在本法律意见书中，本所律师仅对本次会议召集和召开的程序、出席本次会议人 员的资格及表决程序是否符合有关法律和公司章程的规定以及本次会议审议议案的表 决结果发表意见，并不对本次会议所审议的议案内容以及该等议案所表述的事实或数 据的真实性和准确性发表意见。本所律师假定公司提交给本所律师的资料（包括但不 限于有关人员的居民身份证、股票账户卡、授权委托书、营业执照等）真实、完整， 资料上的签字和/或印章均是真实的，资料的副本或复印件均与正本或者原件一致。 本所律师按照律师行业公认的业务标准、道德规范和勤勉尽责的精神，对与出具 本法律意见书有关的资料和事实进行了核查和验证，现发表法律意见如下： 海问律师事务所 HAIWEN & PARTNERS 北京市海问律师事务所 关于永安行科技股份有限公司 2023 年第二次临时股东大会的 法律意见书 致：永安行科技股份有限公司 根据《中华人民共和国证券法》《中华人民共和国公司法》《上市公司股东大会 规则》（以下统称"有关法律"）及《永安行科技股份有限公司章程》（以下称"公司章 程"）的规定，北京市海问律师事务所（以下称"本所"）作为永安行科技股份有限公司 （以下称"公司"）的特聘 ...

永安行科技股份有限公司 2023 年第二次临时股东大会 会议文件 2023 年 9 月 15 日 永安行科技股份有限公司 2023 年第二次临时股东大会会议文件 目 录 | 1、2023 | 年第二次临时股东大会会议须知 …………………………………………………………03 | | --- | --- | | 2、2023 | 年第二次临时股东大会会议议程 …………………………………………………………04 | | | 3、议案一：《关于回购注销激励对象已获授但尚未解除限售的限制性股票的议案》………… 05 | | | 4、议案二：《关于变更注册资本、住所暨修订<公司章程>的议案》…………………………… 07 | 2 永安行科技股份有限公司 2023 年第二次临时股东大会会议文件 永安行科技股份有限公司 四、如股东拟在本次股东大会上发言，应于会议开始前在签到处登记并填写"股东发言登记 表"。股东发言或提问应围绕本次会议议题进行，简明扼要，建议每次发言时间不超过三分钟。 五、股东要求发言时，不得打断会议报告人的报告或其他股东发言，在进行表决时，股东 不再进行大会发言。股东违反上述规定，大会主持人有权拒绝和制止。 六、 ...

Financial Performance - The company reported a significant increase in revenue for the first half of 2023, with total revenue reaching 500 million RMB, representing a 20% year-over-year growth[13]. - The company's operating revenue for the first half of 2023 was ¥276,065,535.53, a decrease of 26.17% compared to ¥373,931,483.16 in the same period last year[21]. - The net profit attributable to shareholders for the first half of 2023 was ¥34,515,869.35, down 43.94% from ¥61,574,229.51 in the previous year[21]. - The basic earnings per share decreased by 44.44% to ¥0.15 from ¥0.27 in the previous year[22]. - The diluted earnings per share fell by 48.15% to ¥0.14 from ¥0.27 in the same period last year[22]. - The company reported a significant decrease of 120.44% in net profit after deducting non-recurring gains and losses, resulting in a loss of ¥2,221,397.20[23]. - The total comprehensive income for the first half of 2023 was CNY 33,902,481.36, down from CNY 59,238,747.19, representing a decline of about 42.7%[143]. - The company reported a net loss of RMB 29.85 million in profit distribution, which is a notable increase from the previous year's loss of RMB 22.96 million[163]. User Growth and Market Expansion - User data indicates that the number of active users has grown to 1.2 million, an increase of 15% compared to the same period last year[13]. - The company is expanding its market presence by entering three new cities, aiming to increase its user base by 30% in these regions[13]. - The company has expanded its shared mobility services to approximately 300 cities and regions across China, leveraging its platform resources for future business development[51]. Product Development and Innovation - New product development includes the launch of a smart bike-sharing system, which is expected to contribute an additional 100 million RMB in revenue by the end of 2023[13]. - The company is investing 20 million RMB in research and development for new energy solutions, including hydrogen-powered bicycles[13]. - The company has developed new hydrogen fuel cells, HE-800 and HE-1000, for hydrogen scooters and tricycles, indicating ongoing innovation in product development[54]. - The company is focusing on developing safer, more energy-efficient, and environmentally friendly hydrogen-powered bicycles to meet increasing consumer demands[32]. Financial Position and Assets - The company's total assets increased by 4.11% to ¥4,911,060,020.21 compared to ¥4,717,126,548.15 at the end of the previous year[21]. - The company's total liabilities amounted to CNY 1.569 billion, with current