Financial Performance - The company's operating revenue for the first half of 2022 was ¥111,429,094.56, a decrease of 12.34% compared to ¥127,108,181.56 in the same period last year[18]. - The net profit attributable to shareholders of the listed company increased by 22.02% to ¥119,982,548.37 from ¥98,327,394.29 year-on-year[18]. - The net cash flow from operating activities decreased significantly by 74.78%, from ¥28,318,859.70 to ¥7,143,053.09[18]. - The total assets at the end of the reporting period were ¥2,619,543,934.93, a slight decrease of 0.15% from ¥2,623,564,053.25 at the end of the previous year[18]. - The net assets attributable to shareholders of the listed company increased by 1.97% to ¥2,315,225,954.01 from ¥2,270,491,468.84[18]. - Basic earnings per share rose by 23.08% to ¥0.32 from ¥0.26 in the same period last year[19]. - The weighted average return on net assets increased by 0.72 percentage points to 5.18% from 4.46% year-on-year[19]. - The net profit after deducting non-recurring gains and losses was ¥45,733,963.01, down 11.57% from ¥51,715,611.69 in the previous year[18]. Revenue Sources - The company achieved operating revenue of 111 million RMB and a net profit attributable to shareholders of 120 million RMB during the reporting period[29]. - The retail sales in Hangzhou reached 34.28 billion RMB in the first half of 2022, growing by 3.0% year-on-year, which is 3.7 percentage points higher than the national average[26]. - The company’s hotel leasing and related services generated revenue of 8.66 million RMB during the reporting period[31]. - The company’s rental income from the Lake South Road leasing business amounted to 7.24 million RMB, with 93% of the leasable commercial area already rented out[32]. - The company received government subsidies closely related to its normal business operations amounting to 20.74 million RMB[22]. - The company reported a non-recurring gain of 74.25 million RMB after accounting for tax effects[22]. - The company’s revenue from the Hangzhou department store was 90.07 million RMB, supported by online sales and aggressive offline promotions[30]. Investment Activities - The investment activity net cash flow was CNY 42.06 million, a significant improvement from a negative CNY 3.88 million in the previous year[44]. - The company holds a 30% stake in the Qingchun Plaza Xizi International project, focusing on health-oriented commercial layout adjustments[34]. - The company has invested CNY 6 million in the Hangzhou Yuanju Feng Chuangye Partnership, focusing on healthcare-related high-tech enterprises[38]. - The company has increased its investment in safer financial products, such as demand deposits and structured deposits, to enhance capital preservation[36]. - The company has committed to using up to ¥1.5 billion of idle funds for entrusted financial management, focusing on low-risk financial products[49]. - The company has invested a total of 1.064 billion RMB in financial assets, with a fair value increase of 48.52 million RMB during the reporting period[57]. Financial Position - The company's cash and cash equivalents decreased by 18.86% to ¥112,073,312.95, accounting for 4.28% of total assets[46]. - Trading financial assets increased by 35.47% to ¥968,451,565.63, representing 37.10% of total assets[46]. - Accounts receivable rose by 22.35% to ¥27,453,874.85, making up 1.05% of total assets[46]. - Non-current assets due within one year surged by 167.40% to ¥313,882,131.22, which is 11.98% of total assets[46]. - The company's long-term equity investments slightly increased by 1.38% to ¥533,749,003.74, representing 20.45% of total assets[46]. - The inventory level increased significantly by 123.74% to ¥1,967,430.84, accounting for 0.08% of total assets[46]. Shareholder Information - As of the end of the reporting period, the total number of ordinary shareholders was 16,415[92]. - The top ten shareholders held a total of 169,309,672 shares, representing 45.00% of the company's total issued shares[95]. - Xizi International Holdings Co., Ltd. holds 32.00% of the shares, while Xizi United Holdings Co., Ltd. holds 14.46%[94]. - Xizi United Holdings has increased its shareholding by 27,860,579 shares, accounting for 7.40% of the total share capital[95]. - The company’s board members and senior management collectively reduced their holdings by 115,500 shares during the reporting period due to personal financial needs[97]. Risks and Uncertainties - The company faces risks related to the management agreement with Yintai, including potential delays in profit recognition and insufficient profit realization[61]. - There is a risk of delayed or insufficient rent payments from tenants of the Hangzhou Grand Hotel due to the impact of the pandemic, which may lead to lease contract termination[61]. - The company has uncertainties regarding the full recovery of judgment amounts from a lease dispute with Jiaxiang Real Estate Investment Co., as the defendants' repayment capabilities are unknown[61]. - The company’s investments in trust financial products may not fully recover principal and interest due to the current real estate market conditions[61]. - The strategic transformation process carries significant uncertainties in controlling new business areas, leading to risks of projects not being implemented in the short term[61]. Accounting Policies - The financial statements are prepared based on the going concern principle, ensuring the company's ability to continue operations[140]. - The accounting policies comply with the requirements of enterprise accounting standards, ensuring accurate financial reporting[141]. - Financial assets are classified into three categories: measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in profit or loss[149]. - The company recognizes expected credit losses based on the weighted average of credit losses for financial assets measured at amortized cost and other specified financial instruments[155]. - Revenue is recognized based on the assessment of contracts, identifying performance obligations, and determining whether they are fulfilled over time or at a point in time[191].

