at the end of the previous year[23]. - Net assets attributable to shareholders of the listed company increased by 6.44% to CNY 13,386,666,585.54 from CNY 12,576,163,881.65 at the end of the previous year[23]. - Basic earnings per share for the first half of 2019 were CNY 0.24, a recovery from a loss of CNY -0.05 in the same period last year[24]. - The weighted average return on net assets was 3.92%, compared to -0.86% in the previous year[24]. - The company achieved a total profit of CNY 659.02 million and a net profit attributable to shareholders of CNY 508.09 million in the first half of 2019[80]. - As of June 30, 2019, the company's total assets amounted to CNY 41.41 billion, with net assets attributable to shareholders of CNY 13.39 billion[80]. Business Segments - The company’s main business segments include thermal power and securities, with thermal power focusing on electricity and heating supply, and securities covering a wide range of traditional and innovative financial services[32][33]. - The securities business completed bond underwriting for 10 issues, with a total underwriting amount of ¥7.342 billion, contributing to revenue growth[38]. - The thermal power industry is characterized by low profit margins due to government-regulated pricing, but the company is focused on cost control and efficiency improvements to maintain profitability[41]. - The company's thermal power business achieved operating revenue of 704.81 million yuan, a decrease of 0.24% year-on-year, while total profit increased by 68.75% to 70.79 million yuan[81]. - Securities business revenue totaled CNY 926,720,941.54, reflecting a year-on-year increase of 22.18%[102]. Revenue and Costs - The company's total revenue for the first half of 2019 was approximately 40.83 million RMB, a 9.28% increase from the previous year[54]. - The company's total costs decreased by 12.26% to approximately 46.84 million RMB compared to the same period last year[54]. - Total operating costs rose by 7.43% to $1,741,492,807.98, up from $1,620,982,620.96[93]. - Investment income dropped by 48.62% to $213,709,677.38 from $415,899,081.97[93]. - The gross profit margin for the thermal power business was 22.23%, with a slight increase of 0.39% compared to the previous year[102]. Operational Highlights - In the first half of 2019, the company's electricity generation increased by 3.19% to 22,475 million kWh compared to the same period last year[63]. - The company's electricity sales volume rose by 8.40% to 12,735 million kWh year-on-year[63]. - The average on-grid electricity price (excluding tax) increased by 0.53% to 301.9 RMB/MWh compared to the previous year[54]. - The company's heating supply area reached 31.8 million square meters by the end of 2018, accounting for 10.4% of the total heating area in Harbin[44]. - The company's heating supply volume decreased by 16.12% to 770,000 GJ in the first half of 2019 compared to the same period last year[66]. Investment and Expansion - The company plans to repurchase 27,943,242 shares at a total price of CNY 1 as part of a compensation plan, reducing the total share capital to 2,080,570,520 shares[27]. - The investment strategy has shifted from a regional focus to a national presence, with 77 branches established across various provinces, enhancing market reach[33]. - The company plans to strengthen fuel management and control coal costs while enhancing various payment methods for heat fee collection[82]. - The company plans to expand its market presence and enhance product offerings in the upcoming quarters[102]. - The company raised funds of 9.9758 million RMB through a targeted issuance to support the expansion of its main business and improve market share[173]. Risk Management - The company faces risks related to coal price fluctuations, which significantly impact profitability, as coal costs constitute a large portion of total production costs[127]. - Environmental policy changes pose a risk, as the company must upgrade its facilities to meet stricter emission standards by 2021, requiring additional capital investment[128]. - The company has established a dual credit risk management mechanism, focusing on derivatives, margin financing, and bond trading, to mitigate credit risk[132]. - The liquidity risk management system includes a unified management of customer and proprietary funds, with effective stress testing and emergency plans in place[132]. - Market risk is primarily managed through a dynamic risk control indicator monitoring system, with daily monitoring of market risk limits[133]. Legal and Compliance - The company is involved in significant litigation, including a lawsuit with Jianghai Securities regarding a property contract dispute involving RMB 40 million, which has been adjudicated[149]. - The company has ongoing litigation related to heating station ownership disputes, with a judgment requiring payment of RMB 186.7 thousand[151]. - The company has a commitment to provide accurate and complete information regarding its operations and financial status, ensuring transparency[142]. - The company has committed to avoiding conflicts of interest and ensuring compliance with regulations regarding related party transactions[140]. - The company has no significant changes in accounting firms or non-standard audit reports during the reporting period[147]. Social Responsibility - The company signed a precise assistance cooperation agreement with Yanshou County, a national-level poverty-stricken county, to support poverty alleviation efforts[168]. - Jianghai Securities contributed to the economic development of relatively slow-growing villages through industry assistance, aiming to increase farmers' income[168]. - A total of 83.24 million RMB was allocated for poverty alleviation efforts, with 2 individuals successfully lifted out of poverty[170]. - The company invested 25 million RMB to improve educational resources in impoverished areas[173]. - The company contributed 2.98 million RMB to purchase agricultural products, supporting local farmers and promoting consumption poverty alleviation[173]. Environmental Initiatives - The total annual emissions for particulate matter, sulfur dioxide, and nitrogen oxides are 246.23 tons, 1649.9 tons, and 2899.42 tons, respectively[179]. - The company is actively upgrading its pollution control facilities to comply with environmental regulations and improve operational efficiency[185]. - The company has received environmental impact assessment approvals for multiple projects, including the 4130t circulating fluidized bed steam boiler replacement project[193]. - The company has established emergency response plans for environmental incidents, which have been filed with the Harbin Environmental Protection Bureau[200]. - The company operates two 75t/h vertical cyclone furnaces, which underwent desulfurization and denitrification modifications in 2014 and 2016, and are equipped with bag filters and SNCR denitrification facilities[188].

