Financial Performance - The company's operating revenue for Q1 2023 was ¥283,748,260.89, representing a decrease of 16.17% compared to the same period last year[5] - The net profit attributable to shareholders of the listed company was -¥31,856,457.05, a decline of 369.96% year-on-year[5] - Basic and diluted earnings per share were both -¥0.05, indicating a decrease of 400.00% year-on-year[6] - The company reported a total share reduction of 26,559,400 shares, accounting for 3.7962% of the total share capital, due to early termination of the share reduction plan[14] - The company reported a significant increase in credit impairment losses of CNY -3,891,945.63 compared to CNY 5,606,286.66 in Q1 2022[27] - The total comprehensive loss for the period was CNY 28,970,675.10, compared to a loss of CNY 8,505,224.51 in Q1 2022[28] - The company reported a significant decrease in sales revenue, with cash received from sales of goods and services at CNY 330,712,476.52, down 67.0% from CNY 1,001,650,396.48 in Q1 2022[30] - The net profit for Q1 2023 was a loss of ¥6,669,444.89, compared to a profit of ¥5,582,020.79 in Q1 2022, indicating a significant decline in profitability[37] Cash Flow - The net cash flow from operating activities was -¥420,018,815.76, reflecting a decrease of 121.77% compared to the previous year[6] - Cash inflows from operating activities totaled CNY 561,841,203.45, down 63.5% from CNY 1,542,762,672.43 in the same period last year[30] - The net cash outflow from operating activities was CNY 420,018,815.76, worsening from a net outflow of CNY 189,392,782.84 in Q1 2022[31] - The company's cash and cash equivalents were CNY 565,811,508.82, down from CNY 673,181,243.48, a decline of 16%[23] - The company's cash and cash equivalents decreased to CNY 210,151,222.43 from CNY 423,144,442.18 at the end of Q1 2022, reflecting a decline of 50.5%[32] - The cash flow from operating activities showed a net outflow of ¥150,046,385.80 in Q1 2023, compared to a net inflow of ¥203,424,470.27 in Q1 2022[39] Assets and Liabilities - Total assets at the end of the reporting period were ¥8,807,708,347.71, down 0.83% from the end of the previous year[6] - The company's total assets as of March 31, 2023, were CNY 8,807,708,347.71, slightly down from CNY 8,881,130,864.21 at the end of 2022[24] - Current assets totaled CNY 5,448,442,687.04, a decrease of 1.1% from CNY 5,508,956,373.04 at the end of 2022[23] - Current liabilities amounted to CNY 5,917,413,995.01, down from CNY 6,122,774,117.35, reflecting a decrease of 3.4%[24] - Non-current liabilities increased to CNY 1,019,079,752.94 from CNY 856,862,959.30, representing a rise of 19%[24] - The total assets decreased from ¥6,529,175,554.93 in the previous year to ¥6,405,240,284.95 in Q1 2023, reflecting a reduction of approximately 1.9%[35] - The total liabilities decreased from ¥4,705,988,427.13 to ¥4,589,257,751.58, a decline of about 2.5%[35] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 39,421[10] - The company plans to issue up to 20 million A-shares to no more than 35 specific investors, raising a total of up to 580 million RMB for cultural experience projects[15] - The controlling shareholder and its concerted parties will transfer a total of 35 million unrestricted circulating shares at a price of 4.27 RMB per share, totaling 149.45 million RMB[17] - As of March 31, 2023, the controlling shareholder holds 121,255,273 shares, accounting for 17.33% of the total share capital[17] - The company’s major shareholders include Jin Shengguang with 21.33% and Qinghai Jinyang Investment Group with 7.50%[11] - The company’s major shareholders have signed a concerted action agreement, indicating a unified strategy in shareholding[11] Dividend and Return Plans - The company has established a three-year dividend return plan for 2023-2025 to enhance transparency and protect minority shareholders' rights[18] - The company distributed dividends and interest payments totaling $16,480,508.01, compared to $10,251,098.72, which is an increase of about 60.5%[40] Financial Statements - The company's financial statements for Q1 2023 are unaudited, indicating a preliminary assessment of financial performance[20] - The company did not apply new accounting standards or interpretations for the current financial year[40]

Financial Performance - The company reported a total revenue of 1.2 billion RMB for the first half of 2022, representing a year-on-year increase of 15%[1]. - The net profit attributable to shareholders reached 200 million RMB, up 10% compared to the same period last year[1]. - The company's operating revenue for the first half of 2022 was approximately ¥958.95 million, a decrease of 48.07% compared to ¥1,846.53 million in the same period last year[22]. - The net profit attributable to shareholders for the first half of 2022 was approximately ¥23.99 million, down 47.20% from ¥45.43 million in the previous year[22]. - The company has outlined a future outlook with a revenue target of 2.5 billion RMB for the full year 2022, reflecting a growth rate of 12%[1]. - The company reported a total comprehensive income of ¥23,985,648.53 for the first half of 2022, down from ¥21,184,019.21 in the same period of 2021, indicating a decline[117]. - The company reported a profit distribution of CNY -16,800,126.00, indicating a loss in profit allocation compared to the previous period[122]. Market Expansion and Strategy - User data indicates a growth in active projects, with 50 new contracts signed in the first half of 2022, increasing the total project count to 300[1]. - The company plans to expand its market presence by entering three new provinces by the end of 2022, aiming for a 20% increase in regional revenue[1]. - The company is exploring potential mergers and acquisitions to enhance its service offerings and market share in the infrastructure sector[1]. - Market expansion plans include entering three new countries by the end of 2024, projected to increase market share by 5%[67]. - The company is considering strategic acquisitions to bolster its technology portfolio, with a budget of 100 million allocated for potential deals[67]. Research and Development - Research and development expenses increased by 25% to 100 million RMB, focusing on new construction technologies and sustainable practices[1]. - The company is investing 50 million in R&D for new technologies aimed at enhancing user experience[67]. - A new product line in eco-friendly construction materials is set to launch in Q3 2022, expected to contribute an additional 150 million RMB in revenue[1]. Financial Integrity and Risks - No significant non-operational fund occupation by controlling shareholders was reported, ensuring financial integrity[1]. - The management has identified potential risks related to supply chain disruptions and inflation, which may impact future profitability[1]. - The company faces risks from macroeconomic fluctuations affecting infrastructure construction, particularly influenced by government investment and policy, which can impact performance[45]. - Financial risks arise from capital-intensive infrastructure projects, requiring significant funding and posing challenges to external financing and internal fund management[45]. - Raw material price volatility, especially steel, can significantly affect the company's performance due to reliance on timely procurement at reasonable prices[45]. Operational Performance - The net cash flow from operating activities improved to -¥149.78 million, a 64.73% increase compared to -¥424.70 million in the same period last year[22]. - Operating costs also decreased by 49.23% to approximately ¥844.89 million from ¥1.66 billion, attributed to the impact of the pandemic and project delays[38]. - The company has a total of over 60 qualifications, including four first-class general contracting qualifications in various engineering sectors[35]. Environmental Compliance - The company has implemented measures to manage waste emissions, ensuring compliance with national environmental standards[55]. - The company has engaged a third-party licensed institution for the professional handling of hazardous waste, ensuring proper disposal practices[56]. - In May 2022, the company conducted environmental testing, confirming no exceedance of pollution limits for waste gas and noise, and no contamination of soil or groundwater[58]. Shareholder and Capital Structure - The company has received notice from major shareholders about the early termination of their share reduction plan, with a total of 8,750,600 shares reduced, accounting for 1.2508% of total shares[47]. - The total number of ordinary shareholders as of the end of the reporting period is 53,680[85]. - The top ten shareholders include Jin Shengguang with 149,255,273 shares (21.3%) and Jin Shenghui with 59,428,594 shares (8.49%)[87]. Accounting and Financial Reporting - The company adheres to the Chinese Accounting Standards, ensuring accurate financial reporting[143]. - The company prepares consolidated financial statements based on the fair value of identifiable assets, liabilities, and contingent liabilities acquired from the purchased entity on the acquisition date[149]. - The company recognizes losses from asset impairment fully for assets contributed to joint operations[154]. Economic Environment - The company reported a 2.5% year-on-year growth in GDP and a 6.1% increase in fixed asset investment in the first half of 2022, indicating a positive economic environment for its operations[31].

