Financial Performance - The company reported a total revenue of RMB 779,198,155.47 in 2020, a decrease of 47.23% compared to RMB 1,476,684,651.88 in 2019[22] - The net profit attributable to shareholders reached RMB 1,822,082,342.25, representing a significant increase of 212.63% from RMB 582,820,668.24 in the previous year[22] - The basic earnings per share (EPS) for 2020 was RMB 1.18, up 210.53% from RMB 0.38 in 2019[21] - The company's total assets increased by 28.12% to RMB 32,819,730,583.45 at the end of 2020, compared to RMB 25,617,134,355.01 at the end of 2019[22] - The net cash flow from operating activities was RMB 164,607,763.75, a turnaround from a negative cash flow of RMB -6,731,829,838.47 in 2019[22] - Operating profit reached 2,558.2586 million yuan, an increase of 199.50% year-on-year, while total profit amounted to 2,368.1581 million yuan, up 194.79%[37] - The company achieved total operating revenue of 779.1982 million yuan in 2020, a decrease of 47.23% compared to the previous year[37] - Investment income surged by 350.48% to CNY 2.31 billion, driven by significant gains from equity investments[50] Asset Management - The company reported a net asset attributable to shareholders of RMB 10,805,130,160.10, reflecting a growth of 16.11% from RMB 9,305,582,081.68 in the previous year[22] - The company’s overseas assets amounted to RMB 413.38 million, accounting for 12.60% of total assets[32] - The company has a total of 1.6 million square meters of self-owned property and 2.7 million square meters under construction or planned[42] - The company has completed several commercial office projects, such as "德馨中区 C-7-3" with a total area of 37,013 square meters and a recognized income of 43,347 million RMB[74] - The total investment amount in real estate development projects during the reporting period was 1,307,757 million RMB, with an average financing cost of 3.63%[79] Dividend and Profit Distribution - The company plans to distribute a cash dividend of RMB 3.60 per 10 shares, totaling RMB 557,528,238, which is 30.6% of the net profit attributable to shareholders[4] - In 2020, the company did not distribute cash dividends, with retained earnings amounting to CNY 1,822,082,342.25, representing a profit distribution rate of 30.60%[111] - In 2019, the company also did not distribute cash dividends, with retained earnings of CNY 582,820,668.24 and a profit distribution rate of 31.89%[111] - In 2018, the company maintained no cash dividends, with retained earnings of CNY 544,291,523.43 and a profit distribution rate of 31.30%[111] Investment Activities - The company has actively engaged in investment activities, participating in various projects through direct investment and fund establishment[34] - In 2020, the company completed investments in 14 projects with a total investment amount of 210 million yuan[43] - The company has established a dual think tank service model in collaboration with KPMG and other institutions to ensure strategic planning accuracy[45] - The company has invested a total of RMB 1.31 billion in bank wealth management products, with the entire amount still outstanding[130] Corporate Governance - The company has not faced any major litigation or arbitration matters during the reporting period[118] - There are no significant changes in the company's accounting policies or estimates that would impact financial reporting[115] - The company has maintained a transparent information disclosure system, enhancing interaction with investors[188] - The company has established a performance evaluation mechanism for senior management, linked to the board's remuneration and assessment committee[193] Social Responsibility - The company provided rent reductions totaling 87.7941 million yuan to 802 enterprises affected by the pandemic[39] - The company actively participated in social responsibility initiatives, including donations of 50,000 RMB per village to five villages in Yunnan Province[149] - The company provided a total of 78.60 million RMB for poverty alleviation efforts, including 53.6 million RMB for industrial development projects and 25 million RMB for targeted poverty alleviation[151] - The company emphasized environmental protection by implementing green and low-carbon principles in park construction and encouraging the use of clean production processes among resident enterprises[152] Shareholder Information - The largest shareholder, Shanghai Zhangjiang (Group) Co., Ltd., holds 786,036,600 shares, representing 50.75% of the total shares[160] - Central Huijin Asset Management Co., Ltd. holds 40,988,800 shares, accounting for 2.65% of the total shares[160] - The top ten shareholders include various entities, with no