Financial Performance - The company's operating revenue for 2022 was ¥881,748,840.98, a decrease of 2.97% compared to ¥908,759,534.64 in 2021[21]. - The net profit attributable to shareholders for 2022 was ¥97,037,443.74, down 21.78% from ¥124,064,165.93 in the previous year[21]. - The net profit after deducting non-recurring gains and losses was ¥39,345,549.52, a decline of 41.96% compared to ¥67,790,472.80 in 2021[21]. - Basic earnings per share decreased by 19.23% to CNY 0.21 in 2022 from CNY 0.26 in 2021[22]. - The weighted average return on equity decreased by 2.50 percentage points to 8.68% in 2022 from 11.18% in 2021[22]. - The basic earnings per share after deducting non-recurring gains and losses fell by 42.86% to CNY 0.08 in 2022 from CNY 0.14 in 2021[22]. - The decline in revenue and net profit was primarily due to decreased rental rates caused by the pandemic and slower-than-expected project progress[34]. - The company reported a total revenue of approximately ¥579.61 million, with a net profit of -¥41.87 million, indicating a significant loss compared to the previous year[86]. Cash Flow and Assets - The net cash flow from operating activities increased by 37.95% to ¥582,376,996.65 from ¥422,171,890.69 in 2021[21]. - Total assets at the end of 2022 were ¥5,263,068,354.48, a decrease of 1.76% from ¥5,357,244,318.70 at the end of 2021[21]. - The net assets attributable to shareholders were ¥1,123,775,084.83, a slight decrease of 0.51% from ¥1,129,504,765.93 in 2021[21]. - Cash outflow from operating activities decreased by 31.02% to ¥502,344,534.86, indicating improved cash management[71]. - The net increase in cash and cash equivalents was ¥8,917,841.28, contrasting with a significant decrease in the previous year[71]. - Accounts receivable increased by 87.34% to ¥86,626,124.32, attributed to repayment plans with tenants[76]. Operational Highlights - The company manages 73 projects with a total area of over 1.31 million square meters, maintaining a leading position in the industry[55]. - The company has 42 projects under rental operation, with a rental area of approximately 710,000 square meters[47]. - The company operates 28 entrusted projects, with a rental area of about 480,000 square meters[48]. - The company has 3 joint venture projects, with a rental area of approximately 120,000 square meters[49]. - The company is focusing on urban renewal, shifting from "incremental development" to "stock activation" and "connotation enhancement" in response to urbanization trends[45]. Strategic Focus and Market Position - The company aims to focus on two main strategies: customer focus and regional focus, targeting the office and commercial leasing sectors while expanding in Shanghai and Beijing[87]. - The company is positioned as a leading integrated service provider in urban renewal, leveraging over ten years of experience in the cultural and creative industry park operations[86]. - The company is enhancing its brand influence through external promotion and strategic partnerships to expand its market reach[90]. - The company is committed to optimizing shareholder returns while maintaining stable operations in a competitive market[87]. Governance and Compliance - The company has committed to maintaining a transparent governance structure, ensuring compliance with legal and regulatory requirements[99]. - The board of directors and supervisors were fully present at the meetings, ensuring compliance with legal and procedural requirements[104][107][108]. - The company has established specialized committees, including an audit committee and a strategic committee, to enhance governance[127]. Risks and Challenges - The company faces potential risks as outlined in the report, which may impact future performance[5]. - The company is exposed to market risks, including increased difficulty in acquiring project resources and potential declines in rental income due to market saturation[96]. - The company faces risks related to economic fluctuations that may impact demand for its properties, prompting a cautious approach to capital expenditure[95]. Research and Development - Research and development expenses rose by 44.21% to CNY 2,029,872.33, driven by an increase in R&D personnel costs[57]. - The total R&D investment accounted for 0.23% of operating revenue, with no capitalized R&D expenses during the period[68]. Employee and Training Initiatives - The total number of employees in the parent company and major subsidiaries is 634, with 54 sales personnel and 71 technical personnel[132]. - The company has updated its online training model, conducting 28 on-the-job training sessions and onboarding 188 new employees during the reporting period[135]. - The company has a total of 42 employees with a master's degree and 249 with a bachelor's degree, indicating a strong educational background among its workforce[133]. Financial Products and Investments - The company has engaged in multiple structured deposit products with a minimum annualized return of 1.3% and a maximum of 3.4%[193]. - The company has a total of four structured deposit products with a total investment of RMB 20 million, all of which have been confirmed to follow legal procedures[193]. - The company aims to enhance its market presence through the introduction of new financial products and services[200].