Financial Performance - The company's operating revenue for Q3 2022 was ¥555,196,406.18, a decrease of 47.18% compared to the same period last year[5] - The net profit attributable to shareholders was ¥104,664.53, down 99.46% year-on-year[5] - The net profit after deducting non-recurring gains and losses was -¥3,131,896.93, a decline of 116.74% compared to the previous year[5] - The basic earnings per share were ¥0.0044, representing a decrease of 83.52% from the same period last year[6] - Total operating revenue for the first three quarters of 2022 was CNY 1,514,143,949.49, a decrease of 47.8% compared to CNY 2,897,551,630.92 in the same period of 2021[29] - Net profit for the first three quarters of 2022 was CNY 24,452,203.04, a decline of 67.2% from CNY 74,615,104.68 in the same period of 2021[30] - The total comprehensive income for Q3 2022 was ¥24,452,203.04, compared to ¥74,615,104.68 in Q3 2021[31] - The basic earnings per share for Q3 2022 was ¥0.0344, down from ¥0.1067 in Q3 2021[31] Cash Flow - The company reported a cash flow from operating activities of -¥90,415,163.67, indicating a significant cash outflow[6] - Cash inflows from operating activities for the first nine months of 2022 totaled ¥2,533,172,222.22, a decline from ¥3,342,328,118.22 in the same period of 2021[33] - The net cash flow from operating activities for the first nine months of 2022 was -¥90,415,163.67, compared to -¥79,580,574.40 in the same period of 2021[33] - The company reported a significant decrease in cash inflows from sales of goods and services, totaling ¥1,990,150,999.47 for the first nine months of 2022, compared to ¥3,009,211,329.17 in the same period of 2021[33] - The company's cash flow from investment activities showed a net outflow of -¥156,461,437.23 for the first nine months of 2022, compared to -¥510,258,905.61 in the same period of 2021[34] Assets and Liabilities - The total assets at the end of the reporting period were ¥9,058,921,281.01, a decrease of 6.54% from the end of the previous year[6] - Total assets as of September 30, 2022, amounted to CNY 9,058,921,281.01, down from CNY 9,692,294,299.62 at the end of 2021, representing a decrease of 6.5%[27] - Total liabilities as of September 30, 2022, were CNY 6,843,675,382.65, a reduction of 8.7% from CNY 7,495,243,412.44 at the end of 2021[27] - The company's total liabilities amounted to CNY 5.68 billion in Q3 2022, compared to CNY 4.90 billion in Q3 2021, representing an increase of about 15.8%[38] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 40,064[12] - The actual controller and associated parties plan to reduce their holdings by up to 36,748,324 shares, representing 5.2526% of the total shares[20] - During the reporting period, the actual controller reduced holdings by 13,200,000 shares, accounting for 1.8867% of the total shares[20] - The total number of pledged shares by the controlling shareholder and associated parties reached 264,561,291 shares, representing 37.8148% of the total share capital[21] - The company’s major shareholders include Jin Shengguang with a 21.33% stake and Qinghai Jinyangguang Investment Group with a 7.5% stake[13] Investment and Capital Management - The company approved the temporary use of up to RMB 190,000,000 of idle raised funds to supplement working capital, with a repayment period not exceeding 12 months[16] - As of September 5, 2022, the company had fully repaid the RMB 190,000,000 used for temporary working capital back to the special account for raised funds[17] - The company completed the cancellation of a special account for raised funds used for working capital, as the balance was zero[18] - The company’s independent directors and supervisory board approved the use of idle funds for working capital, ensuring no impact on project implementation[17] Research and Development - The company’s research and development expenses for the first three quarters of 2022 were CNY 1,029,890.54, compared to CNY 802,856.76 in the same period of 2021, indicating an increase of 28.3%[30] Accounting and Reporting - The company did not apply new accounting standards for the current year, maintaining consistency in financial reporting[44]

Financial Performance - The net profit attributable to shareholders for 2022 was -213,560,301.63 CNY, leading to no profit distribution or capital reserve transfer to share capital for the year [7]. - The company reported a revenue of RMB 2,222,382,507.64 in 2022, a decrease of 55.87% compared to RMB 5,035,468,444.85 in 2021 [26]. - The net profit attributable to shareholders was a loss of RMB 213,560,301.63 in 2022, compared to a profit of RMB 93,389,041.03 in 2021, marking a decline of 328.68% [26]. - The basic earnings per share for 2022 was -0.31 yuan, a decrease of 306.67% from 0.15 yuan in 2021 [28]. - The total assets of the company decreased by 8.37% to RMB 8,881,130,864.21 in 2022 from RMB 9,692,294,299.62 in 2021 [27]. - The weighted average return on equity was -12.19% in 2022, down 17.72 percentage points from 5.53% in 2021 [28]. - The company’s net assets attributable to shareholders decreased by 15.93% to RMB 1,570,849,189.84 in 2022 from RMB 1,868,461,335.69 in 2021 [27]. - The company reported a net loss attributable to shareholders of CNY 21,337,800.00 due to insufficient project commencement affecting revenue and costs [55]. - The company’s total operating costs in the construction industry were 1,915,101,073.75 CNY, which accounted for 94.57% of total costs, reflecting a decrease of 56.55% year-on-year [61]. Operational Efficiency - The net cash flow from operating activities increased by 124.03% to RMB 280,499,823.93 in 2022 from RMB 125,204,639.11 in 2021 [26]. - The net cash flow from operating activities showed significant improvement, moving from -¥189.39 million in Q1 to ¥370.91 million in Q4, indicating better cash management and operational efficiency [31]. - The company reduced its sales expenses by 1,675,500 CNY, mainly due to a decrease in marketing personnel and promotional costs [65]. - The company has implemented a performance evaluation and incentive mechanism for senior management, linking compensation to company performance [147]. - The company has established a subsidiary management system to enhance operational efficiency and risk control across its subsidiaries [149]. Strategic Initiatives - The company plans to focus on sustainable operations and long-term shareholder interests in its 2023 business strategy [7]. - The company plans to address the operational challenges and improve project initiation to enhance future performance [29]. - The company is actively developing cultural tourism and non-ferrous