Financial Performance - Operating revenue for the period reached CNY 5.13 billion, representing a year-on-year increase of 26.30%[12] - Net profit attributable to shareholders was CNY 47.36 million, a significant increase of 166.39% compared to a net loss of CNY 71.34 million in the same period last year[12] - Basic earnings per share improved to CNY 0.02, a 150.00% increase from a loss of CNY 0.04 per share in the same period last year[12] - The net profit attributable to shareholders increased by 166.39% compared to the same period last year, reaching RMB 47,358,959.65, primarily due to the stabilization of the domestic COVID-19 pandemic and increased engineering business activities[21] - Operating profit for Q1 2021 was ¥125,119,333.10, compared to a loss of ¥50,080,919.56 in Q1 2020[43] - Net profit for Q1 2021 was ¥76,136,863.59, recovering from a net loss of ¥43,135,126.87 in Q1 2020[45] - The company reported a basic earnings per share of ¥0.02 for Q1 2021, compared to a loss per share of ¥0.04 in Q1 2020[45] - The total comprehensive income for Q1 2021 was ¥78,631,175.90, compared to ¥726,111.96 in Q1 2020[45] Cash Flow - The net cash flow from operating activities improved to -CNY 745.26 million, a 53.35% reduction in cash outflow compared to -CNY 1.60 billion in the previous year[12] - The net cash flow from operating activities improved by 53.35% compared to the same period last year, resulting in a cash outflow of RMB 745,263,445.23, attributed to enhanced collection of project settlement payments[23] - The net cash flow from investing activities saw an outflow increase of 68.94%, amounting to RMB 1,505,414,970.80, mainly due to increased investment in the Yiyu project[23] - The net cash flow from financing activities decreased by 32.15% compared to the previous year, totaling RMB 673,047,505.11, primarily due to reduced external capital input for the Yiyu project[23] - The net cash flow from operating activities for Q1 2021 was a negative ¥745,263,445.23, an improvement from a negative ¥1,597,419,267.77 in Q1 2020[52] - The cash inflow from investment activities in Q1 2021 was ¥45,750,585.70, significantly lower than ¥3,391,247,011.07 in Q1 2020[54] - The cash outflow from financing activities in Q1 2021 was ¥6,664,952,494.89, compared to ¥7,648,961,760.35 in Q1 2020[54] - The company paid 4,919,037,700.00 RMB in cash for debt repayment in Q1 2021, significantly higher than 2,330,166,666.67 RMB in Q1 2020, marking a 111.5% increase[58] Assets and Liabilities - Total assets at the end of the reporting period were CNY 53.53 billion, a decrease of 1.80% compared to the end of the previous year[12] - Non-current assets totaled ¥17,338,300,665.72, an increase of 8.7% from ¥15,942,801,374.99[32] - Total liabilities decreased to ¥37,214,459,517.05 from ¥38,877,111,663.29, a reduction of 4.3%[34] - Current liabilities decreased by 10.1% to ¥26,922,941,176.31 from ¥29,929,473,277.53[34] - Long-term borrowings increased to ¥9,572,598,835.45, up 16.4% from ¥8,228,705,995.96[34] - Shareholders' equity increased to ¥16,316,474,319.73, up 4.3% from ¥15,636,912,683.26[34] - Total current assets decreased from RMB 38,571,222,971.56 at the end of 2020 to RMB 36,192,633,171.06 as of March 31, 2021[29] - The company's cash and cash equivalents decreased from RMB 7,281,251,123.33 at the end of 2020 to RMB 5,391,286,768.83 as of March 31, 2021[29] Shareholder Information - The total number of shareholders at the end of the reporting period was 34,789[18] - The largest shareholder, China Aluminum Group Co., Ltd., held 73.56% of the shares[18] Research and Development - Research and development expenses increased to ¥111,295,585.70 in Q1 2021, up 124.5% from ¥49,551,513.34 in Q1 2020[43] - Research and development expenses in Q1 2021 were ¥2,419,451.33, a substantial increase from ¥48,007.50 in Q1 2020[50] Other Financial Metrics - The company reported a non-operating income of CNY 2.77 million during the period[16] - The company reported an asset impairment loss of RMB 46,283,538.34 during the reporting period[21] - The company has not disclosed any new product developments or market expansion strategies in this report[12]

Financial Performance - The net profit attributable to shareholders for the year 2020 was -1,976,138,436.83 RMB, indicating a significant loss[3]. - The net profit attributable to shareholders of the listed company for 2020 was -RMB 197,613.84 million, a decline of 5,769.99% year-on-year, largely due to reduced operating revenue and the provision for asset impairment of RMB 1,625 million[57]. - The company reported a basic earnings per share of -RMB 0.71 for 2020, compared to -RMB 0.02 in 2019[56]. - The weighted average return on net assets was -28.78% in 2020, a decrease of 28.12 percentage points from the previous year[56]. - The company faced its first loss since establishment due to the severe impact of the COVID-19 pandemic and a significant decline in new contracts[129]. - The company recorded a net loss of 185,639.75 million RMB, compared to a profit of 22,252.48 million RMB in the same period last year[138]. Revenue and Operating Results - In 2020, the company achieved operating revenue of RMB 2,302,595.10 million, a decrease of 25.87% compared to the previous year, primarily due to the impact of the COVID-19 pandemic[57]. - The net cash flow from operating activities was RMB 61,073.56 million, down 44.27% from the previous year, attributed to delayed collection plans due to the pandemic[58]. - The company reported a revenue of 2,302,595.10 million RMB, a decrease of 25.87% compared to the same period last year[138]. - Revenue from engineering design and consulting was 2,210,565.88 million RMB, down 5.98% year-over-year[143]. - Revenue from engineering construction and contracting was 17,869,639.91 million RMB, a decrease of 14.87% compared to the previous year[144]. - The equipment manufacturing segment generated revenue of 1,602,715.70 million RMB, down 20.07% year-over-year[145]. - Trade business revenue plummeted by 73.29% to 1,589,019.47 million RMB[146]. Assets and Liabilities - Total assets at the end of 2020 were RMB 5,451,402.43 million, down 2.65% from the end of 2019[55]. - The net assets attributable to shareholders of the listed company decreased to RMB 873,307.42 million, a decline of 22.87% year-on-year, reflecting significant drops in operating performance[58]. - The asset-liability ratio as of December 31, 2020, was 71.32%, a decrease of 1.19 percentage points from the end of 2019[161]. - The total interest-bearing debt was RMB 1,577,361.14 million, a decrease of RMB 49,230.24 million from the end of 2019[161]. - The net interest-bearing debt increased to RMB 922,361.65 million, up RMB 207,819.81 million compared to 2019[161]. Risk Management - The company faces several risks including health risks from COVID-19, cash flow risks, business structure and transformation risks, overseas operation risks, and PPP business risks[4]. - The company is establishing a comprehensive internal control system to manage various risks embedded in business processes[200]. - The company is implementing strict project risk control measures, ensuring that each project is completed successfully and efficiently[193]. Corporate Governance and Compliance - The company received a standard unqualified audit report from Da Xin Accounting Firm[3]. - The board and senior management have confirmed the authenticity and completeness of the financial report[3]. - The company has confirmed that there are no non-operational fund occupations by controlling shareholders and their related parties[4]. - The company has complied with OFAC commitments during the reporting period, ensuring no funds are used for projects in sanctioned countries[119]. Strategic Focus and Future Plans - The company will continue to focus on its operational stability and long-term interests of shareholders in its 2021 business plan[3]. - The chairman emphasized the importance of expanding overseas markets and leveraging domestic opportunities in 2021, aiming for a robust recovery and growth[72]. - The company aims to sign new contracts worth RMB 58 billion in 2021, focusing on reform and risk control while driving innovation[189]. - The company plans to maintain a reasonable level of R&D investment to ensure industry leadership in non-ferrous metal processing and environmental monitoring[153]. Research and Development - Research and development expenses increased by 15.23% to 60,416.28 million RMB[138]. - Total R&D investment reached RMB 642.88 million, accounting for 2.79% of operating revenue, with 15.62% of the workforce dedicated to R&D[151]. - The company is focusing on five key areas for R&D: waste management, critical process technology in the non-ferrous industry, big data services, resource utilization, and public services[152]. Employee Development and Corporate Social Responsibility - The company trained a total of 12,546 employees, including 4,077 management personnel and 5,807 engineering technicians, emphasizing employee development and skills enhancement[97]. - The company has actively engaged in charitable donations, contributing approximately RMB 0.38 million during the reporting period[98]. - The company emphasizes harmonious relationships with stakeholders, balancing employee interests and shareholder returns while promoting a healthy and safe work environment[97]. Market Position and Competitive Strategy - The company is actively expanding its market presence both domestically and internationally, particularly in the aluminum industry[76]. - The company is committed to high-quality development, emphasizing value creation and sustainable profitability through comprehensive reforms[190]. - The company is focusing on green development and expanding into energy-saving and ecological industries to find new profit growth points[188].