Financial Performance - The company's operating revenue for Q1 2022 was CNY 58,413,510.97, a decrease of 13.72% compared to the same period last year[3]. - The net profit attributable to shareholders was CNY 53,703,930.93, down 33.79% year-on-year[3]. - Basic and diluted earnings per share were both CNY 0.14, reflecting a decline of 36.36%[3]. - In Q1 2022, the company's net profit was CNY 53,642,448.79, a decrease of 33.9% compared to CNY 81,054,160.11 in Q1 2021[29]. - The total revenue from sales of goods and services in Q1 2022 was CNY 273,717,795.17, down from CNY 303,692,292.96 in Q1 2021, reflecting a decline of 9.8%[32]. - Operating profit for Q1 2022 was CNY 71,679,345.57, a decrease of 32.1% from CNY 105,557,552.20 in Q1 2021[29]. - The total cost of operations for the first quarter of 2022 was CNY 37,517,578.76, compared to CNY 38,271,101.21 in the same period last year[28]. - The financial expenses for Q1 2022 were CNY 1,296,201.11, slightly down from CNY 1,316,965.44 in Q1 2021[29]. Cash Flow and Assets - The net cash flow from operating activities decreased by 47.53% to CNY 4,077,752.51[7]. - The company reported a net cash flow from operating activities of CNY 4,077,752.51 in Q1 2022, down from CNY 7,771,418.24 in Q1 2021[33]. - Investment activities generated a net cash flow of CNY 41,065,836.62 in Q1 2022, compared to a negative cash flow of CNY -38,922,545.67 in Q1 2021[33]. - The cash and cash equivalents increased to CNY 183,265,571.39 from CNY 138,121,982.26 year-over-year, reflecting a growth of approximately 32.7%[25]. - The company's accounts receivable decreased to CNY 12,385,272.82 from CNY 22,439,406.52, indicating a reduction of about 44.7%[25]. - The company reported a significant increase in inventory by 137.18%, attributed to the rise in stock of department store goods[6]. - The company's total assets at the end of the reporting period were CNY 2,639,581,876.78, an increase of 0.61% from the end of the previous year[3]. - As of March 31, 2022, the company's total assets amounted to CNY 2,639,581,876.78, a slight increase from CNY 2,623,564,053.25 as of December 31, 2021[24]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 16,696[9]. - The largest shareholder, Xizi International Holdings Limited, holds 120,396,920 shares, representing 32.00% of total shares[9]. - The major shareholder, Xizi United Holdings, increased its stake to 12.7082% by acquiring an additional 18,812,110 shares[22]. Expenses and Liabilities - The company experienced a 55.12% increase in selling expenses, mainly due to promotional costs and parking rental fees[6]. - The company incurred sales expenses of CNY 9,219,953.03 in Q1 2022, which is an increase of 55.5% compared to CNY 5,943,803.50 in Q1 2021[29]. - The company's total liabilities decreased to CNY 315,204,982.08 from CNY 352,829,607.34 year-over-year[27]. Legal and Management Agreements - The company is involved in a lawsuit regarding the Huayangnian project, which may pose a risk of not recovering the principal amount[15]. - The company has authorized management to decide on execution and settlement plans for a pending lawsuit involving CNY 17,381,121.28 that remains unexecuted[20]. - The company has a management agreement with Zhejiang Intime Department Store Co., Ltd. that has been in effect since March 1, 2008, for a period of 20 years[11]. Investment Activities - The company has a total of 97,885.69 million RMB in cash asset management, with 51,813.00 million RMB from self-owned funds in wealth management and 46,072.69 million RMB from trust funds[14]. - The company has received a total of 1,137.10 million RMB in returns from entrusted wealth management during the reporting period[14]. - The company invested 8,000 million RMB in the Jiaxing City Key No. 3 Equity Investment Partnership, with a total investment of 62,000 million RMB in the project[16]. - The company has committed 4,000 million RMB to the Hangzhou Zhefeng Hongsheng Venture Capital Partnership, with 1,600 million RMB already paid[19]. Management Fees - The company has a total of 14,896,794.08 RMB in basic management fees at the beginning of the reporting period, with 14,797,595.47 RMB paid during the period[13]. - The company has a total of 3,018,276.99 RMB in unpaid management fees at the end of the reporting period[13].