证券代码：600864 证券简称：哈投股份 公告编号：临2018-044 哈尔滨哈投投资股份有限公司 关于参加投资者网上集体接待日活动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 为进一步加强与投资者的互动交流,公司将参加由黑龙江省上市公 司协会、深圳市全景网络有限公司共同举办的"2019年黑龙江省上市公 司投资者网上集体接待日"活动，现将有关事项公告如下： 本次集体接待日活动将通过深圳市全景网络有限公司提供的互联网 平台举行，投资者可以登录"全景·路演天下"网站（http://rs.p5w.net） 参与公司本次投资者网上集体接待日活动，时间为2019年6月19日（周三） 14:00至16:30。 届时公司副总经理、总会计师贾淑莉女士，副总经理、董事会秘书 张名佳先生将通过网络在线问答互动的形式，与投资者就公司治理、发 展经营情况、融资情况和可持续发展等投资者关注的问题进行交流。期 间，公司高管将全程在线，通过全景网投资者关系互动平台实时回答投 资者的提问。欢迎广大投资者积极参与。 特此公告。 哈尔滨哈投投资 ...

Financial Performance - Net profit attributable to shareholders surged by 1,453.46% to CNY 467.90 million from CNY 30.12 million year-on-year[11] - Operating revenue rose by 6.74% to CNY 877.04 million compared to CNY 821.63 million in the same period last year[11] - Basic earnings per share reached CNY 0.222, up 1,485.71% from CNY 0.014 in the previous year[11] - The company reported a significant increase in net profit after deducting non-recurring gains and losses, reaching CNY 461.26 million, up 1,533.00% year-on-year[11] - Net profit for Q1 2019 reached CNY 469,864,962.94, significantly higher than CNY 31,461,941.79 in Q1 2018, indicating a substantial increase[50] - The total comprehensive income for Q1 2019 was CNY 400,931,804.61, compared to a loss of CNY 135,813,196.06 in Q1 2018[54] Cash Flow - Net cash flow from operating activities increased significantly by 766.98% to CNY 2.84 billion from CNY 328.06 million year-on-year[11] - Cash flow from operating activities for Q1 2019 was CNY 2,844,233,587.87, a substantial increase from CNY 328,062,144.96 in Q1 2018[55] - The net cash flow from investing activities was negative at -¥34,135,514.13, reflecting increased cash payments for fixed and intangible assets[27] - The company reported a net cash outflow from investing activities of CNY -34,135,514.13 in Q1 2019, compared to CNY -32,982,265.83 in Q1 2018[55] Assets and Liabilities - Total assets increased by 9.51% to CNY 42.61 billion compared to the end of the previous year[11] - The company's total equity attributable to shareholders rose to CNY 13.43 billion, compared to CNY 12.58 billion at the end of 2018, marking an increase of around 6.8%[41] - Total current liabilities increased to CNY 19.11 billion from CNY 16.63 billion, reflecting a rise of approximately 14.9%[41] - The company's total liabilities reached CNY 29.03 billion, up from CNY 26.18 billion, indicating an increase of approximately 10.9%[41] - The total amount of payable bonds increased by 4,661,613,205.49 RMB, a rise of 114.36%, due to the reclassification of subordinated debt[21] Shareholder Information - The total number of shareholders at the end of the reporting period was 60,089[13] - The top ten shareholders held a combined 68.77% of the shares, with the largest shareholder owning 37.79%[13] Financial Standards and Adjustments - The company adopted new financial instrument standards effective January 1, 2019, impacting the classification of financial assets[77] - The adjustment for the new standards resulted in a reclassification of available-for-sale financial assets to financial assets measured at fair value[77] - The company reported a deferred tax liability adjustment of 437,500 related to the new standards[73] Income and Expenses - Total operating costs decreased slightly to ¥1,058,191,595.94, down 2.15% from ¥1,081,407,870.35[24] - The company reported a significant increase in management expenses to ¥400,978,004.12, up 76.20% from ¥227,569,446.54, mainly due to performance-based compensation[24] - Interest expenses decreased by 25.82% to ¥192,850,749.01 from ¥259,981,103.28, attributed to reduced scale of certain financial instruments[24] - Investment income slightly decreased to ¥169,423,566.69, down 0.55% from ¥170,366,894.52[24] Current and Non-Current Assets - The company's cash and cash equivalents reached CNY 6.68 billion, up from CNY 4.74 billion at the end of 2018, indicating a growth of about 41.0%[37] - The company's receivables, including notes and accounts, increased to CNY 559.38 million from CNY 331.99 million, showing a growth of approximately 68.3%[37] - The company's total non-current assets decreased to CNY 6.81 billion from CNY 11.52 billion, a decline of approximately 40.5%[39]