Financial Performance - The net profit attributable to shareholders for 2020 was -1,976,138,436.83 RMB, indicating a loss for the year[6]. - The company reported a revenue of RMB 2,302,595.1 million for 2020, a decrease of 25.87% compared to 2019[26]. - The net profit attributable to shareholders was RMB -197,613.84 million, a decline of 5,769.99% year-over-year[26]. - The operating cash flow for 2020 was RMB 61,073.56 million, down 44.27% from the previous year[26]. - The company's net assets attributable to shareholders decreased by 22.87% to RMB 873,307.42 million[28]. - Total assets at the end of 2020 were RMB 5,451,402.43 million, a decline of 2.65% from 2019[28]. - The basic earnings per share for 2020 was -0.02 yuan, not applicable for comparison[28]. - The weighted average return on net assets was -0.66%, a decrease of 28.12 percentage points from the previous year[28]. - The total profit for the year was CNY -182,478.06 million, representing a decline of 629.27% year-on-year[134]. - The company faced its first loss since establishment due to the severe impact of the COVID-19 pandemic and other factors[127]. Dividend and Profit Distribution - The board proposed no cash dividend distribution for 2020, nor any capital reserve transfer to share capital[6]. - As of December 31, 2020, the company's undistributed profits amounted to 65,879,116.76 RMB[6]. - The company's unappropriated profits as of December 31, 2020, amounted to RMB 65,879,116.76[81]. Risks and Challenges - The company faces several risks including health risks from COVID-19, cash flow risks, and overseas operational risks[10]. - The report highlights the potential impact of future economic trends on the company's performance[7]. - The company identified a need to strengthen risk prevention measures due to high balances in "two funds" and an increase in litigation cases[127]. Audit and Compliance - The report includes a standard unqualified audit opinion from Da Xin Certified Public Accountants[5]. - The company emphasizes the importance of accurate financial reporting and the responsibility of its management[4]. - There were no non-operating fund occupations by controlling shareholders or related parties[8]. - The company has not violated decision-making procedures for external guarantees[8]. - The company has not disclosed any significant contracts, transactions, or arrangements involving directors or supervisors that could create a conflict of interest during the reporting period[93]. Operational Highlights - The company maintained its position as a leading provider in the non-ferrous metal industry, ranking 94th in the 2020 Fortune China 500 list and 88th in the Top 250 Global Contractors list[41]. - The company signed a total of 6,175 contracts in 2020, with a cumulative contract amount of RMB 39.588 billion[50]. - The company’s total uncompleted contract amount as of December 31, 2020, was RMB 63.979 billion[52]. - The engineering and construction contracting business accounted for 87% of the company's operations, while EPC projects accounted for 4%[48]. - The company’s completed projects in 2020 generated a total revenue of RMB 17.94 billion, with risks primarily related to payment collection[56]. Research and Development - The company’s research and development expenses increased by 15.23% to CNY 60,416.28 million, reflecting a commitment to innovation[134]. - The total R&D expenditure for the company in 2020 was CNY 642.88 million, representing 2.79% of total revenue, with a focus on enhancing core competitiveness[153]. - The company initiated 21 key research projects, focusing on aluminum electrolysis and resource utilization technologies, aiming to maintain industry leadership in non-ferrous metal processing[156]. - In 2020, the company filed 317 domestic patents, including 157 invention patents, and received 222 domestic patent grants, with 12 international patents granted[59]. Market and Industry Trends - The aluminum industry in China saw production increases in 2020, with alumina, electrolytic aluminum, and aluminum products growing by 0.3%, 4.9%, and 8.6% respectively[49]. - The construction industry in China experienced a 2.9% increase in fixed asset investment in 2020, with infrastructure investment growing by 0.9%[49]. Financial Structure and Debt - The company's total borrowings amounted to RMB 1,577,361.14 million, a decrease of RMB 49,230.24 million from RMB 1,626,591.38 million at the end of 2019[169]. - The net interest-bearing debt at the end of 2020 was RMB 922,361.65 million, an increase of RMB 207,819.81 million compared to RMB 714,541.84 million in 2019[169]. - The company's debt-to-asset ratio as of December 31, 2020, was 71.32%, a decrease of 1.19 percentage points from 72.51% at the end of 2019[169]. Employee Development - The company provided training for 12,546 employees in 2020, including 4,077 management personnel and 5,807 engineering technicians[68]. - The company has a total of 40 PhDs and 1,521 Masters among its workforce, with 2,214 senior technical talents as of December 31, 2020[63].

[Important Notice](index=3&type=section&id=Item%20I.%20Important%20Notice) The Board, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report [Board of Directors, Supervisory Board, and Senior Management Guarantee Report Authenticity](index=3&type=section&id=1.1%20Board%20of%20Directors%2C%20Supervisory%20Board%2C%20and%20Senior%20Management%20Guarantee%20Report%20Authenticity) The Board, Supervisory Board, and senior management collectively assure the accuracy and completeness of the quarterly report - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report content[7](index=7&type=chunk) - Company head Wu Jianqiang, chief accountant Zhang Jian, and head of accounting department Zhang Xiuyin guarantee the truthfulness, accuracy, and completeness of the financial statements[8](index=8&type=chunk) - This third-quarter report is unaudited[9](index=9&type=chunk) [Company Profile](index=3&type=section&id=Item%20II.%20Company%20Profile) This section provides key financial data and details on the company's shareholder structure as of the reporting period end [Key Financial Data](index=3&type=section&id=2.1%20Key%20Financial%20Data) Total assets, net assets, operating cash flow, and revenue decreased, with net profit turning to a loss, and non-recurring gains totaling **CNY 85.29 million** Key Financial Data (Year-to-Date) | Metric | Current Period End / YTD (Jan-Sep) (CNY) | Prior Year End / Prior YTD (Jan-Sep) (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 55,185,175,858.01 | 55,999,463,120.62 | -1.45 | | Net Assets Attributable to Shareholders of Listed Companies | 10,384,364,384.07 | 11,322,059,940.65 | -8.28 | | Net Cash Flow from Operating Activities | -1,303,058,120.69 | -806,050,054.23 | -61.66 | | Operating Revenue | 16,375,848,864.71 | 20,970,677,719.67 | -21.91 | | Net Profit Attributable to Shareholders of Listed Companies | -179,038,206.51 | 22,050,225.58 | Not Applicable | | Net Profit Attributable to Shareholders of Listed Companies (Excluding Non-Recurring Gains and Losses) | -264,332,834.45 | 41,445,715.43 | Not Applicable | | Weighted Average Return on Net Assets (%) | -3.26 | -0.09 | Decreased 3.17 percentage points | | Basic Earnings Per Share (CNY/share) | -0.09 | -0.003 | -2,900 | Non-Recurring Gains and Losses (Year-to-Date) | Item | Amount (CNY) | | :--- | :--- | | Gains and Losses from Disposal of Non-Current Assets | 6,873,635.56 | | Government Subsidies Included in Current Profit and Loss | 14,069,897.89 | | Fund Occupation Fees Collected from Non-Financial Enterprises Included in Current Profit and Loss | 28,502,336.69 | | Debt Restructuring Gains and Losses | 3,566,835.78 | | Reversal of Impairment Provisions for Accounts Receivable and Contract Assets Subject to Separate Impairment Testing | 1,634,284.93 | | Other Non-Operating