Financial Performance - In 2021, the company's operating revenue was CNY 266,120,190.84, representing a 9.05% increase compared to CNY 244,035,665.60 in 2020[21] - The net profit attributable to shareholders was CNY 112,709,687.97, a decrease of 62.77% from CNY 302,757,814.52 in the previous year[21] - The basic earnings per share decreased to CNY 0.30, down 62.50% from CNY 0.80 in 2020[22] - The total assets at the end of 2021 were CNY 2,623,564,053.25, a slight increase of 0.64% from CNY 2,606,824,074.68 in 2020[21] - The net assets attributable to shareholders increased by 5.22% to CNY 2,270,491,468.84 from CNY 2,157,781,780.87 in 2020[21] - The cash flow from operating activities was CNY 88,135,508.79, a decrease of 25.83% compared to CNY 118,826,820.92 in 2020[21] - The weighted average return on equity decreased to 5.09%, down 9.86 percentage points from 14.95% in 2020[22] - The company reported a total revenue of 4,132.43 million, with a year-on-year increase of 13.24 million, representing a growth of approximately 3.3%[84] - The company reported a total revenue of 5,386.212 million RMB for the year 2021[126] Cash Dividends and Profit Distribution - The company plans to distribute a cash dividend of CNY 2 per 10 shares, totaling CNY 75,248,063.20[5] - The cash dividend for 2021 was set at 0.75 per 10 shares, with a total amount of 75,248,063.20 yuan distributed[104] - The company reported a positive net profit attributable to shareholders, but did not propose a cash profit distribution plan[106] Operational Challenges - The company faced challenges in the hotel leasing business due to the pandemic, leading to litigation for overdue rent, which was resolved through court mediation[33] - The company is actively negotiating with tenants to resolve outstanding payments and may take legal measures if necessary[138] - The company has faced significant challenges in rent collection from tenants due to ongoing pandemic effects, leading to litigation and settlements[139][140] Investment and Financial Management - The company has made significant investments in emerging industries such as 5G, new energy, and semiconductors, diversifying its investment portfolio[37] - The company has a total of 4,000 million RMB in principal-protected floating income from Macau International Bank, with a maturity date of February 11, 2022[149] - The company has a total of 21.13669 billion yuan in entrusted financial products, with a provision for impairment of 10.5683 million yuan based on expected credit losses[156] - The company has increased the limit for entrusted financial management from 900 million RMB to 1.2 billion RMB, allowing for the recycling of funds within this limit[146] Governance and Compliance - The company maintains a transparent information disclosure process, ensuring compliance with legal and regulatory requirements[81] - The independent directors provided objective opinions on significant matters, ensuring governance integrity[81] - The company has a robust governance structure, with independent operation of the board of directors and supervisory board[81] - The company has not faced any major discrepancies with the regulations set by the China Securities Regulatory Commission regarding corporate governance[81] Human Resources and Management - The company continues to optimize its human resources structure by recruiting high-quality talent in finance, property management, and investment fields to support business growth[38] - The company has established a comprehensive compensation and benefits system, including salary structure, performance evaluation, and social insurance for employees[111] - The company has a salary policy that emphasizes job value and performance management, allowing employees to share in the company's growth[102] Market and Competitive Landscape - The average occupancy rate of the office buildings in the Qingchun Plaza Xizi International project reached 95%, indicating strong demand in the commercial real estate sector[35] - In 2021, 17 new shopping centers were added in Hangzhou, with an expected 22 more commercial projects to enter the market in 2022, indicating a growing competitive landscape[69] Legal and Regulatory Matters - The company received a warning letter from the China Securities Regulatory Commission on December 17, 2021, regarding certain individuals including Chen Xiaxin and Dong Zhendong[92] - The company submitted a written rectification report to the Zhejiang Securities Regulatory Bureau following a warning letter received on December 17, 2021[127] Future Outlook - The company anticipates that the recovery of the hotel and tourism market will be closely linked to post-pandemic consumer behavior, with a focus on risk control in rental agreements[73] - The company plans to explore new investment channels while ensuring the safety of existing investments, with a focus on low-risk financial investments and industry investments in healthcare and consumer sectors[75]

Financial Performance - The company's operating revenue for Q3 2021 was CNY 52,790,322.72, representing a year-on-year increase of 1.81%[6] - The net profit attributable to shareholders decreased by 56.43% to CNY 44,889,607.06 compared to the same period last year[6] - The net profit after deducting non-recurring gains and losses increased by 75.42% to CNY 18,987,388.34[6] - Basic and diluted earnings per share were both CNY 0.12, down 56.17% from the previous year[7] - The weighted average return on equity decreased by 3.20 percentage points to 2.03% for the current period[7] - Total operating revenue for the first three quarters of 2021 reached ¥179,898,504.28, an increase from ¥160,440,175.56 in the same period of 2020, representing an increase of approximately 12.8%[26] - Net profit for the first three quarters of 2021 was ¥143,059,281.52, compared to ¥178,385,936.85 in 2020, reflecting a decrease of approximately 19.8%[27] - Earnings per share for the first three quarters of 2021 were ¥0.38, down from ¥0.47 in the same period of 2020, a decline of about 19.1%[28] - The total comprehensive income for the first three quarters of 2021 was ¥143,059,281.52, down from ¥178,385,936.85 in 2020, a decrease of about 19.8%[28] Cash Flow and Assets - The cash flow from operating activities for the year-to-date period decreased by 75.28% to CNY 10,505,858.23[6] - The company's cash and cash equivalents decreased by 30.72% due to increased procurement payments by its subsidiary, Hangzhou Department Store[11] - The net cash flow from operating activities