Financial Performance - In 2018, the company reported a total operating income of ¥2,759,293,648.67, an increase of 7.73% compared to ¥2,561,402,779.22 in 2017[29]. - The net profit attributable to shareholders of the listed company for 2018 was -¥142,058,936.54, a decrease of 139.66% from ¥358,193,485.01 in 2017[29]. - The company decided not to distribute profits for the year due to operational losses and insufficient funds to support sustainable development[6]. - The company's total assets decreased by 15.50% to ¥38,909,170,131.48 in 2018 from ¥46,048,787,473.55 in 2017[29]. - The net assets attributable to shareholders of the listed company decreased by 6.56% to ¥12,576,163,881.65 at the end of 2018[29]. - Basic earnings per share for 2018 was -0.07 CNY, a decrease of 141.18% compared to 0.17 CNY in 2017[32]. - The diluted earnings per share for 2018 was also -0.07 CNY, reflecting the same percentage decrease as basic earnings[32]. - The company reported a net profit attributable to shareholders for Q4 2018 was 98,826,962.91 CNY, contrasting with a net loss of -144,981,343.16 CNY in Q2 2018[33]. - The total operating income for Q4 2018 was 425,355,833.58 CNY, showing a significant recovery from 71,646,037.65 CNY in Q3 2018[33]. - The company reported a net cash flow from operating activities of 4,018,368,463.35 CNY in Q4 2018, a substantial increase compared to -1,784,456,125.69 CNY in Q2 2018[33]. Business Segments - The company operates in two main business segments: thermal power and securities, with a focus on maximizing economic benefits while fulfilling government heating obligations[40][42]. - The company has expanded its securities business through its subsidiary, Jianghai Securities, which covers a wide range of traditional and innovative financial services[40][41]. - Jianghai Securities has 77 branches, including 19 subsidiaries and 58 business offices, with a strategic shift from a regional focus to a national presence[41]. - The company’s thermal power business generated a main revenue of 1,194.86 million yuan, with electricity generation decreasing by 6.87% to 37,416 million kWh and electricity sales down by 19.97% to 19,614 million kWh[78]. - The company’s brokerage business revenue was 32.3 million yuan, a decrease of 19.17% due to overall market trading activity decline and reduced commission rates[81]. Risks and Challenges - The company faced significant risks in its thermal power and securities businesses, as well as risks associated with major asset restructuring[10]. - The heating industry is characterized by low profitability, with the company focusing on cost control to maintain a competitive edge in Harbin[51]. - The company experienced significant losses in regions such as Guangdong, Beijing, and Tianjin, primarily due to strategic investments in branch offices and a weak overall market[111]. - The company faces challenges including increased market risks, insufficient capital, and a talent shortage in the competitive securities industry[192][193]. Cost and Expenses - Total operating costs increased by 29.08% year-on-year, primarily due to rising coal prices in the thermal power business and increased interest expenses on bonds and subordinated debt in the securities business[97]. - Operating costs rose by 8.64% year-on-year, mainly attributed to the increase in coal prices affecting the company and its subsidiary, Heisui Bao[97]. - Interest expenses increased by 27.16% year-on-year, primarily due to higher interest on bonds and subordinated debt from the wholly-owned subsidiary Jianghai Securities[97]. - The total cost for the thermal power business amounted to ¥1,031,036,618.42, reflecting an increase of 8.45% compared to ¥950,709,849.21 in the same period last year[117]. - The total cost for the securities industry reached ¥1,091,344,460.18, representing a 25.13% increase from ¥872,167,476.98 in the previous year[117]. Investments and Future Plans - The company plans to enhance product design capabilities and control operational costs to improve market competitiveness in the future[112]. - The company anticipates future growth in the clean energy sector, driven by national policies promoting renewable energy and environmental protection[185]. - The company aims to enhance its brokerage business by building internet channels and expanding institutional business in major cities like Beijing, Shanghai, Guangzhou, and Shenzhen[199]. - The investment banking segment will strengthen its bond business and pursue opportunities in mergers and acquisitions to leverage market conditions[200]. Asset Management - The asset management business managed assets totaling CNY 252.87 billion, with 327 products in existence, ranking 11th in the industry by average monthly asset size[84]. - The company’s investment in available-for-sale financial assets was 7.879 billion RMB, with a report period investment income of 560.438 million RMB[173]. - The company completed the absorption merger of its wholly-owned subsidiary, Harbin Binlong Thermal Power Engineering Installation Co., Ltd., which was approved by the shareholders' meeting on June 25, 2018[178]. Regulatory Environment - The regulatory environment is expected to become more stringent, necessitating a focus on compliance and risk management to ensure steady operational improvements[199].