liabilities at CNY 612 million and non-current liabilities at CNY 957 million[130]. - The company's cash and cash equivalents decreased by 45.04% to ¥414,061,698, accounting for 8.43% of total assets[57]. - The company's receivables financing increased by 350% to ¥1,800,000, primarily due to an increase in acceptance bills[57]. Strategic Initiatives - The company has initiated a strategic acquisition of a local tech firm for 50 million RMB to enhance its data analytics capabilities[13]. - The company plans to increase hydrogen business revenue significantly over the next 2-3 years, supported by the establishment of local standards for hydrogen-powered bicycles[53]. - The company aims to establish a green hydrogen ecosystem for the production, refueling, and use of hydrogen, with hydrogen-powered two-wheelers expected to become the main source of revenue in the next 2-3 years[33]. Risks and Challenges - The company faces risks related to government support for bicycle transportation, which could impact market capacity and profitability if support decreases[72]. - The company is exposed to cost fluctuations in raw materials, particularly electronic components, which could affect gross margins on service projects[73]. - Accounts receivable primarily from government clients face collection risks due to macroeconomic conditions, prompting the establishment of a dedicated collection team[76]. Corporate Governance and Compliance - The board of directors has confirmed the accuracy and completeness of the financial report, with no significant omissions or misleading statements[6]. - The company has not proposed any profit distribution or capital reserve transfer plans for the half-year period[81]. - The company has established a compensation fund to protect investors' rights in case of losses due to false statements[95]. - The company appointed Rongcheng Accounting Firm as the auditor for the 2023 financial report and internal control audit[96]. Shareholder Information - The largest shareholder, Sun Jisheng, holds 79,400,092 shares, representing 34.13% of the total shares[111]. - The company’s repurchase account holds 2,750,000 shares, representing 1.18% of the total shares[112]. - The company had a total of 15,134 common shareholders as of the end of the reporting period[109]. Cash Flow and Liquidity - The company's cash and cash equivalents decreased from CNY 753 million as of December 31, 2022, to CNY 414 million as of June 30, 2023[133]. - The net cash flow from operating activities increased by 4.78% to ¥77,912,648.13, compared to ¥74,355,768.31 in the same period last year[21]. - The cash outflow from investing activities was ¥970,089,590.66, up from ¥852,496,703.46 in the previous year, reflecting a rise of 13.8%[153]. Environmental Responsibility - The company is committed to environmental responsibility, utilizing solar energy and developing hydrogen fuel cell products to reduce carbon emissions[88]. - The company aims to provide low-carbon transportation solutions, including hydrogen bicycles and solar-powered charging systems, to improve urban traffic conditions[87].

永安行科技股份有限公司 关于召开 2023 年半年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并 对其内容的真实性、准确性和完整性承担个别及连带责任。 转债代码：113609 债券简称：永安转债 证券代码：603776 证券简称：永安行 公告编号：2023-046 重要内容提示： 投资者可于 2023 年 9 月 4 日(星期一) 至 9 月 8 日(星期五)16:00 登录上证路演中心网站首 页点击"提问预征集"栏目或通过公司邮箱 eversafe@ibike668.com 进行提问。公司将在说明会上对投 资者普遍关注的问题进行回答。 永安行科技股份有限公司（以下简称"公司"）已于 2023 年 8 月 31 日发布公司 2023 年半年度报 告，为便于广大投资者更全面深入地了解公司 2023 年半年度经营成果、财务状况，公司计划于 2023 年 9 月 11 日上午 11:00-12:00 举行 2023 年半年度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2023 年半年度的经营成果及财 ...