decreased by 75.28%, primarily due to increased payments for goods procurement[12] - Cash generated from operating activities in the first three quarters of 2021 was ¥758,337,018.57, compared to ¥617,691,235.61 in 2020, an increase of approximately 22.7%[29] - The ending cash and cash equivalents balance was $140,526,198.86, up from $134,686,097.78 in Q3 2020[31] - The total cash inflow from operating activities was $814,401,742.38, an increase of 23.5% from $659,400,857.51 in Q3 2020[30] - The total cash outflow from operating activities was $803,895,884.15, which increased by 30.2% compared to $616,895,975.79 in the same quarter last year[30] Assets and Liabilities - Total assets at the end of the reporting period were CNY 2,671,133,577.64, an increase of 2.47% from the end of the previous year[7] - The equity attributable to shareholders increased by 6.64% to CNY 2,300,998,782.22 compared to the end of the previous year[7] - The company's total assets as of September 30, 2021, were RMB 2.67 billion, an increase from RMB 2.61 billion at the end of 2020, reflecting a growth of about 2.5%[23] - The company has a total of RMB 1.2 billion in current assets as of September 30, 2021, compared to RMB 1.36 billion at the end of 2020, indicating a decrease of approximately 11.6%[22] - The company’s non-current liabilities totaled RMB 34.99 million as of September 30, 2021, compared to RMB 35.58 million at the end of 2020, showing a slight decrease[23] - Total liabilities decreased from ¥448,566,181.31 in the previous year to ¥369,816,402.75 in 2021, a reduction of about 17.6%[24] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 19,745[13] - The largest shareholder, Xizi International Holdings Co., Ltd., holds 32.00% of the shares[13] - The company’s actual controller is Chen Xiaxin, who is also the chairman of Xizi International Holdings Co., Ltd.[15] Management and Legal Matters - The company has a management agreement with Zhejiang Intime Department Store Co., Ltd. for a period of 20 years, starting from March 1, 2008[16] - The company signed a supplementary management agreement with Intime Retail on November 10, 2016, to adjust the management of its Hangzhou department store, maintaining the profit base unchanged[17] - The company is actively pursuing legal action against tenants for overdue rent, including a lawsuit against Hangzhou Haiwei Hotel Management Co., which has defaulted on rental payments[19] - The company has been involved in multiple legal disputes regarding rental agreements, indicating ongoing challenges in its property management operations[20] Government and Non-Recurring Gains - The company received government subsidies amounting to CNY 5,814,204.43 during the current period[9] - The company reported a non-recurring gain from entrusted asset management of CNY 24,203,022.27 for the year-to-date period[9] - The company reported a significant increase in non-operating income, mainly due to an increase in insurance claims received[11] - The company reported investment income of ¥82,547,398.88 for the first three quarters of 2021, up from ¥57,366,905.43 in 2020, an increase of about 43.9%[27] Investment Activities - The total cash inflow from investment activities was $2,070,739,637.46, up from $1,177,169,488.27 in the same quarter last year, representing a 76.0% increase[30] - Cash outflow from investment activities totaled $2,142,077,618.98, compared to $1,243,589,987.33 in Q3 2020, indicating a 72.3% increase[30] - The net cash flow from investment activities was -$71,337,981.52, slightly worsening from -$66,420,499.06 in Q3 2020[30] Interest Expenses - The company incurred interest expenses of ¥1,482,583.35 in 2021, significantly higher than ¥488,194.45 in 2020, indicating an increase of approximately 203.5%[27]

Financial Performance - The company's operating revenue for the first half of 2021 was CNY 127,108,181.56, representing a 17.06% increase compared to CNY 108,586,234.56 in the same period last year[18]. - The net profit attributable to shareholders for the first half of 2021 was CNY 98,327,394.29, which is a 30.47% increase from CNY 75,365,604.93 in the previous year[18]. - The net cash flow from operating activities increased significantly to CNY 28,318,859.70, up 509.14% from CNY 4,649,020.64 in the same period last year[18]. - Basic earnings per share for the first half of 2021 were CNY 0.26, a 30% increase compared to CNY 0.20 in the same period last year[19]. - The weighted average return on equity increased to 4.46%, up from 3.90% in the previous year, representing an increase of 0.56 percentage points[19]. - The company reported a decrease in net profit after deducting non-recurring gains and losses, which was CNY 51,715,611.69, down 12.21% from CNY 58,905,619.08 in the previous year[18]. - The diluted earnings per share also stood at CNY 0.26, consistent with the basic earnings per share, marking a 30% increase year-on-year[19]. - Total operating revenue for the first half of 2021 reached ¥127,108,181.56, an increase of 17.0% compared to ¥108,586,234.56 in the same period of 2020[89]. - Net profit for the first half of 2021 was ¥98,222,253.69, representing a 30.3% increase from ¥75,365,604.93 in the first half of 2020[90]. - Total comprehensive income for the first half of 2021 was CNY 105,739,630.78, compared to CNY 65,087,861.90 in the same period of 2020, representing a significant increase[93]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 2,682,077,060.22, a 2.89% increase from CNY 2,606,824,074.68 at the end of the previous year[18]. - The net assets attributable to shareholders increased to CNY 2,256,109,175.16, reflecting a 4.56% growth from CNY 2,157,781,780.87 at the end of the previous year[18]. - Current liabilities totaled ¥328,690,274.40, slightly up from ¥323,079,945.57, indicating a 2.0% increase[85]. - Non-current liabilities decreased to ¥96,906,638.76 from ¥125,486,235.74, showing a reduction of about 22.8%[85]. - Total equity rose to ¥2,256,480,147.06, compared to ¥2,158,257,893.37, marking an increase of approximately 4.9%[86]. - The company's total liabilities at the end of the reporting period were CNY 1,451,859,133.20[109]. - The total owner's equity at the end of the reporting period is CNY 2,144,163,292.95, reflecting an increase from the previous period[120]. Cash Flow and Investments - Cash inflow from operating activities totaled CNY 582,568,822.05, compared to CNY 399,538,497.51 in the first half of 2020, indicating a growth of approximately 46%[96]. - Cash outflow for purchasing