2022 年第三季度报告 证券代码：603682 证券简称：锦和商管 上海锦和商业经营管理股份有限公司 2022 年第三季度报告 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人郁敏珺、主管会计工作负责人王晓波及会计机构负责人（会计主管人员）王珏保证季 度报告中财务信息的真实、准确、完整。 主要会计数据和财务指标 单位：元 币种：人民币 | 项目 | 本报告期 | 本报告期比 上年同期增 | 年初至报告期末 | 年初至报告期 末比上年同期 | | --- | --- | --- | --- | --- | | | | 减变动幅度 | | 增减变动幅度 | | | | (%) | | (%) | | 营业收入 | 177,832,969.26 | -30.93 | 698,498,684.62 | ...

Financial Performance - The company's operating revenue for the first half of 2022 was RMB 520,665,715.36, representing a 27.04% increase compared to RMB 409,848,843.53 in the same period last year[19]. - The net profit attributable to shareholders of the listed company decreased by 5.09% to RMB 63,270,797.76 from RMB 66,665,944.96 year-on-year[19]. - The net cash flow from operating activities increased significantly by 161.16% to RMB 243,979,898.86 compared to RMB 93,420,903.00 in the previous year[19]. - Basic earnings per share for the first half of 2022 were RMB 0.13, down 7.14% from RMB 0.14 in the same period last year[21]. - The company reported a decrease of 18.67% in net profit after deducting non-recurring gains and losses, amounting to RMB 37,019,807.25 compared to RMB 45,518,522.37 in the previous year[19]. - The weighted average return on net assets decreased by 0.66 percentage points to 5.45% from 6.11% in the previous year[21]. - The company reported a significant increase in cash flow from operating activities, with a net cash flow of approximately 243.98 million RMB, up 161.16% year-on-year[51]. - The total financial expenses increased by 40.80% to approximately 95.69 million RMB, primarily due to financing costs from recent acquisitions[51]. - The company reported a net profit attributable to shareholders of 63.27 million yuan, a decrease of 5.09% year-on-year, primarily due to delays in construction and slower-than-expected project leasing progress caused by the pandemic[45]. - The company reported a total revenue of approximately ¥1,000,000,000 across various subsidiaries, with Shanghai Jinlin Network Information Technology Co., Ltd. contributing ¥33,653,087.20[65]. Assets and Liabilities - The total assets of the company as of June 30, 2022, were RMB 5,983,890,281.38, an increase of 11.70% from RMB 5,357,244,318.70 at the end of the previous year[20]. - The net assets attributable to shareholders of the listed company increased by 5.65% to RMB 1,193,367,001.27 from RMB 1,129,504,765.93 at the end of the previous year[20]. - The company's total assets included cash and cash equivalents of approximately 177.87 million RMB, a decrease of 27.94% from the previous year[56]. - The company's interest-bearing liabilities remained zero, indicating no financial debt[49]. - The total liabilities rose to CNY 4,678,904,282.94, compared to CNY 4,106,617,331.05, marking an increase of about 13.9%[124]. - The total equity attributable to the parent company for the current period is 1,250,626,987.65, compared to 1,545,674,680.38 in the previous period, reflecting a decrease of approximately 19%[143]. Market and Business Operations - The company operates in the urban renewal sector, focusing on the design, renovation, leasing, and management of old commercial properties[26]. - The urbanization rate in China reached 64.72% by the end of 2021, with major cities like Shanghai and Beijing exceeding 80%, indicating a significant market opportunity for urban renewal[28]. - The company aims to leverage its competitive advantages in the urban renewal chain, including "renewal," "renovation," and "operation" services[31]. - The market for urban renewal is expected to grow, with over 8 million square meters of building area potentially available for conversion into cultural and creative industry parks in major cities[32]. - The company anticipates a gradual recovery in the leasing market in the second half of the year following the impact of the COVID-19 pandemic[33]. - The company is positioned to benefit from national policies promoting urban renewal, which will provide opportunities for renovation and operation of existing buildings[29]. - The company has successfully attracted a diverse range of tenants, including new economy enterprises in sectors such as biomedicine and TMT, enhancing its market position[46]. Dividends and Shareholder Information - The company plans to distribute a cash dividend of RMB 2.20 per 10 shares, totaling RMB 103,950,000.00 based on a total share capital of 472,500,000 shares[5]. - The company held its annual general meeting on May 9, 2022, with 315,346,184 shares represented, accounting for 66.74% of the total voting shares[75]. - The company has committed to not distributing bonus shares or increasing capital through reserves in the current profit distribution plan[80]. - The controlling shareholder has pledged to increase their holdings in the company, alongside other executives, to stabilize the stock price[96]. Environmental and Social Responsibility - The company has implemented smart electricity meter upgrades