Financial Performance - Operating revenue increased by 8.59% to CNY 1.88 billion year-to-date[6] - Net profit attributable to shareholders was a loss of CNY 240.89 million, a decrease of 174.84% compared to the same period last year[6] - Basic earnings per share decreased by 173.33% to CNY -0.11[6] - The company reported a net profit attributable to shareholders of RMB -240,885,899.45, a decrease of 174.84% compared to RMB 321,869,463.37 in the previous year, mainly due to rising coal prices and impairment provisions[16] - The company reported an operating profit loss of ¥409,621,842.36 for the first nine months, compared to a profit of ¥398,119,861.78 in the previous year[29] - The net profit attributable to the parent company was -126,024,695.62 CNY, compared to a profit of 66,488,415.49 CNY in the same period last year, reflecting a significant decline of 289.9%[30] - The total comprehensive income for the third quarter was -347,275,612.83 CNY, a decrease from -32,696,979.85 CNY in the previous year[30] Assets and Liabilities - Total assets decreased by 10.71% to CNY 41.12 billion compared to the end of the previous year[6] - Net assets attributable to shareholders decreased by 5.96% to CNY 12.66 billion[6] - The total liabilities as of September 30, 2018, were 28,294,112,987.75 RMB, down from 32,401,163,462.80 RMB[22] - The total equity attributable to shareholders decreased to 12,657,164,846.01 RMB from 13,458,921,838.88 RMB at the beginning of the year[22] - The total assets at the end of the reporting period were ¥13,836,455,063.57, down from ¥14,524,550,089.50 at the beginning of the year[26] - The total liabilities decreased to ¥845,646,891.71 from ¥1,245,059,399.37 at the beginning of the year[26] Cash Flow - Cash flow from operating activities showed a significant improvement, with a net cash outflow of CNY -926.59 million compared to CNY -5.90 billion in the same period last year[6] - The net cash flow from operating activities for the first nine months of 2018 was -926,585,769.36 RMB, a decrease of 4,975,642,331.18 RMB compared to the previous year[18] - The net cash flow from investing activities was -84,779,914.65 RMB, improving by 54,447,520.11 RMB year-on-year[18] - The net cash flow from financing activities decreased significantly to -103,408,747.89 RMB, a decline of 4,530,745,074.44 RMB, representing a -102.34% change[18] - Cash flow from operating activities for the first nine months was 281,617,008.25 CNY, down from 373,621,883.10 CNY in the previous year, indicating a decline of 24.6%[34] - The net cash flow from operating activities for the first nine months was -¥388,805,131.94, worsening from -¥100,132,216.14 year-on-year[38] Shareholder Information - The company reported a total of 36,714 shareholders at the end of the reporting period[9] - The largest shareholder, Harbin Investment Group, holds 37.79% of the shares[9] Government Subsidies - The company received government subsidies amounting to CNY 18.76 million year-to-date, which are closely related to its normal business operations[8] Revenue and Costs - Total operating costs rose by 53.03% to RMB 2,823,277,174.95, primarily due to increased heating area and rising coal prices[14] - Interest income increased by 29.30% to RMB 635,767,333.40, driven by higher income from equity pledge repurchase by the wholly-owned subsidiary Jianghai Securities[14] - Total revenue for the first three quarters of 2018 reached RMB 1,878,388,283.98, an increase of 8.59% compared to RMB 1,729,811,938.46 in the previous year[14] - Operating revenue for the first nine months was 446,264,958.48 CNY, a slight increase of 2.0% from 433,864,385.40 CNY in the previous year[32] Inventory and Receivables - Accounts receivable rose by 57.01% to RMB 358,459,083.73, mainly due to increased securities settlement receivables from Jianghai Securities[12] - Inventory increased by 82.96% to RMB 213,133,062.13, reflecting higher coal reserves held by the company and its subsidiaries[12] Other Financial Metrics - The weighted average return on equity decreased by 4.16 percentage points to -1.83%[6] - The company's derivative financial assets increased to RMB 3,684,773.00, marking a 100% increase, attributed to the increase in equity derivative tool assets held by Jianghai Securities[12] - Deferred tax assets surged by 246.16% to RMB 288,417,333.24, driven by increased deductible temporary differences from financial asset valuation changes[12]

Financial Performance - Total operating revenue for the first half of 2018 was CNY 1,465,844,245.73, an increase of 13.71% compared to CNY 1,289,096,033.14 in the same period last year[17]. - Net profit attributable to shareholders was a loss of CNY 114,861,203.83, a decrease of 144.98% from a profit of CNY 255,381,047.88 in the previous year[17]. - The company's net assets attributable to shareholders decreased by 1.92% to CNY 13,200,198,527.63 from CNY 13,458,921,838.88 at the end of the previous year[17]. - Total assets decreased by 7.37% to CNY 42,653,682,344.20 from CNY 46,048,787,473.55 at the end of the previous year[17]. - Basic earnings per share for the first half of 2018 was -CNY 0.05, a decline of 141.67% compared to CNY 0.12 in the same period last year[18]. - The weighted average return on net assets was -0.86%, a decrease of 2.71 percentage points from 1.85% in the previous year[18]. - The company reported a total profit of -22.5 million CNY, a decline of 201.45% compared to the previous year[59]. - The company reported a net profit of -150 million yuan for the reporting period, with total revenue of 570 million yuan[83]. - The company recognized an impairment provision totaling RMB 408.19 million for various financial assets, significantly impacting the consolidated profit for the first half of 2018[143]. - The net profit attributable to the parent company decreased by RMB 306.15 million due to the impairment provision[143]. Revenue and Costs - Total operating costs surged by 64.70% to CNY 2,028,907,390.25, up from CNY 1,231,902,587.59 in the previous year[66]. - The increase in total operating revenue was primarily driven by an increase in heating area and higher interest income from pledged equity repurchase[68]. - Operating costs increased due to rising coal prices