metal mining as part of its "dual-wing" strategy to enhance core competitiveness [50]. - The company aims to develop the "dual wings" strategy focusing on cultural tourism and non-ferrous metal mining to foster new growth points [96]. - The company will continue to consolidate its position in infrastructure construction while advancing its cultural tourism and non-ferrous metal mining businesses [97]. Governance and Compliance - The company’s board of directors confirmed the authenticity, accuracy, and completeness of the annual report, ensuring no significant omissions or misleading statements [4]. - The company has not provided any guarantees in violation of regulatory decision-making procedures [10]. - The company has adhered to legal and regulatory requirements in its governance structure, ensuring no significant discrepancies exist with the regulations set by the China Securities Regulatory Commission [104]. - The company has established a complete and independent asset ownership structure, ensuring all assets are clearly defined and separated from those of the controlling shareholders [105]. - The company has committed to avoiding competition with its controlling shareholders, ensuring operational independence [108]. Market and Industry Trends - In 2022, China's GDP reached 1210207 billion yuan, growing by 3.0% compared to the previous year, maintaining a leading position globally [42]. - The construction industry achieved a total output value of 31.19 trillion yuan in 2022, with a year-on-year growth of 6.45% [45]. - The mining industry reported a total profit of 15573.6 billion yuan in 2022, an increase of 48.6% year-on-year [46]. - The tourism sector experienced a decline, with domestic tourism revenue dropping to 2.04 trillion yuan, a decrease of 30.0% year-on-year [46]. - The company operates in three main sectors: infrastructure construction, cultural tourism, and non-ferrous metal mining, providing comprehensive services [47]. Shareholder Information - The chairman, Jin Shengguang, maintained his shareholding at 149,255,273 shares throughout the reporting period [111]. - Director Jin Shenghui reduced his holdings by 13,200,000 shares, ending the period with 46,228,594 shares, a decrease of approximately 22.2% [111]. - The total remuneration for all directors, supervisors, and senior management at the end of the reporting period was 6.2914 million yuan [125]. - The company has a total of 12 directors and supervisors, with varying levels of shareholding and remuneration [111]. - The largest shareholder, Jin Shengguang, holds 149,255,273 shares, representing 21.33% of the total shares, with 137,956,864 shares pledged [195]. Environmental and Social Responsibility - The company has not faced any environmental penalties and has implemented measures to manage waste and emissions effectively [153]. - The company has taken measures to prevent pollution during construction, focusing on noise control and resource efficiency [157]. - The company actively participated in disaster relief efforts during natural disasters, ensuring timely delivery of materials to affected areas [157]. - The company has committed to not transferring or managing shares for a period of 36 months post-IPO, with specific conditions on share transfers for executives [160]. - The company will strictly fulfill all public commitments made during the initial public offering and actively accept social supervision [164].

[Report Overview](index=1&type=section&id=Report%20Overview) This section provides a high-level overview of the report's key information and assurances [Important Notice](index=1&type=section&id=Important%20Content%20Notice) The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of this quarterly report and assume legal responsibility. The quarterly financial statements are unaudited - The company's board of directors, supervisory board, and senior management assume legal responsibility for the truthfulness, accuracy, and completeness of the quarterly report content[2](index=2&type=chunk) - The quarterly financial statements are unaudited[4](index=4&type=chunk) [Key Financial Data and Indicators](index=1&type=section&id=I.%20Key%20Financial%20Data) This section presents the company's primary financial data and key performance indicators for the reporting period [Key Accounting Data and Financial Indicators](index=1&type=section&id=(I)%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue significantly decreased by 65.67% year-on-year, net profit attributable to shareholders turned from profit to loss, decreasing by 194.08% year-on-year, and net cash flow from operating activities was negative and decreased by 28.81% year-on-year. Total assets and owners' equity attributable to shareholders slightly decreased 2022 Q1 Key Accounting Data and Financial Indicators | Item | Current Reporting Period (yuan) | Year-on-Year Change (%) | | :--- | :--- | :--- | | Operating Revenue | 338,491,765.81 | -65.67 | | Net Profit Attributable to Shareholders of Listed Company | -6,778,588.78 | -194.08 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | -7,267,554.65 | -216.91 | | Net Cash Flow from Operating Activities | -189,392,782.84 | -28.81 | | Basic Earnings Per Share (yuan/share) | -0.01 | -175.31 | | Diluted Earnings Per Share (yuan/share) | -0.01 | -175.31 | | Weighted Average Return on Net Assets (%) | -0.36 | Decreased by 0.82 percentage points | | Item | End of Current Reporting Period (yuan) | End of Previous Year (yuan) | Change from End of Previous Year (%) | | :--- | :--- | :--- | :--- | | Total Assets | 9,174,050,745.14 | 9,692,294,299.62 | -5.35 | | Owners' Equity Attributable to Shareholders of Listed Company | 1,863,374,857.74 | 1,868,461,335.69 | -0.27 | [Non-Recurring Gains and Losses Items and Amounts](index=2&type=section&id=(II)%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to 488,965.87 yuan, primarily including government grants, gains and losses from entrusted investments or asset management, and other non-operating income and expenses 2022 Q1 Non-Recurring Gains and Losses Items and Amounts | Item | Current Period Amount (yuan) | | :--- | :--- | | Government Grants Included in Current Profit/Loss | 100,000.00 | | Gains and Losses from Entrusted Investments or Asset Management | 178,888.88 | | Other Non-Operating Income and Expenses Apart from the Above | 392,252.05 | | Less: Income Tax Impact | 87,030.16 | | Impact on Minority Shareholders' Equity (After Tax) | 95,144.90 | | Total | 488,965.87 | [Changes and Reasons for Key Accounting Data and Financial Indicators](index=3&type=section&id=(III)%20Changes%20and%20Reasons%20for%20Key%20Accounting%20Data%20and%20Financial%20Indicators) Significant