to enhance energy management and reduce carbon emissions, as over 99% of its carbon emissions come from purchased electricity[83]. - The company emphasizes green operations by managing construction and household waste separately and promoting recycling initiatives[84]. - The company has adopted a green office policy to promote energy-saving practices among employees, including paperless operations[86]. - The company is focused on sustainable development and reducing reliance on non-renewable resources through green design practices in property renovations[85]. Risk Management and Compliance - The company faced risks related to environmental changes, market fluctuations, and recurring pandemic impacts, which could affect business operations and revenue generation[66][67][69]. - The company plans to control capital expenditures and enhance its risk resilience in response to economic uncertainties[66]. - The company has not reported any major litigation or arbitration matters during the reporting period, indicating a stable legal environment[99]. - The company has not received any non-standard audit opinions for the previous annual report, ensuring confidence in its financial statements[99]. Accounting and Financial Reporting - The financial statements are prepared based on the going concern principle, with no significant doubts about the company's ability to continue operations for the next 12 months[160]. - The accounting policies and estimates are tailored to the company's actual production and operational characteristics, ensuring compliance with relevant accounting standards[161]. - The company adheres to the accounting standards set by the Ministry of Finance, ensuring that the financial statements reflect a true and complete picture of its financial status and operating results[162]. - The company uses the equity method to account for investments in joint ventures[174]. - The company recognizes financial assets when the contractual rights to cash flows expire or when the risks and rewards of ownership are transferred[181].

Financial Performance - The company's operating revenue for Q1 2022 was CNY 261,351,671.27, representing a year-on-year increase of 39.78%[5] - The net profit attributable to shareholders for the same period was CNY 31,502,809.20, reflecting a growth of 7.12% compared to the previous year[5] - Basic and diluted earnings per share were both CNY 0.07, marking a 16.67% increase year-on-year[6] - In Q1 2022, the company achieved revenue of RMB 261 million, a year-on-year increase of 39.78%, and a net profit attributable to shareholders of RMB 31.5 million, up 7.12% from the previous year, primarily driven by acquisition projects[15] - The company reported a total comprehensive income of CNY 26,731,610.92 for Q1 2022, compared to CNY 29,431,142.32 in Q1 2021[25] - Net profit for Q1 2022 was CNY 26,731,610.92, a decrease of 9.2% from CNY 29,431,142.32 in Q1 2021[24] - Operating profit for Q1 2022 was CNY 23,824,650.17, down from CNY 27,998,228.81 in Q1 2021[24] Cash Flow and Assets - The net cash flow from operating activities increased significantly by 71.63%, amounting to CNY 159,303,248.25[5] - The company's cash and cash equivalents as of March 31, 2022, amounted to RMB 176 million, down from RMB 247 million at the end of 2021[20] - The company's total assets reached RMB 5.91 billion as of March 31, 2022, compared to RMB 5.36 billion at the end of 2021[21] - Total liabilities increased to RMB 4.63 billion as of March 31, 2022, from RMB 4.11 billion at the end of 2021[22] - The company reported a significant increase in accounts receivable, which rose to RMB 67 million from RMB 46 million year-on-year[20] - The ending balance of cash and cash equivalents was 176,026,580.03, compared to 324,143,593.72 in the previous period[28] Shareholder Information - The company had a total of 21,254 common shareholders at the end of the reporting period[13] - The largest shareholder, Shanghai Jinhua Investment Group Co., Ltd., held 58.00% of the shares[13] Project and Portfolio Expansion - The increase in operating revenue was primarily driven by several completed acquisition projects[10] - The company expanded its portfolio by adding two new projects: Tomorrow Square property management with a total area of approximately 128,000 square meters and Renda Business Building management with an area of about 8,000 square meters, marking significant progress in asset-light collaboration with state-owned enterprises[16][17] - As of the end of the reporting period, the company managed 72 projects with a total area exceeding 1.2 million square meters, doubling the number of managed projects and area since its listing in 2020[17] Operational Stability and Risk Management - The company is committed to enhancing its risk resilience by controlling capital expenditures amid ongoing pandemic uncertainties[18] - The company continues to focus on urban renewal through partnerships with state-owned enterprises, leveraging a