Financial Performance - The company achieved operating revenue of ¥936,603,680.34 in 2021, a decrease of 20.41% compared to ¥1,176,772,144.87 in 2020[24] - Net profit attributable to shareholders was ¥22,206,643.22, representing an increase of 28.81% from ¥17,239,633.55 in the previous year[24] - The net cash flow from operating activities was ¥734,032,683.08, an increase of 21.39% compared to ¥604,679,640.85 in 2020[24] - The company's total assets decreased by 20.49% to ¥5,104,722,665.03 from ¥6,420,395,863.05 in 2020[24] - The net assets attributable to shareholders increased slightly by 0.31% to ¥3,980,986,590.98 from ¥3,968,720,516.59 in the previous year[24] - The company reported a net profit of ¥18,162,362.05 after deducting non-recurring gains and losses, a significant recovery from a loss of ¥335,539,414.02 in 2020[24] - Basic earnings per share (EPS) increased by 33.33% to CNY 0.04 in 2021 from CNY 0.03 in 2020[26] - Diluted EPS also rose by 33.33% to CNY 0.04 in 2021 compared to CNY 0.03 in 2020[28] - The weighted average return on equity (ROE) improved by 0.13 percentage points to 0.56% in 2021 from 0.43% in 2020[28] Dividend and Shareholder Returns - The company plans to distribute a cash dividend of ¥0.15 per 10 shares, totaling ¥7,466,487.315, which accounts for 33.62% of the net profit attributable to shareholders[6] - The company distributed a total cash dividend of 4,977,658.21, which represents 41.17% of the net profit attributable to shareholders for the year 2020[145] Business Strategy and Development - The company is focusing on urban safety development, integrating data intelligence, artificial intelligence, and expert intelligence into its product system[40] - The company is transitioning from an integrated company to a professional solution provider with core self-developed products, enhancing product stickiness and operational capabilities[40] - The company aims to upgrade its business model from a professional solution provider to an operational company[40] - The company is concentrating on police safety, enterprise safety, and park safety, gradually extending into urban governance and public welfare applications[40] - The company is actively promoting the intelligentization of gas infrastructure to improve operational efficiency and safety performance[64] - The company aims to shift customer demand from single project construction to continuous operation services, leveraging its self-developed products to reveal scale advantages[110] Research and Development - The company has developed a comprehensive product system based on intelligent IoT, focusing on urban safety applications and solutions[71] - Total R&D expenses amounted to 146.12 million yuan, representing 15.60% of operating revenue, with capitalized R&D expenses accounting for 16.37%[88] - The company has 231 R&D personnel, accounting for 43.75% of the total workforce, with a significant portion holding advanced degrees[89] - Investment in new technology development increased by 30%, focusing on artificial intelligence and big data analytics[126] Market Expansion and Customer Engagement - The company has expanded its business coverage to 27 provinces and over 230 cities, reaching a population of over 100 million[74] - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share within the next two years[125] - A new partnership with a leading telecommunications provider is expected to drive user growth and enhance service offerings[126] Governance and Compliance - The board of directors consists of nine members, including three independent directors, ensuring a balanced governance structure[117] - The company emphasizes the importance of independent governance, ensuring compliance with legal requirements and protecting shareholder interests[116] - The company has maintained a consistent leadership team with no changes in the board composition during the reporting period[121] - The company actively engages in investor relations management to enhance communication and ensure shareholders' rights are protected[117] Financial Health and Risk Management - The company has a strong financial position, allowing for significant investment in technology research and development and opportunities for industry expansion[73] - The company faces intensified market competition as more firms enter the urban safety sector, increasing the difficulty of operational model implementation[113] - The company is addressing the risk of increased accounts receivable due to long procurement cycles from government clients, implementing measures to improve cash flow management[113] Social Responsibility and Environmental Compliance - The company actively fulfills its environmental responsibilities and adheres to all environmental policies without any administrative penalties for environmental issues[156] - The company actively participates in social responsibility and has been recognized with the "Outstanding Contribution Award for Economic Development" and the "Model Enterprise Award for Public Welfare" in 2021[158] - The company has a long-term commitment to reduce related party transactions and avoid competition with its own subsidiaries, ensuring shareholder interests are protected[162] Employee Management and Compensation - The company has implemented a value-sharing incentive system for employee compensation, which includes baseline and excess sharing components[140] - The total remuneration for all directors, supervisors, and senior management personnel at the end of the reporting period amounted to CNY 16.92 million[127] - The company has established a performance evaluation and incentive mechanism for senior management, combining a base salary with performance-based bonuses[147] Audit and Internal Control - The internal control audit report for 2021 received a standard unqualified opinion, indicating effective internal control systems[151] - Management is responsible for preparing financial statements in accordance with accounting standards to ensure fair representation[200] - Management must design, implement, and maintain necessary internal controls to prevent material misstatements due to fraud or error[200]

Financial Performance - The company achieved operating revenue of CNY 346.94 million in the first half of 2021, a decrease of 5.79% compared to the same period last year[15]. - Net profit attributable to shareholders was CNY 27.12 million, representing a significant increase of 119.14% year-on-year[15]. - The net cash flow from operating activities was CNY 174.58 million, up by 5.19% compared to the previous year[15]. - The company's total assets decreased by 15.48% to CNY 5.42 billion compared to the end of the previous year[15]. - Basic earnings per share rose to CNY 0.059, compared to a loss of CNY 0.281 in the same period last year, marking a 120.89% improvement[16]. - The company reported a 98.52% reduction in financial expenses due to optimized financing structure and reduced interest-bearing liabilities[17]. - The company achieved a revenue of 346.94 million yuan in the first half of 2021, with a net profit attributable to shareholders of 27.12 million yuan, representing a year-on-year growth of 119.14%[28]. - Operating costs decreased by 28.92% to CNY 202,448,822.53, attributed to a higher proportion of software development revenue and the realization of product scale effects[34]. - The company reported a net profit of CNY 29,608,209.50, a turnaround from a net loss of CNY 141,907,594.78 in the first half of 2020[94]. - Operating profit for the first half of 2021 was CNY 21,655,249.23, compared to an operating loss of CNY 157,747,599.60 in the same period last year[94]. Market Strategy and Focus - The company is focusing on enhancing its intelligent safety and smart scheduling products to accelerate market expansion[17]. - The company is focusing on urban safety strategy, enhancing its police intelligence, enterprise security intelligence, and urban intelligence businesses[28]. - The company has a robust pipeline of projects that are expected to drive revenue growth as demand from government and enterprise clients resumes[17]. - The company is focusing on the "dual carbon" policy opportunities to accelerate the development of self-researched software products and explore new ecosystems for intelligent operations in urban gas enterprises[30]. - The company is transitioning to a customer-centric consulting sales system, promoting product development based on frontline customer needs[28]. - The company actively expanded its customer base by leveraging its technological advantages and industry expertise, particularly in the gas supervision platform and intelligent operation applications[30]. Financial Position and Assets - The company has a strong financial position, with a 98.52% reduction in financial expenses due to optimized financing structure and reduced interest-bearing liabilities[28]. - The total assets at the end of the reporting period were significantly impacted by the recovery of equity transfer payments, leading to a 92.65% decrease in other receivables[37]. - The company's total assets increased to CNY 5,252,901,261.22 from CNY 4,822,722,825.22, reflecting a growth of 8.9%[91]. - Total liabilities decreased from CNY 2,416,122,813.66 in December 2020 to CNY 1,405,367,547.08 in June 2021, a decline of approximately 41.9%[86]. - The total equity attributable to shareholders was CNY 3,354,699,817.23, slightly down from CNY 3,357,542,281.03[91]. Cash Flow and Investments - The net cash flow from investment activities surged by 607.50% to CNY 664,339,316.74, primarily due to the receipt of equity transfer payments[34]. - The company reported a decrease in financial expenses from CNY 8,059,636.58 in the