decreases in operating revenue and costs were primarily due to seasonal and pandemic impacts, slowing project construction progress. Accounts receivable decreased due to collection of settlement payments, prepayments decreased due to supply settlement, and advances from customers increased due to increased advance project payments. Employee compensation payable decreased due to the distribution of year-end bonuses and performance wages 2022 Q1 Changes and Reasons for Key Accounting Data and Financial Indicators | Item Name | Change Ratio (%) | Primary Reason | | :--- | :--- | :--- | | Accounts Receivable | -34.82 | Settlement payments collected in current period | | Prepayments | -93.73 | Due to supply and settlement of prepayments at end of previous period | | Advances from Customers | 135.28 | Due to increased advance project payments | | Employee Compensation Payable | -54.19 | Due to distribution of year-end bonuses and performance wages | | Operating Revenue | -65.67 | Due to seasonal and pandemic impacts, project construction progress slowed compared to the same period last year | | Operating Cost | -68.43 | Due to seasonal and pandemic impacts, project construction progress slowed compared to the same period last year | | Non-Operating Income | -77.46 | Due to decreased government grants received in the reporting period | | Income Tax Expense | -66.54 | Due to total profit being lower than the same period last year | [Shareholder Information](index=4&type=section&id=II.%20Shareholder%20Information) This section details the company's shareholder structure, including the total number of shareholders and the holdings of the top ten shareholders [Total Number of Common Shareholders and Shareholding of Top Ten Shareholders](index=4&type=section&id=(I)%20Total%20Number%20of%20Common%20Shareholders%20and%20Number%20of%20Preferred%20Shareholders%20with%20Restored%20Voting%20Rights%20and%20Shareholding%20of%20Top%20Ten%20Shareholders%20Table) As of the end of the reporting period, the company had a total of 58,888 common shareholders. Among the top ten shareholders, Jin Shengguang, Jin Shenghui, and Qinghai Jinyangguang Investment Group Co., Ltd. are major shareholders with a concerted action relationship, and shares of several major shareholders are pledged - As of the end of the reporting period, the total number of common shareholders was **58,888**[12](index=12&type=chunk) - Jin Shengguang, Jin Shenghui, and Li Jianli are concerted parties. Jin Shengguang and Jin Shenghui hold 70% and 30% of Jinyangguang Investment respectively. Jin Shengguang, Jin Shenghui, Qinghai Jinyangguang Investment Group Co., Ltd., Jin Feimei, and Jin Feifei constitute concerted parties due to their affiliated relationship[12](index=12&type=chunk) Top 10 Shareholders' Shareholding (As of End of Reporting Period) | Shareholder Name | Shareholder Nature | Number of Shares Held (shares) | Shareholding Ratio (%) | Number of Pledged Shares (shares) | | :--- | :--- | :--- | :--- | :--- | | Jin Shengguang | Domestic Natural Person | 149,255,273 | 21.33 | 137,956,864 | | Jin Shenghui | Domestic Natural Person | 59,428,594 | 8.49 | 46,228,594 | | Qinghai Jinyangguang Investment Group Co., Ltd. | Domestic Non-State-Owned Legal Person | 52,444,100 | 7.50 | 52,444,100 | | Li Jianli | Domestic Natural Person | 21,812,963 | 3.12 | 15,000,000 | | Jin Feimei | Domestic Natural Person | 15,070,125 | 2.15 | 8,520,725 | | Yang Chengshe | Domestic Natural Person | 5,986,300 | 0.86 | 0 | | Cheng Haosheng | Domestic Natural Person | 4,689,800 | 0.67 | 0 | | UBS AG | Overseas Legal Person | 3,081,656 | 0.44 | 0 | | Jin Feifei | Domestic Natural Person | 2,756,880 | 0.39 | 2,756,880 | | Wang Wei | Domestic Natural Person | 2,198,600 | 0.31 | 0 | [Other Important Matters](index=5&type=section&id=III.%20Other%20Important%20Matters) This section outlines other significant events and announcements impacting the company during the reporting period [Termination of Shareholder Reduction Plan](index=5&type=section&id=(I)%20Early%20Termination%20of%20Share%20Reduction%20Plan%20by%20Shareholders%20Holding%205%25%20or%20More%20and%20Their%20Concerted%20Parties%20and%20Results%20of%20Share%20Reduction) Jinyangguang Investment and Jin Feimei prematurely terminated their original plan to reduce holdings by no more than 6.8517% of the company's total shares. As of the announcement date, Jin Feimei had reduced holdings by 1.2508%, while Jinyangguang Investment had not implemented the reduction plan - Jinyangguang Investment and Jin Feimei prematurely terminated their original plan to reduce holdings by no more than **6.8517%** of the company's total shares[13](index=13&type=chunk) - As of the announcement date, Jin Feimei had reduced a total of **8,750,600** shares through centralized bidding and block trading, accounting for **1.2508%** of the company's total shares, while Jinyangguang Investment had not implemented this reduction plan[13](index=13&type=chunk) [Abnormal Stock Trading Fluctuations](index=5&type=section&id=(II)%20Abnormal%20Stock%20Trading%20Fluctuations) The company's stock experienced abnormal fluctuations between February 9-11 and February 14-15, 2022, with cumulative closing price deviation exceeding 20% over consecutive trading days - The company's stock closing price deviation cumulatively exceeded **20%** over three consecutive trading days on February 9, 10, and 11, 2022[14](index=14&type=chunk) - The company's stock closing price deviation cumulatively exceeded **20%** over two consecutive trading days on February 14 and 15, 2022[14](index=14&type=chunk) [Restricted Shares Listing and Circulation](index=5&type=section&id=(III)%20Non-Publicly%20Issued%20Restricted%20Shares%20Listing%20and%20Circulation) The company's 139,619,037 non-publicly issued restricted shares were listed and circulated on February 21, 2022 - The company's **139,619,037** non-publicly issued restricted shares were listed and circulated on February 21, 2022[15](index=15&type=chunk) [Independent Director Election](index=5&type=section&id=(IV)%20Election%20of%20Independent%20Director%20Candidates) Due to the expiration of Independent Director Wang Liming's term, the company's board of directors nominated Chen Wenlie as a candidate for independent director of the fourth board of directors, pending approval by the general meeting of shareholders - Independent Director Wang Liming's continuous term as an independent director of the company will expire on March 22, 2022, after **6** years[16](index=16&type=chunk) - The company's board of directors nominated Chen Wenlie as a candidate for independent director of the company's fourth board of directors, with a term from the date of approval by the general meeting of shareholders until the expiration of the current board of directors, subject to approval by the general meeting of shareholders[16](index=16&type=chunk) [Quarterly Financial Statements](index=5&type=section&id=IV.