shareholder having pledged or frozen shares[160] - The total number of shares held by directors and senior management increased from 112,808 to 115,608 shares, representing a net increase of 2,800 shares during the reporting period[171] Future Outlook - The company aims to enhance its core competitiveness in key industries such as integrated circuits and artificial intelligence during the "14th Five-Year Plan" period[96] - The company plans to start 8 construction projects in 2021, including key projects in the Integrated Circuit Design Industrial Park and Zhangjiang Central Urban Sub-center[104] - The company is committed to developing a world-class industrial cluster in integrated circuits, biomedicine, and artificial intelligence during the "14th Five-Year Plan" period[102] - The company aims to strengthen its core competitiveness in materials and equipment by planning the establishment of a "Materials and Equipment Innovation Park" in the Zhoupu and Caolu areas[102]

[Important Notice](index=3&type=section&id=Item%20I.%20Important%20Notice) [Assurance of Report Authenticity and Completeness](index=3&type=section&id=1.1%20Assurance%20of%20Report%20Authenticity%20and%20Completeness) The company's management assures the authenticity, accuracy, and completeness of this quarterly report, free from false records, misleading statements, or material omissions, and assumes legal responsibility; this quarterly report remains unaudited - The company's board of directors, supervisory board, and senior management ensure the authenticity, accuracy, and completeness of the report[4](index=4&type=chunk) - The company's principal officer, head of accounting, and head of accounting department guarantee the authenticity, accuracy, and completeness of the financial statements[4](index=4&type=chunk) - This company's Q3 2019 report is unaudited[4](index=4&type=chunk) [Company Profile](index=3&type=section&id=Item%20II.%20Company%20Profile) [Key Financial Data](index=3&type=section&id=2.1%20Key%20Financial%20Data) As of Q3 2019, total assets increased by 11.12% year-over-year; Q1-Q3 operating revenue grew by 20.03%, and net profit attributable to shareholders increased by 2.98%; net cash flow from operating activities turned positive, surging by 302.53%, indicating significant operational improvement 2019 Year-to-Date Key Financial Data | Indicator | Year-to-Date (Jan-Sep) (RMB) | Prior Year-to-Date (Jan-Sep) (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 815,762,357.70 | 679,633,781.78 | 20.03% | | Net Profit Attributable to Shareholders of Listed Company | 471,355,309.60 | 457,707,336.84 | 2.98% | | Net Cash Flow from Operating Activities | 365,963,693.26 | -180,694,446.54 | 302.53% | | Basic Earnings Per Share (RMB/share) | 0.30 | 0.30 | - | Assets as of September 30, 2019 | Indicator | As of Current Period End (RMB) | As of Prior Year End (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 21,845,630,052.30 | 19,660,340,618.82 | 11.12% | | Net Assets Attributable to Shareholders of Listed Company | 9,192,825,975.56 | 8,763,965,807.44 | 4.89% | - In the first three quarters of 2019, the company's total non-recurring gains and losses amounted to **RMB 17,964,892.26**, primarily from government grants, fair value changes in financial assets, and entrusted loan income[7](index=7&type=chunk)[8](index=8&type=chunk) [Shareholder Information](index=5&type=section&id=2.2%20Shareholder%20Information) As of the reporting period end, the company had 140,259 shareholders; controlling shareholder Shanghai Zhangjiang (Group) Co Ltd held 50.75%, indicating a stable equity structure; top ten shareholders include institutional investors like China Securities Finance Corporation and Central Huijin Asset Management, alongside index funds - As of the reporting period end, the company had **140,259** shareholders[9](index=9&type=chunk) Top Ten Shareholders' Shareholding | Shareholder Name | Shares Held | Percentage (%) | | :--- | :--- | :--- | | Shanghai Zhangjiang (Group) Co Ltd | 786,036,600 | 50.75 | | China Securities Finance Corporation Limited | 56,043,062 | 3.62 | | Central Huijin Asset Management Co Ltd | 40,988,800 | 2.65 | | CSI Shanghai State-Owned Enterprise ETF | 11,481,516 | 0.74 | | Hong Kong Securities Clearing Company Limited | 9,995,228 | 0.65 | - Controlling shareholder Shanghai Zhangjiang (Group) Co Ltd has no related party relationship or acting in concert relationship with other shareholders[10](index=10&type=chunk) [Significant Events](index=7&type=section&id=Item%20III.