and an increase in heating area, alongside higher interest expenses from bonds and debt[68]. - The thermal power business generated revenue of 706.47 million CNY, an increase of 5.45% year-on-year, but profit decreased by 66.14% to 41.95 million CNY[55]. - The company's securities business revenue decreased by 1.85% year-on-year to 570 million CNY, while total operating costs surged by 120.99% to 793 million CNY[59]. Cash Flow and Financing - The company reported a net cash flow from operating activities of -CNY 1,456,393,980.73, compared to -CNY 3,588,523,292.99 in the previous year[17]. - Net cash flow from financing activities decreased by 69.98%, dropping to CNY 738,945,979.19 from CNY 2,461,286,016.96[67]. - Cash inflow from financing activities totaled 4,125,730,000.00 RMB, down from 5,307,070,000.00 RMB year-over-year, reflecting a decline in financing activities[193]. - The net cash flow from financing activities was 738,945,979.19 RMB, a decrease from 2,461,286,016.96 RMB in the previous year, indicating reduced financing efficiency[193]. - The ending balance of cash and cash equivalents was 6,316,458,246.74 RMB, down from 6,985,735,022.50 RMB at the end of the previous period[193]. Assets and Liabilities - Total assets decreased from CNY 46,048,787,473.55 to CNY 42,653,682,344.20, a decline of approximately 7.9%[181]. - Total liabilities decreased from CNY 32,401,163,462.80 to CNY 29,272,033,028.58, a reduction of about 9.5%[181]. - Current liabilities decreased from CNY 23,786,164,437.34 to CNY 19,436,481,815.05, representing a decrease of approximately 18.5%[181]. - Non-current liabilities increased from CNY 8,614,999,025.46 to CNY 9,835,551,213.53, an increase of about 14.1%[181]. - Owner's equity decreased from CNY 13,647,624,010.75 to CNY 13,381,649,315.62, a decline of approximately 2.0%[181]. Business Operations - The company’s main business includes thermal power and securities, focusing on power generation, heating supply, and industrial steam production[22]. - The company operates four thermal power plants with a total of 130 tons of steam boilers, producing electricity and industrial steam[22]. - The company has a total installed capacity of 99 MW, which has not changed compared to the same period last year[36]. - The total heating area covered by the company is 30.81 million square meters, accounting for 11.8% of the total heating area in Harbin[31]. - The company has maintained its operational scale with 9 generating units, which has remained unchanged from the previous year[38]. Environmental Compliance - The company has established a total of 3 emission outlets at its thermal power plant, with specific pollutant discharge standards set for each outlet[122]. - The annual emission limits for the thermal power plant are set at 246.23 tons for particulate matter, 1649.9 tons for sulfur dioxide, and 2899.42 tons for nitrogen oxides[123]. - The company has implemented significant upgrades to its pollution control facilities, including bag filters and desulfurization systems, to meet current environmental standards[130]. - The company is committed to ongoing environmental compliance and improvement, ensuring that all facilities meet the latest emission standards[130]. - The company plans to upgrade four 70MW hot water boilers for desulfurization and denitrification in the second half of 2018 to meet new emission standards[131]. Shareholder Information - The total number of ordinary shareholders reached 36,628 by the end of the reporting period[150]. - The largest shareholder, Harbin Investment Group, holds 796,834,680 shares, representing 37.79% of the total share capital[152]. - Harbin Investment Group increased its holdings by 28,463,447 shares, with a total investment of RMB 213.42 million, accounting for 1.35% of the company's total shares[154]. - The company has not reported any changes in its share capital structure during the reporting period[146]. - The total equity attributable to the parent company at the end of the current period is 13,381,649,315.62, a decrease of 265,974,695.13 compared to the previous period[199]. Risk Management - The company faces significant risks from coal price fluctuations, which heavily impact profitability due to high coal costs[91]. - Environmental policy changes may require substantial upgrades to existing facilities to meet new emission standards starting January 1, 2019[92]. - The company is experiencing aging equipment risks, with several boilers and generators exceeding their 30-year design life, necessitating research into alternative heat sources[92]. - Credit risk remains a concern due to tightening financing conditions for small and medium enterprises, leading to potential defaults on stock pledge clients[96]. - The company has been enhancing its internal control system to improve risk management and operational efficiency[64]. Corporate Governance - The company has made various commitments regarding the authenticity and accuracy of the information provided, with specific commitments made on multiple dates from 2015 to 2016[101]. - The company has not faced any penalties or investigations related to its directors and senior management[101]. - The company has committed to avoiding related party transactions and ensuring the independence of the listed company[101]. - The company has not reported any major contracts or guarantees during the reporting period[112]. - The company has not reported any changes in the shareholding of directors, supervisors, and senior management during the reporting period[160]. Community Engagement - The company has engaged in targeted poverty alleviation efforts, helping 5 registered impoverished individuals to escape poverty[116]. - The company has conducted over 10 on-site assistance visits and participated in various poverty alleviation meetings[115]. - The company has focused on industrial poverty alleviation, supporting local characteristic industries to increase farmers' income[114]. - The company has implemented public service projects to improve education, healthcare, and social security in impoverished areas[119]. - The company has successfully completed its poverty alleviation efforts in Fuyuan County, achieving official poverty alleviation status as of 2018[120].