light-asset model[17] - The company has implemented strict pandemic prevention measures to ensure operational stability during the reporting period[18] Costs and Expenses - Total operating costs for Q1 2022 were CNY 234,070,526.23, an increase of 38.6% from CNY 169,032,311.56 in Q1 2021[23] - Research and development expenses increased to CNY 479,946.13 in Q1 2022, compared to CNY 151,082.19 in Q1 2021, reflecting a growth of 217.5%[23] Investment Activities - Investment activities resulted in a net cash outflow of CNY 107,809,673.87 in Q1 2022, compared to a net outflow of CNY 304,330,761.66 in Q1 2021[27] - Total cash inflow from financing activities amounted to 978,337.71[28] - Cash outflow for debt repayment was 10,400,000.00[28] - Net cash flow from financing activities was -122,102,208.81, compared to -95,457,357.64 in the previous period[28] - The net increase in cash and cash equivalents was -70,608,634.43, down from -306,972,070.71 year-over-year[28]

Financial Performance - The company's operating revenue for 2021 was ¥908,759,534.64, an increase of 22.93% compared to ¥739,262,605.41 in 2020[21] - The net profit attributable to shareholders for 2021 was ¥124,064,165.93, a decrease of 20.54% from ¥156,135,098.46 in 2020[21] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥67,790,472.80, down 41.73% from ¥116,344,645.11 in 2020[21] - The net cash flow from operating activities increased by 104.32% to ¥422,171,890.69 from ¥206,626,097.49 in 2020[21] - The total assets at the end of 2021 were ¥5,357,244,318.70, a significant increase of 186.28% compared to ¥1,871,335,564.78 at the end of 2020[21] - The basic earnings per share for 2021 were ¥0.26, a decrease of 25.71% from ¥0.35 in 2020[23] - The weighted average return on net assets was 11.18%, an increase of 0.51 percentage points from 10.67% in 2020[23] - The company reported a net cash flow from operating activities of CNY 926.16 million for the year[26] - The company's operating revenue for the reporting period reached 91,906.86 million, a year-on-year increase of 24.3% compared to 73,926.26 million in the same period last year[35] - The net profit attributable to shareholders was 17,759.10 million, reflecting a 13.7% increase from 15,613.51 million in the previous year[35] Revenue Sources and Growth - The company experienced an increase in revenue due to improved overall occupancy rates and several completed acquisitions[24] - In 2021, the company achieved operating revenue of CNY 908.76 million, representing a year-on-year increase of 22.9%[33] - Excluding the impact of the new leasing standards, the company reported operating revenue of CNY 919.07 million, a year-on-year increase of 24.3%[34] - The adjusted net profit attributable to shareholders increased to CNY 177.59 million, reflecting a year-on-year growth of 13.7%[34] - The company completed five acquisitions in 2021, contributing to revenue growth, with expectations for further revenue enhancement in 2022[35] Operational Efficiency and Strategy - The company focuses on urban renewal and the transformation of underperforming commercial properties, aiming to enhance their commercial value[33] - The company emphasizes internal growth and external mergers and acquisitions to support sustainable development amid challenges from the COVID-19 pandemic and economic downturn[33] - The company operates in the service sector, providing design, renovation, leasing, and operational services for old urban properties[33] - The company plans to increase the proportion of light asset models and joint operation models to enhance operational efficiency and expand business scale[37] - The company aims to enhance operational capabilities and provide quality services to large enterprises while promoting the development of small businesses in niche areas[91] Financial Management and Investments - The company reported a net cash outflow from investing activities of ¥297,716,141.52, primarily due to equity acquisition payments related to acquisitions[55] - The company’s actual interest-bearing debt remains zero, despite an increase in the asset-liability ratio due to accounting adjustments[37] - The company has established a private equity fund with a total scale of RMB 1 billion, with a subscribed capital of RMB 890 million, accounting for 89%[78] - The company has a plan for future entrusted wealth management, indicating ongoing investment strategies[185] - The company is focused on risk control by investing in high-security, high-liquidity financial products[184] Corporate Governance and Shareholder Relations - The company emphasizes the importance of maintaining a clear governance structure and protecting the rights of minority shareholders[98] - The company has established a performance evaluation and incentive mechanism for senior management linked to operational performance[99] - The company respects the rights of stakeholders, including creditors, employees, and the community, while focusing on social responsibility[100] - The