goods and services was CNY 472,925,925.39, an increase from CNY 323,509,369.06 in the same period last year[96]. - The company purchased entrusted financial products totaling 1.689 billion yuan during the reporting period, generating a return of 35.6023 million yuan[37]. - The company raised CNY 98,000,000.00 through financing activities, compared to CNY 50,000,000.00 in the same period last year[97]. - The net cash inflow from investment activities was approximately ¥1.40 billion, compared to ¥497.79 million in the previous period, indicating a significant increase[100]. - The total cash and cash equivalents at the end of the period amounted to ¥170.34 million, a decrease from ¥192.54 million at the beginning of the period[100]. Operational Efficiency - The company reported a decrease in operating costs by 11.46%, from CNY 23 million to CNY 20.37 million[30]. - Sales expenses increased by 28.74%, rising from CNY 11.74 million to CNY 15.12 million due to the recovery of retail operations[30]. - Management expenses rose by 20.58%, from CNY 20.41 million to CNY 24.60 million, attributed to increased management fees under the management agreement with Yintai[30]. - Financial expenses surged by 682.19%, increasing from a negative CNY 0.62 million to CNY 3.59 million, primarily due to higher loan interest payments[30]. - The company has implemented lean management principles to enhance internal controls and improve organizational performance[28]. Legal and Compliance - The company is involved in significant litigation matters, including a rental contract dispute with Hangzhou Jiaxiang Real Estate Investment Co., Ltd., which is currently under appeal[55]. - The company has a good integrity status during the reporting period, with no violations reported for the company or its major stakeholders[56]. - The company has not proposed any profit distribution or capital reserve transfer for the half-year period[50]. - The company has ongoing legal disputes regarding rental payments with both Hangzhou Haiwei Hotel Management Co., Ltd. and Hangzhou Jiaxiang Real Estate Investment Co., Ltd. due to significant defaults[66]. Strategic Initiatives - The company has invested in private equity funds focusing on industries such as medical devices, semiconductors, 5G, and new materials to diversify investment risks[28]. - The company is undergoing a strategic transformation, which may lead to uncertainties in controlling new business areas[46]. - The company confirmed rental income of CNY 941,846.16 during the reporting period[62]. - The company expects to continue expanding its market presence through strategic initiatives and potential acquisitions in the future[181]. Accounting Policies - The company adheres to the enterprise accounting standards, ensuring the accuracy and completeness of financial reporting[129]. - The company has implemented specific accounting policies for financial instruments, fixed asset depreciation, and revenue recognition[128]. - The company recognizes revenue based on the progress of performance obligations, either over time or at a point in time, depending on specific criteria[179]. - The company applies the first-in, first-out (FIFO) method for inventory valuation[150]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 21,327[73]. - The largest shareholder, Xizi International Holdings Limited, held 120,396,920 shares, representing 32.00% of the total shares[76]. - The second largest shareholder, Xizi United Holdings Limited, held 29,001,388 shares, accounting for 7.71%[76].

Financial Performance - Net profit attributable to shareholders reached CNY 81,106,381.71, a significant increase of 1,184.77% year-on-year[6] - Operating revenue for the period was CNY 67,700,132.89, representing a growth of 24.35% compared to the same period last year[6] - Basic and diluted earnings per share improved to CNY 0.22, up 1,200% from a loss of CNY -0.02 per share in the previous year[6] - Operating revenue increased by 24.35% to 67,700,132.89, attributed to recovery from pandemic impacts[17] - Investment income surged by 119.42% to 24,901,656.14, primarily from increased returns on entrusted financial management[21] - The company reported a total profit of ¥105,509,265.50 for Q1 2021, compared to a loss of ¥10,274,973.53 in Q1 2020[50] - The company experienced a fair value change gain of ¥46,971,295.45 in Q1 2021, recovering from a loss of -¥51,396,346.35 in Q1 2020[50] Cash Flow - The net cash flow from operating activities was CNY 7,771,418.24, a recovery from a negative cash flow of CNY -37,400,650.33 in the previous year[6] - Cash flow from operating activities improved significantly, with a net increase of 120.78% to 7,771,418.24, driven by higher sales and rental income[19] - The net cash flow from operating activities for Q1 2021 was ¥9,853,616.09, a significant improvement from -¥34,208,590.16 in Q1 2020[57] - Cash received from sales of goods and services in Q1 2021 was ¥303,680,292.96, up from ¥177,662,775.12 in Q1 2020, representing an increase of approximately 70.9%[57] - The total cash inflow from operating activities in Q1 2021 was ¥320,349,751.91, compared to ¥183,107,652.64 in Q1 2020, showing an increase of approximately 74.8%[57] Assets and Liabilities - Total assets increased by 3.23% to CNY 2,691,049,377.62 compared to the end of the previous year[6] - Total liabilities rose to ¥451,737,324.14 in Q1 2021, compared to ¥448,566,181.31 in Q4 2020, indicating a slight increase of about 0.5%[44] - Current liabilities totaled ¥334,343,499.04 in Q1 2021, compared to ¥323,079,945.57 in Q4 2020, marking an increase of about 3.9%[43] - The company's cash and cash equivalents amounted to ¥192,540,621.33 in Q1 2021, compared to ¥144,177,653.72 in Q4 2020, showing a significant increase of about 33.6%[46] - The total current assets were ¥1,132,305,008.30 in Q1 2021, slightly up from ¥1,128,615,001.74 in Q4 2020, indicating a marginal increase of about 0.3%[46] Shareholder Information - The total number of shareholders reached 21,486 by the end of the reporting period[10] - The largest shareholder, Xizi International Holdings, holds 32.00% of the shares[10] - The company’s actual controller is Chen Xiaxin, following a change in control due to a share transfer[11] Investments and Financial Products - The company has a total of RMB 9 billion authorized for investment in low-risk financial products, including bank wealth management products and trust products[28] - The company generated a total income of RMB 16.01 million from its entrusted financial products during the reporting period[28] - The company has invested RMB 10.94 million in a trust product with an annualized yield of 12.07%, expected to yield RMB 2.43 million[32] - The company has a structured deposit with Ningbo Bank amounting to RMB 3 million, with an annualized yield of 3.25%[31] - The company has a trust investment of RMB 7 million with an annualized yield of 7.70%[32] Legal Matters - The company is actively pursuing legal action against Hangzhou Jiaxiang Real Estate Investment Co., Ltd. for rental defaults, with a court ruling in its favor[26]