%20Significant%20Events) [Significant Changes and Reasons for Key Financial Statement Items and Indicators](index=7&type=section&id=3.1%20Significant%20Changes%20and%20Reasons%20for%20Key%20Financial%20Statement%20Items%20and%20Indicators) During the reporting period, several financial indicators experienced significant changes; balance sheet variations were influenced by new financial instrument standards, increased wealth management product purchases, and expanded short-term borrowings; profit changes included notable increases in taxes and fair value gains, while investment income declined; cash flow saw substantial improvement in operating cash flow, significant outflow from investing activities due to increased investments, and a substantial increase in financing cash flow due to intensified financing efforts [Analysis of Significant Balance Sheet Item Changes](index=7&type=section&id=3.1.1%20Analysis%20of%20Significant%20Balance%20Sheet%20Item%20Changes) Balance sheet changes primarily stemmed from: 1) adoption of new financial instrument standards, introducing 'financial assets held for trading' and 'other non-current financial assets' while reclassifying 'available-for-sale financial assets'; 2) a 380.61% surge in 'other current assets' due to increased wealth management product purchases; 3) a 352.77% increase in 'short-term borrowings' to supplement working capital; and 4) a 982.13% jump in 'advances from customers' due to increased pre-receipts from integrated park development Balance Sheet Major Change Items | Item | Change Percentage (%) | Reason | | :--- | :--- | :--- | | Other Current Assets | 380.61% | The company increased its purchases of wealth management products during the period | | Short-Term Borrowings | 352.77% | The company increased its short-term bank borrowings to supplement working capital needs | | Advances from Customers | 982.13% | The company's pre-receipts from integrated park development sales increased during the period | | Employee Compensation Payable | -92.41% | The company paid accrued salaries and bonuses from the end of the previous year during this period | | Other Comprehensive Income | -94.30% | Due to the adoption of new financial instrument standards, the fair value change amount of financial assets originally recognized in other comprehensive income was reclassified to retained earnings at the beginning of the period | [Analysis of Significant Income Statement Item Changes](index=8&type=section&id=3.1.2%20Analysis%20of%20Significant%20Income%20Statement%20Item%20Changes) Income statement changes primarily reflected: 1) a 392.93% increase in 'taxes and surcharges' due to higher park development sales revenue; 2) a 4590.42% surge in 'fair value change gains' from revaluation of financial assets under new standards; 3) a 52.06% decrease in 'investment income' due to lower equity method investment gains and financial asset transfer gains; and 4) a 65.05% increase in 'income tax expense' due to higher taxable profit Income Statement Major Change Items | Item | Change Percentage (%) | Reason | | :--- | :--- | :--- | | Taxes and Surcharges | 392.93% | Increased sales revenue from integrated park development led to higher corresponding taxes and fees | | Other Income | 498.99% | Increased government grants received | | Investment Income | -52.06% | Decreased investment income from equity method investments and financial asset transfer gains year-over-year | | Fair Value Change Gains | 4590.42% | Due to the adoption of new financial instrument standards, the fair value of financial assets held increased | | Income Tax Expense | 65.05% | Taxable profit increased compared to the same period last year | [Analysis of Significant Cash Flow Statement Item Changes](index=10&type=section&id=3.1.3%20Analysis%20of%20Significant%20Cash%20Flow%20Statement%20Item%20Changes) Key cash flow statement changes included: 1) a 302.53% increase in 'net cash flow from operating activities' driven by significantly higher cash receipts from park development sales; 2) a 538.94% decrease in 'net cash flow from investing activities' due to reduced equity investment recoveries and increased investments in equity and wealth management products; and 3) a 753.52% surge in 'net cash flow from financing activities' primarily from increased net inflows from bank borrowings and minority shareholder investments Cash Flow Statement Major Change Items | Item | Change Percentage (%) | Reason | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 302.53% | Cash receipts from integrated park development sales significantly increased compared to the same period last year | | Net Cash Flow from Investing Activities | -538.94% | Decreased recovery of equity investments, coupled with increased investments in equity and wealth management products | | Net Cash Flow from Financing Activities | 753.52% | Increased net inflow from bank borrowings and receipt of minority shareholder investments by subsidiaries | [Appendix](index=11&type=section&id=Item%20IV.