company has committed to ensuring transparency and compliance with legal regulations regarding information disclosure[101] - The company has conducted a self-examination of its governance practices in accordance with regulatory requirements[101] Environmental and Social Responsibility - The company has received ISO14001 certification for its environmental management system in 2021[146] - The company actively promotes waste management and recycling practices, ensuring compliance with environmental standards[149] - The company focuses on using low-carbon materials and resource recycling in property renovations to minimize environmental impact[150] - The company implemented a green office initiative, promoting paperless operations and energy-saving practices, which aligns with its sustainable development strategy[151] - The company actively participates in social responsibility initiatives and community engagement to foster harmonious relationships with local communities[153] Future Outlook and Projections - The company provided a future outlook with a revenue guidance of 1.8 billion RMB for the next fiscal year, indicating a projected growth of 20%[114] - The company plans to deepen its presence in Shanghai and expand into Beijing and other core cities in the Yangtze River Delta region[90] - The company plans to focus on improving leasing efficiency and occupancy rates, optimizing incentive mechanisms, and enhancing brand influence[92] - The company will continue to expand its business scale and performance through management output, joint ventures, and mergers and acquisitions, while maintaining a cautious approach to acquisitions[92] - The company is expanding its market presence in Southeast Asia, targeting a 15% market share by the end of the next fiscal year[112]

Financial Performance - The company's operating revenue for Q3 2021 was ¥257,449,807.25, representing a year-on-year increase of 38.92%[4] - The net profit attributable to shareholders for Q3 2021 was ¥30,233,063.71, showing a decrease of 23.94% compared to the same period last year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥15,972,238.87, down 48.47% year-on-year[5] - The company experienced a 19.39% increase in revenue year-to-date, totaling ¥667,298,650.78[4] - The net profit attributable to shareholders for the year-to-date was ¥96,899,008.67, down 18.70% year-on-year[4] - The company's operating revenue for Q3 2021 reached CNY 66,932.29 million, representing a year-on-year increase of 19.76% after excluding the impact of the new leasing standards[20] - The net profit attributable to shareholders for Q3 2021 was CNY 13,694.63 million, up 14.90% year-on-year when adjusted for the new leasing standards[20] - Total profit for Q3 2021 was ¥124,190,125.51, down 21.6% from ¥158,653,683.19 in the same period last year[28] - Operating profit for Q3 2021 was ¥90,905,263.63, a decline of 36.0% from ¥142,141,064.29 in Q3 2020[28] - Basic earnings per share for Q3 2021 were ¥0.21, compared to ¥0.28 in Q3 2020, reflecting a decrease of 25.0%[29] Assets and Liabilities - The total assets at the end of the reporting period were ¥5,149,681,628.66, an increase of 175.19% compared to the end of the previous year[5] - The total assets as of September 30, 2021, amounted to CNY 5,149.68 million, a significant increase from CNY 1,871.34 million at the end of 2020[24] - The company's total liabilities reached CNY 4,016.54 million, compared to CNY 325.66 million at the end of 2020[25] - Total assets increased from 1,871,335,564.78 to 4,006,720,782.98, a rise of 114.8%[37] - Total liabilities rose significantly from 325,660,884.40 to 2,949,655,031.40, marking an increase of 804.5%[37] - Shareholders' equity decreased from 1,545,674,680.38 to 1,057,065,751.58, a decline of 31.6%[38] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥256,628,451.61, an increase of 174.56%[5] - Cash flow from operating activities for the first three quarters of 2021 was ¥256,628,451.61, significantly up from ¥93,470,269.04 in the same period of 2020[31] - Cash flow from investing activities for the first three quarters of 2021 showed a net outflow of ¥219,784,470.06, an improvement from a net outflow of ¥528,212,765.02 in the previous year[32] - Total cash and cash equivalents at the end of Q3 2021 were ¥268,060,815.63, down from ¥378,205,489.40 at the end of Q3 2020[32] - The company reported a decrease in cash and cash equivalents from CNY 629.23 million at the end of 2020 to CNY 268.81 million by September 30, 2021[23] Operational Developments - The company attributed the revenue growth to improved occupancy rates and contributions from acquisition projects[9] - The overall rental rate of projects improved compared to the severe pandemic period in 2020, contributing to revenue growth[19] - The company signed a contract for the Xiangde Road project in Hongkou District, covering over 10,000 square meters, marking its first project in the area[15] - The company completed two