Financial Performance - The company's operating revenue for 2020 was CNY 244,035,665.60, a decrease of 73.41% compared to CNY 917,638,857.87 in 2019[20] - The net profit attributable to shareholders for 2020 was CNY 302,757,814.52, an increase of 47.62% from CNY 205,091,381.32 in 2019[20] - The net cash flow from operating activities was CNY 118,826,820.92, down 24.96% from CNY 158,361,310.37 in 2019[20] - The total assets at the end of 2020 were CNY 2,606,824,074.68, reflecting a 15.60% increase from CNY 2,255,096,944.24 in 2019[20] - The net assets attributable to shareholders increased by 13.56% to CNY 2,157,781,780.87 at the end of 2020, compared to CNY 1,900,172,804.27 in 2019[20] - Basic earnings per share for 2020 were CNY 0.80, up 45.45% from CNY 0.55 in 2019[21] - The weighted average return on equity increased by 3.70 percentage points to 14.95% in 2020 from 11.25% in 2019[21] - The company reported a total profit of 209,276,666.07 RMB for the year, with a significant increase in trading financial assets from 498,405,644.69 RMB to 629,164,142.59 RMB, reflecting a change of 208,676,206.36 RMB[30] - The company reported a net profit of CNY 124,371,877.67 in Q4 2020, contributing significantly to the annual net profit[23] Investment Strategy - The company plans to retain undistributed profits for major investments or significant cash expenditures, including external investments and asset acquisitions[5] - The company is actively pursuing investment opportunities in high consumption, high-end manufacturing, and high-tech industries, including investments in three private equity funds focused on biomedicine and information technology[33] - The company’s investment strategy has shifted towards more cautious financial investments, focusing on risk control and ensuring the safety of principal[33] - The company plans to explore new investment opportunities in high-growth industries such as technology and biomedicine[59] - The company aims to enhance its traditional business operations while seeking new profit growth points in 2021[58] Profit Distribution - The company did not distribute profits or increase capital reserves for 2020, pending shareholder approval[5] - The company did not propose a cash dividend distribution plan for 2020 despite having a positive profit available for distribution to common shareholders, with retained earnings allocated for major project investments and significant cash expenditures[65] - The company reported a net profit of approximately 302.76 million RMB for 2020, with a profit distribution ratio of 0%[64] - The company has retained earnings that will be used for external investments and asset acquisitions, indicating ongoing exploration and validation of projects[65] Operational Challenges - The company has faced rental payment issues with a tenant, leading to a lawsuit for overdue payments, with the court ruling in favor of the company[31] - The company’s rental income from the hotel business was negatively impacted by the pandemic, leading to adjustments in rental payment terms with the tenant[30] - The company has signed a supplementary agreement with Yintai Department Store to waive potential cash compensation obligations for 2020, amounting to up to 8 million RMB due to the impact of the pandemic[30] Financial Management - The company has engaged Tianjian Accounting Firm for financial and internal control audit services, with a remuneration of 400,000 RMB for the financial audit[70] - The company has not made any share repurchases during the reporting period[65] - The company has not encountered any significant accounting errors that would affect financial data following the implementation of the new revenue recognition standards[68] - The company’s financial data adjustments due to the new revenue recognition policy were made without impacting key financial metrics[68] Corporate Governance - The company has a diverse board with members holding various positions in related companies, enhancing its strategic capabilities[117] - The independent directors possess significant academic and professional backgrounds, contributing to the company's governance[117] - The board of directors has established four specialized committees: Strategic Decision Committee, Audit Committee, Compensation and Assessment Committee, and Nomination Committee, all of which fulfilled their responsibilities during the reporting period[129] - The independent directors provided impartial opinions on significant matters, ensuring diligent and responsible governance[129] Employee Management - The total number of employees in the parent company is 156, with a combined total of 161 employees including major subsidiaries[124] - The remuneration for directors, supervisors, and senior management totaled 3.5899 million yuan for the reporting period[121] - The company has established a tiered salary system that emphasizes job value and competency, closely linked to performance management[125] - The company has a training plan that combines internal and external training to support employee growth and corporate development[126] Market Position and Future Outlook - The company is exploring potential mergers and acquisitions to strengthen its market position and expand its operational capabilities[182] - The overall financial performance indicates a commitment to sustainable growth and shareholder value enhancement in the coming years[182] - The company plans to enhance its market expansion strategies, focusing on new product development and technological advancements[182]