first half of 2020 to CNY 4,119,435.34 in the first half of 2021, reflecting a reduction of approximately 48.8%[99]. - The company’s interest income increased significantly to CNY 8,331,112.84 in the first half of 2021, compared to CNY 483,935.46 in the same period of 2020, marking an increase of approximately 1,626.5%[99]. - The company incurred cash payments of ¥424,000,000.00 for debt repayment during the financing activities, indicating a focus on reducing liabilities[104]. Shareholder and Equity Information - The company has a total of 16,691 common shareholders as of the end of the reporting period[75]. - The top shareholder, Xin'ao Energy Supply Chain Co., Ltd., holds 176,841,072 shares, representing 35.05% of the total shares[76]. - Zhang Tao, a significant shareholder, reduced his holdings by 2,906,863 shares, now owning 36,000,000 shares, which is 7.14%[76]. - The total number of shares repurchased by the company was 6,734,687, accounting for 1.33% of the total share capital as of the reporting period[77]. - The company has committed to reducing related party transactions and avoiding competition with its own shareholders since February 22, 2016[59]. Compliance and Governance - The company does not belong to the key pollutant discharge units as published by the environmental protection department, actively fulfilling its environmental responsibilities and complying with policies[54]. - The company's main industry is software and information technology services, with no significant environmental pollution issues reported[55]. - The company has established a governance structure including a shareholders' meeting, board of directors, and supervisory board[120]. - The financial statements are prepared based on the going concern principle, with no significant doubts about the company's ability to continue operations in the next 12 months[125]. Risks and Challenges - The company faces risks related to increased market competition and the difficulty of implementing operational models[45]. - The company is focused on improving cash flow stability and reducing accounts receivable risks, despite long approval cycles from government clients[46]. Future Outlook - The company plans to enhance its market presence and product offerings, although specific new products or technologies were not detailed in the provided content[104]. - Future outlook includes potential strategies for market expansion and possibly mergers or acquisitions, although specific plans were not disclosed in the current report[104].

Financial Performance - The company's revenue for Q3 2021 was ¥93,522,528.29, representing a decrease of 62.38% compared to the same period last year[6] - The net profit attributable to shareholders was -¥24,226,129.25, with a year-to-date net profit of ¥2,898,616.32, showing an increase of 101.81%[6] - The basic earnings per share for the year-to-date period was ¥0.01, reflecting an increase of 101.80% compared to the previous year[6] - Total operating revenue for the first three quarters of 2021 was CNY 440,467,282.55, a decrease of 28.6% compared to CNY 616,906,677.39 in the same period of 2020[21] - Net profit for the third quarter of 2021 was CNY 5,817,048.58, a significant improvement from a net loss of CNY 153,543,154.72 in the same quarter of 2020[22] - The company reported a basic and diluted earnings per share of CNY 0.01 for the third quarter of 2021, compared to a loss of CNY 0.32 per share in the same quarter of 2020[23] Assets and Liabilities - The total assets at the end of the reporting period were ¥5,075,846,011.70, a decrease of 20.82% from the end of the previous year[7] - Total liabilities as of the end of the third quarter of 2021 amounted to CNY 1,092,063,166.81, a decrease from CNY 2,416,122,813.66 at the end of the previous year[19] - The company's total assets were reported at 5,075,846,011.70 RMB, down from 6,410,390,123.58 RMB at the end of the previous year[17] - The company’s total liabilities included short-term borrowings of ¥1,225,344,859.74, reflecting the company’s financing structure and liquidity position[28] - Total liabilities amounted to approximately ¥2.42 billion, with current liabilities at ¥2.18 billion and non-current liabilities at ¥234 million[29] Cash Flow - The cash flow from operating activities for the year-to-date period was ¥524,503,102.05, an increase of 30.98%[6] - The net cash flow from operating activities for the first three quarters of 2021 was ¥524,503,102.05, an increase of 31% compared to ¥400,437,373.80 in the same period of 2020[25] - Total cash inflow from investment activities reached ¥677,306,247.76, significantly up from ¥223,578,096.53 in the previous year, marking an increase of approximately 203%[26] - The net cash flow from financing activities was -¥1,147,817,648.44, a decline from -¥62,290,009.23 in the same period last year, indicating increased cash outflows[26] - The total cash and cash equivalents at the end of the period stood at ¥1,508,736,457.40, compared to ¥912,517,922.88 at the end of the previous year, reflecting a year-on-year increase of 65%[26] Shareholder Information - The company had a total of 15,687 common shareholders at the end of the reporting period[11] - The total number of shares repurchased by the company was 6,734,687, accounting for 1.33% of the total share capital as of the end of the reporting period[13] - The major shareholder, New Energy Supply Chain Co., Ltd., increased its holdings by 5,770,000 shares, representing 1.14% of the total share capital, with a total investment of 50,060,660 RMB[14] Strategic Focus - The company reported a significant change in revenue structure, with the industry cognitive solution business being the sole source of profit following the sale of the marine route business[10] - The company plans to focus on expanding its industry cognitive solution business and enhancing its software product offerings in the future[10] - The company’s strategic focus is on digital operations and developing urban-level industry product solutions[15] - The company is focusing on improving operational efficiency and reducing costs to enhance profitability in future quarters[22] Research and Development - Research and development expenses for the first three quarters of 2021 were CNY 97,579,626.68, a decrease of 25.2% from CNY 130,430,834.53 in the same period of 2020[21]

Financial Performance - The company's operating revenue for Q1 2022 was ¥134,056,912.24, representing a decrease of 16.10% compared to the same period last year[5]. - Net profit attributable to shareholders was ¥1,816,257.83, down 84.55% year-on-year, primarily due to the absence of significant government subsidies[5][7]. - The net profit attributable to shareholders after deducting non-recurring gains and losses increased by 718.20%, reaching ¥1,672,247.25, driven by improved project gross margins and increased financial income[5][7]. - Basic and diluted earnings per share were both ¥0.0036, reflecting an 84.55% decline compared to the previous year[6][8]. - Net profit for Q1 2022 was ¥2,628,930.94, a decline of 72.8% from ¥9,659,832.30 in Q1 2021[18]. - Total comprehensive income for Q1 2022 was CNY 2,628,930.94, a decrease from CNY 11,758,011.01 in Q1 2021[19]. - Basic and diluted earnings per share for Q1 2022 were CNY 0.0036, down from CNY 0.0233 in Q1 2021[19]. Assets and Liabilities - Total assets at the end of the reporting period were ¥4,956,178,592.52, a decrease of 2.91% from the end of the previous year[6]. - Total assets as of Q1 2022 were ¥4,956,178,592.52, a decrease from ¥5,104,722,665.03 in the previous year[16]. - Total liabilities for Q1 2022 were ¥943,928,803.12, down 13.8% from ¥1,095,101,806.57 in Q1 2021[15]. - Total liabilities as of March 31, 2022, were CNY 1,927,768,934.72, down from CNY 2,300,028,677.72 at the end of 2021[26]. - The total liabilities amounted to approximately CNY 1.93 billion, a decrease from CNY 2.30 billion year-over-year[27]. Cash Flow - The company reported a net cash flow from operating activities of -¥77,008,711.62, indicating a negative cash flow situation[5]. - Cash inflow from operating activities in Q1 2022 was CNY 205,802,257.02, compared to CNY 192,188,360.67 in Q1 2021, showing an increase of approximately 7.9%[22]. - Cash outflow from operating activities in Q1 2022 was CNY 282,810,968.64, up from CNY 201,557,630.50 in Q1 2021, representing an increase of about 40.2%[22]. - Net cash flow from operating activities for Q1 2022 was -CNY 77,008,711.62, worsening from -CNY 9,369,269.83 in Q1 2021[22]. - The net cash flow from operating activities was negative at CNY -455,585,445.84, compared to a positive CNY 414,537,108.50 in the same period last year[31]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 18,953[10]. - The largest shareholder, Xin'ao Energy Supply Chain Co., Ltd., held 35.05% of the shares, with 28,868,400 shares pledged[10][11]. - The company repurchased a total of 6,734,687 shares, accounting for 1.33% of the total share capital, which remains unchanged as of the reporting period[11]. Expenses - The company reported a decrease in research and development expenses to ¥26,928,571.24, down 26.7% from ¥36,783,471.61 in Q1 2021[17]. - The company incurred interest expenses of CNY 2,250,000.00, down from CNY 7,048,737.14 in the previous year[29]. - The company reported a significant increase in management expenses to CNY 479,460.14 from CNY 125,189.34 year-over-year[28]. Future Outlook - The company plans to focus on expanding its market presence and enhancing its product offerings in the upcoming quarters[20]. - The company is focusing on improving its financial performance and exploring new strategies for market expansion and product development[30].