证券代码：603776 证券简称：永安行 公告编号：2023-039 转债代码：113609 债券简称：永安转债 永安行科技股份有限公司 关于使用部分闲置募集资金进行现金管理到期赎回并 继续进行现金管理的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 履行的审议程序：该事项经公司第四届董事会第二次会议、第四届监事会第二次会议审 议通过，公司独立董事、保荐机构已分别对此发表了同意意见。 一、前次理财产品到期赎回的情况 单位：万元 | 受托方名称 | 产品名称 | | 购买 | 赎回 | 起始日 | 到期日 | 理财 | 实际收 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 金额 | 金额 | | | 期限 | 益金额 | | 中国国际金 | 中金公司指数 | A | | | | | | | | 融股份有限 | 系列 期收益 623 | | 5,000 | 5,000 | 2023-2-7 | 2023-8-7 | 天 ...

Financial Performance - The company's operating revenue for Q1 2023 was ¥124,718,382.83, a decrease of 26.55% compared to the same period last year[3] - Net profit attributable to shareholders was ¥10,188,595.11, down 17.64% year-over-year[3] - Basic and diluted earnings per share were both ¥0.04, reflecting a decline of 20.00% compared to the previous year[3] - Net profit for Q1 2023 was ¥9,488,455.70, a decline of 21.3% from ¥12,022,500.32 in Q1 2022[19] - The company’s total comprehensive income for Q1 2023 was ¥9,613,985.09, compared to ¥12,277,696.17 in Q1 2022, reflecting a decrease of 21.7%[19] Cash Flow - The net cash flow from operating activities increased by 207.40%, reaching ¥54,551,826.85, primarily due to an increase in receivables collection[6] - In Q1 2023, the company reported cash inflows from operating activities of CNY 231,268,640.88, an increase of 29.7% compared to CNY 178,274,865.56 in Q1 2022[21] - The net cash flow from operating activities was CNY 54,551,826.85, a significant improvement from a negative cash flow of CNY -50,793,465.87 in the same period last year[21] - Cash outflows for purchasing goods and services decreased to CNY 35,405,582.68 from CNY 59,260,986.41, representing a reduction of 40.2%[21] - The company experienced a net cash outflow from investing activities of CNY -515,109,451.01, an improvement from CNY -660,188,953.19 in Q1 2022[22] - Cash inflows from financing activities totaled CNY 180,000,000.00, compared to CNY 12,000,000.00 in the previous year, marking a substantial increase[22] Assets and Liabilities - Total assets at the end of the reporting period were ¥4,929,614,604.34, representing a 4.50% increase from the end of the previous year[4] - Total liabilities increased to ¥1,581,982,076.55 from ¥1,379,135,991.50, marking a rise of 14.7%[15] - The equity attributable to shareholders of the parent company was ¥3,325,271,380.89, up from ¥3,314,929,270.34[15] - As of March 31, 2023, the company's total current assets amounted to approximately RMB 4.18 billion, an increase from RMB 3.97 billion as of December 31, 2022, representing a growth of about 5.3%[13] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 14,130[8] - The company has a significant shareholder, Sun Jisheng, holding 34.13% of the shares, with 9,594,921 shares pledged[9] - The top ten shareholders collectively hold a significant portion of the company's shares, with the largest shareholder alone holding over 79 million shares[10] Research and Development - The company has completed the construction of its technology research and development center, which is now in a usable state as of December 31, 2022[11] - Research and development expenses for Q1 2023 were ¥7,552,778.07, down from ¥10,264,133.19 in Q1 2022, indicating a reduction of 26.4%[18] - The company has not reported any significant new product developments or market expansions in this quarter[11] Other Financial Metrics - The return on equity (ROE) was 0.31%, a decrease of 0.05 percentage points compared to the previous year[3] - Non-recurring gains and losses amounted to ¥2,629,371.07, with a significant portion attributed to government subsidies[4] - The company reported a non-recurring loss from the disposal of non-current assets of ¥1,252,856.11[4] - The company incurred credit impairment losses of ¥21,373,238.24, significantly higher than ¥1,058,596.67 in the same period last year[18] - The company's cash and cash equivalents decreased to approximately RMB 470.28 million from RMB 753.43 million, a decline of about 37.5%[13] - The trading financial assets increased to approximately RMB 2.75 billion, up from RMB 2.31 billion, reflecting a growth of approximately 19%[13] - Accounts receivable rose to approximately RMB 730.53 million, compared to RMB 692.27 million, indicating an increase of about 5.5%[13]