Financial Performance - Operating revenue decreased by 72.27% to CNY 160,440,175.56 for the year-to-date period[6] - Net profit attributable to shareholders increased by 42.01% to CNY 178,385,936.85 year-to-date[6] - Basic earnings per share rose by 41.92% to CNY 0.474[6] - The weighted average return on equity increased by 2.05 percentage points to 9.06%[6] - The net profit for Q3 2020 increased to RMB 178,385,936.85, representing a growth of 42.01% from RMB 125,618,135.37 year-on-year[19] - The net profit for the first three quarters of 2020 was CNY 578,676,235.31, compared to CNY 506,508,035.81 in the same period of 2019[46] - The net profit for Q3 2020 was ¥103,020,331.92, a significant increase from ¥24,743,452.06 in Q3 2019, representing a growth of approximately 316%[48] - The total profit for Q3 2020 reached ¥137,041,230.91, compared to ¥33,386,135.18 in the same period last year, indicating a growth of about 310%[47] Cash Flow and Liquidity - Cash flow from operating activities decreased by 47.53% to CNY 42,504,881.72 year-to-date[6] - The company reported a significant decrease in cash flow from operating activities, indicating potential liquidity challenges[6] - Cash generated from operating activities decreased by 47.53%, amounting to RMB 42,504,881.72 compared to RMB 81,013,805.34 in the previous year[21] - Cash flow from operating activities for the first nine months of 2020 was CNY 42,504,881.72, down from CNY 81,013,805.34 in the same period of 2019, indicating a decline of about 47%[53] - The company's cash and cash equivalents decreased to RMB 144,706,100.56 from RMB 313,832,386.00, representing a decline of about 53.83%[38] - Cash and cash equivalents at the end of Q3 2020 stood at CNY 134,686,097.78, down from CNY 212,215,617.94 at the end of Q3 2019, a decrease of about 37%[54] Assets and Liabilities - Total assets increased by 7.45% to CNY 2,423,014,862.57 compared to the end of the previous year[6] - The company's total assets amounted to RMB 2,423,014,862.57, an increase from RMB 2,255,096,944.24 at the end of 2019, reflecting a growth of approximately 7.44%[38] - The company's total liabilities increased to CNY 386,252,085.75 in Q3 2020 from CNY 350,747,054.05 in Q3 2019[43] - The company's total current liabilities increased to RMB 277,844,813.63 from RMB 267,514,563.53, indicating a rise of about 5.00%[39] - The company has a total of RMB 1,119,938,949.69 in non-current assets as of September 30, 2020, down from RMB 1,147,639,788.25 at the end of 2019, reflecting a decrease of approximately 2.43%[39] Shareholder Information - The total number of shareholders reached 25,689 by the end of the reporting period[11] - The largest shareholder, Xizi International Holdings, holds 32.00% of the shares[11] - The total equity attributable to shareholders increased to CNY 1,918,202,982.38 from CNY 1,801,468,264.01 year-over-year[43] Investments and Financial Management - The company reported a total of RMB 12.042 billion in investments in trust products, financial products, and funds during the reporting period, generating a profit of RMB 28.3529 million[28] - The company has authorized the use of up to RMB 900 million of idle funds for low-risk financial products, with the funds being available for recycling[27] - The company’s financial management strategy includes a focus on low-risk investments, with no overdue or loss incidents reported in the purchased financial products[28] - The company has ongoing plans for future entrusted financial management, indicating a strategic focus on investment management[32] Operational Challenges and Adjustments - The company has entered into multiple management agreements with Zhejiang Intime Department Store Co., Ltd., with the latest amendment allowing for certain exemptions related to pandemic impacts[22][23] - The company agreed to waive a total of RMB 1,738,061.11 in rent and fees for the new hotel project managed by Hangzhou Haiwei due to the impact of the pandemic[26] - The company has signed multiple supplementary agreements to adjust rental payments to monthly due to the pandemic's impact on hotel operations[26] - The company has initiated legal proceedings against Jiaxiang Real Estate Investment Co., Ltd. for serious breaches of contract, seeking to terminate the lease and recover the leased property[27] Revenue Recognition and Standards - The company implemented new revenue and leasing standards starting January 1, 2020, affecting the financial statements[58] - The company is implementing new revenue recognition and leasing standards effective January 1, 2020, impacting financial reporting[66]

Financial Performance - Net profit attributable to shareholders increased by 42.01% to CNY 178,385,936.85 year-on-year[6] - Basic earnings per share rose by 41.92% to CNY 0.474 per share[6] - The weighted average return on equity increased by 2.05 percentage points to 9.06%[6] - Total operating revenue for Q3 2020 reached ¥214,739,347.08, an increase from ¥171,428,782.59 in Q3 2019, representing a growth of approximately 25.3%[44] - Net profit for the first three quarters of 2020 was ¥57,366,905.43, up from ¥45,430,757.35 in the same period of 2019, reflecting a growth of approximately 26.5%[44] - The net profit for Q3 2020 was CNY 103,020,331.92, compared to CNY 24,743,452.06 in Q3 2019, indicating a significant increase of approximately 316.5%[46] - The total profit for Q3 2020 reached CNY 137,041,230.91, up from CNY 33,386,135.18 in Q3 2019, marking an increase of about 310.5%[46] Revenue and Costs - Operating revenue remained stable with a slight increase of 0.08% to CNY 579,163,731.93 compared to the same period last year[6] - Total operating costs for Q3 2020 were ¥196,709,190.43, compared to ¥152,249,738.21 in Q3 2019, indicating an increase of about 29.2%[44] - The total operating costs for Q3 2020 were CNY 167,607,342.64, up from CNY 125,788,065.90 in Q3 2019, representing an increase of approximately 33.3%[48] Cash Flow - Cash flow from operating activities decreased by 47.53% to CNY 42,504,881.72 compared to the same period last year[6] - Cash flow from operating activities for the first nine months of 2020 was CNY 42,504,881.72, down 47% from CNY 81,013,805.34 in the previous year[51] - The net cash flow from financing activities improved to CNY 4,914,356.52 in 2020, compared to a net outflow of CNY 75,262,654.00 in 2019[52] - The total cash and cash equivalents at the end of Q3 2020 were CNY 134,686,097.78, down from CNY 212,215,617.94 at the end of Q3 2019, a decrease of 37%[52] Assets and Liabilities - Total assets increased by 7.45% to CNY 2,423,014,862.57 compared to the end of the previous year[6] - The total current liabilities increased to RMB 277,844,813.63 from RMB 267,514,563.53, showing a rise of about 5%[37] - The total liabilities as of September 30, 2020, were ¥386,252,085.75, up from ¥350,747,054.05 at the end of 2019, representing an increase of approximately 10.1%[41] - The