Financial Performance - The company achieved operating revenue of ¥936,603,680.34 in 2021, a decrease of 20.41% compared to ¥1,176,772,144.87 in 2020[24]. - Net profit attributable to shareholders was ¥22,206,643.22, representing an increase of 28.81% from ¥17,239,633.55 in the previous year[24]. - The net cash flow from operating activities increased by 21.39% to ¥734,032,683.08 from ¥604,679,640.85 in 2020[24]. - The total assets decreased by 20.49% to ¥5,104,722,665.03 at the end of 2021, down from ¥6,420,395,863.05 at the end of 2020[24]. - The company reported a significant decrease in total revenue compared to 2019, which was ¥3,227,973,598.50[24]. - Basic earnings per share increased by 33.33% to CNY 0.04 in 2021 from CNY 0.03 in 2020[26]. - Diluted earnings per share also rose by 33.33% to CNY 0.04 in 2021 compared to CNY 0.03 in 2020[28]. - The weighted average return on equity increased by 0.13 percentage points to 0.56% in 2021 from 0.43% in 2020[28]. - The company reported total revenue of CNY 496,136,397.79 for the year, with quarterly revenues of CNY 159,791,266.87, CNY 187,153,487.39, CNY 93,522,528.29, and CNY 155,668,115.24 respectively[31]. - The net profit attributable to shareholders was CNY -36,489,425.59 for the year, with a significant loss in the third quarter of CNY -24,226,129.25[31]. - Non-recurring gains and losses amounted to CNY 4,044,281.17 in 2021, a decrease from CNY 352,779,047.57 in 2020[35]. Dividend and Profit Distribution - The company plans to distribute a cash dividend of ¥0.15 per 10 shares, totaling ¥7,466,487.315, which accounts for 33.62% of the net profit attributable to shareholders[6]. - The company reported a total cash dividend of 6,977,317.71, accounting for 41.17% of the net profit attributable to shareholders[146]. - The cash dividend was set at 0.10 per 10 shares, based on a total share base of 497,765,821 shares after excluding repurchased shares[146]. Business Strategy and Development - The company is focusing on urban safety development, integrating data intelligence, artificial intelligence, and expert intelligence into its product system[40]. - The company is transitioning from an integrated company to a professional solution company with core self-developed products, enhancing product performance and stickiness[40]. - The company is concentrating on police safety, enterprise safety, and park safety, gradually extending into urban governance and public welfare applications[40]. - The company aims to focus on urban safety operations and plans to enhance management efficiency and expand into quality customer markets in 2022[109]. - The company is exploring potential acquisitions to bolster its product offerings, with a budget of 500 million RMB allocated for this purpose[126]. - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by the end of 2023[126]. Research and Development - The company has built a diverse product system and solution design capabilities based on smart IoT technology, enhancing its competitive edge in the social safety sector[71]. - Research and development expenses decreased by 9.07% to 122.2 million RMB, attributed to higher product conversion rates[77]. - Total R&D expenses amounted to 146.12 million yuan, representing 15.60% of operating revenue[88]. - Research and development investments increased by 30%, totaling 150 million RMB, aimed at enhancing technology capabilities[127]. - The company focuses on enhancing its product system and understanding customer needs, increasing R&D investment to drive the development of smart IoT platforms[110]. Governance and Compliance - The company emphasizes the importance of maintaining an independent governance structure and ensuring compliance with relevant laws and regulations[116]. - The company actively engages in investor relations management to enhance communication and ensure shareholders' rights are protected[118]. - The company has established a robust governance framework with a board of directors comprising nine members, including three independent directors[117]. - The company has maintained transparency in information disclosure, adhering to relevant laws and regulations[159]. - The company has a long-term commitment to avoid related party transactions and competition, ensuring the interests of shareholders are protected[163]. Market and Competition - The company faces intensified market competition as more firms enter the urban safety sector, increasing the difficulty of operational model implementation[114]. - The company is addressing the risk of increased accounts receivable due to long procurement and payment approval cycles from government clients[114]. - The management emphasized the importance of sustainability initiatives, with a commitment to reduce carbon emissions by 20% by 2025[127]. Employee and Management - The company employed a total of 528 staff members, with 355 in technical roles and 91 in sales[140]. - The company has a total of 6 PhD holders and 83 master's degree holders among its employees[140]. - The total remuneration for all directors, supervisors, and senior management personnel at the end of the reporting period amounted to CNY 16.92 million[128]. - The company has implemented a value-sharing incentive system, linking employee compensation to performance and market benchmarks[141]. - The company has established a performance evaluation and incentive mechanism for senior management, combining a base salary with performance-based pay[148]. Financial Position and Assets - The company has a strong financial position, enabling it to invest in technology research and development and pursue long-term operational opportunities in urban-level projects[73]. - The company reported a significant increase in other current liabilities, which rose by 143.38% to ¥203,029,235.69, due to debts maturing within one year[96]. - The company’s cash and cash equivalents included ¥30,793,325.95, with some funds subject to judicial freezes[98]. - The company’s deferred income decreased by 75.28% to ¥6,327,655.16, as government subsidies from previous years were recognized as other income[96]. - The company’s total assets and liabilities structure remained stable, with no significant changes reported in the share capital structure[182]. Social Responsibility and Environmental Initiatives - The company actively engages in environmental protection and adheres to all environmental policies, with no administrative penalties reported[157]. - The company actively participates in social responsibility and has been recognized with the "Outstanding Contribution Award for Economic Development" and the "Model Enterprise Award for Public Welfare" in 2021[159]. - The company has been awarded the "Top 50 Smart Public Security Enterprises" in 2021, showcasing its expertise in police information technology and AI applications[159]. - The company has a commitment to legal compliance and has contributed to local economic development through job creation and tax payments[159]. Shareholding and Ownership Structure - The controlling shareholder, Xin'ao Energy Supply Chain Co., increased its stake by 5,770,000 shares, representing 1.14% of the total share capital, bringing its total ownership to 53.24%[182]. - The number of ordinary shareholders decreased from 18,953 to 16,961 during the reporting period, indicating a reduction in shareholder base[183]. - The company has not reported any significant changes in its major shareholders or their shareholding ratios[193].