%20Appendix) [Financial Statements](index=11&type=section&id=4.1%20Financial%20Statements) This appendix provides the company's unaudited consolidated and parent company financial statements as of September 30, 2019, including the balance sheet, income statement, and cash flow statement, comprehensively reflecting the company's financial position, operating results, and cash flows for the reporting period [Consolidated Balance Sheet](index=11&type=section&id=Consolidated%20Balance%20Sheet) As of September 30, 2019, the company's consolidated total assets were RMB 21.846 billion, total liabilities were RMB 12.338 billion, and owners' equity attributable to the parent company was RMB 9.193 billion Consolidated Balance Sheet Key Data (September 30, 2019) | Item | Amount (RMB) | | :--- | :--- | | **Assets** | | | Total Assets | 21,845,630,052.30 | | **Liabilities and Owners' Equity** | | | Total Liabilities | 12,338,090,268.56 | | Total Owners' Equity Attributable to Parent Company | 9,192,825,975.56 | | Total Owners' Equity | 9,507,539,783.74 | [Parent Company Balance Sheet](index=14&type=section&id=Parent%20Company%20Balance%20Sheet) As of September 30, 2019, the parent company's total assets were RMB 16.379 billion, total liabilities were RMB 10.560 billion, and owners' equity was RMB 5.819 billion Parent Company Balance Sheet Key Data (September 30, 2019) | Item | Amount (RMB) | | :--- | :--- | | Total Assets | 16,378,721,641.48 | | Total Liabilities | 10,559,743,533.06 | | Total Owners' Equity | 5,818,978,108.42 | [Consolidated Income Statement](index=16&type=section&id=Consolidated%20Income%20Statement) For the first three quarters of 2019, the company achieved total operating revenue of RMB 815.76 million, operating profit of RMB 585.95 million, and net profit of RMB 466.35 million, with net profit attributable to parent company shareholders at RMB 471.36 million; basic earnings per share was RMB 0.30 Consolidated Income Statement Key Data (Jan-Sep 2019) | Item | Amount (RMB) | | :--- | :--- | | Total Operating Revenue | 815,762,357.70 | | Operating Profit | 585,953,899.03 | | Total Profit | 583,511,090.14 | | Net Profit | 466,350,220.10 | | Net Profit Attributable to Parent Company Shareholders | 471,355,309.60 | | Basic Earnings Per Share (RMB/share) | 0.30 | [Parent Company Income Statement](index=20&type=section&id=Parent%20Company%20Income%20Statement) For the first three quarters of 2019, the parent company achieved operating revenue of RMB 245.64 million, operating profit of RMB 360.48 million, and net profit of RMB 316.12 million; investment income was a significant component of profit, reaching RMB 406.53 million Parent Company Income Statement Key Data (Jan-Sep 2019) | Item | Amount (RMB) | | :--- | :--- | | Operating Revenue | 245,635,447.08 | | Investment Income | 406,526,900.66 | | Operating Profit | 360,475,044.91 | | Net Profit | 316,117,044.39 | [Consolidated Cash Flow Statement](index=22&type=section&id=Consolidated%20Cash%20Flow%20Statement) For the first three quarters of 2019, net cash flow from operating activities was RMB 365.96 million, net cash flow from investing activities was negative RMB 2.323 billion, and net cash flow from financing activities was RMB 1.325 billion; cash and cash equivalents at period-end totaled RMB 2.094 billion Consolidated Cash Flow Statement Key Data (Jan-Sep 2019) | Item | Amount (RMB) | | :--- | :--- | | Net Cash Flow from Operating Activities | 365,963,693.26 | | Net Cash Flow from Investing Activities | -2,323,404,786.68 | | Net Cash Flow from Financing Activities | 1,324,581,302.19 | | Cash and Cash Equivalents at Period End | 2,093,652,775.40 | [Parent Company Cash Flow Statement](index=23&type=section&id=Parent%20Company%20Cash%20Flow%20Statement) For the first three quarters of 2019, the parent company's net cash flow from operating activities was RMB 92.87 million, net cash flow from investing activities was negative RMB 1.920 billion, and net cash flow from financing activities was RMB 1.111 billion; cash and cash equivalents at period-end totaled RMB 687.50 million Parent Company Cash Flow Statement Key Data (Jan-Sep 2019) | Item | Amount (RMB) | | :--- | :--- | | Net Cash Flow from Operating Activities | 92,870,404.80 | | Net Cash Flow from Investing Activities | -1,919,938,370.39 | | Net Cash Flow from Financing Activities | 1,111,378,514.47 | | Cash and Cash Equivalents at Period End | 687,497,519.92 | [Explanation of Accounting Policy Changes](index=25&type=section&id=4.2%20Explanation%20of%20Accounting%20Policy%20Changes) The company