2018 年第一季度报告 公司代码：600864 公司简称：哈投股份 哈尔滨哈投投资股份有限公司 2018 年第一季度报告 1 / 18 | 一、 | 重要提示 3 | | --- | --- | | 二、 | 公司基本情况 3 | | 三、 | 重要事项 6 | | 四、 | 附录 9 | 2018 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 营业总收入包括：营业收入、利息收入、手续费及佣金收入，具体见财务报表部分。 非经常性损益项目和金额 √适用 □不适用 单位：元 币种：人民币 | 项目 | 本期金额 | 说明 | | --- | --- | --- | | 非流动资产处置损益 | -97,764.67 | | | 越权审批，或无正式批准文件，或偶发性的税收返还、减免 | | | | 计入当期损益的政府补助，但与公司正常经营业务密切相关， | 3,244,968.32 | | 3 / 18 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 43,528,485,185.84 46,048,787,473.55 -5.47 归属于上市公司 ...

Financial Performance - The company's total revenue for 2017 was CNY 2,561,402,779.22, representing a 7.53% increase compared to CNY 2,382,009,577.24 in 2016[23]. - The net profit attributable to shareholders for 2017 was CNY 358,193,485.01, up 4.57% from CNY 342,555,588.30 in 2016[23]. - The net profit after deducting non-recurring gains and losses was CNY 339,749,016.11, a significant increase of 43.38% from CNY 236,956,186.57 in 2016[23]. - The company's total assets increased by 55.82% to CNY 46,048,787,473.55 at the end of 2017, compared to CNY 29,553,198,952.58 at the end of 2016[23]. - The basic earnings per share for 2017 decreased by 29.17% to CNY 0.17 from CNY 0.24 in 2016[24]. - The company reported a net cash flow from operating activities of CNY -9,184,467,642.40, an improvement from CNY -9,297,708,404.99 in 2016[23]. - The company's net assets attributable to shareholders at the end of 2017 were CNY 13,458,921,838.88, a slight decrease of 0.78% from CNY 13,564,465,527.45 at the end of 2016[23]. - The company's weighted average return on equity decreased by 1.35 percentage points to 2.64% in 2017[25]. - The net profit attributable to shareholders for Q1 2017 was approximately CNY 106.30 million, while Q4 2017 saw a decline to CNY 36.32 million[26]. - The total operating income for Q1 2017 was CNY 435.91 million, with Q4 2017 reporting CNY 431.12 million[26]. Dividend and Profit Distribution - The company plans to distribute a cash dividend of CNY 1.00 per 10 shares, totaling CNY 210,851,376.20, based on a total share capital of 2,108,513,762 shares[5]. - The company’s profit distribution plan is subject to approval at the annual general meeting[6]. - The cash dividend payout ratio for 2017 was 58.87% of the net profit attributable to ordinary shareholders in the consolidated financial statements[152]. - A cash dividend of CNY 1.00 per 10 shares (including tax) is proposed, totaling CNY 210,851,376.20, based on a total share capital of 2,108,513,762 shares[151]. - The remaining undistributed profit after the dividend distribution amounts to 940,113,384.25 RMB, which will be carried over to the next fiscal year[150]. Business Operations and Strategy - The company operates in the thermal power and securities sectors, with a focus on integrated heat and power generation[32]. - The company aims to enhance user service quality in heating, adhering to government standards for indoor temperature during the winter heating period[35]. - The company aims to enhance its comprehensive business service capabilities by integrating brokerage, asset management, and investment consulting[37]. - The company is transitioning towards active management in its asset management business while maintaining its leading position in the industry[36]. - The company is focusing on cost control and management to improve profitability in the heating business, which is under pressure from rising coal prices and environmental regulations[39]. - The company is focusing on diversifying its business model and exploring new revenue streams amid a challenging market environment[77]. - The company is pursuing a diversified business strategy, aiming to integrate public utilities, financial services, and other potential industries into a multi-faceted investment holding group[130]. - The company is actively monitoring market trends and regulatory changes to adapt its strategies accordingly[111]. Risks and Challenges - The company faces risks in its thermal power business, securities business, and potential risks following major asset restructuring[9]. - The company is facing challenges due to rising coal prices and regulatory changes affecting electricity pricing and environmental standards[109][110]. - The company is experiencing operational difficulties in its thermal power business due to high coal prices and unchanged steam and heating prices, negatively impacting overall profitability[127]. - The company faces significant risks in its thermal power business due to rising coal prices and aging infrastructure, which may impact profitability in 2018[141]. Asset Management and Investments - The asset management business achieved a management asset scale of 349.07 billion yuan, with a year-on-year revenue increase of 19.20% to 151 million yuan[62]. - The proprietary trading business generated a revenue of 403 million yuan, reflecting a significant year-on-year growth of 94.43%[62]. - The credit business reported a revenue of 277 million yuan, marking a year-on-year increase of 28.11%[63]. - The company completed a major asset restructuring, acquiring Jianghai Securities, establishing a dual main business model of "public utilities + financial services"[130]. Environmental and Social Responsibility - Environmental protection expenditures amounted to RMB 14.38 million in operational costs and RMB 34.64 million in capital expenditures for 2017, with projected increases for 2018[195]. - The company achieved a 4.15% reduction in coal consumption per kilowatt-hour, decreasing from 314.84 g/kWh in 2016 to 301.76 g/kWh in 2017[194]. - The company has engaged in social responsibility initiatives, including a medical assistance fund of RMB 500,000 to support healthcare for approximately 750 impoverished individuals in Fuyuan County[188]. - The company has signed a partnership agreement with three national-level poverty-stricken counties to implement targeted poverty alleviation measures[188]. Compliance and Governance - The company has maintained a strong focus on compliance and risk control, ensuring operations remain within regulatory limits[52]. - The company is committed to strengthening compliance and risk management, aiming for significant upgrades in these areas over the next five years[139]. - The company has implemented a comprehensive internal control system to enhance risk management capabilities[65]. - The company has established a dedicated environmental management department to oversee compliance with pollution control standards[197]. Related Party Transactions - The company’s related party transactions included engineering installation services valued at 152.43 million RMB[171]. - The company’s related party transactions were conducted at market prices, ensuring compliance with pricing principles[171]. - Total related party transactions amounted to 3,146.84 million RMB, representing 100% of similar transaction amounts[171]. Future Plans - The company plans to upgrade its facilities to comply with new environmental regulations set to take effect in 2019[110]. - The company plans to invest 200 million yuan in fixed assets for environmental upgrades in 2018, funded through self-raised capital, government subsidies, and bank loans[134]. - The company is focusing on product innovation and plans to launch its internet financial management platform in 2018, enhancing its product line to meet diverse customer needs[137].