Income and Expenses | 47,555,998.42 | | Impact on Minority Interests (After Tax) | -32,798.85 | | Income Tax Impact | -18,468,591.83 | | Total | 85,294,627.94 | [Total Shareholders, Top Ten Shareholders, and Top Ten Non-Restricted Shareholders as of the End of the Reporting Period](index=5&type=section&id=2.2%20Total%20Shareholders%2C%20Top%20Ten%20Shareholders%2C%20and%20Top%20Ten%20Non-Restricted%20Shareholders%20as%20of%20the%20End%20of%20the%20Reporting%20Period) The company had **38,154** shareholders, with Aluminum Corporation of China Limited holding **73.56%** and HKSCC Nominees Limited holding **13.5%** - Total shareholders: **38,154** accounts[16](index=16&type=chunk) Top Ten Shareholders' Holdings | Shareholder Name | Shares Held at Period End (shares) | Percentage (%) | Number of Restricted Shares Held (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | Aluminum Corporation of China Limited | 2,176,758,534.00 | 73.56 | 2,176,758,534.00 | State-owned Legal Person | | HKSCC Nominees Limited | 399,476,000.00 | 13.5 | 0 | Other | | Luoyang Nonferrous Metals Processing and Design Research Institute Co., Ltd. | 86,925,466.00 | 2.94 | 86,925,466.00 | State-owned Legal Person | - Aluminum Corporation of China Limited, together with its subsidiaries, holds a total of **2,283,179,000 shares**, representing **77.16%** of the company's total share capital[19](index=19&type=chunk) [Total Preferred Shareholders, Top Ten Preferred Shareholders, and Top Ten Non-Restricted Preferred Shareholders as of the End of the Reporting Period](index=6&type=section&id=2.3%20Total%20Preferred%20Shareholders%2C%20Top%20Ten%20Preferred%20Shareholders%2C%20and%20Top%20Ten%20Non-Restricted%20Preferred%20Shareholders%20as%20of%20the%20End%20of%20the%20Reporting%20Period) This disclosure is not applicable as the company has no preferred shareholders [Significant Events](index=6&type=section&id=Item%20III.%20Significant%20Events) This section details significant changes in financial statement items, explains their causes, and provides a profit warning for the upcoming period [Significant Changes in Major Accounting Statement Items and Financial Indicators of the Company and Their Reasons](index=6&type=section&id=3.1%20Significant%20Changes%20in%20Major%20Accounting%20Statement%20Items%20and%20Financial%20Indicators%20of%20the%20Company%20and%20Their%20Reasons) Significant changes occurred across financial statements, with decreased cash and revenue, increased long-term debt and PPP investments, and a shift to net loss, driven by the pandemic and market competition - **Monetary funds** decreased by **46.84%** from the beginning of the period, primarily due to the redemption of **USD 350 million** senior perpetual bonds and payments for project progress and equipment procurement[22](index=22&type=chunk) - **Other non-current assets** increased by **93.26%** from the beginning of the period, mainly due to increased construction investment in the Yunnan Miyu Expressway PPP project[22](index=22&type=chunk) - **Other payables** decreased by **50.53%** from the beginning of the period, primarily due to the redemption of **USD 350 million** senior perpetual bonds issued at the end of 2016[22](index=22&type=chunk) - **Long-term borrowings** increased by **35.75%** from the beginning of the period, mainly due to the company adjusting its long-term and short-term financing structure by increasing lower-interest long-term borrowings[22](index=22&type=chunk) - **Operating revenue** decreased by **21.91%** year-on-year, primarily due to project suspensions caused by the COVID-19 pandemic at the beginning of the year and a significant decline in trade business volume[27](index=27&type=chunk) - **Net profit attributable to parent company shareholders** was **-CNY 179.04 million**, compared to **CNY 22.05 million** in the same period last year, mainly due to intense competition in the construction industry, reduced revenue from the pandemic, and increased credit impairment losses[27](index=27&type=chunk) - **Net cash flow from operating activities** decreased by **61.66%** year-on-year, primarily due to project owners' tight liquidity and delayed collection plans impacted by the pandemic[28](index=28&type=chunk) - **Net cash flow from investing activities** decreased by **57.56%** year-on-year, mainly because all construction funds for the Yunnan Miyu Expressway PPP project were classified as investing outflows[28](index=28&type=chunk) - **Net cash flow from financing activities** decreased by **92.51%** year-on-year, primarily due to receiving capital for the PPP project while simultaneously redeeming senior USD perpetual bonds[28](index=28&type=chunk) [Explanation of Significant Changes in Major Balance Sheet Items](index=7&type=section&id=(1)%20Explanation%20of%20Significant%20Changes%20in%20Major%20Balance%20Sheet%20Items) Balance sheet items show significant shifts, including decreased cash and notes receivable, alongside increased dividends receivable, non-current assets, and long-term borrowings, reflecting changes in financial management and investment Significant Changes in Major Balance Sheet Items | Item | September 30, 2020 (CNY) | December 31, 2019 (CNY) | Change Percentage | | :--- | :--- | :--- | :--- | | Monetary Funds | 5,329,530,425.20 | 10,025,925,365.07 | -46.84% | | Notes Receivable | 358,952,572.33 | 569,959,008.85 | -37.02% | | Dividends Receivable | 3,431,957.85 | 1,815,949.86 | 88.99% | | Non-Current Assets Due Within One Year | 615,571,061.86 | 405,403,386.22 | 51.84% | | Other Non-Current Assets | 6,658,467,272.76 | 3,445,379,547.40 | 93.26% | | Employee Compensation Payable | 138,448,603.80 | 200,663,502.30 | -31.00% | | Taxes Payable | 160,427,205.69 | 267,058,741.21 | -39.93% | | Other Payables | 2,462,978,097.80 | 4,979,140,933.59 | -50.53% | | Dividends Payable | 94,184,922.00 | 30,000,000.00 | 213.95% | | Long-Term Borrowings | 6,334,811,011.12 | 4,666,498,225.22 | 35.75% | | Deferred Income | 94,164,011.00 | 53,036,425.27 | 77.55% | [Explanation of Significant Changes in Major Income Statement Items](index=7&type=section&id=(2)%20Explanation%20of%20Significant%20Changes%20in%20Major%20Income%20Statement%20Items) Income statement shows decreased revenue and costs, reduced financial expenses, increased other income and asset disposal gains, but negative impacts from investment income and credit impairment, resulting in a net loss Significant Changes in Major Income Statement Items (Year-to-Date) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change Percentage | | :--- | :--- | :--- | :--- | | Operating Revenue | 16,375,848,864.71 | 20,970,677,719.67 | -21.91% | | Operating Costs | 14,925,915,221.99 | 19,079,057,805.17 | -21.77% | | Financial Expenses | 329,085,856.16 | 428,337,019.85 | -23.17% | | Other Income | 44,399,212.71 | 16,937,397.02 | 162.14% | | Investment Income | -14,844,709.19 | 10,274,597.36 | Not Applicable | | Credit Impairment Losses | 4,399,765.84 | -38,517,998.10 | Not Applicable | | Gains from Asset Disposal | 10,385,524.85 | 3,691,442.91 | 181.34% | | Non-Operating Income | 53,767,313.98 | 27,161,363.28 | 97.96% | | Non-Operating Expenses | 3,513,625.73 | 45,664,131.59 | -92.31% | | Net Profit Attributable to Parent Company Shareholders | -179,038,206.51 | 22,050,225.58 | Not Applicable | - **Operating revenue** decreased by **21.91%** year-on-year, primarily due to project suspensions caused by the COVID-19 pandemic at the beginning of the year and a decline in trade business volume due to a shift to internal centralized procurement[27](index=27&type=chunk) - **Net profit attributable to parent company shareholders** was **-CNY 179.04 million**, primarily influenced by intense competition in the construction industry leading to decreased contract volume and gross profit margins, a significant decline in revenue due to the pandemic, and