acquisitions, including a 31.304% stake in Beijing Tongchang Shengye Urban Renewal Technology Development Co., enhancing operational control over two ongoing projects[16] - The company also acquired 100% of Shanghai Shaojin Enterprise Management Co., which operates the Happiness Li·Rui Garden project, expanding its operational scale[16] - As of the report date, the company managed 70 projects with a total management area of approximately 1.1 million square meters[16] - The company operates under three models: leasing operation, equity operation, and entrusted operation, with 44 leasing projects covering about 720,000 square meters available for rental[17] - The company’s strategy focuses on urban renewal and enhancing the commercial value of old properties, benefiting small and medium-sized cultural and creative enterprises[14] - The company’s dual-driven development strategy combines commercial operation and property management to provide quality asset management services[14] - The company plans to increase the proportion of light asset models and joint operation models to enhance operational efficiency and expand business scale[20] Expenses - Research and development expenses for Q3 2021 were ¥730,654.05, a decrease of 50.9% from ¥1,486,992.00 in Q3 2020[28] - Sales expenses for Q3 2021 increased to ¥24,082,206.31, up 70.4% from ¥14,139,705.54 in Q3 2020[28] - Financial expenses for Q3 2021 were ¥110,000,192.81, compared to a financial income of ¥604,009.86 in Q3 2020, indicating a significant shift in financial performance[28]

Financial Performance - The company's operating revenue for the first half of 2021 was RMB 409,848,843.53, representing a 9.71% increase compared to RMB 373,584,593.62 in the same period last year[17]. - The net profit attributable to shareholders decreased by 16.08% to RMB 66,665,944.96 from RMB 79,436,740.74 year-on-year[17]. - The net profit after deducting non-recurring gains and losses fell by 21.49% to RMB 45,518,522.37 compared to RMB 57,976,528.12 in the previous year[17]. - Cash flow from operating activities increased by 15.72% to RMB 93,420,903.00 from RMB 80,732,084.48 in the same period last year[17]. - The basic earnings per share decreased by 26.32% to RMB 0.14 from RMB 0.19 in the same period last year[18]. - The weighted average return on net assets decreased by 0.79 percentage points to 6.11% from 6.90% year-on-year[19]. - The company reported a net profit of approximately ¥21.15 million for the first half of 2021, with non-operating income primarily from compensation for the demolition of properties amounting to ¥22.39 million[22]. - The company achieved operating revenue of 409.85 million yuan in the first half of 2021, representing a year-on-year increase of 9.71%[36]. - Net profit attributable to shareholders was 66.67 million yuan, a decrease of 16.08% year-on-year, primarily due to the new leasing standards and new projects in the ramp-up phase[36]. - After adjusting for the new leasing standards, net profit attributable to shareholders increased by 17.64% to 93.45 million yuan[39]. Assets and Liabilities - Total assets increased significantly by 178.98% to RMB 5,220,645,276.49 from RMB 1,871,335,564.78 at the end of the previous year[17]. - The net assets attributable to shareholders decreased by 33.94% to RMB 1,020,829,794.36 from RMB 1,545,208,964.87 at the end of the previous year[17]. - The implementation of new leasing standards increased the company's asset-liability ratio from 17.40% at the end of 2020 to 78.91% by June 2021, although actual interest-bearing liabilities remained unchanged[40]. - Total liabilities reached RMB 781,186,832.48, compared to RMB 315,926,980.20, marking an increase of approximately 147.0%[111]. - The total liabilities at the end of the current period were approximately ¥1,020,829,794.36, which indicates a need for careful management of debt levels[138]. Cash Flow and Investments - The company reported a net cash flow from operating activities of 93.42 million yuan, an increase of 15.72% year-on-year[44]. - Cash and cash equivalents decreased by 44.41% to ¥349.81 million, primarily due to external investments and dividends[47]. - Accounts receivable increased by 104.65% to ¥48.53 million, attributed to the growth in project management scale[47]. - The company reported a significant decrease in investment income, which was CNY 57,143,214.33 for the first half of 2021, down from CNY 144,849,706.66 in the same period of 2020[123]. - The net cash flow from investment activities was negative CNY 70,728,763.43, an improvement from negative CNY 109,484,891.26 in the same period last year[131]. Operational Developments - As of the reporting period, the company operated 43 rental projects with a total leasable area of approximately 720,000 square meters[28]. - The company has three equity-operated projects with a total leasable area of approximately 110,000 square meters[28]. - The company is engaged in 22 entrusted operation projects, covering an