Financial Performance - Net profit attributable to shareholders rose by 20.08% to CNY 321.87 million year-on-year[7] - Operating revenue increased by 7.76% to CNY 768.59 million compared to the same period last year[7] - The company reported a 100.17% increase in net profit after deducting non-recurring gains and losses, reaching CNY 312.03 million[7] - Net profit attributable to the parent company increased by 20.08% to approximately RMB 321.87 million, influenced by changes in equity control of merged entities[18] - Net profit for the first nine months reached CNY 274,311,465.22, compared to CNY 107,316,440.68 in the previous year, reflecting an increase of 155.61%[38] - Net profit for the third quarter was ¥52,794,890.59, a decrease of 43.5% compared to ¥94,032,099.36 in the same quarter last year[36] Assets and Liabilities - Total assets increased by 43.45% to CNY 42.39 billion compared to the end of the previous year[7] - The total liabilities for the company increased significantly, with long-term payables rising by 2,236.99% to RMB 4,690,201,318.08, primarily due to the issuance of subordinated debt by Jianghai Securities[15] - Total liabilities rose to ¥28.36 billion, compared to ¥15.80 billion in the previous year, indicating an increase of about 79.3%[30] - Current liabilities reached ¥21.62 billion, a significant rise from ¥13.53 billion, reflecting a growth of approximately 60%[30] - The company's equity attributable to shareholders increased to ¥13.85 billion, compared to ¥13.56 billion, showing a growth of about 2.1%[31] Cash Flow - The net cash flow from operating activities was negative at CNY -5.90 billion, worsening from CNY -3.46 billion in the previous year[7] - Net cash flow from operating activities decreased by approximately RMB 2.44 billion, primarily due to increased net cash outflow from repurchase activities by Jianghai Securities[19] - The company reported a net cash outflow from operating activities of CNY -5,902,228,100.54 for the first nine months, worsening from CNY -3,460,738,698.65 in the previous year[42] - Cash and cash equivalents at the end of the period stood at CNY 6,590,987,674.29, down from CNY 12,330,950,852.41 a year earlier[43] - Cash inflow from financing activities was ¥32,000,000.00, a decrease from ¥5,054,999,994.99 in the previous year[45] Revenue and Expenses - The total operating costs rose by 37.00% to RMB 1,844,941,898.73, primarily due to rising coal prices and increased financing costs from Jianghai Securities[17] - The company's commission and fee income decreased by 26.33% to RMB 469,736,729.99, impacted by reduced trading volumes in the securities market[17] - Total operating revenue for the third quarter reached ¥440,922,058.02, an increase of 10.9% compared to ¥397,603,521.05 in the same period last year[35] - Total operating expenses for the first nine months were CNY 272,127,201.36, an increase from CNY 257,127,146.52 in the previous year[38] Investments - Interest income increased by 40.67% to RMB 491,695,881.78, driven by increased interest from equity pledge repurchase by the wholly-owned subsidiary Jianghai Securities[17] - Investment income increased by 275.07% to approximately RMB 526.36 million, driven by reduced losses from financial asset disposals and increased dividends and interest from held financial assets[18] - The company reported a fair value change gain of CNY 43,404.21, contrasting with a loss of CNY -17,450.00 in the previous year[38] Shareholder Information - The total number of shareholders reached 35,142 by the end of the reporting period[10] - The largest shareholder, Harbin Investment Group, holds 36.44% of the shares, with 768,371,233 shares pledged[10] Strategic Initiatives - The company plans to focus on expanding its market presence and enhancing its product offerings in the upcoming quarters[35]

Financial Performance - Total operating income for the first half of 2017 was CNY 1,289,096,033.14, a decrease of 1.05% compared to the same period last year[17]. - Operating revenue increased by 8.99% to CNY 671,093,370.75 from CNY 615,718,360.42 in the previous year[17]. - Net profit attributable to shareholders was CNY 255,381,047.88, representing a 39.91% increase from CNY 182,532,398.89 in the same period last year[17]. - The company's total assets reached CNY 39,228,155,760.09, an increase of 32.74% compared to the previous year[17]. - The net assets attributable to shareholders increased by 3.83% to CNY 14,084,330,852.26 from CNY 13,564,465,527.45 at the end of the previous year[17]. - Basic earnings per share decreased by 29.41% to CNY 0.12 from CNY 0.17 in the same period last year[18]. - The weighted average return on equity decreased by 1.04 percentage points to 1.85% compared to the previous year[18]. - The company reported a net cash flow from operating activities of CNY -3,588,523,292.99, indicating a significant cash outflow[17]. - Non-recurring gains and losses totaled CNY 4,283,356.35, contributing to the overall financial performance[21]. Revenue Sources and Business Segments - The company's brokerage business revenue share decreased from 41.27% at the beginning of the year to 34.11%, indicating a diversification in revenue sources[28]. - The company’s thermal power business generated revenue of 662 million CNY, representing a year-on-year growth of 7.89%[44]. - Jianghai Securities, as a wholly-owned subsidiary, reported operating revenue of 581 million CNY, a year-on-year increase of 4.95%[46]. - The total profit of Jianghai Securities was 222 million CNY, a decrease of 10.28% year-on-year, while net profit was 167 million CNY, down 10.40%[46]. - The company’s brokerage business revenue fell by 