increased credit impairment losses[27](index=27&type=chunk) [Explanation of Significant Changes in Major Cash Flow Statement Items](index=8&type=section&id=(3)%20Explanation%20of%20Significant%20Changes%20in%20Major%20Cash%20Flow%20Statement%20Items) Cash flow statement shows significant year-on-year decreases in net cash from operating, investing, and financing activities, driven by pandemic-related collection delays, increased PPP investments, and perpetual bond redemption Significant Changes in Major Cash Flow Statement Items (Year-to-Date) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change Percentage | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -1,303,058,120.69 | -806,050,054.23 | -61.66% | | Net Cash Flow from Investing Activities | -2,969,235,092.60 | -1,884,555,814.92 | -57.56% | | Net Cash Flow from Financing Activities | 95,521,737.14 | 1,275,774,323.89 | -92.51% | - **Net cash flow from operating activities** decreased by **61.66%** year-on-year, mainly due to the adverse impact of the pandemic, leading to tight liquidity for project owners and delayed collection plans[28](index=28&type=chunk) - **Net cash flow from investing activities** decreased by **57.56%** year-on-year, mainly because all construction funds for the Yunnan Miyu Expressway PPP project were classified as investing outflows[28](index=28&type=chunk) - **Net cash flow from financing activities** decreased by **92.51%** year-on-year, mainly due to receiving **CNY 2.6 billion** in capital for the Yunnan Miyu Expressway PPP project during the current period, while also redeeming **USD 350 million** senior perpetual bonds issued at the end of 2016[28](index=28&type=chunk) [Analysis and Explanation of the Progress, Impact, and Solutions for Significant Events](index=8&type=section&id=3.2%20Analysis%20and%20Explanation%20of%20the%20Progress%2C%20Impact%2C%20and%20Solutions%20for%20Significant%20Events) There were no overdue unfulfilled commitments during the current reporting period [Overdue Unfulfilled Commitments During the Reporting Period](index=9&type=section&id=3.3%20Overdue%20Unfulfilled%20Commitments%20During%20the%20Reporting%20Period) No overdue unfulfilled commitments were present during the reporting period [Warning and Explanation Regarding Potential Cumulative Net Profit Loss or Significant Change Compared to the Same Period Last Year from the Beginning of the Year to the End of the Next Reporting Period](index=9&type=section&id=3.4%20Warning%20and%20Explanation%20Regarding%20Potential%20Cumulative%20Net%20Profit%20Loss%20or%20Significant%20Change%20Compared%20to%20the%20Same%20Period%20Last%20Year%20from%20the%20Beginning%20of%20the%20Year%20to%20the%20End%20of%20the%20Next%20Reporting%20Period) Management anticipates a cumulative net profit loss for the next reporting period due to the COVID-19 pandemic, intense construction industry competition, and increased credit impairment losses from difficult receivable collections - The company anticipates a potential cumulative net profit loss attributable to shareholders of listed companies from the beginning of the year to the end of the next reporting period[31](index=31&type=chunk) - Primary reason: The COVID-19 pandemic at the beginning of the year caused project suspensions or slow resumptions domestically and internationally, severely impacting overall output value targets and leading to a significant year-on-year decline in operating revenue[31](index=31&type=chunk) - Primary reason: Intense competition in the construction industry led to a year-on-year decrease in both the company's total contract volume and gross profit margin for the current year[31](index=31&type=chunk) - Primary reason: The macroeconomic environment resulted in tight liquidity for project owners and difficulties in collecting receivables, leading to a year-on-year increase in credit impairment losses recognized this year[31](index=31&type=chunk) [Appendix](index=10&type=section&id=Item%20IV.%20Appendix) This appendix provides the unaudited financial statements, including balance sheets, income statements, and cash flow statements, along with notes on new accounting standards [Financial Statements](index=10&type=section&id=4.1%20Financial%20Statements) This section presents the unaudited consolidated and parent company balance sheets, income statements, and cash flow statements for the reporting period [Consolidated Balance Sheet](index=10&type=section&id=Consolidated%20Balance%20Sheet) As of September 30, 2020, consolidated total assets were **CNY 55.19 billion**, with total liabilities at **CNY 38.03 billion** and equity attributable to parent company owners at **CNY 10.38 billion** Consolidated Balance Sheet Key Data (September 30, 2020 vs December 31, 2019) | Item | September 30, 2020 (CNY) | December 31, 2019 (CNY) | | :--- | :--- | :--- | | Total Assets | 55,185,175,858.01 | 55,999,463,120.62 | | Total Current Assets | 41,003,607,066.83 | 44,789,901,249.74 | | Total Non-Current Assets | 14,181,568,791.18 | 11,209,561,870.88 | | Total Liabilities | 38,034,755,442.92 | 40,604,083,169.79 | | Total Current Liabilities | 30,900,830,851.45 | 35,191,262,318.54 | | Total Non-Current Liabilities | 7,133,924,591.47 | 5,412,820,851.25 | | Total Equity Attributable to Parent Company Owners | 10,384,364,384.07 | 11,322,059,940.65 | | Minority Interests | 6,766,056,031.02 | 4,073,320,010.18 | [Parent Company Balance Sheet](index=13&type=section&id=Parent%20Company%20Balance%20Sheet) As of September 30, 2020, parent company total assets were **CNY 19.52 billion**, with total liabilities at **CNY 12.60 billion** and total owner's equity at **CNY 6.92 billion** Parent Company Balance Sheet Key Data (September 30, 2020 vs December 31, 2019) | Item | September 30, 2020 (CNY) | December 31, 2019 (CNY) | | :--- | :--- | :--- | | Total Assets | 19,523,500,030.04 | 18,940,794,370.80 | | Total Current Assets | 12,106,666,590.92 | 11,395,850,819.17 | | Total Non-Current Assets | 7,416,833,439.12 | 7,544,943,551.63 | | Total Liabilities | 12,604,192,053.01 | 11,558,383,139.07 | | Total Current Liabilities | 8,500,348,768.01 | 8,564,629,139.07 | | Total Non-Current Liabilities | 4,103,843,285.00 | 2,993,754,000.00 | | Total Owner's Equity | 6,919,307,977.03 | 7,382,411,231.73 | [Consolidated Income Statement](index=15&type=section&id=Consolidated%20Income%20Statement) For the first three quarters of 2020, consolidated operating revenue was **CNY 16.38 billion** (down **21.91%**), with net profit attributable to parent company shareholders turning to a loss of **CNY 179 million** Consolidated Income Statement Key Data (Q1-Q3 2020 vs Q1-Q3 2019) | Item | Q1-Q3 2020 (Jan-Sep) (CNY) | Q1-Q3 2019 (Jan-Sep) (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 16,375,848,864.71 | 20,970,677,719.67 | | Total Operating Costs | 16,470,206,001.72 | 20,708,924,498.91 | | Operating Profit | -50,017,342.80 | 254,303,109.95 | | Total Profit | 236,345.45 | 235,800,341.64 | | Net Profit | -85,087,661.58 | 158,821,100.15 | | Net Profit Attributable to Parent Company Shareholders | -179,038,206.51 | 22,050,225.58 | | Minority Interest Income/Loss | 93,950,544.93 | 136,770,874.57 | | Basic Earnings Per Share (CNY/share) | -0.09 | -0.003 | [Parent Company Income Statement](index=18&type=section&id=Parent%20Company%20Income%20Statement) For the first three quarters of 2020, parent company operating revenue increased to **CNY 1.30 billion**, with net profit significantly rising to **CNY 173 million** Parent Company Income Statement Key Data (Q1-Q3 2020 vs Q1-Q3 2019) | Item | Q1-Q3 2020 (Jan-Sep) (CNY) | Q1-Q3 2019 (Jan-Sep) (CNY) | | :--- | :--- | :--- | | Operating Revenue | 1,304,136,808.48 | 668,003,130.39 | | Operating Costs | 1,258,774,500.81 | 585,571,889.70 | | Financial Expenses | 16,589,362.79 | 168,220,791.49 | | Investment Income | 355,844,409.75 | 