Financial Performance - The company's revenue for Q3 2021 was ¥93,522,528.29, representing a decrease of 62.38% compared to the same period last year[6] - The net profit attributable to shareholders was -¥24,226,129.25, with a year-to-date net profit of ¥58,696,068.81, showing an increase of 136.62%[6] - The basic earnings per share for the year-to-date period was ¥0.12, reflecting an increase of 136.38%[6] - Total operating revenue for the first three quarters of 2021 was CNY 440,467,282.55, a decrease of 28.6% compared to CNY 616,906,677.39 in the same period of 2020[21] - Net profit for the third quarter of 2021 was CNY 61,614,501.07, a significant recovery from a net loss of CNY 153,543,154.72 in the same quarter of 2020[22] - Earnings per share for the third quarter of 2021 were CNY 0.12, compared to a loss per share of CNY 0.32 in the same quarter of 2020[23] Assets and Liabilities - The total assets at the end of the reporting period were ¥5,136,515,343.38, a decrease of 19.87% from the end of the previous year[7] - The total current assets decreased to 3,587,733,518.03 RMB from 4,804,566,850.04 RMB, reflecting a decline of about 25.38% year-over-year[17] - The total non-current assets decreased to 1,548,781,825.35 RMB from 1,605,823,273.54 RMB, indicating a decline of approximately 3.43%[17] - Total liabilities as of the end of the third quarter of 2021 amounted to CNY 1,096,935,046.00, a decrease from CNY 2,416,122,813.66 at the end of the previous year[19] - The company’s total liabilities included short-term borrowings of CNY 1,225,344,859.74[28] - Total liabilities amounted to approximately ¥2.42 billion, with current liabilities at ¥2.18 billion and non-current liabilities at ¥234 million[29] Cash Flow - The company reported a net cash flow from operating activities of ¥524,503,102.05, which increased by 30.98% year-to-date[6] - Total cash inflow from operating activities for the first three quarters of 2021 was CNY 1,111,494,473.33, a decrease of 7.6% compared to CNY 1,203,165,444.82 in the same period of 2020[25] - Cash inflow from investment activities totaled CNY 677,306,247.76, significantly higher than CNY 223,578,096.53 in the previous year, marking a 203% increase[26] - Net cash flow from investment activities reached CNY 629,726,285.43, compared to CNY 62,029,769.40 in the same period last year[26] - Cash inflow from financing activities was CNY 391,721,750.74, a sharp decline from CNY 1,885,290,000.00 in the previous year[26] - Net cash flow from financing activities showed a negative balance of CNY -1,147,817,648.44, compared to CNY -62,290,009.23 in the same period of 2020[26] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 15,687[11] - The major shareholder, New Energy Supply Chain Co., Ltd., holds 35.05% of the shares, while the second-largest shareholder, Zhang Tao, holds 7.14%[12] - New Intelligent Technology Co., Ltd. increased its stake by acquiring 5,770,000 shares, representing 1.14% of the total share capital, with a total investment of 50,060,660 RMB[14] - The company completed a share buyback of 6,734,687 shares, accounting for 1.33% of the total share capital, with no changes in the repurchased shares as of the reporting date[13] Revenue Composition and Future Outlook - The company has shifted its revenue focus solely to industry cognitive solutions after divesting from the marine route business, leading to significant changes in revenue composition[10] - The company anticipates continued growth in its industry cognitive solutions business, which saw a year-on-year increase of 30,653.19% in revenue for the first three quarters of 2021[10] Other Financial Metrics - The weighted average return on equity was -0.60% for the current period, compared to an increase of 135.27 percentage points year-to-date[7] - Non-operating income for the current period included government subsidies amounting to ¥6,042,416.40, contributing to the overall financial performance[9] - Research and development expenses for the first three quarters of 2021 were CNY 97,579,626.68, down from CNY 130,430,834.53 in the same period of 2020[21] - Financial expenses for the third quarter of 2021 showed a significant reduction to -CNY 418,987.37 from CNY 65,711,272.18 in the previous year[22] - The company reported investment income of CNY 42,956,440.03 in the third quarter of 2021, compared to a loss of CNY 4,447,613.05 in the same quarter of 2020[22]

Financial Performance - The company achieved operating revenue of CNY 346.94 million in the first half of 2021, a decrease of 5.79% compared to the same period last year[15]. - Net profit attributable to shareholders was CNY 82.92 million, representing a significant increase of 158.53% year-on-year[15]. - The net cash flow from operating activities was CNY 174.58 million, up by 5.19% compared to the previous year[15]. - The company reported a net profit of CNY 230,628,364.22 for the first half of 2021, slightly down from CNY 233,470,828.02 in the same period last year[91]. - The total comprehensive income for the first half of 2021 was CNY 85,405,661.99, compared to a comprehensive loss of CNY 141,907,594.78 in the same period of 2020, showcasing a strong recovery[95]. - The company reported a significant increase in net profit, with a year-on-year growth of 25% in the first half of 2021[141]. - The total revenue for the first half of 2021 reached 500 million, reflecting a 15% increase compared to the same period last year[141]. Asset Management - The company's total assets decreased by 14.53% to CNY 5.48 billion compared to the end of the previous year[15]. - The total assets at the end of the reporting period were CNY 3,855,155,913.65, indicating the scale of the company's operations[113]. - The company reported a significant decrease in inventory from RMB 228,398,238.50 to RMB 169,873,618.01, a reduction of about 25.6%[84]. - Long-term equity investments increased by 225.94% to ¥61,752,063.30, due to the disposal of part of the equity in a subsidiary, resulting in significant influence[37]. - The company reported a decrease in retained earnings by approximately ¥141.68 million during the current period[110]. Financial Management - The company reported a risk of bad debt losses due to potential deterioration in customer payment capabilities and credit, and has increased efforts in receivables collection[47]. - The financial expenses decreased by 98.52% due to the optimization of the financing structure and repayment of loans, resulting in a more robust financial position[34]. - The company reported a credit impairment loss of CNY 12,854,804.03, a significant increase from a loss of CNY 9,759,523.23 in the previous year, indicating potential challenges in asset quality[94]. - The company’s cash flow management strategies are under scrutiny due to the significant net cash outflow in financing activities, which may impact future liquidity[102]. Market Strategy and Growth - The company focused on enhancing its intelligent safety and smart scheduling products, which helped accelerate market expansion[17]. - The company is positioned to capitalize on the growing demand for intelligent safety operations from both enterprise clients and regulatory bodies[25]. - The company plans to focus on market expansion and new product development in the upcoming quarters[90]. - The company plans to expand its market presence by entering three new regions by the end of 2022[146]. - The company expects a revenue growth forecast of 10% for the second half of 2021, driven by new product launches[141]. Operational Efficiency - The organization optimized its structure and implemented refined management practices, leading to a steady reduction in management and sales expenses[17]. - The management expenses decreased by 43.22% year-on-year, reflecting the impact of the divestiture of the marine shipping business[34]. - The company reported a significant reduction in management expenses, down to CNY 1,047,106.43 from CNY 7,275,842.33 in the previous year, reflecting a cost-cutting strategy[96]. - The company has implemented a new strategy focusing on digital transformation, aiming to increase operational efficiency by 15%[146]. Investment and R&D - The company achieved an investment income of CNY 47,562,277.03, a substantial improvement from a loss of CNY 1,603,483.03 in the prior year[94]. - The R&D expenditure for new products and technologies increased by 30%, amounting to 50 million in the first half of 2021[146]. - The company plans to invest 200 million in technology upgrades over the next two years to enhance product offerings[146]. Corporate Governance and Compliance - The company has established a corporate governance structure that includes a shareholders' meeting, board of directors, and supervisory board[121]. - The company has made commitments to reduce related party transactions and avoid competition with its own interests[59]. - The company is not classified as a key pollutant discharge unit and actively complies with environmental policies[54]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[55]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 16,691[74]. - The largest shareholder, Xin'ao Energy Supply Chain Co., Ltd., holds 176,841,072 shares, representing 35.05% of the total shares[76]. - The company repurchased a total of 6,734,687 shares, accounting for 1.33% of the total share capital as of the report date[78]. Risks and Challenges - The company faces risks from technological updates, intensified market competition, and potential delays in accounts receivable collection[45]. - The company has confirmed that there are no significant doubts regarding its ability to continue as a going concern for the next 12 months[126].