%20Quarterly%20Financial%20Statements) This section provides the complete quarterly financial statements, including the consolidated and parent company balance sheets, income statements, and cash flow statements [Consolidated Financial Statements](index=5&type=section&id=(II)%20Financial%20Statements) This section includes the company's consolidated balance sheet, consolidated income statement, and consolidated cash flow statement for Q1 2022, reflecting the company's overall financial position, operating results, and cash flow situation [Consolidated Balance Sheet](index=5&type=section&id=Consolidated%20Balance%20Sheet) As of March 31, 2022, the company's total assets decreased by 5.35% from the end of the previous year. Both current assets and current liabilities decreased, with accounts receivable and prepayments significantly declining, while advances from customers and notes payable increased Consolidated Balance Sheet Key Item Changes (March 31, 2022 vs December 31, 2021) | Item | 2022年3月31日 (yuan) | 2021年12月31日 (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 692,215,829.62 | 919,790,324.93 | -24.85 | | Accounts Receivable | 1,118,356,161.17 | 1,715,732,208.89 | -34.82 | | Prepayments | 6,093,399.25 | 97,248,183.91 | -93.73 | | Contract Assets | 3,371,040,837.33 | 3,104,326,489.61 | 8.59 | | Total Current Assets | 6,004,245,672.85 | 6,525,118,618.61 | -7.98 | | Total Assets | 9,174,050,745.14 | 9,692,294,299.62 | -5.35 | | Short-term Borrowings | 781,914,234.43 | 855,364,406.41 | -8.47 | | Notes Payable | 908,365,318.75 | 738,895,859.72 | 22.93 | | Accounts Payable | 2,601,118,132.73 | 3,174,595,083.50 | -18.07 | | Advances from Customers | 77,065,781.82 | 32,755,200.00 | 135.28 | | Employee Compensation Payable | 31,742,805.38 | 69,298,339.90 | -54.19 | | Total Current Liabilities | 6,315,798,123.75 | 6,723,247,454.50 | -6.06 | | Total Liabilities | 6,983,812,971.64 | 7,495,243,412.44 | -6.82 | | Total Owners' Equity Attributable to Parent Company | 1,863,374,857.74 | 1,868,461,335.69 | -0.27 | [Consolidated Income Statement](index=8&type=section&id=Consolidated%20Income%20Statement) In Q1 2022, the company's total operating revenue significantly decreased by 65.67% year-on-year, leading to a shift from profit to loss for operating profit and total profit. Net profit and net profit attributable to parent company shareholders also showed losses. Interest expenses within financial expenses significantly increased Consolidated Income Statement Key Data Comparison (Q1 2022 vs Q1 2021) | Item | 2022年第一季度 (yuan) | 2021年第一季度 (yuan) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 338,491,765.81 | 985,977,763.80 | -65.67 | | Operating Cost | 289,376,487.60 | 916,527,450.19 | -68.43 | | Financial Expenses | 29,003,609.33 | 24,068,501.27 | 20.51 | | Of which: Interest Expense | 27,996,542.38 | 17,182,230.10 | 62.94 | | Operating Profit | -6,370,920.13 | 12,668,240.77 | -150.29 | | Total Profit | -6,212,015.07 | 13,869,050.93 | -144.79 | | Net Profit | -8,505,224.52 | 7,014,650.37 | -221.24 | | Net Profit Attributable to Parent Company Shareholders | -6,778,588.78 | 7,204,878.59 | -194.08 | | Basic Earnings Per Share (yuan/share) | -0.01 | 0.01 | -200.00 | [Consolidated Cash Flow Statement](index=10&type=section&id=Consolidated%20Cash%20Flow%20Statement) Net cash flow from operating activities was negative, with increased outflow year-on-year. Net cash outflow from investing activities decreased year-on-year, primarily due to increased cash received from investment recovery. Net cash flow from financing activities significantly decreased, mainly due to reduced cash received from borrowings and increased cash paid for debt repayment Consolidated Cash Flow Statement Key Data Comparison (Q1 2022 vs Q1 2021) | Item | 2022年第一季度 (yuan) | 2021年第一季度 (yuan) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Subtotal of Cash Inflows from Operating Activities | 1,542,762,672.43 | 1,302,002,293.98 | 18.49 | | Subtotal of Cash Outflows from Operating Activities | 1,732,155,455.27 | 1,449,031,062.99 | 19.54 | | Net Cash Flow from Operating Activities | -189,392,782.84 | -147,028,769.01 | -28.81 | | Subtotal of Cash Inflows from Investing Activities | 105,486,866.57 | 70,157,100.00 | 50.36 | | Subtotal of Cash Outflows from Investing Activities | 180,701,651.77 | 157,941,761.43 | 14.41 | | Net Cash Flow from Investing Activities | -75,214,785.20 | -87,784,661.43 | 14.32 | | Subtotal of Cash Inflows from Financing Activities | 456,812,320.94 | 484,768,756.46 | -5.80 | | Subtotal of Cash Outflows from Financing Activities | 428,039,815.93 | 250,983,751.30 | 70.55 | | Net Cash Flow from Financing Activities | 28,772,505.01 | 233,785,005.16 | -87.67 | | Net Increase in Cash and Cash Equivalents | -235,835,063.03 | -1,028,425.28 | -22832.00 | [Parent Company Financial Statements](index=12&type=section&id=Parent%20Company%20Financial%20Statements) This section includes the company's parent company balance sheet, parent company income statement, and parent company cash flow statement for Q1 2022, reflecting the parent company's financial position, operating results, and cash flow situation [Parent Company Balance Sheet](index=12&type=section&id=Parent%20Company%20Balance%20Sheet) As of March 31, 2022, the parent company's total assets slightly decreased. Accounts receivable and contract assets decreased, while prepayments and other receivables significantly increased. Total current liabilities increased, mainly due to increased notes payable and other payables Parent Company Balance Sheet Key Item Changes (March 31, 2022 vs December 31, 2021) | Item | 2022年3月31日 (yuan) | 2021年12月31日 (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 456,175,674.76 | 543,263,440.66 | -16.03 | | Accounts Receivable | 1,268,235,084.86 | 1,642,054,334.43 | -22.76 | | Prepayments | 372,159,225.18 | 291,634,076.27 | 27.61 | | Other Receivables | 900,147,163.40 | 595,437,835.30 | 51.18 | | Contract Assets | 1,673,740,459.56 | 1,751,080,183.68 | -4.41 | | Total Current Assets | 4,846,788,672.44 | 4,995,449,080.44 | -2.98 | | Total Assets | 6,811,696,794.72 | 6,861,532,252.59 | -0.73 | | Short-term Borrowings | 458,092,761.12 | 506,483,273.06 | -9.55 | | Notes Payable | 761,630,001.10 | 611,540,001.10 | 24.54 | | Accounts Payable | 1,536,277,630.63 | 