270,195,718.16 | | Credit Impairment Losses | -65,149,745.85 | -14,469,606.11 | | Operating Profit | 163,004,607.77 | 2,156,516.78 | | Net Profit | 172,995,435.82 | 7,709,292.19 | | Net Other Comprehensive Income After Tax | 5,832,915.00 | 13,760,369.98 | | Total Comprehensive Income | 178,828,350.82 | 21,469,662.17 | [Consolidated Cash Flow Statement](index=21&type=section&id=Consolidated%20Cash%20Flow%20Statement) For the first three quarters of 2020, consolidated net cash flow from operating activities was **-CNY 1.30 billion**, investing activities **-CNY 2.97 billion**, and financing activities **CNY 96 million** Consolidated Cash Flow Statement Key Data (Q1-Q3 2020 vs Q1-Q3 2019) | Item | Q1-Q3 2020 (Jan-Sep) (CNY) | Q1-Q3 2019 (Jan-Sep) (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -1,303,058,120.69 | -806,050,054.23 | | Net Cash Flow from Investing Activities | -2,969,235,092.60 | -1,884,555,814.92 | | Net Cash Flow from Financing Activities | 95,521,737.14 | 1,275,774,323.89 | | Net Increase in Cash and Cash Equivalents | -4,177,705,875.54 | -1,397,015,517.87 | | Cash and Cash Equivalents at Period End | 4,942,789,574.62 | 4,434,565,998.07 | [Parent Company Cash Flow Statement](index=23&type=section&id=Parent%20Company%20Cash%20Flow%20Statement) For the first three quarters of 2020, parent company net cash flow from operating activities was **-CNY 366 million**, investing activities **-CNY 403 million**, and financing activities **-CNY 76 million** Parent Company Cash Flow Statement Key Data (Q1-Q3 2020 vs Q1-Q3 2019) | Item | Q1-Q3 2020 (Jan-Sep) (CNY) | Q1-Q3 2019 (Jan-Sep) (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -365,958,264.09 | -1,161,169,254.18 | | Net Cash Flow from Investing Activities | -402,614,835.25 | -492,123,831.61 | | Net Cash Flow from Financing Activities | -75,599,141.40 | 565,667,204.70 | | Net Increase in Cash and Cash Equivalents | -841,427,529.90 | -1,087,512,308.57 | | Cash and Cash Equivalents at Period End | 1,478,456,451.74 | 1,096,673,810.03 | [Information on Adjustments to Financial Statements at the Beginning of the First Year of Application of New Revenue Recognition and Lease Accounting Standards from 2020](index=24&type=section&id=4.2%20Information%20on%20Adjustments%20to%20Financial%20Statements%20at%20the%20Beginning%20of%20the%20First%20Year%20of%20Application%20of%20New%20Revenue%20Recognition%20and%20Lease%20Accounting%20Standards%20from%202020) This reporting period does not involve adjustments to financial statements for the initial application of new revenue and lease accounting standards [Explanation of Retrospective Adjustments to Prior Period Comparative Data for the First-Time Application of New Revenue Recognition and Lease Accounting Standards from 2020](index=24&type=section&id=4.3%20Explanation%20of%20Retrospective%20Adjustments%20to%20Prior%20Period%20Comparative%20Data%20for%20the%20First-Time%20Application%20of%20New%20Revenue%20Recognition%20and%20Lease%20Accounting%20Standards%20from%202020) This reporting period does not require retrospective adjustments to prior comparative data for new revenue and lease accounting standards [Audit Report](index=24&type=section&id=4.4%20Audit%20Report) An audit report is not applicable for this unaudited quarterly report

Financial Performance - Operating revenue for the period was CNY 16,375,848,864.71, representing a decline of 21.91% year-on-year[10]. - Net profit attributable to shareholders of the listed company was a loss of CNY 179,038,206.51, compared to a profit of CNY 22,050,225.58 in the same period last year[10]. - Basic earnings per share were CNY -0.09, a decrease of 2,900% compared to CNY -0.003 in the same period last year[10]. - The weighted average return on net assets was -3.26%, a decrease of 3.17 percentage points from -0.09% in the previous year[10]. - The company reported a significant decrease in unallocated profits, which fell to 3.56 billion RMB from 4.02 billion RMB, a decline of 11.53%[41]. - The company's net profit for the first three quarters of 2020 was approximately ¥50.96 million, significantly up from ¥19.93 million in the same period of 2019[50]. - The company's net profit for Q3 2020 was -2,028,695.71 CNY, a significant decrease compared to 63,774,992.26 CNY in Q3 2019[55]. - The total profit for Q3 2020 was 58,684,444.28 CNY, compared to 122,244,317.38 CNY in Q3 2019, showing a decline of approximately 52%[55]. - The company reported a total profit of approximately ¥221.02 million for the third quarter, contrasting with a loss of ¥10.43 million in the same quarter of the previous year[64]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 55,185,175,858.01, a decrease of 1.45% compared to the end of the previous year[10]. - Net cash flow from operating activities was CNY -1,303,058,120.69, a decrease of 61.66% compared to the previous year[10]. - Total current assets decreased to 41.00 billion RMB from 44.79 billion RMB, a decline of 8.20%[35]. - Total non-current assets increased to 14.18 billion RMB from 11.21 billion RMB, an increase of 26.67%[39]. - Total liabilities decreased to 38.03 billion RMB from 40.60 billion RMB, a reduction of 6.45%[41]. - The company's total equity increased to 17.15 billion RMB from 15.40 billion RMB, reflecting an increase of 11.36%[41]. - The company's cash and cash equivalents decreased by 46.84% compared to the beginning of the period, mainly due to the redemption of USD 350 million senior perpetual bonds[22]. - The total cash and cash equivalents at the end of the period were 1,478,456,451.74 RMB, down from 1,096,673,810.03 RMB year-over-year[79]. Cash Flow - The net cash flow from operating activities decreased by 61.66% year-on-year, primarily due to the adverse impact of the pandemic and delayed payment schedules from owners[28]. - The net cash flow from investing activities decreased by 57.56% year-on-year, mainly due to the inclusion of all funds for the construction phase of the Yunnan Miyu Expressway PPP project[28]. - The net cash flow from financing activities decreased by 92.51% year-on-year, with the company receiving 2.6 billion RMB for the Yunnan Miyu Expressway PPP project while redeeming 350 million USD of senior perpetual bonds issued at the end of 2016[28]. - Cash flow from operating activities showed a net outflow of approximately ¥1.30 billion for the first three quarters of 2020, compared to a net outflow of ¥806.05 million in the same period last year[71]. - The net cash flow from operating activities was -365,958,264.09 RMB, an improvement from -1,161,169,254.18 RMB in the same period last year, indicating a 68.4% reduction in losses[76]. - Cash inflow from financing activities reached 14,035,422,787.16 RMB, up from 8,800,000,000.00 RMB, marking a significant increase of 59.0%[78]. Shareholder Information - The total number of shareholders at the end of the reporting period was 38,154[16]. - The largest shareholder, China Aluminum Group Co., Ltd., held 73.56% of the shares[16]. Income and Expenses - The company reported non-operating income and expenses totaling CNY 27,881,465.61 for the period[13]. - Other income increased by 162.14% year-on-year, mainly due to government land subsidies and employment stabilization subsidies recognized[26]. - The company reported a significant increase in other income, totaling approximately ¥320.14 million, compared to only ¥11.90 million in the previous year[64]. - Interest expenses amounted to approximately ¥75.21 million, while interest income was about ¥71.59 million, indicating a net interest expense of approximately ¥3.62 million[64]. - The company reported an investment loss of RMB 14.84 million, primarily due to discount losses on accounts receivable ABS[26]. - Credit impairment losses amounted to RMB 4.40 million, significantly increasing due to tight cash flow from clients and aging receivables[26].