operational area of approximately 210,000 square meters[28]. - The company has established a comprehensive value chain management system, enhancing its ability to quickly replicate projects across regions and cities[30]. - The company has developed a smart park management system to enhance operational efficiency and reduce costs, thereby increasing tenant retention[32]. Market and Industry Outlook - The urban renewal sector is expected to grow significantly, with over 80 million square meters of building area potentially released for cultural and creative industry parks in first-tier cities[27]. - The urbanization rate in China is projected to rise from over 60% in 2020 to 65% by the end of 2035, indicating a growing demand for urban renewal services[25]. - The establishment of a city renewal fund in Shanghai with a total scale of approximately ¥80 billion aims to support urban renewal projects[26]. Corporate Governance and Compliance - The company held its 2020 annual general meeting on April 23, 2021, to elect new members for the board of directors and supervisory board[63]. - The company confirmed compliance with commitments made by its actual controller and shareholders, including a 36-month lock-up period for shares post-IPO[70]. - The company will adhere to regulations regarding share reduction and information disclosure as stipulated by the China Securities Regulatory Commission and the Shanghai Stock Exchange[71]. - There were no significant lawsuits or arbitration matters reported during the reporting period, indicating a stable legal environment for the company[82]. - The company has not faced any violations or penalties related to its directors, supervisors, or senior management during the reporting period, maintaining a good integrity status[82]. Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period is 20,789[99]. - Shanghai Jinhe Investment Group holds 274,050,000 shares, representing 58.00% of total shares[101]. - The total number of shares held by the top ten shareholders includes significant stakes from various investment partnerships[101]. - The company has undergone its first public offering, leading to the release of several restricted shares in 2021[98]. Accounting Policies and Financial Reporting - The financial statements are prepared in accordance with the accounting standards issued by the Ministry of Finance, ensuring a true and complete reflection of the company's financial status as of June 30, 2021[152]. - The company follows specific accounting policies and estimates tailored to its operational characteristics, including revenue recognition and long-term deferred expenses[151]. - The company recognizes impairment losses for long-term equity investments when the carrying amount exceeds the recoverable amount, limiting the write-down to the investment's carrying value[187].

2021 年第一季度报告 公司代码：603682 公司简称：锦和商业 上海锦和商业经营管理股份有限公司 2021 年第一季度报告 1 / 27 | 一、 | 重要提示 3 | | --- | --- | | 二、 | 公司基本情况 3 | | 三、 | 重要事项 6 | | 四、 | 附录 8 | 2021 年第一季度报告 一、 重要提示 1.4 本公司第一季度报告未经审计。 二、 公司基本情况 2.1 主要财务数据 非经常性损益项目和金额 3 / 27 单位：元 币种：人民币 本报告期末 上年度末 本报告期末比上年度 末增减(%) 总资产 4,076,869,451.77 1,871,335,564.78 117.86% 归属于上市公司股东的 净资产 1,087,202,770.91 1,545,208,964.87 -29.64% 年初至报告期末 上年初至上年报告期末 比上年同期增减(%) 经营活动产生的现金流 量净额 92,816,048.59 23,562,143.39 293.92% 年初至报告期末 上年初至上年报告期末 比上年同期增减（%） 营业收入 186,976,111.67 192,979, ...

Financial Performance - The company's operating revenue for 2020 was RMB 739,262,605.41, a decrease of 10.06% compared to RMB 821,960,789.98 in 2019[22]. - The net profit attributable to shareholders for 2020 was RMB 156,135,098.46, down 12.78% from RMB 179,010,201.76 in 2019[22]. - The net profit attributable to shareholders after deducting non-recurring gains and losses decreased by 30.65% to RMB 116,344,645.11 in 2020[22]. - The net cash flow from operating activities was RMB 206,626,097.49, a decline of 22.15% from RMB 265,401,407.45 in 2019[22]. - Basic earnings per share for 2020 were RMB 0.35, down 25.53% from RMB 0.47 in 2019[23]. - The weighted average return on equity decreased by 11.91 percentage points to 10.67% in 2020[23]. - Total revenue for the first quarter was approximately CNY 192.98 million, with a decline to CNY 180.60 million in the second quarter, followed by CNY 185.32 million in the third quarter, and CNY 180.36 million in the fourth quarter[26]. - Net profit attributable to shareholders was CNY 43.05 million in the first quarter, decreasing to CNY 36.39 million in the second quarter, then CNY 39.75 million in the third quarter, and CNY 36.95 million in the fourth quarter[26]. - The company reported a net profit of approximately ¥188.35 million for 2020, with a proposed cash dividend of ¥2.2 per 10 shares, totaling ¥103.95 million[81]. - The company reported a total cash inflow of 750,909,936.08 from operating activities, compared to 481,776,698.21 in the previous year, reflecting overall operational cash generation[189]. Assets and Liabilities - The total assets increased by 45.86% to