2,055,328,499.13 | -25.26 | | Other Payables | 1,391,709,136.19 | 942,859,628.61 | 47.61 | | Total Current Liabilities | 4,839,459,862.44 | 4,758,533,661.15 | 1.70 | | Total Liabilities | 4,844,034,227.13 | 4,899,026,187.58 | -1.12 | | Total Owners' Equity | 1,967,662,567.59 | 1,962,506,065.01 | 0.26 | [Parent Company Income Statement](index=14&type=section&id=Parent%20Company%20Income%20Statement) In Q1 2022, the parent company's operating revenue significantly decreased year-on-year, but operating profit and net profit remained positive, albeit significantly lower year-on-year, due to a corresponding decrease in operating costs. Interest expenses within financial expenses increased Parent Company Income Statement Key Data Comparison (Q1 2022 vs Q1 2021) | Item | 2022年第一季度 (yuan) | 2021年第一季度 (yuan) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 85,191,421.74 | 599,148,449.33 | -85.76 | | Operating Cost | 59,638,642.86 | 550,409,844.73 | -89.16 | | Financial Expenses | 15,227,656.12 | 10,367,408.40 | 46.89 | | Of which: Interest Expense | 13,752,762.90 | 10,582,979.74 | 30.00 | | Operating Profit | 6,185,269.36 | 28,488,194.17 | -78.29 | | Total Profit | 6,182,389.36 | 28,435,894.98 | -78.26 | | Net Profit | 5,582,020.79 | 22,648,228.59 | -75.36 | [Parent Company Cash Flow Statement](index=16&type=section&id=Parent%20Company%20Cash%20Flow%20Statement) Net cash flow from operating activities significantly increased year-on-year, primarily due to a substantial increase in cash received related to other operating activities. Net cash outflow from investing activities increased, while net cash flow from financing activities turned from positive to negative, with a significant increase in outflow, mainly due to increased cash paid for debt repayment Parent Company Cash Flow Statement Key Data Comparison (Q1 2022 vs Q1 2021) | Item | 2022年第一季度 (yuan) | 2021年第一季度 (yuan) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Cash Received Related to Other Operating Activities | 740,561,646.04 | 210,245,423.38 | 252.24 | | Net Cash Flow from Operating Activities | 203,424,470.27 | 53,428,838.40 | 280.75 | | Net Cash Flow from Investing Activities | -94,749,162.64 | -10,168,150.00 | -831.80 | | Cash Received from Borrowings | 28,000,000.00 | 65,000,000.00 | -56.92 | | Cash Paid for Debt Repayment | 124,777,444.44 | 15,000,000.00 | 731.85 | | Net Cash Flow from Financing Activities | -225,313,164.16 | -74,606,407.07 | -202.01 | | Net Increase in Cash and Cash Equivalents | -116,637,856.53 | -31,345,718.67 | -272.13 |

Financial Performance - The company's operating revenue for Q3 2022 was ¥555,196,406.18, a decrease of 47.18% compared to the same period last year[5]. - The net profit attributable to shareholders was ¥104,664.53, down 99.46% year-on-year, while the net profit after deducting non-recurring gains and losses was a loss of ¥3,131,896.93, a decrease of 116.74%[5]. - Basic and diluted earnings per share were both ¥0.0044, down 83.52% from the same period last year[6]. - The company reported a 47.74% decrease in operating income for the year-to-date period, primarily due to project suspensions and insufficient commencement of work caused by the pandemic[10]. - The net profit for Q3 2022 was CNY 24,452,203.04, a decrease of 67.24% compared to CNY 74,615,104.68 in Q3 2021[27]. - The basic and diluted earnings per share for Q3 2022 were CNY 0.0344, down from CNY 0.1067 in the same period last year[28]. - The company reported a total revenue of CNY 1,990,150,999.47 from sales of goods and services in the first nine months of 2022, down from CNY 3,009,211,329.17 in the previous year[30]. - The total operating expenses for the first nine months of 2022 were CNY 2,623,587,385.89, compared to CNY 3,421,908,692.62 in the same period last year[31]. Cash Flow and Liquidity - The cash flow from operating activities showed a net outflow of ¥90,415,163.67, representing a significant increase of 78.71% in cash outflow compared to the previous period[6]. - Cash flow from operating activities for the first nine months of 2022 was CNY 2,533,172,222.22, a decline of 24.14% from CNY 3,342,328,118.22 in the previous year[30]. - The net cash flow from operating activities was negative at CNY -90,415,163.67 for Q3 2022, compared to CNY -79,580,574.40 in Q3 2021[31]. - The company reported a cash balance of CNY 600,805,853.73 as of September 30, 2022, down from CNY 919,790,324.93 at the end of 2021, a decrease of about 34.7%[21]. - The company's cash and cash equivalents at the end of the period were CNY 61,990,578.30, down from CNY 227,626,730.03 at the end of the same period last year[38]. - The net cash flow from financing activities was CNY 20,582,632.10, a significant decrease from CNY 226,790,203.73 in the previous year[38]. Assets and Liabilities - Total assets at the end of the reporting period were ¥9,171,995,610.97, a decrease of 6.46% from the end of the previous year[6]. - Current assets totaled CNY 5,645,325,181.46 as of September 30, 2022, compared to CNY 6,547,953,783.07 at the end of 2021, representing a decrease of approximately 13.8%[21]. - Current liabilities amounted to CNY 6,286,175,325.06, down from CNY 6,816,948,085.99 at the end of 2021, indicating a reduction of about 7.8%[22]. - The company’s total liabilities decreased to CNY 6,937,376,014.14 as of September 30, 2022, from CNY 7,588,944,043.93 at the end of 2021, indicating a decline of about 8.6%[22]. - The company’s total equity increased to approximately 2.03 billion RMB, up from 1.98 billion RMB year-over-year[34]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 40,064[12]. - The top 10 shareholders held a total of 21.33% of shares, with the largest shareholder, Jin Shengguang, owning 149,255,273 shares[12]. - The company distributed a cash dividend of 0.024 RMB per share, totaling 16,790,957.69 RMB, based on a total share capital of 699,623,237 shares[13]. - The actual controller and associated parties plan to reduce their holdings by up to 36,748,324 shares, representing 5.2526% of the total shares[16]. - Jin Shenghui reduced his holdings by 13,200,000 shares during the reporting period, accounting for 1.8867% of the total shares[17]. - As of the end of the reporting period, the total number of pledged shares by the controlling shareholder and associated parties was 264,561,291 shares, representing 37.8148% of the total share capital[17]. Investment and Future Plans - Investment income increased by 422.85%, mainly due to increased profits from joint ventures[10]. - The company plans to focus on expanding its market presence and enhancing its product development strategies in the upcoming quarters[35].