Financial Performance - The company's operating revenue for the first half of the year was CNY 9,946,610,462.50, a decrease of 26.41% compared to CNY 13,516,498,871.86 in the same period last year [20]. - The net profit attributable to shareholders of the listed company was a loss of CNY 143,153,691.94, compared to a profit of CNY 10,061,243.36 in the previous year [20]. - The net cash flow from operating activities was a negative CNY 1,566,940,887.41, worsening from a negative CNY 1,086,851,099.52 in the same period last year, representing a 44.17% increase in cash outflow [20]. - The basic earnings per share for the first half of the year was -CNY 0.07, a decrease of 600.00% compared to the previous year [21]. - The weighted average return on net assets was -2.55%, a decrease of 2.13 percentage points from -0.42% in the previous year [21]. - The total assets decreased by 3.35% to CNY 54,124,028,453.76 from CNY 55,999,463,120.62 at the end of the previous year [18]. - The net assets attributable to shareholders of the listed company decreased by 6.14% to CNY 10,626,746,799.44 from CNY 11,322,059,940.65 [18]. - Non-recurring gains and losses totaled CNY 57,413,162.33, including government subsidies and other income [23]. - The company reported a net profit attributable to shareholders of RMB -0.143 billion for the first half of 2020, a decrease of RMB 0.153 billion compared to the same period last year [58]. - The company reported a total of 161,914.5 thousand RMB in engineering services provided to the Aluminum Corporation of China Group, within the annual limit of 700,000 thousand RMB [125]. Operational Challenges - The company faces risks including COVID-19, policy, market, operational, financial, and overseas operational risks [6]. - The company emphasized its commitment to employee safety and health during the COVID-19 pandemic, with no infections reported among its 14,000 domestic employees and over 40,000 contract workers [24]. - The company faced significant operational challenges due to the COVID-19 pandemic, with projects largely suspended in January and February 2020 [36]. - The company has established a special task force to address historical project issues, employing various methods to mitigate related risks [43]. - The company is currently engaged in various construction projects, with ongoing disputes affecting its operations [118]. Strategic Initiatives - The company aims to strengthen core technology research and innovation, improve quality and efficiency, and stabilize growth while managing risks [25]. - The company is committed to high-quality development and transitioning its development momentum towards intensive and refined management [25]. - The company has implemented a centralized procurement strategy to enhance cost and risk control since 2013, expanding its trade business related to equipment and raw materials [30]. - The company plans to focus on technological innovation as a key to intensive development, addressing industry pain points through targeted research [51]. - The company aims to achieve its annual targets while focusing on deepening reforms and precise management in the second half of the year [46]. Market Position and Industry Impact - The company is a leading provider of technology, engineering services, and equipment in the non-ferrous metals industry, offering comprehensive engineering solutions across various stages of the industry chain [26]. - The engineering and construction contracting business accounts for 83% of the company's operations, with EPC projects making up 7% [31]. - The company has undertaken over 2,000 key national and industry construction projects in engineering design and consulting, along with more than 100 international projects [27]. - The company is actively pursuing market expansion in sectors such as non-ferrous metallurgy, chemical engineering, and municipal projects, with a focus on aluminum applications [48]. Financial Management and Governance - The board of directors and senior management confirm the accuracy and completeness of the financial report [5]. - The company has established a comprehensive internal control system to manage various risks, embedding risk management into business processes [101]. - The company has appointed Da Xin Certified Public Accountants as the auditing firm for the 2020 fiscal year, with a mid-term review fee of RMB 1.17 million [111]. - The company has complied with all provisions of the Corporate Governance Code as of June 30, 2020 [146]. - The company has established an audit committee to oversee communication with external auditors and internal audit functions, ensuring effective internal control systems [149]. Employee and Social Responsibility - The total salary expenditure for the first half of 2020 was RMB 703 million [172]. - The company has established various social insurance schemes, including pension, medical, unemployment, maternity, and work injury insurance [174]. - The company invested RMB 20.92 million in various forms to support poverty alleviation efforts [136]. - A total of 407 registered poor households, comprising 1,576 individuals, have been lifted out of poverty [136]. - The company has provided vocational skills training to 109 individuals during the reporting period [138]. Legal and Compliance Matters - The company has ongoing significant litigation and arbitration matters, with details disclosed in previous announcements [113]. - The company is involved in multiple ongoing legal disputes, including a construction contract dispute with a claim amount of 7,461.06 thousand RMB [118]. - The company has a pending arbitration case related to a construction contract with a claim amount of 8,282.37 thousand RMB [118]. - The company has a legal obligation to pay 5,360.72 thousand RMB plus interest as per a court ruling in a construction dispute [119]. - The company has not engaged in any new business with sanctioned countries during the reporting period [103].

Financial Performance - The company reported a total revenue of RMB 1.2 billion for the first half of 2020, representing a year-on-year increase of 15%[20]. - The net profit attributable to shareholders was RMB 150 million, up 10% compared to the same period last year[20]. - The company's operating revenue for the first half of the year was ¥9,946,610,462.50, a decrease of 26.41% compared to the same period last year[27]. - The net profit attributable to shareholders was -¥143,153,691.94, compared to a profit of ¥10,061,243.36 in the previous year[27]. - The net cash flow from operating activities was -¥1,566,940,887.41, representing a 44.17% decline year-over-year[27]. - The total assets at the end of the reporting period were ¥54,124,028,453.76, down 3.35% from the previous year[27]. - The net assets attributable to shareholders decreased by 6.14% to ¥10,626,746,799.44 compared to the end of the previous year[27]. - The basic earnings per share for the first half of the year was -¥0.07, a decrease of 600.00% from -¥0.01 in the same period last year[27]. - The weighted average return on net assets was -2.55%, a decrease of 2.13 percentage points compared to the previous year[27]. - The company's operating revenue for the first half of 2020 was RMB 9.947 billion, a decrease of RMB 3.57 billion year-on-year, representing a decline of 26.41%[49]. - The net profit attributable to shareholders for the first half of 2020 was a loss of RMB 143 million, a decrease of RMB 153 million year-on-year[62]. - The company's operating costs for the first half of 2020 were RMB 9.017 billion, a decrease of RMB 3.278 billion or 26.66% compared to the previous year[63]. - The company's debt-to-asset ratio improved to 68.91% from 72.51% year-on-year, a decrease of 4.96%[194]. Market and Business Development - The company has secured new contracts worth RMB 800 million during the reporting period, indicating strong market demand[20]. - The company plans to expand its market presence in Southeast Asia, targeting a 25% increase in revenue from this region by 2021[20]. - The company signed new contracts worth 18.258 billion yuan in the first half of 2020, remaining stable compared to the same period last year, with overseas contracts reaching 4.563 billion yuan, doubling from the previous year[50]. - The company is actively engaging in PPP projects, sharing operational risks with government partners while also being responsible for construction and project management[42]. - The company has identified potential acquisition targets in the renewable energy sector to diversify its portfolio and enhance growth prospects[20]. Research and Development - New product development initiatives have been launched, focusing on sustainable engineering solutions, with an investment of RMB 50 million allocated for R&D[20]. - The company completed 137 domestic patent applications in the first half of 2020, with 50% being invention patents, and received 86 domestic authorized patents[44]. - The company has established 6 national-level innovation research platforms and 16 provincial-level innovation platforms and engineering laboratories[44]. - Research and development expenses for the first half of 2020 were RMB 163 million, a decrease of RMB 11 million year-on-year, maintaining the original scale of investment[63]. - The company’s research project on the mechanism of bismuth sulfide concentrate oxygen pressure leaching was approved for funding, marking a significant achievement in scientific research[48]. Operational Efficiency - User data shows an increase in project completions by 20% compared to the previous year, reflecting improved operational efficiency[20]. - The company has maintained its annual operational targets and performance assessment criteria unchanged, ensuring stability in strategic execution[20]. - The company aims to enhance efficiency and quality by improving contract signing rates and project management[54]. - The company implemented a cost reduction strategy, achieving a 3% reduction in procurement costs through a centralized procurement system[53]. Risk Management - The company faces risks including COVID-19 impacts, market volatility, and regulatory changes, which may affect future performance[20]. - The company faces various risks including COVID-19, policy changes, price fluctuations, exchange rate risks, operational challenges, and financial risks[105]. Employee and Social Responsibility - The company maintained a focus on employee safety and health during the COVID-19 pandemic, ensuring no infections among its 14,000 employees[36]. - The company actively participated in pandemic response efforts, including geological surveys for hospital construction in Zhuhai[36]. - The company has established a pension system and other social insurance for employees, ensuring compliance with local regulations[184]. - The company has implemented various training programs for employees, including management skills and overseas exchange programs[184]. - The company invested 20.92 million RMB in various forms for poverty alleviation, including direct financial support and material donations[146]. - The company helped local residents find employment by organizing job fairs and sharing job opportunities through community channels, successfully integrating 2 villagers into its workforce[150]. Corporate Governance - The company has enhanced its governance structure, ensuring effective checks and balances among shareholders, the board, and management, in line with corporate governance codes[155]. - The independent non-executive board consists of three members, ensuring compliance with the Hong Kong Stock Exchange Listing Rules[162]. - The audit committee has been established to oversee external audits, internal controls, and risk management, comprising three directors[162]. - The company is committed to maintaining good corporate governance and protecting shareholder interests[158]. Environmental Compliance - The company has adhered to environmental protection regulations, ensuring compliance and improving its internal environmental management systems[154]. - The company has not experienced any significant environmental incidents or major administrative penalties in the first half of 2020, indicating a stable environmental performance[154]. - The company has implemented comprehensive measures for pollution control at construction sites, achieving 100% compliance in dust and waste management practices[154].