RMB 1,871,335,564.78 at the end of 2020, compared to RMB 1,282,990,243.66 at the end of 2019[22]. - The net assets attributable to shareholders rose by 75.10% to RMB 1,545,208,964.87 at the end of 2020[22]. - Total assets as of the end of 2020 amounted to ¥1,615,035,940.76, an increase from ¥1,052,071,360.47 in 2019[177]. - Total liabilities for 2020 were ¥87,933,640.78, a decrease from ¥219,938,213.51 in 2019[177]. - Shareholders' equity at the end of 2020 was ¥1,527,102,299.98, up from ¥832,133,146.96 in 2019[177]. - Total liabilities decreased to CNY 325,660,884.40 in 2020 from CNY 400,243,355.84 in 2019, a reduction of about 19%[172]. - Shareholders' equity rose significantly to CNY 1,545,674,680.38 in 2020, compared to CNY 882,746,887.82 in 2019, representing an increase of approximately 75%[172]. Cash Flow - The cash flow from operating activities for 2020 was ¥206,626,097.49, down from ¥265,401,407.45 in 2019, reflecting a decrease of about 22.1%[186]. - The cash flow from investing activities showed a net outflow of ¥211,330,072.83 in 2020, compared to a net outflow of ¥99,714,924.45 in 2019[187]. - The cash flow from financing activities generated a net inflow of ¥451,711,642.82 in 2020, contrasting with a net outflow of ¥186,916,379.82 in 2019[187]. - The ending balance of cash and cash equivalents increased to 383,564,832.99 from 58,512,345.86, indicating improved liquidity[190]. Operational Strategy - The company operates 25 rental projects with a total leasable area of approximately 570,000 square meters, and has secured a new project in Shanghai with an area of about 3,600 square meters[33]. - The company adjusted its leasing strategy to maintain occupancy rates amid the pandemic, implementing targeted measures for client retention[43]. - The company aims to assist urban renewal by improving the commercial value of old properties through design, renovation, and operation[33]. - The company plans to enhance occupancy rates through optimized recruitment strategies and a more market-aligned approach, aiming to improve client retention and brand influence[75]. Investments and Acquisitions - The company is pursuing mergers and acquisitions, having signed a letter of intent to acquire shares in a related company, marking a strategic expansion[42]. - The company intends to pursue mergers and acquisitions, with a specific project involving Yicheng Creative in the pipeline for the first half of the year[75]. Research and Development - The company’s research and development expenses increased by 19.14% to CNY 1.88 million, reflecting a focus on innovation[47]. - Research and development expenses for 2020 were ¥1,880,830.85, an increase from ¥1,578,609.34 in 2019[178]. Shareholder Information - The company has a cash dividend policy that includes a minimum distribution ratio, ensuring reasonable returns to investors[80]. - The company reported a cash dividend distribution of ¥179.55 million for the first half of 2020, with a total of ¥283.5 million in cash dividends for the year[82]. - The company’s total share capital increased from 378 million shares to 472.5 million shares following the issuance of 94.5 million new shares[115]. - The largest shareholder, Shanghai Jinheng Investment Group, holds 274,050,000 shares, representing 58.00% of the total shares[122]. Corporate Governance - The company strictly adheres to corporate governance regulations, ensuring clear responsibilities among its governance structures and protecting the rights of minority shareholders[149]. - The board of directors held a total of 10 meetings during the year, with 8 conducted via a combination of in-person and remote attendance[152]. - The company maintains complete independence from its controlling shareholder in terms of personnel, assets, finance, and operations[150]. Social Responsibility - The company actively fulfills its social responsibilities, focusing on service quality, environmental protection, and employee rights[109]. - The company has not disclosed any environmental information as it does not fall under the category of key pollutant discharge units[110]. Audit and Compliance - The company has established internal controls to mitigate the risk of material misstatements in financial reporting[166]. - The audit report emphasizes the importance of ongoing business viability assessments by management[167]. - The company has a standard unqualified opinion on its internal control audit report, indicating no significant deficiencies were found[155].

2020 年第三季度报告 公司代码：603682 公司简称：锦和商业 上海锦和商业经营管理股份有限公司 2020 年第三季度报告 1 / 27 | 目录 | | --- | | 一、 | 重要提示 | 3 | | --- | --- | --- | | 二、 | 公司基本情况 | 3 | | 三、 | 重要事项 | 6 | | 四、 | 附录 | 9 | 2020 年第三季度报告 一、 重要提示 1.1 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 1.2 公司全体董事出席董事会审议季度报告。 1.3 公司负责人郁敏珺、主管会计工作负责人王晓波及会计机构负责人（会计主管人员）王珏保 证季度报告中财务报表的真实、准确、完整。 1.4 本公司第三季度报告未经审计。 二、 公司基本情况 2.1 主要财务数据 3 / 27 单位：元 币种：人民币 本报告期末 上年度末 本报告期末比上年度 末增减(%) 总资产 2,017,265,594.06 1,282,990,243.66 57.23 归属于上市公司股 东的净 ...