证券代码：603869 证券简称：新智认知 公告编号：临 2021-033 新智认知数字科技股份有限公司 关于参加投资者网上集体接待日活动的公告 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。 为进一步加强与投资者的互动交流，新智认知数字科技股份有限公司（以下 简称"公司"）将参加由广西上市公司协会、深圳市全景网络有限公司共同举办的 "2021 年广西地区上市公司投资者网上集体接待日活动"，现将有关事项公告如 下： 本次集体接待日活动将通过深圳市全景网络有限公司提供的互联网平台举 行，投资者可以登陆"全景·投资者关系互动平台"网站（http：//ir.p5w.net）参与 公司本次投资者集体接待日活动，活动时间为 2021 年 5 月 21 日（星期五）15:30 至 17:00。 届时公司董事长张亚东先生、公司副总裁兼财务总监兼董事会秘书张炎锋先 生将通过网络在线问答互动的形式，与投资者就公司治理、发展经营情况、融资 情况和可持续发展等投资者关注的问题进行交流。期间，公司高管将全程在线， 通过全景网投资者关系互动平台实 ...

1 / 27 新智认知 2021 年第一季度报告 公司代码：603869 公司简称：新智认知 新智认知数字科技股份有限公司 2021 年第一季度报告 | 一、 | 重要提示 3 | | --- | --- | | 二、 | 公司基本情况 3 | | 三、 | 重要事项 6 | | 四、 | 附录 10 | 新智认知 2021 年第一季度报告 一、 重要提示 二、 公司基本情况 随着上一年度受疫情影响建设进度延期的项目逐步完工确认，公司营业收入较去年同期增长 89.83%，同时公司自研软件产品增加，项目毛利水平持续攀升；此外由于出售航线资产、股权转 让款收回等原因，本期管理费用、财务费用相应大幅降低，2021 年一季度归属于上市公司股东净 利润 1,175.80 万元，同比增长 109.73%。 非经常性损益项目和金额 √适用 □不适用 3 / 27 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 公司负责人张亚东、主管会计工作负责人张炎锋及会计机 ...

[Important Notice](index=3&type=section&id=Item%20I.%20Important%20Notice) [Statement on Report Authenticity](index=3&type=section&id=1.1%20Statement%20on%20Report%20Authenticity) The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report, with all directors attending the review meeting, and the report remains unaudited - Board of Directors, Supervisory Board, Directors, Supervisors, and Senior Management guarantee the truthfulness, accuracy, and completeness of the quarterly report, with no false records, misleading statements, or major omissions, and bear individual and joint legal responsibility[6](index=6&type=chunk) - All company directors attended the board meeting to review the quarterly report[6](index=6&type=chunk) - This company's first-quarter report is unaudited[6](index=6&type=chunk) [Company Basic Information](index=3&type=section&id=Item%20II.%20Company%20Basic%20Information) [Key Financial Data](index=3&type=section&id=2.1%20Key%20Financial%20Data) The company's Q1 2021 key financial data shows significant year-on-year growth in operating revenue and net profit, driven by project completion, increased self-developed software, and reduced expenses from asset sales, with improved net cash flow from operating activities 2021 Q1 Key Financial Data Overview | Indicator | Period-End Balance/Beginning of Current Period | Prior Year-End/Beginning of Prior Year to Prior Year Period-End | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 6,421,004,300.99 CNY | 6,410,390,123.58 CNY | 0.17% | | Net Assets Attributable to Shareholders of Listed Company | 3,975,084,824.49 CNY | 3,963,326,813.48 CNY | 0.30% | | Net Cash Flow from Operating Activities | -9,369,269.83 CNY | -65,472,826.91 CNY | 85.69% | | Operating Revenue | 159,791,266.87 CNY | 84,177,510.76 CNY | 89.83% | | Net Profit Attributable to Shareholders of Listed Company | 11,758,011.01 CNY | -120,783,110.33 CNY | 109.73% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 204,382.11 CNY | -125,728,031.68 CNY | 100.16% | | Weighted Average Return on Net Assets (%) | 0.30 | -3.11 | Increased by 3.41 percentage points | | Basic Earnings Per Share (CNY/share) | 0.02 | -0.24 | 109.73% | | Diluted Earnings Per Share (CNY/share) | 0.02 | -0.24 | 109.73% | - Operating revenue increased by **89.83%** year-on-year, primarily due to the gradual completion and recognition of projects delayed by the pandemic in the previous year, coupled with an increase in the company's self-developed software products and a continuous rise in project gross profit margins[5](index=5&type=chunk) - Net profit attributable to shareholders of the listed company in Q1 2021 was **CNY 11.758 million**, a year-on-year increase of **109.73%**, mainly due to significantly reduced administrative and financial expenses resulting from the sale of airline assets and recovery of equity transfer payments[5](index=5&type=chunk) Non-Recurring Gains and Losses Items and Amounts | Item | Current Period Amount (CNY) | | :--- | :--- | | Gains and Losses from Disposal of Non-Current Assets | 93,640.83 | | Tax refunds, reductions, or exemptions due to unauthorized approvals, lack of formal approval documents, or incidental events | 845,871.73 | | Government subsidies recognized in current profit or loss | 15,257,353.71 | | Other non-operating income and expenses apart from the above | -1,235,711.69 | | Impact on minority interests (after tax) | -1,433,125.73 | | Income tax impact | -1,974,399.95 | | Total | 11,553,628.90 | [Total Number of Shareholders, Top Ten Shareholders, and Top Ten Circulating Shareholders (or Shareholders with No Restricted Shares) as of the End of the Reporting Period](index=5&type=section&id=2.2%20Total%20Number%20of%20Shareholders%2C%20Top%20Ten%20Shareholders%2C%20and%20Top%20Ten%20Circulating%20Shareholders%20(or%20Shareholders%20with%20No%20Restricted%20Shares)%20as%20of%20the%20End%20of%20the%20Reporting%20Period) As of the end of the reporting period, the company had 19,506 shareholders, with New Oriental Energy Supply Chain Co., Ltd. holding the largest stake at 35.05%, and several top ten shareholders being related to the actual controller, Mr. Wang Yushuo - Total number of shareholders (households) is **19,506**[10](index=10&type=chunk) Top Ten Shareholders' Shareholding | Shareholder Name (Full Name) | Number of Shares Held at Period End | Proportion (%) | Pledged or Frozen Status | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | New Oriental Energy Supply Chain Co., Ltd. | 176,841,072 | 35.05 | None | Domestic Non-State-Owned Legal Person | | Zhang Tao | 36,000,000 | 7.14 | Pledged 36,000,000 | Domestic Natural Person | | Tianjin Yienrui Investment Center (Limited Partnership) | 31,041,252 | 6.15 | None | Domestic Non-State-Owned Legal Person | | Suqian Xinyidehui Investment Management Center (Limited Partnership) | 21,760,879 | 4.31 | None | Domestic Non-State-Owned Legal Person | | New Oriental Capital Management Co., Ltd. | 18,666,443 | 3.70 | None | Domestic Non-State-Owned Legal Person | | New Oriental Holdings Investment Co., Ltd. | 14,507,253 | 2.88 | None | Domestic Non-State-Owned Legal Person | | Yang Ying | 8,054,911 | 1.60 | None | Domestic Natural Person | | New Oriental Cognitive Digital Technology Co., Ltd. Repurchase Special Securities Account | 6,734,687 | 1.33 | None | Domestic Non-State-Owned Legal Person | | Zhao Tianshi | 4,503,093 | 0.89 | None | Domestic Natural Person | | Shanghai Yifeng Investment Management Co., Ltd. - Yifeng Long-Term Investment No. 1 Private Equity Fund | 4,464,109 | 0.88 | None | Domestic Non-State-Owned Legal Person | - New Oriental Energy Supply Chain Co., Ltd., Tianjin Yienrui Investment Center (Limited Partnership), Suqian Xinyidehui Investment Management Center (Limited Partnership), New Oriental Capital Management Co., Ltd., and New Oriental Holdings Investment Co., Ltd. are all enterprises actually controlled by the company's actual controller, Mr. Wang Yushuo[11](index=11&type=chunk) [Total Number of Preferred Shareholders, Top Ten Preferred Shareholders, and Top Ten Preferred Shareholders with No Restricted Shares as of the End of the Reporting Period](index=6&type=section&id=2.3%20Total%20Number%20of%20Preferred%20Shareholders%2C%20Top%20Ten%20Preferred%20Shareholders%2C%20and%20Top%20Ten%20Preferred%20Shareholders%20with%20No%20Restricted%20Shares%20as%20of%20the%20End%20of%20the%20Reporting%20Period) As of the end of the reporting period, the company had no preferred shareholders - Not applicable[11](index=11&type=chunk) [Significant Events](index=6&type=section&id=Item%20III.