Financial Performance - The company's operating revenue for 2022 was ¥677,634,103.15, a decrease of 22.40% compared to ¥873,271,423.34 in 2021[26]. - The net profit attributable to shareholders for 2022 was -¥67,824,602.83, representing a decrease of 254.69% from ¥43,844,404.56 in 2021[26]. - The basic earnings per share for 2022 was -¥0.29, a decline of 245.00% compared to ¥0.20 in 2021[27]. - The total assets at the end of 2022 were ¥4,717,126,548.15, down 1.98% from ¥4,812,405,471.47 at the end of 2021[26]. - The net cash flow from operating activities for 2022 was ¥128,928,766.58, a decrease of 17.89% from ¥157,025,836.04 in 2021[26]. - The company's net assets attributable to shareholders at the end of 2022 were ¥3,314,929,270.34, a decrease of 2.39% from ¥3,396,025,670.63 at the end of 2021[26]. - The diluted earnings per share for 2022 was -¥0.26, a decrease of 230.00% from ¥0.20 in 2021[27]. - The weighted average return on equity for 2022 was -2.02%, down 3.33 percentage points from 1.31% in 2021[27]. - The company reported a significant increase in bad debt provisions due to delayed payments from customers, impacting net profit[27]. Cash Dividend and Shareholder Returns - The company plans to distribute a cash dividend of 1.3 RMB per 10 shares, totaling approximately 29.89 million RMB (including tax) based on a total share capital of 232,656,780 shares as of March 31, 2023[6]. - The company has established a three-year shareholder return plan for 2021-2023, emphasizing cash dividends[139]. - The company has a cash dividend policy that aims to protect the rights of shareholders, especially minority investors[141]. - The company declared a cash dividend of CNY 29,887,881.40, which represents -44.07% of the net profit attributable to ordinary shareholders in the consolidated financial statements[146]. - The company distributed a cash dividend of CNY 1.30 per 10 shares (including tax) during the reporting period[145]. Research and Development - The company invested in R&D for hydrogen energy products, focusing on a closed-loop ecosystem for hydrogen production, charging, and storage[39]. - The company has obtained a total of 246 domestic patents, 4 overseas patents, 81 software copyrights, 231 domestic trademarks, and 44 overseas trademarks, with 160 patents related to hydrogen energy[42]. - The company has a total of 446 R&D personnel, reflecting its commitment to innovation and technology development[136]. - The total R&D expenditure was CNY 43,129,630.94, accounting for 6.36% of operating revenue[78]. - The company is committed to increasing R&D investment to drive product upgrades and new product development[100]. Market Strategy and Product Development - The company is focusing on the development of hydrogen energy bicycles and related technologies as part of its future strategy[19]. - The company aims to reduce the manufacturing cost of hydrogen bicycles to be closer to that of electric bicycles, enhancing market competitiveness[41]. - The company is actively involved in setting standards for hydrogen bicycles in Jiangsu Province, aiming to strengthen its market position[39]. - The company aims to establish a green hydrogen ecosystem, focusing on producing more environmentally friendly and cost-effective hydrogen, with hydrogen products expected to become the main source of revenue in the next 2-3 years[44]. - The company is expanding its product offerings to include smart locks and intelligent management systems, enhancing its smart living services alongside its mobility solutions[55]. Risks and Compliance - The company has described potential risks in its report, urging investors to pay attention to investment risks[10]. - The company faces risks related to the sustainability