Financial Performance - Operating revenue for the period was CNY 4,063,634,471.40, representing a decline of 33.93% year-on-year[11]. - Net profit attributable to shareholders of the listed company was a loss of CNY 71,337,391.86, compared to a profit of CNY 52,527,151.54 in the same period last year[11]. - Basic earnings per share were CNY -0.04, compared to CNY 0.01 in the previous year[11]. - The weighted average return on net assets was -1.22%, a decrease of 1.56 percentage points year-on-year[11]. - Total operating revenue for Q1 2020 was 4,063,634,471.40, a decrease of 33.9% compared to 6,150,325,840.55 in Q1 2019[49]. - Net profit for Q1 2020 was -43,135,126.87, compared to a net profit of 96,460,831.15 in Q1 2019, indicating a significant decline[51]. - The company reported a loss attributable to shareholders of -71,337,391.86 in Q1 2020, compared to a profit of 52,527,151.54 in Q1 2019[51]. Cash Flow - Net cash flow from operating activities was negative CNY 1,597,419,267.77, a decrease of 34.37% compared to the same period last year[11]. - Cash flow from operating activities was a net outflow of CNY 1,597,419,267.77, a decrease of 34.37% compared to the previous year[30]. - The company reported a net cash flow from operating activities of -CNY 1,597,419,267.77 for Q1 2020, compared to -CNY 1,188,843,987.86 in Q1 2019[60]. - Total cash inflow from operating activities was 648,308,747.72 RMB, compared to 327,243,000.16 RMB in the previous year, reflecting a strong increase[62]. - Cash inflow from investment activities totaled 3,002,504,464.83 RMB, up from 2,071,908,964.48 RMB year-over-year[63]. - The net cash flow from investment activities was -1,637,248,968.50 RMB, compared to -237,857,300.32 RMB in the previous year, indicating a significant increase in cash outflow[63]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 54,859,073,410.68, a decrease of 2.04% compared to the end of the previous year[11]. - Net assets attributable to shareholders of the listed company were CNY 10,839,536,320.22, down 4.26% from the previous year[11]. - Total liabilities decreased from ¥40,604,083,169.79 to ¥37,769,963,254.54, a reduction of about 6.87%[39]. - Current liabilities decreased from ¥35,191,262,318.54 to ¥32,489,579,684.04, a reduction of approximately 7.66%[37]. - Total equity decreased to 6,965,593,874.90 from 7,382,411,231.73, indicating a decline of 5.6%[49]. Shareholder Information - The total number of shareholders at the end of the reporting period was 45,189[17]. - The largest shareholder, China Aluminum Group Co., Ltd., held 73.56% of the shares[17]. Investment and Development - Development expenditures increased by 126.95% to CNY 5,213,681.84, reflecting increased investment in technology research and development[24]. - The company reported a significant increase in long-term equity investments from ¥6,160,668,872.38 to ¥6,191,338,872.38, a growth of about 0.5%[43]. Other Financial Metrics - Non-recurring gains and losses totaled CNY 30,484,012.05 for the period[14]. - Research and development expenses increased to 49,551,513.34 in Q1 2020, up from 43,953,751.65 in Q1 2019, representing an increase of 12.5%[49]. - Other comprehensive income after tax for Q1 2020 was 43,861,238.83, compared to 26,264,832.48 in Q1 2019, showing an increase of 67.2%[51].

Financial Performance - The net profit attributable to shareholders for 2019 was RMB 34,852,562.55, with undistributed profits of RMB 19,930,329.36[3]. - The company's operating revenue for 2019 was CNY 3,105,979.16 million, a decrease of 7.66% compared to 2018[56]. - The net profit attributable to shareholders of the listed company in 2019 was CNY 3,485.26 million, down 88.61% from the previous year[56]. - The net profit after deducting non-recurring gains and losses was CNY -3,882.83 million, a decrease of 117.68% compared to 2018[56]. - The total profit for 2019 was CNY 34,477.33 million, down 47.6% compared to the previous year[96]. - The company's cash flow from operating activities increased by 94.02%, reaching CNY 109,597.68 million[97]. - The basic earnings per share for 2019 was CNY -0.02, a decrease of 125% compared to 2018[57]. - The weighted average return on net assets for 2019 was -0.66%, a decrease of 3.5 percentage points from 2018[57]. Dividend Policy - The proposed cash dividend is RMB 0.036 per share, totaling RMB 10,652,640.00, which accounts for 30.56% of the net profit attributable to shareholders[3]. - The company aims for a minimum cash dividend ratio of 80% during profit distribution when in a mature stage without significant capital expenditure[198]. - The cash distribution ratio should not be less than 20% of the distributable profit in the event of significant capital expenditures[198]. - The company prioritizes cash dividends and plans to distribute at least once a year if conditions are met[197]. - The company will not distribute cash dividends if there are negative operating cash flows or significant investment plans[197]. - The cash dividend policy is designed to ensure sustainable development while considering the interests of all shareholders[197]. - The company plans to roll over the remaining undistributed profits of RMB 9,277,689.36 to the next fiscal year[199]. Risk Management - The company faces various risks including pandemic risk, policy risk, price risk, interest rate risk, operational risk, financial risk, overseas operation risk, and exchange rate risk[6]. - The ongoing COVID-19 pandemic has severely impacted contract signing and project resumption, particularly affecting international business expansion[171]. - The company is exposed to price risks related to materials, subcontracting, and labor costs, which may fluctuate significantly due to various market factors[172]. - The company's large financing scale makes it sensitive to interest rate changes, which could affect financial expenses and economic benefits[173]. - The company has established a robust internal control system to embed risk management into business processes, ensuring effective identification and mitigation of risks[174]. - The company is accelerating risk management by categorizing key project risks and implementing precise measures for real-time tracking, including legal actions and asset disposal to enhance risk resolution and expedite capital recovery[168]. Market Strategy and Expansion - The company aims to establish a market development focus on 30 key cities over five years, targeting a contract amount of RMB 5 billion per city annually, with a revenue goal of RMB 3 billion and a profit target of RMB 100 million[48]. - The company plans to focus on market expansion and new product development in the upcoming fiscal year[59]. - The company is strategically expanding into several overseas markets, aiming to generate substantial revenue and profits from international projects despite potential political and economic uncertainties[174]. - The company is expanding its international business by aligning with the overseas investment strategy of its parent group and leveraging the Belt and Road Initiative[160]. - The company plans to deepen its industry and regional focus, particularly in key areas such as the Beijing-Tianjin-Hebei region, Yangtze River Delta, and Guangdong-Hong Kong-Macau Greater Bay Area, to drive project implementation[159]. Corporate Governance and Compliance - The company received the "Best Corporate Governance Listed Company" award for five consecutive years, highlighting its commitment to governance[64]. - The company emphasizes compliance management by establishing a negative list for production and operations, integrating various supervisory resources to form a comprehensive compliance framework[169]. - The company has complied with OFAC commitments, ensuring no funds are used for projects in sanctioned countries[194]. Research and Development - The company applied for 313 domestic patents in 2019, including 138 invention patents, and received 176 domestic patent grants[84]. - The total R&D investment in 2019 was CNY 861.01 million, accounting for 