%20Significant%20Events) [Significant Changes and Reasons for Major Accounting Statement Items and Financial Indicators](index=6&type=section&id=3.1%20Significant%20Changes%20and%20Reasons%20for%20Major%20Accounting%20Statement%20Items%20and%20Financial%20Indicators) During the reporting period, several financial accounts experienced significant changes, with notable increases in monetary funds, notes receivable, construction in progress, deferred income tax assets, notes payable, other income, credit impairment losses, net cash flow from operating activities, and net cash flow from investing activities; conversely, accounts receivable financing, other receivables, contract liabilities, employee compensation payable, non-current liabilities due within one year, long-term payables, deferred income, administrative expenses, financial expenses, and net cash flow from financing activities significantly decreased, primarily influenced by the recovery of equity transfer payments, maturity of notes, project completion, optimized financing structure, and the sale of airline assets Major Accounting Statement Item Changes | Account | Period-End Balance/Beginning of Current Period (CNY) | Beginning Balance/Prior Year Same Period (CNY) | Change Amount (CNY) | Change Rate (%) | Primary Reason | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 2,451,596,951.81 | 1,773,533,862.71 | 678,063,089.10 | 38.23 | Recovery of equity transfer payments | | Accounts Receivable Financing | 155,719.69 | 2,612,589.50 | -2,456,869.81 | -94.04 | Notes matured | | Other Receivables | 43,511,419.49 | 762,686,569.30 | -719,175,149.81 | -94.29 | Early recovery of equity transfer payments from the sale of Beihai Xinyi Ferry | | Construction in Progress | 682,084.06 | 356,902.65 | 325,181.41 | 91.11 | Office building renovation | | Deferred Income Tax Assets | 163,556,107.54 | 111,536,535.81 | 52,019,571.73 | 46.64 | Unrealized intercompany profit and reversal of bad debt provisions | | Notes Payable | 14,364,600.00 | 6,715,853.20 | 7,648,746.80 | 113.89 | Increased note payments from daily operating activities | | Contract Liabilities | 59,484,799.30 | 89,248,204.03 | -29,763,404.73 | -33.35 | Advance receipts recognized as revenue | | Non-Current Liabilities Due Within One Year | 22,740,829.84 | 83,419,116.43 | -60,678,286.59 | -72.74 | Optimized financing structure, reduced high-interest finance lease business | | Long-Term Payables | 0 | 5,242,991.41 | -5,242,991.41 | -100.00 | Optimized financing structure, reduced high-interest finance lease business | | Operating Revenue | 159,791,266.87 | 84,177,510.76 | 75,613,756.11 | 89.83 | Gradual completion and recognition of projects delayed by the pandemic | | Administrative Expenses | 22,511,013.15 | 43,327,573.38 | -20,816,560.23 | -48.04 | Reduced personnel and depreciation after selling airline assets | | Financial Expenses | 5,600,929.41 | 25,941,060.68 | -20,340,131.27 | -78.41 | Reduced interest-bearing debt, optimized financing structure | | Other Income | 16,103,225.44 | 9,008,244.06 | 7,094,981.38 | 78.76 | Deferred income transferred to other income | | Credit Impairment Losses | 18,832,564.06 | -2,751,215.39 | 21,583,779.45 | 784.52 | Recovery of accounts receivable and other receivables, reversal of bad debt provisions | | Net Cash Flow from Operating Activities | -9,369,269.83 | -65,472,826.91 | 56,103,557.08 | 85.69 | Reduced expenses after selling airline assets | | Net Cash Flow from Investing Activities | 623,658,845.30 | -64,097,486.52 | 687,756,331.82 | 1,072.98 | Recovery of equity transfer payments from the sale of airline assets | | Net Cash Flow from Financing Activities | -154,285,482.38 | 291,093,259.07 | -445,378,741.45 | 153.00 | Optimized financing structure, reduced interest-bearing debt | [Analysis of Progress, Impact, and Solutions for Significant Events](index=7&type=section&id=3.2%20Analysis%20of%20Progress%2C%20Impact%2C%20and%20Solutions%20for%20Significant%20Events) The company successfully recovered **CNY 1.37 billion** in equity transfer payments for Beihai Xinyi Ferry ahead of schedule, significantly boosting its financial strength, while also fully releasing **CNY 490 million** in related party guarantees from the airline asset sale, eliminating potential risks, and the controlling shareholder's concerted party initiated a share increase plan of no less than **CNY 50 million**, demonstrating confidence in the company's development - The company prematurely recovered **CNY 1.37 billion** in equity transfer payments for 100% of Beihai Xinyi Ferry Co., Ltd., received in two installments on December 25, 2020, and March 15, 2021, further strengthening the company's financial position[14](index=14&type=chunk)[15](index=15&type=chunk) - The **CNY 490 million** related party guarantee formed from the sale of Xinyi Ferry Co., Ltd. equity has been fully released, and the company no longer has other related party guarantees[15](index=15&type=chunk) - New Oriental Xinzhi IoT Co., Ltd., a concerted party of the company's controlling shareholder New Oriental Energy Supply Chain Co., Ltd., plans to increase its shareholding in the company by no less than **CNY 50 million** within 6 months, having already accumulated **CNY 36,403,943** as of April 15, 2021[16](index=16&type=chunk) [Unfulfilled Commitments Overdue During the Reporting Period](index=8&type=section&id=3.3%20Unfulfilled%20Commitments%20Overdue%20During%20the%20Reporting%20Period) The company had no unfulfilled commitments overdue during the reporting period - Not applicable[17](index=17&type=chunk) [Warning and Explanation of Reasons if Cumulative Net Profit from the Beginning of the Year to the End of the Next Reporting Period is Expected to be a Loss or Undergo Significant Changes Compared to the Same Period Last Year](index=9&type=section&id=3.4%20Warning%20and%20Explanation%20of%20Reasons%20if%20Cumulative%20Net%20Profit%20from%20the%20Beginning%20of%20the%20Year%20to%20the%20End%20of%20the%20Next%20Reporting%20Period%20is%20Expected%20to%20be%20a%20Loss%20or%20Undergo%20Significant%20Changes%20Compared%20to%20the%20Same%20Period%20Last%20Year) The company did not forecast cumulative net profit from the beginning of the year to the end of the next reporting period to be a loss or undergo significant changes - Not applicable[18](index=18&type=chunk) [Appendix](index=10&type=section&id=Item%20IV.