of government policy support for bicycle transportation, which could impact market size and profitability if support decreases[102]. - The company is exposed to price fluctuations in raw materials, particularly electronic components, which may affect gross margins due to rising operational costs[103]. - Accounts receivable from government clients account for 72.92% of total receivables, posing a risk of bad debt if payments are delayed[106]. - The company has implemented measures to ensure compliance with high-tech enterprise qualifications to maintain tax benefits[105]. Corporate Governance - The company confirmed that all board members guarantee the authenticity, accuracy, and completeness of the annual report[9]. - The company has independent directors and external supervisors whose remuneration is based on industry standards[123]. - The company has a structured decision-making process for the remuneration of its directors and senior management[123]. - The company has established a performance evaluation mechanism for senior management, which is directly accountable to the board of directors[150]. - The company has undergone changes in its board members, including the election of a new chairman of the supervisory board[124]. Environmental Responsibility - The company aims to create a low-carbon travel platform with products like bicycles, shared electric vehicles, and hydrogen-powered bicycles[156]. - The company reduced carbon emissions by 4,357 tons through various carbon reduction measures, including the use of solar power and hydrogen fuel cell products[157]. - The company complies with multiple environmental laws and has not faced any administrative penalties related to environmental issues during the reporting period[155]. - The company has not disclosed a separate social responsibility or ESG report[160]. Audit and Financial Reporting - The company has received a standard unqualified audit report from Rongcheng Accounting Firm[5]. - The internal control audit report for the year 2022 received a standard unqualified opinion[152]. - The company has implemented strict management and control over its subsidiaries, ensuring compliance with relevant laws and regulations[151]. - The company has established a link between the compensation system and the execution of return measures[173]. Wealth Management and Investments - The company has entrusted a total of ¥400,000,000 in bank wealth management products, with no overdue amounts[183]. - The company has invested ¥100,000,000 in broker products sourced from raised funds, with an outstanding balance of ¥100,000,000[183]. - The company has allocated ¥438,000,000 in bank wealth management products, with an outstanding balance of ¥40,000,000[183]. - The company has successfully recovered all invested amounts from various wealth management products[186]. - The annualized return rate for the bank wealth management product from Agricultural Bank was 3.35%, yielding an actual return of ¥4,913,333.40[184].

转债代码：113609 债券简称：永安转债 证券代码：603776 证券简称：永安行 公告编号：2023-018 永安行科技股份有限公司 关于召开 2022 年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并 对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 投资者可于 2023 年 4 月 24 日(星期一)至 4 月 28 日(星期五)16:00 前登录上证路演中心网站 首页点击"提问预征集"栏目或通过公司邮箱 eversafe@ibike668.com 进行提问。公司将在说明会上对 投资者普遍关注的问题进行回答。 永安行科技股份有限公司（以下简称"公司"）已于 2023 年 4 月 21 日发布公司 2022 年度报告， 为便于广大投资者更全面深入地了解公司 2022 年度经营成果、财务状况，公司计划于 2023 年 5 月 4 日下午 13:00-14:00 举行 2022 年度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2022 年度的经营成果及财务指标的具体情 况 ...

2022 年第三季度报告 证券代码：603776 证券简称：永安行 转债代码：113609 债券简称：永安转债 永安行科技股份有限公司 2022 年第三季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 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、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中 财务信息的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 主要会计数据和财务指标 1 / 12 单位：元 币种：人民币 项目 本报告期 本报告期比上年同 期增减变动幅度 (%) 年初至报告期 末 年初至报告期末比 上年同期增减变动 幅度(%) 营业收入 168,478,475.22 -29.31 542,409,958.38 -19.28 归属于上市公司股东的净利润 34,943,494.51 23.41 96,517,724.02 -12.45 归 ...