adopted new financial instrument standards effective January 1, 2019; in accordance with transition provisions, the company retrospectively adjusted opening retained earnings and other comprehensive income but did not restate prior comparative data; the primary change involved reclassifying original 'available-for-sale financial assets' into 'financial assets held for trading' and 'other non-current financial assets' based on their business models and cash flow characteristics - The company adopted the revised new financial instrument standards issued by the Ministry of Finance in 2017, effective **January 1, 2019**[41](index=41&type=chunk)[45](index=45&type=chunk) - The primary adjustment involved reclassifying 'available-for-sale financial assets' into 'financial assets held for trading' and 'other non-current financial assets'[41](index=41&type=chunk)[45](index=45&type=chunk) - In accordance with the transition provisions for new and old accounting standards, the company did not restate prior comparative figures but retrospectively adjusted opening retained earnings and other comprehensive income for **2019**[46](index=46&type=chunk)

Financial Performance - Net profit attributable to shareholders increased by 40.49% to CNY 429.03 million year-on-year[7] - Operating revenue decreased by 1.03% to CNY 679.63 million compared to the same period last year[7] - Basic and diluted earnings per share increased by 20.00% to CNY 0.30[7] - The weighted average return on equity rose by 0.55 percentage points to 5.27%[7] - Total operating revenue for Q3 2018 was CNY 236,542,542.86, an increase of 24.2% compared to CNY 190,455,110.47 in Q3 2017[28] - Net profit for Q3 2018 was CNY 96,700,825.20, up 17.5% from CNY 82,480,403.78 in Q3 2017[29] - Earnings per share for Q3 2018 were CNY 0.07, compared to CNY 0.05 in Q3 2017[30] - The total comprehensive income for Q3 2018 reached CNY 191,875,579.60, compared to CNY 84,542,633.94 in Q3 2017[30] - Total comprehensive income for Q3 2018 was CNY 51,566,084.88, compared to CNY 47,952,079.91 in Q3 2017, reflecting a 3.3% increase[32] Cash Flow - Cash flow from operating activities showed a significant decline, with a net cash outflow of CNY 180.69 million, worsening by 265.88% year-on-year[7] - The company reported a net cash flow from operating activities of CNY -180,694,446.54 for the first nine months of 2018, compared to CNY -49,386,922.31 in the previous year[34] - The total cash inflow from operating activities was CNY 402,762,357.01, down 55.2% from CNY 898,017,867.40 in the previous year[36] - The net cash flow from financing activities was -CNY 147,447,749.83, a decline from -CNY 33,546,979.31 in the same period last year, indicating increased cash outflows[37] Assets and Liabilities - Total assets increased by 4.69% to CNY 19.87 billion compared to the end of the previous year[7] - Total current assets rose to ¥8,500,077,773.30, up from ¥8,123,324,221.16, indicating an increase of about 4.6%[22] - Non-current assets totaled ¥11,373,301,123.50, compared to ¥10,859,900,056.36, reflecting a growth of approximately 4.7%[22] - Total liabilities amounted to ¥10,759,836,122.73, compared to ¥10,348,149,930.52, showing an increase of about 4%[23] - Current liabilities decreased to ¥4,803,459,598.65 from ¥6,026,016,313.66, a reduction of approximately 20.2%[23] - Shareholders' equity increased to ¥9,113,542,774.07 from ¥8,635,074,347.00, representing a growth of approximately 5.5%[24] Shareholder Information - The total number of shareholders reached 111,071 by the end of the reporting period[10] - The largest shareholder, Shanghai Zhangjiang (Group) Co., Ltd., holds 50.75% of the shares[10] Investment and Other Income - Non-operating income included government subsidies amounting to CNY 300,000.00 for the year-to-date[9] - The company reported a total of CNY 28.68 million in non-recurring gains for the year-to-date[9] - Investment income for the first nine months of 2018 was CNY 450,802,359.09, down from CNY 477,473,836.39 in the same period last year[29] - Investment income for the first nine months of 2018 was CNY 235,717,132.53, a decrease of 37.5% from CNY 376,695,987.80 in the previous year[31] Expenses - The company incurred financial expenses of CNY 105,954,244.07 in the first nine months of 2018, down from CNY 151,944,371.53 in the same period last year[31] - The company reported a significant increase in tax expenses, totaling CNY 43,725,276.67 for the first nine months of 2018, compared to CNY 35,719,406.99 in the same period last year[31] - The company paid CNY 75,550,787.46 for purchasing goods and services, an increase from CNY 64,418,841.21 in the same period last year, reflecting a rise of 17.5%[36]