%20Appendix) [Financial Statements](index=10&type=section&id=4.1%20Financial%20Statements) This section provides the company's consolidated and parent company balance sheets, income statements, and cash flow statements for Q1 2021, detailing the financial position, operating results, and cash flow at the end of the reporting period, all unaudited [Consolidated Balance Sheet](index=10&type=section&id=Consolidated%20Balance%20Sheet) As of March 31, 2021, the company's consolidated total assets were **CNY 6.421 billion**, a slight increase of **0.17%** from the end of the previous year, with monetary funds significantly increasing by **38.23%** due to equity transfer payment recovery, while other receivables sharply decreased by **94.29%** from early recovery of equity transfer payments Consolidated Balance Sheet Key Data (March 31, 2021 vs December 31, 2020) | Item | March 31, 2021 (CNY) | December 31, 2020 (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Monetary Funds | 2,451,596,951.81 | 1,773,533,862.71 | 38.23 | | Accounts Receivable | 1,562,357,880.46 | 1,525,812,177.92 | 2.39 | | Other Receivables | 43,511,419.49 | 762,686,569.30 | -94.29 | | Total Current Assets | 4,796,465,383.40 | 4,804,566,850.04 | -0.17 | | Total Assets | 6,421,004,300.99 | 6,410,390,123.58 | 0.17 | | Short-Term Borrowings | 1,323,126,034.91 | 1,225,344,859.74 | 8.00 | | Total Liabilities | 2,417,077,158.77 | 2,416,122,813.66 | 0.04 | | Total Equity Attributable to Parent Company Owners | 3,975,084,824.49 | 3,963,326,813.48 | 0.30 | - The increase in monetary funds is primarily due to the recovery of equity transfer payments paid in cash[13](index=13&type=chunk) - The decrease in other receivables is primarily due to the early recovery of corresponding equity transfer payments from the sale of Beihai Xinyi Ferry[13](index=13&type=chunk) [Parent Company Balance Sheet](index=12&type=section&id=Parent%20Company%20Balance%20Sheet) As of March 31, 2021, the parent company's total assets were **CNY 5.419 billion**, an increase of **12.36%** from the end of the previous year, with monetary funds significantly growing by **62.13%** and other receivables increasing by **41.33%,** while short-term borrowings decreased, other payables substantially increased Parent Company Balance Sheet Key Data (March 31, 2021 vs December 31, 2020) | Item | March 31, 2021 (CNY) | December 31, 2020 (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Monetary Funds | 610,826,511.07 | 376,780,652.56 | 62.13 | | Other Receivables | 1,204,591,049.45 | 852,326,117.07 | 41.33 | | Long-Term Equity Investments | 3,480,403,892.65 | 3,480,403,892.65 | 0.00 | | Total Assets | 5,418,754,813.77 | 4,822,722,825.22 | 12.36 | | Short-Term Borrowings | 251,282,430.55 | 400,882,597.23 | -37.32 | | Other Payables | 1,524,183,369.54 | 755,731,585.63 | 101.68 | | Total Liabilities | 2,067,089,538.32 | 1,465,180,544.19 | 41.08 | | Total Owners' Equity | 3,351,665,275.45 | 3,357,542,281.03 | -0.17 | [Consolidated Income Statement](index=14&type=section&id=Consolidated%20Income%20Statement) In Q1 2021, the company's consolidated total operating revenue increased by **89.83%** to **CNY 160 million**, with net profit turning from a loss to a profit of **CNY 9.66 million**, and net profit attributable to parent company shareholders significantly growing by **109.73%** to **CNY 11.76 million**, primarily due to increased operating revenue, substantially reduced administrative and financial expenses, and the reversal of credit impairment losses Consolidated Income Statement Key Data (Q1 2021 vs Q1 2020) | Item | Q1 2021 (CNY) | Q1 2020 (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 159,791,266.87 | 84,177,510.76 | 89.83 | | Total Operating Costs | 181,207,323.87 | 220,660,979.46 | -17.88 | | Administrative Expenses | 22,511,013.15 | 43,327,573.38 | -48.04 | | Financial Expenses | 5,600,929.41 | 25,941,060.68 | -78.41 | | Credit Impairment Losses | 18,832,564.06 | -2,751,215.39 | 784.52 | | Operating Profit | 9,134,729.30 | -131,876,636.27 | 106.93 | | Net Profit | 9,659,832.30 | -125,132,917.21 | 107.72 | | Net Profit Attributable to Parent Company Shareholders | 11,758,011.01 | -120,783,110.33 | 109.73 | | Basic Earnings Per Share (CNY/share) | 0.02 | -0.24 | 109.73 | - The increase in operating revenue is primarily due to the gradual completion and recognition of projects delayed by the pandemic in the previous year[13](index=13&type=chunk) - The significant decrease in administrative and financial expenses is primarily due to reduced personnel and depreciation after the sale of airline assets, as well as a reduction in interest-bearing debt and optimized financing structure[13](index=13&type=chunk) - The positive turn in credit impairment losses is primarily due to the recovery of accounts receivable and other receivables, and the reversal of related bad debt provisions[13](index=13&type=chunk) [Parent Company Income Statement](index=17&type=section&id=Parent%20Company%20Income%20Statement) In Q1 2021, the parent company's operating revenue was **CNY 36,123.85**, with a net loss of **CNY 5.877 million**, a **16.84%** reduction in loss year-on-year, while financial expenses remained a major expenditure but decreased year-on-year Parent Company Income Statement Key Data (Q1 2021 vs Q1 2020) | Item | Q1 2021 (CNY) | Q1 2020 (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 36,123.85 | 0 | N/A | | Administrative Expenses | 125,189.34 | 4,406,897.57 | -97.16 | | Financial Expenses | 5,755,239.38 | 2,153,330.96 | 167.27 | | Operating Profit | -5,902,253.37 | -7,067,319.13 | 16.49 | | Net Profit | -5,877,005.58 | -7,067,319.13 | 16.84 | - Parent company administrative expenses decreased significantly by **97.16%** year-on-year[37](index=37&type=chunk) - Parent company financial expenses increased significantly by **167.27%** year-on-year, primarily due to increased interest expenses[37](index=37&type=chunk) [Consolidated Cash Flow Statement](index=18&type=section&id=Consolidated%20Cash%20Flow%20Statement) In