company's total assets amounted to ¥2,304,455,068.13, compared to ¥2,152,215,318.06 at the end of 2019, showing an increase of about 7.1%[41] Shareholder Information - The total number of shareholders reached 25,689 by the end of the reporting period[11] - The largest shareholder, Xizi International Holdings, holds 32.00% of the shares[11] Financial Management and Investments - The company reported a total of RMB 12.042 billion in entrusted financial products purchased during the reporting period, generating a profit of RMB 28.35 million[27] - The company has a maximum investment limit of RMB 900 million for low-risk financial products, which was approved by the board and shareholders[26] - The company’s financial management strategy includes investing in bank financial products, trust products, and money market funds[26] - The company has plans for future entrusted financial management, indicating ongoing investment strategies[30] Impact of External Factors - The company agreed to waive a total of RMB 1,738,061.11 in rent and fees for the new hotel project managed by Hangzhou Haiwei due to the impact of the pandemic[24] - The company’s rental income from the property leased to Jiaxiang has been severely impacted due to the tenant's poor financial condition[25] - The company has signed multiple supplementary agreements to adjust rental payment terms in response to the pandemic's impact on the hotel industry[24] Changes in Accounting Standards - The company adopted new revenue and leasing standards starting January 1, 2020, impacting the financial statements[56] - The company has implemented new revenue recognition and leasing standards starting January 1, 2020, which may impact future financial reporting[64]

Financial Performance - The company's operating revenue for the first half of 2020 was CNY 364,424,384.85, a decrease of 10.52% compared to CNY 407,247,452.72 in the same period last year[19]. - The net profit attributable to shareholders for the first half of 2020 was CNY 75,365,604.93, down 25.29% from CNY 100,874,683.31 in the previous year[19]. - The net cash flow from operating activities decreased significantly by 82.64%, amounting to CNY 4,649,020.64 compared to CNY 26,780,307.72 in the same period last year[19]. - Basic earnings per share for the first half of 2020 were CNY 0.20, a decrease of 25.93% from CNY 0.27 in the same period last year[20]. - The weighted average return on equity decreased by 1.72 percentage points to 3.90% compared to 5.62% in the previous year[20]. - The company reported a significant decrease in sales revenue, with cash received from sales dropping to CNY 379,113,530.36 from CNY 440,890,267.05 in the previous year[98]. - The total comprehensive income for the first half of 2020 was CNY 65,087,861.90, down from CNY 100,334,028.49 in the previous year[97]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 2,329,065,482.01, reflecting a 3.28% increase from CNY 2,255,096,944.24 at the end of the previous year[19]. - The net assets attributable to shareholders increased by 1.59%, reaching CNY 1,930,389,571.28 compared to CNY 1,900,172,804.27 at the end of the previous year[19]. - Total liabilities amounted to CNY 398,675,910.73, up from CNY 354,924,139.97, marking a growth of around 12.30%[85]. - Current liabilities rose to CNY 315,028,899.13 from CNY 267,514,563.53, reflecting an increase of approximately 17.74%[84]. - The company reported a significant increase in other payables, which rose to CNY 104,634,598.50 from CNY 56,562,137.33, an increase of approximately 85%[84]. Cash Flow - Cash flow from operating activities was CNY 4,649,020.64, significantly lower than CNY 26,780,307.72 in the same period last year[99]. - Cash inflow from investment activities totaled CNY 497,793,633.62, a decline of 38.6% from CNY 811,949,475.97 in the previous year[101]. - Cash inflow from financing activities increased to CNY 50,000,000.00, compared to CNY 21,000,000.00 in the first half of 2019[102]. - The ending balance of cash and cash equivalents was CNY 160,200,451.69, up from CNY 115,909,138.26 at the end of the first half of 2019[102]. Investments and Financial Management - The company has continued to invest in financial products and gradually increased its investment in equity assets, optimizing its investment structure[29]. - The company purchased entrusted financial products totaling RMB 836 million during the reporting period, generating a return of RMB 18.16 million[42]. - The company has a diverse investment portfolio, including equity investments valued at CNY 336,666,057.79 as of the latest reporting period[195]. Risk Management - The report includes a risk statement regarding forward-looking statements, indicating potential investment risks[6]. - The company anticipates significant fluctuations in net profit due to the volatility of Hangzhou Bank's stock price, which is classified as a trading financial asset[50]. - The company faces risks related to delayed profit recognition from the entrusted management agreement with Yintai[51]. - The company has potential risks associated with long-term leases of properties, which may lead to delayed or insufficient rental payments[52]. Corporate Governance - The company has confirmed that there are no significant litigation or arbitration matters during the reporting period[56]. - The company has maintained a good integrity status for itself and its major shareholders during the reporting period[56]. - There were significant changes in the board of directors and supervisory board members, with several new elections held[79]. Accounting Policies - The company adheres to the accounting standards, ensuring the financial reports reflect a true and complete picture of its financial status[124]. - The company implemented new revenue accounting standards starting January 1, 2020, affecting the financial statements[184]. - Financial assets are classified into three categories upon initial recognition: (1) measured at amortized cost; (2) measured at fair value with changes recognized in other comprehensive income; (3) measured at fair value with changes recognized in profit or loss[132]. Shareholder Information - The top shareholder, Xizi International Holdings Limited, holds 120,396,920 shares, representing 32.00% of the total shares[76]. - The company reported a profit distribution of CNY -75,248,063.20, which includes allocations to owners and reserves[117]. - The company has not proposed any profit distribution or capital reserve transfer for the half-year period[54].