Financial Performance - The company reported a half-year revenue of 1.2 billion RMB, representing a year-on-year increase of 15%[13]. - The company's operating revenue for the first half of 2022 was ¥373,931,483.16, a decrease of 13.76% compared to ¥433,605,275.97 in the same period last year[21]. - The net profit attributable to shareholders for the first half of 2022 was ¥61,574,229.51, down 24.84% from ¥81,923,247.69 year-on-year[21]. - The basic earnings per share for the first half of 2022 was ¥0.27, a decline of 27.03% from ¥0.37 in the same period last year[22]. - The company reported a total comprehensive income of ¥59,238,747.19 for the first half of 2022, down from ¥81,376,146.69 in the same period of 2021, a decrease of 27.2%[140]. - The net profit for the first half of 2022 was ¥62,990,432.68, down 29.0% from ¥88,493,207.27 in the first half of 2021[143]. - The company reported a net loss of CNY 119,568,666.74 during the period, reflecting significant financial challenges[154]. User Engagement and Market Expansion - User data indicates a total of 5 million active users in the shared mobility sector, up 20% compared to the previous year[13]. - The company plans to expand its market presence by entering three new cities by the end of 2022, aiming for a 25% increase in user base[13]. - Future guidance suggests a projected revenue growth of 30% for the next fiscal year, driven by increased user engagement and market expansion[13]. - The company is expanding its market presence in lower-tier cities by promoting longer-range shared electric bicycles, addressing the needs of these markets[48]. Research and Development - New product development includes the launch of a smart bike model equipped with IoT technology, expected to enhance user experience and operational efficiency[13]. - The company has allocated 100 million RMB for R&D in new energy solutions, focusing on hydrogen-powered bicycles and smart living systems[13]. - The company has invested in the development of the Y400 hydrogen-powered bicycle, which is set to be the first hydrogen-powered bicycle for personal consumption in China, addressing zero-carbon commuting needs within 30 kilometers[52]. - The company has a total of 233 valid patents, including 40 invention patents, and has made significant investments in R&D, with R&D expenses increasing by 20.29% year-on-year[51][55]. Sustainability and Innovation - The report highlights a commitment to sustainability and innovation in product offerings, particularly in the shared mobility and smart living sectors[12]. - The company aims to achieve zero carbon emissions in transportation by integrating hydrogen technology into its mobility solutions[46]. - The company aims to create a green shared travel ecosystem by integrating various low-carbon transportation tools such as bicycles and electric vehicles[83]. Financial Position and Assets - The company’s total assets increased by 2.22% to ¥4,919,450,860.63 from ¥4,812,405,471.47 at the end of the previous year[21]. - The total liabilities of the company amounted to RMB 1,462.17 million, with current liabilities at RMB 553.56 million and non-current liabilities at RMB 908.61 million[128]. - The company's total assets reached ¥4,961,227,966.72, an increase from ¥4,873,321,167.19, indicating a growth of 1.8%[138]. Risks and Challenges - The company faces risks related to the sustainability of government support for bicycle transportation, which could impact market size and profitability if support decreases[70]. - Fluctuations in raw material prices, particularly electronic components, pose a risk to product costs and service operation costs, potentially affecting gross margins[71]. - The hydrogen energy sector's development may not meet expectations due to high raw material costs and insufficient government support, increasing investment risks[72]. Corporate Governance and Compliance - The company has established a comprehensive corporate governance structure, including a board of directors and various departments[161]. - The integrity status of the controlling shareholder and actual controller was good, with no unfulfilled court judgments or significant debts due[95]. - The company has committed to not unfairly transferring benefits to other entities or individuals[93]. Shareholder Information - The largest shareholder, Sun Jisheng, holds 79,400,092 shares, representing 34.02% of total shares[110]. - The total number of shares decreased from 233,447,522 to 233,426,169, a reduction of 21,353 shares[103]. - The company has a total of 2.75 million shares held in a repurchase account, accounting for 1.18% of total shares[111]. Financial Reporting and Accounting - The financial statements are prepared in accordance with the Chinese accounting standards, reflecting the company's financial position and operating results accurately[167]. - The group operates in public bicycle system sales, public bicycle system operation services, shared travel services, and hydrogen energy manufacturing[161]. - The group recognizes long-term equity investments held by subsidiaries as treasury stock, reducing owner's equity in the consolidated balance sheet[181].