Financial Performance - The company reported a total revenue of RMB 1.2 billion for the first half of 2022, representing a year-on-year increase of 15%[13]. - Net profit attributable to shareholders reached RMB 200 million, up 10% compared to the same period last year[13]. - The company's operating revenue for the first half of 2022 was ¥958,947,543.31, a decrease of 48.07% compared to ¥1,846,529,009.80 in the same period last year[21]. - The net profit attributable to shareholders for the first half of 2022 was ¥23,985,648.53, down 47.20% from ¥45,431,385.14 in the previous year[21]. - The basic earnings per share for the first half of 2022 was ¥0.03, a decline of 62.50% from ¥0.08 in the same period last year[22]. - The company reported a total of CNY 560,004,200.00 in paid-in capital at the beginning of the period, remaining unchanged by the end of the reporting period[126]. - The total comprehensive income for the period was CNY 23,985,648.53, down from CNY 21,184,019.21, indicating a decline of 10.5%[120]. - The company reported a profit distribution of -16,777,897.15, indicating a reduction in retained earnings during this period[129]. Market Expansion and User Growth - The company has expanded its user base by 25%, now serving over 500,000 active users[13]. - Future outlook indicates a projected revenue growth of 20% for the second half of 2022, driven by new project acquisitions[13]. - Market expansion efforts include entering two new provinces, targeting a 30% increase in regional market share[13]. - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by the end of 2024[70]. - User data showed a growth of 20% in active users, reaching 10 million by the end of the quarter[70]. Research and Development - The company is investing RMB 50 million in R&D for new technologies aimed at enhancing construction efficiency[13]. - Research and development expenses increased by 10% to 200 million, focusing on innovative technologies[70]. - The company has established a national-level research platform and three provincial-level research platforms, with over 180 technology innovation achievements, patents, and software copyrights[32]. - The company has organized the completion of three research projects in technology development during the reporting period[34]. Strategic Partnerships and Acquisitions - The company has completed the acquisition of a local competitor, expected to contribute an additional RMB 100 million in annual revenue[13]. - A new product line in eco-friendly construction materials is set to launch in Q3 2022, anticipated to capture 15% of the market[13]. - The company has implemented a new strategic partnership with a technology firm to enhance digital project management capabilities[13]. - The company announced a strategic acquisition of a competitor for 500 million, expected to enhance market position[70]. Financial Risks and Challenges - Risk factors include potential delays in project approvals, which could impact revenue projections for the upcoming quarters[13]. - Financial risks are heightened due to the capital-intensive nature of infrastructure projects, which require substantial funding and have long payback periods[46]. - Raw material price volatility, particularly in steel, poses a risk to the company's performance, as prices are affected by various macroeconomic factors[46]. - The company's performance exhibits seasonal fluctuations due to the nature of construction projects, which are closely tied to seasonal weather conditions[46]. - Natural disasters and public health emergencies can adversely affect project quality and timelines, representing a risk to operational continuity[47]. Environmental Compliance and Social Responsibility - The company has been recognized for its environmental compliance, with no reported violations or penalties during the reporting period[58]. - The company’s subsidiary has implemented measures to manage waste and emissions, ensuring compliance with environmental standards[59]. - The company installed various pollution control equipment, including a zinc fume absorption tower and a spray paint waste gas treatment device, to comply with emission standards[61]. - The company is actively involved in social responsibility initiatives, including disaster relief and poverty alleviation, earning multiple national and provincial honors[33]. Financial Position and Assets - The total assets decreased by 3.84% to ¥9,429,109,751.24 from ¥9,805,368,629.58 at the end of the previous year[21]. - The cash and cash equivalents at the end of the reporting period were approximately ¥847.62 million, a decrease of 7.85% from ¥919.79 million[40]. - The accounts receivable decreased by 26.98% to ¥1.25 billion from ¥1.72 billion, mainly due to the recovery of project payments[40]. - The total liabilities increased to CNY 5,429,293,799.52 in the first half of 2022 from CNY 4,959,955,524.18 in the same period of 2021[103]. Future Outlook - The company plans to focus on market expansion and new product development in the upcoming quarters[115]. - The management indicated a cautious outlook for the next half of the year due to market uncertainties and competitive pressures[115].

Financial Performance - The net profit attributable to shareholders for 2021 was CNY 111,409,152.02, with a distributable profit of CNY 94,987,045.75 after statutory surplus reserve allocation[6]. - The proposed cash dividend is CNY 0.24 per 10 shares (including tax) based on the total share capital on the dividend distribution date[6]. - The company achieved operating revenue of CNY 5,125.71 million in 2021, representing a year-on-year increase of 4.76% due to increased project engineering progress[23]. - The net profit attributable to shareholders of the listed company was CNY 111.41 million, primarily driven by the increase in operating revenue[25]. - The net profit after deducting non-recurring gains and losses was CNY 106.14 million, reflecting a 4.86% increase compared to the previous year[23]. - The net cash flow from operating activities was CNY 103.74 million, a decrease of 63.66% from the previous year[23]. - The total assets at the end of 2021 amounted to CNY 9,805.37 million, marking a 30.62% increase from the end of 2020[23]. - The net assets attributable to shareholders of the listed company reached CNY 1,887.84 million, an increase of 21.32% compared to the end of 2020[23]. - Basic earnings per share for 2021 were CNY 0.18, a decrease of 5.26% from the previous year[24]. - The weighted average return on net assets was 6.75%, a decrease of 0.38 percentage points compared to the previous year[24]. Strategic Focus and Future Plans - The company plans to continue expanding its project engineering capabilities to sustain revenue growth in the future[25]. - The company is focused on enhancing its operational efficiency and cash flow management to improve financial performance[25]. - The company is focusing on expanding its infrastructure services, with successful bids for new projects in Zhejiang and Jiangxi, enhancing its market presence[35]. - The "Ping An Yi" cultural tourism brand is accelerating its development, with successful acquisitions and ongoing projects in multiple regions, contributing to the company's growth strategy[36]. - The company plans to implement a "dual-wing" strategy over the next five years, focusing on both infrastructure services and cultural tourism, alongside the development of non-ferrous metal mining[37]. - The company aims to enhance its competitive edge in the infrastructure sector while exploring new revenue streams through cultural tourism and retail initiatives[37]. - The management emphasizes the importance of quality improvement and transformation to adapt to the evolving market landscape[37]. Sector Performance - In 2021, the company's major business sectors include transportation, water