2.77% of total revenue, with R&D personnel comprising 16.90% of the total workforce[114]. - The company initiated 10 key research projects in 2019, focusing on aluminum electrolysis and environmental monitoring technologies[116]. - The company plans to maintain a reasonable level of R&D investment to ensure industry leadership in non-ferrous metal processing and environmental management[116]. - The company has made substantial progress in developing key technologies for aluminum electrolysis and intelligent mining systems[116]. Operational Performance - The total assets at the end of 2019 were CNY 5,599,946.31 million, reflecting a 14.12% increase from 2018[56]. - The net assets attributable to shareholders of the listed company at the end of 2019 were CNY 1,132,205.99 million, up 11.45% from the previous year[56]. - The company completed 1,476 contracts during the reporting period, generating revenue of RMB 2.576 billion[80]. - The company has established a leading position in the aluminum engineering contracting sector in China, undertaking several large EPC projects in recent years[68]. - The company has a total of 224 qualifications covering all major aspects of the industry, with 3 comprehensive Class A qualifications in surveying and 4 Class A qualifications in design[137]. Human Resources and Training - The company provided training for a total of 15,086 employees in 2019, including 5,033 management personnel, 8,347 engineering technicians, 1,377 production operators, and 329 service and other personnel[180]. - The company is committed to fostering high-end talent and ensuring that its human resources contribute to sustained value creation[163]. Environmental and Safety Standards - The company maintained a zero-accident record in safety, environmental protection, and quality for the year, marking a significant achievement[92]. - The company is committed to green development and expanding into energy-saving and ecological industries to find new profit growth points[155]. - The company reported no safety production accidents throughout 2019, indicating a stable safety production situation[146].

Financial Performance - The net profit attributable to shareholders for 2019 was RMB 34,852,562.55, with undistributed profits of RMB 19,930,329.36[7] - The proposed cash dividend is RMB 0.036 per 10 shares, totaling RMB 10,652,640.00, which accounts for 30.56% of the net profit[7] - The company's operating revenue for 2019 was CNY 3,105,979.16 million, a decrease of 7.66% compared to 2018[32] - The net profit attributable to shareholders for 2019 was CNY 3,485.26 million, representing an 88.61% decline from the previous year[32] - The net profit after deducting non-recurring gains and losses was CNY -3,882.83 million, a decrease of 117.68% year-on-year[32] - Cash flow from operating activities for 2019 was CNY 109,597.68 million, an increase of 94.02% compared to 2018[32] - The total assets at the end of 2019 were CNY 5,599,946.31 million, reflecting a 14.12% increase from the previous year[32] - The basic earnings per share for 2019 was CNY -0.02, a decrease of 125% compared to 2018[34] - The weighted average return on net assets for 2019 was -0.66%, a decrease of 3.5 percentage points from 2018[34] - The total profit for the year was 344.77 million RMB, down 47.6% compared to the previous year[82] - The net profit attributable to the parent company was 34.85 million RMB, reflecting a significant decline of 88.61% year-on-year[82] Business Strategy and Development - The company aims to establish a market development focus on 30 key cities, targeting an annual contract amount of RMB 5 billion per city over five years, with a revenue goal of RMB 30 billion and a profit target of RMB 1 billion[20] - The company operates under the "4+1" business development direction, focusing on non-ferrous metal engineering contracting, municipal and civil engineering contracting, engineering aluminum, engineering consulting services, and overseas business[20] - The company is committed to technology innovation, focusing on new processes, technologies, materials, and equipment in the non-ferrous metal industry[51] - The company plans to maintain a reasonable level of R&D investment to ensure industry leadership in non-ferrous metal processing and environmental monitoring[107] - The company aims to enhance its market presence in emerging and overseas businesses while maintaining its leading position in the traditional non-ferrous industry[156] - The company plans to implement a comprehensive benchmarking initiative to improve management and operational efficiency[158] Risk Management - The company faces various risks including pandemic risk, policy risk, price risk, interest rate risk, operational risk, financial risk, overseas operation risk, and exchange rate risk[9] - The company has established a comprehensive internal control system to manage risks effectively, integrating risk management into business processes[13] - The company emphasizes compliance management and contract review to mitigate operational risks[10] - The company recognizes the impact of interest rate fluctuations on its financial expenses due to its large financing scale[10] Project Management and Operations - The company completed a total of 3,078 projects during the reporting period, with a total value of RMB 680,642 million[124] - The number of ongoing projects reached 4,398, with a total value of RMB 11,266,060 million[125] - The company signed 6,589 new projects during the reporting period, amounting to RMB 47,577 million[132] - The cumulative cost incurred for completed but unsettled projects was RMB 12,213,979.96 million, with an expected loss of RMB 24,687.07 million[132] - The company's subcontracting costs accounted for 55.22% of total project costs in 2019, slightly decreasing from 55.24% in 2018, while material and equipment costs represented 37.43% in 2019, down from 37.78% in 2018[137] Innovation and Research - The company applied for a total of 313 domestic patents in 2019, including 138 invention patents, and has accumulated 7,243 domestic patents as of December 31, 2019[67] - The company has established 6 national-level innovation research platforms and 16 provincial-level innovation platforms as of December 31, 2019[64] - The company is actively pursuing international projects to generate substantial revenue and profits despite potential geopolitical and economic uncertainties[12] Corporate Governance and Compliance - The board of directors and senior management confirm the accuracy and completeness of the annual report[4] - The company received a standard unqualified audit report from Da Xin Accounting Firm[5] - The company was awarded the "Best Corporate Governance Listed Company" for five consecutive years, highlighting its governance improvements[80] - The company confirmed compliance with the OFAC commitment during the reporting period, ensuring no funds were used for projects in sanctioned countries[200] Financial Management - The company's total liabilities to total assets ratio was 72.51% at the end of 2019, a decrease of 0.6 percentage points from 73.11% at the end of 2018[118] - The total interest-bearing debt was RMB 1,626,591.38 million, an increase of RMB 363,727.22 million compared to RMB 1,262,864.16 million at the end of 2018[119] - The company issued USD 350 million senior perpetual bonds in November 2019, with a coupon rate of 5%[139] - The company raised a total of HKD 1,318.0 million from its H-share listing, which has been fully utilized for industrialization and overseas engineering projects[194] Employee Development and Social Responsibility - A total of 15,086 training sessions were conducted for employees in 2019, including 5,033 for management, 8,347 for technical staff, and 1,377 for operational personnel[179] - The company emphasizes a people-oriented approach, focusing on employee development and satisfaction to enhance overall competitiveness[179] - The company made charitable donations totaling approximately RMB 0.94 million during the reporting period[182]