27.03% year-on-year, primarily due to a decline in trading volume in the securities market[47]. - The company achieved a total operating income of CNY 1,289,096,033.14, a slight decrease of 1.05% compared to the previous year[54]. - Asset management business revenue reached CNY 75,231,660.66, representing a year-on-year growth of 21.56% due to the optimization of asset management product structure[49]. - Self-operated business revenue surged to CNY 128,359,694.20, marking a significant increase of 530.51% driven by expanded investment in financial instruments[49]. - Credit business revenue increased to CNY 118,991,566.17, up 42.78% primarily due to higher interest income from stock pledge business[50]. Operational Challenges and Risks - The company faces risks including thermal power business risks and securities business risks following major asset restructuring[5]. - The company’s steam sales volume decreased significantly due to reduced demand, impacting overall performance[34]. - The average outdoor temperature during the heating period was higher than the previous year, leading to a decrease in heating demand[34]. - The company has implemented cost control measures to mitigate the impact of rising coal prices on operational costs[44]. - The company faced significant risks in its thermal power business due to increased construction costs and rising coal prices, which have impacted profitability[77]. - The company’s securities business is exposed to various risks, including policy, operational, and market risks, necessitating adjustments to business strategies in response to regulatory changes[79]. Strategic Initiatives and Future Plans - The company aims to enhance its comprehensive business service capabilities through the integration of various professional skills in its subsidiaries[26]. - The company is transitioning its strategic focus from "rooted in Longjiang" to "expanding nationwide" to drive growth[24]. - The company is actively expanding its branch network, increasing the number of operational branches to 65 during the reporting period[47]. - The company is advancing the Harbin Development-Chemical Zone centralized heating expansion project, with all necessary approvals obtained and construction permits in process[45]. - The company is focusing on optimizing its asset management product structure to enhance revenue from asset management services[57]. - The company is actively transforming its business model to mitigate the decline in brokerage commission income, including expanding its internet finance department and increasing the number of service outlets[80]. Financial Management and Investments - The company completed 2 asset restructuring projects during the reporting period, raising a total of CNY 741 million[48]. - The company has implemented strict credit audits and monitoring for all credit-based transactions to mitigate credit risk[84]. - The company has established a comprehensive liquidity management system, ensuring liquidity indicators remain within a safe range throughout the reporting period[85]. - The company has adjusted its long-term and short-term debt structure through the issuance of subordinated debt and various term income certificates[85]. - The company has committed to not reducing its stock holdings for six months starting from July 10, 2015, to stabilize market confidence[92]. Legal and Compliance Matters - The company is currently undergoing liquidation of five wholly-owned subsidiaries related to its forestry project in Russia, with the liquidation of three companies completed by December 11, 2015[94]. - The company is involved in a lawsuit regarding a loan contract dispute, with the amount involved being CNY 33,006,000, and a settlement reached to repay the principal in seven installments by 2019[95]. - The company has a pending lawsuit concerning a rental contract dispute, with a claim amount of CNY 2,400,000, and the first instance ruling declared the rental contract invalid[95]. - The company has made various commitments regarding the authenticity and completeness of information provided, ensuring compliance with regulations[91]. - The company has not faced any penalties or investigations against its directors and senior management as per its commitments[91]. Shareholder Information - The largest shareholder, Harbin Investment Group, holds 768,371,233 shares, representing 36.44% of total shares[117]. - Heilongjiang Dazheng Investment Group holds 242,934,973 shares, accounting for 11.52% of total shares[117]. - China Huarong Asset Management holds 237,051,416 shares, which is 11.24% of total shares[117]. - The total number of shares with limited sale conditions held by major shareholders is 530,196,409 shares, with a release date of July 28, 2019[119]. - The report indicates that there were no changes in the controlling shareholder or actual controller[120]. Accounting and Financial Reporting - The financial statements are prepared in accordance with the accounting standards set by the Ministry of Finance, ensuring a true and complete reflection of the company's financial status[167]. - The company has not reported any changes in accounting policies or significant accounting estimates during the reporting period[166]. - The consolidated financial statements include all subsidiaries controlled by the company, reflecting the entire group's financial position and performance[175]. - The company recognizes the difference between the long-term equity investment acquired through the purchase of minority shares and the net asset share of the subsidiary from the purchase date, adjusting the capital reserve in the consolidated balance sheet accordingly[181].