conservancy, electricity, urban construction, and cultural tourism, with a focus on investment, construction, operation, and comprehensive development[42]. - The transportation sector saw a fixed asset investment of 3.6 trillion yuan in 2021, with over 8,000 kilometers of new highways constructed, reflecting a year-on-year growth of approximately 4%[38]. - The water conservancy sector completed an investment of 757.6 billion yuan in 2021, achieving an investment plan completion rate of over 90%[39]. - The construction industry reported a total output value of approximately 29.3 trillion yuan in 2021, with a year-on-year growth of 11%[39]. - The electricity sector's installed capacity reached 2,376,920 megawatts by the end of 2021, marking a year-on-year increase of 7.9%[40]. - Domestic tourism revenue in 2021 was 2.9191 trillion yuan, representing a growth of 31% compared to the previous year[41]. Research and Development - Research and development expenses increased by 121.03% to CNY 4,595,271.14 compared to CNY 2,079,009.19 in the previous year[54]. - The company is actively involved in the development of new technologies and products, particularly in the electricity and water conservancy sectors[45]. - The company has been recognized with 22 technology innovation awards and holds 14 invention patents and 110 utility model patents[48]. - The number of R&D personnel is 47, representing 3.60% of the total workforce, with a focus on enhancing innovation and technology upgrades[65]. Governance and Compliance - The company has established a comprehensive management system that includes ten efficient management frameworks, enhancing operational effectiveness[50]. - The company has a stable core technical management team with a high percentage of technical personnel, reaching 70%[50]. - The company has established a dual-control management model linking total salary to economic performance, optimizing internal salary distribution[148]. - The company has implemented a performance evaluation system for senior management, linking their compensation to company performance[154]. - The company has established measures to avoid competition with its controlling shareholders and related parties[171]. - The company is committed to ensuring that any related party transactions are conducted at fair market prices and in compliance with legal regulations[178]. Shareholder Information - The total pre-tax compensation for Chairman Jin Shengguang was CNY 1.45 million, while Vice Chairman Jin Shenghui received CNY 1.34 million[119]. - The total remuneration for all directors, supervisors, and senior management at the end of the reporting period amounted to 11.5734 million yuan[134]. - The company has committed to avoiding competition with its controlling shareholders, ensuring that any overlapping business activities are managed appropriately[116]. - The company has committed to strictly adhere to all public commitments made during its initial public offering and actively accept social supervision[173]. Risk Management - The company faces risks from macroeconomic fluctuations, which can significantly impact its performance due to the cyclical nature of the infrastructure construction industry[101]. - Financial risks are present due to the capital-intensive nature of infrastructure projects, requiring substantial funding and posing challenges to the company's financing capabilities[101]. - The company is subject to raw material price volatility risks, as it relies on timely procurement of materials like steel and cement, which may be affected by environmental regulations[101]. - Seasonal fluctuations in performance are expected due to the nature of construction projects, which can lead to significant variations in financial results throughout the year[101]. Social Responsibility - The company completed a disaster relief project within 16 hours after an earthquake in Mado County, showcasing its commitment to social responsibility[51]. - The company has been recognized as an advanced collective in poverty alleviation by the Qinghai Provincial Government[166]. - The company is developing an e-commerce platform to promote local agricultural products, enhancing income opportunities for local villagers[165].

Financial Performance - The company's operating revenue for the first quarter was CNY 338,491,765.81, representing a decrease of 65.67% compared to the same period last year[5]. - The net profit attributable to shareholders was a loss of CNY 6,778,588.78, reflecting a decline of 194.08% year-on-year[5]. - Basic earnings per share were reported at -CNY 0.01, a decrease of 175.31% from the same period last year[5]. - Total revenue for Q1 2022 was CNY 338,491,765.81, a decrease of 65.6% compared to CNY 985,977,763.80 in Q1 2021[23]. - Net profit for Q1 2022 was a loss of CNY 8,505,224.52, compared to a profit of CNY 7,014,650.37 in Q1 2021[24]. - Operating profit for Q1 2022 was a loss of CNY 6,370,920.13, compared to a profit of CNY 12,668,240.77 in Q1 2021[24]. - The net cash flow from operating activities was negative at CNY 189,392,782.84, down by 28.81% compared to the previous year[5]. - The net cash flow from financing activities was 28,772,505.01 RMB, a significant decrease from 233,785,005.16 RMB in the previous year, suggesting reduced financing activities[29]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 9,287,125,075.10, down 5.29% from the end of the previous year[6]. - Total liabilities as of Q1 2022 were CNY 7,077,513,603.13, a decrease from CNY 7,588,944,043.93 in Q1 2021[21]. - Shareholders' equity as of Q1 2022 was CNY 2,209,611,471.97, down from CNY 2,216,424,585.65 in Q1 2021[21]. - The total current assets decreased from 6,547,953,783.07 RMB to 6,027,080,837.31 RMB, a decline of approximately 7.9%[19]. - The company's total liabilities decreased slightly to 4,904,963,563.72 RMB from 4,959,955,524.18 RMB, indicating a reduction of about 1.1%[32]. Cash Flow - The company's cash and cash equivalents decreased from 919,790,324.93 RMB to 692,215,829.62 RMB, a decline of approximately 24.7%[19]. - Cash inflow from operating activities in Q1 2022 was CNY 1,542,762,672.43, an increase from CNY 1,302,002,293.98 in Q1 2021[27]. - The total cash inflow from operating activities in Q1 2022 was ¥1,258,994,800.80, up from ¥747,101,891.52 in Q1 2021, reflecting an increase of about 68.3%[36]. - The company's cash outflow for employee compensation was 67,125,837.69 RMB, down from 76,126,834.98 RMB, indicating a reduction of about 11.7% in employee-related expenses[28]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 58,888[12]. - The top 10 shareholders hold a total of 149,255,273 shares, representing 21.33% of the total shares[12]. - The company received a notice from major shareholders regarding the early termination of their share reduction plan, which involved a total of 47,935,796 shares, accounting for 6.85% of the company's total shares[13]. Accounts Receivable and Inventory - Accounts receivable decreased by 34.82% due to the recovery of settlement payments[10]. - Accounts receivable decreased from 1,715,732,208.89 RMB to 1,118,356,161.17 RMB, a reduction of about 34.9%[19]. - The company's inventory increased to 5,871,598.20 RMB from 4,217,859.69 RMB, reflecting a rise of approximately 39.2%[30]. Other Financial Metrics - The company incurred a credit impairment loss of ¥1,091,019.88 in Q1 2022, compared to a gain of ¥3,965,187.41 in Q1 2021, indicating a negative shift in credit quality[35]. - The company reported a financial expense of ¥15,227,656.12 in Q1 2022, which increased from ¥10,367,408.40 in Q1 2021, marking an increase of approximately 46.0%[34]. - The cash outflow from investing activities was -75,214,785.20 RMB, compared to -87,784,661.43 RMB in the previous year, indicating improved cash management in investments[28].