Q1 2021, the company's net cash flow from operating activities significantly improved, increasing by **85.69%** from **CNY -65.47 million** to **CNY -9.37 million** year-on-year, while net cash flow from investing activities turned positive, sharply increasing by **1072.98%** to **CNY 623.66 million** due to the recovery of equity transfer payments from airline asset sales, and net cash flow from financing activities turned negative, decreasing by **153.00%** to **CNY -154.29 million** due to optimized financing structure and reduced interest-bearing debt Consolidated Cash Flow Statement Key Data (Q1 2021 vs Q1 2020) | Item | Q1 2021 (CNY) | Q1 2020 (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -9,369,269.83 | -65,472,826.91 | 85.69 | | Net Cash Flow from Investing Activities | 623,658,845.30 | -64,097,486.52 | 1,072.98 | | Net Cash Flow from Financing Activities | -154,285,482.38 | 291,093,259.07 | -153.00 | | Net Increase in Cash and Cash Equivalents | 460,004,093.09 | 161,522,945.64 | 184.79 | - The increase in net cash flow from operating activities is primarily due to reduced expenses after the sale of airline assets[13](index=13&type=chunk) - The increase in net cash flow from investing activities is primarily due to the recovery of equity transfer payments from the sale of airline assets[13](index=13&type=chunk) - The decrease in net cash flow from financing activities is primarily due to the company optimizing its financing structure and reducing the scale of interest-bearing debt[13](index=13&type=chunk) [Parent Company Cash Flow Statement](index=20&type=section&id=Parent%20Company%20Cash%20Flow%20Statement) In Q1 2021, the parent company's net cash flow from operating activities significantly turned positive to **CNY 414.54 million** from **CNY -91.77 million** in the prior year, mainly due to a substantial increase in other cash received related to operating activities, while net cash flow from financing activities was **CNY -180.47 million**, primarily used for debt repayment Parent Company Cash Flow Statement Key Data (Q1 2021 vs Q1 2020) | Item | Q1 2021 (CNY) | Q1 2020 (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Other Cash Received Related to Operating Activities | 1,343,148,430.15 | 328,236,074.25 | 309.19 | | Net Cash Flow from Operating Activities | 414,537,108.50 | -91,765,222.22 | 551.70 | | Net Cash Flow from Financing Activities | -180,472,499.99 | -123,374,958.09 | -46.28 | | Net Increase in Cash and Cash Equivalents | 234,045,858.51 | -215,155,172.31 | 208.78 | - The significant increase in the parent company's total cash inflow from operating activities is primarily due to a substantial increase in other cash received related to operating activities[44](index=44&type=chunk) - The parent company's total cash outflow from financing activities is primarily used for debt repayment[45](index=45&type=chunk) [Adjustments to Financial Statements at the Beginning of the First Year of Adoption of New Lease Standards from 2021](index=22&type=section&id=4.2%20Adjustments%20to%20Financial%20Statements%20at%20the%20Beginning%20of%20the%20First%20Year%20of%20Adoption%20of%20New%20Lease%20Standards%20from%202021) The company adopted new lease standards from January 1, 2021, adjusting consolidated and parent company balance sheets by adding "right-of-use assets" and "lease liabilities," with consolidated statements showing **CNY 5.9624 million** for both, affecting only the financial statement items at the beginning of the first year of adoption without retrospective adjustment of comparable period data [Consolidated Balance Sheet](index=22&type=section&id=Consolidated%20Balance%20Sheet) The first adoption of new lease standards led to the addition of **CNY 5.9624 million** in right-of-use assets and **CNY 5.9624 million** in lease liabilities to the consolidated balance sheet as of January 1, 2021, increasing total assets and liabilities accordingly, but without affecting owners' equity Consolidated Balance Sheet New Lease Standard Adjustments (December 31, 2020 vs January 1, 2021) | Item | December 31, 2020 (CNY) | January 1, 2021 (CNY) | Adjustment Amount (CNY) | | :--- | :--- | :--- | :--- | | Right-of-Use Assets | 0 | 5,962,350.56 | 5,962,350.56 | | Total Non-Current Assets | 1,605,823,273.54 | 1,611,785,624.10 | 5,962,350.56 | | Total Assets | 6,410,390,123.58 | 6,416,352,474.14 | 5,962,350.56 | | Lease Liabilities | 0 | 5,962,350.56 | 5,962,350.56 | | Total Non-Current Liabilities | 234,058,803.19 | 240,021,153.75 | 5,962,350.56 | | Total Liabilities | 2,416,122,813.66 | 2,422,085,164.22 | 5,962,350.56 | [Parent Company Balance Sheet](index=24&type=section&id=Parent%20Company%20Balance%20Sheet) The parent company balance sheet remained unchanged upon the initial adoption of new lease standards, with all items showing consistent amounts on December 31, 2020, and January 1, 2021 - The parent company balance sheet remained unchanged upon the initial adoption of new lease standards, with all items showing consistent amounts on December 31, 2020, and January 1, 2021[49](index=49&type=chunk)[52](index=52&type=chunk) [Explanation of Retrospective Adjustment of Prior Period Comparative Data upon First Adoption of New Lease Standards from 2021](index=26&type=section&id=4.3%20Explanation%20of%20Retrospective%20Adjustment%20of%20Prior%20Period%20Comparative%20Data%20upon%20First%20Adoption%20of%20New%20Lease%20Standards%20from%202021) The company implemented new lease standards from January 1, 2021, adjusting only the opening retained earnings and other related financial statement items for the first year of adoption, without retrospectively adjusting comparable data for the end of 2020, and this accounting policy change is not expected to significantly impact the company's financial position, operating results, or cash flows - The company implemented new lease standards from January 1, 2021, and will disclose financial statements according to the new lease standards from Q1 2021, without restating comparable data for the end of 2020[53](index=53&type=chunk) - According to the transition provisions, the cumulative impact of the first adoption of new lease standards only adjusts the opening retained earnings and other related financial statement items for the year of first adoption[53](index=53&type=chunk) - This accounting policy change is not expected to significantly impact the company's financial position, operating results, or cash flows[53](index=53&type=chunk) [Audit Report](index=27&type=section&id=4.4%20Audit%20Report) This quarterly report is unaudited - Not applicable[54](index=54&type=chunk)