Financial Performance - The company's operating revenue for Q1 2020 was ¥559,073,338.24, a decrease of 74.86% compared to ¥2,224,208,736.59 in the same period last year[7]. - The net profit attributable to shareholders was a loss of ¥53,592,586.18, representing a decline of 387.40% from a profit of ¥18,647,194.28 in the previous year[7]. - Total revenue decreased by 74.86% to ¥559,073,338.24 compared to ¥2,224,208,736.59 in the previous period, primarily due to a decline in new energy and supply chain revenues[14]. - The net profit attributable to shareholders of the parent company was -¥53,592,586.18, a decrease of 420.50% compared to a profit of ¥16,721,535.57 in the previous period, largely due to the impact of divesting the logistics subsidiary[14]. - The company reported a total comprehensive income of -52,263,883.80 CNY for Q1 2020, down from 17,447,513.29 CNY in the previous year[39]. Cash Flow - The net cash flow from operating activities was negative at ¥431,297,180.63, a decrease of 278.07% compared to ¥242,212,093.51 in the same period last year[7]. - Operating cash flow net amount was -¥431,297,180.63, a decrease of 278.07% compared to ¥242,212,093.51 in the previous period, primarily due to significant cash payments related to operating activities[15]. - Cash inflow from operating activities was 657,162,617.53 CNY, significantly lower than 2,650,094,589.21 CNY in the previous year[45]. - The company reported a total operating cash outflow of 1,088,459,798.16 CNY, compared to 2,407,882,495.70 CNY in the previous period[46]. - The cash inflow from operating activities was 28,742,988.12 CNY, significantly lower than the previous period's 929,268,091.89 CNY[49]. Assets and Liabilities - Total assets at the end of the reporting period were ¥30,844,713,439.33, a slight decrease of 0.10% from ¥30,874,066,679.71 at the end of the previous year[7]. - Total liabilities increased to CNY 17,363,339,927.34 from CNY 17,340,479,283.92, indicating a rise of about 0.13%[30]. - The company's total owner's equity was CNY 13,481,373,511.99, a decrease from CNY 13,533,587,395.79, indicating a decline of about 0.39%[31]. - The total assets of the company reached CNY 30.87 billion, with current assets totaling CNY 2.78 billion and non-current assets at CNY 15.10 billion[56]. - The company had a total of CNY 1.98 billion in other payables, including interest payable of CNY 42.88 million[56]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 74,814[10]. - The largest shareholder, Dongxu Group Co., Ltd., held 39.04% of the shares, amounting to 580,419,914 shares, with 423,673,200 shares pledged[10]. Research and Development - Research and development expenses decreased by 57.78% to ¥3,303,235.95 from ¥7,823,615.61, indicating a reduction in R&D investment during the period[14]. - Research and development expenses for Q1 2020 were 3,303,235.95 CNY, down from 7,823,615.61 CNY in the previous year[37]. Financial Adjustments and Standards - The report reflects adjustments based on the new revenue recognition and leasing standards, impacting prior period comparative data[58]. - The company has not undergone an audit for the first quarter report, which is noted as unaudited[58].

东旭蓝天新能源股份有限公司 2019 年第三季度报告全文 东旭蓝天新能源股份有限公司 2019 年第三季度报告 2019 年 10 月 1 东旭蓝天新能源股份有限公司 2019 年第三季度报告全文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人卢召义、主管会计工作负责人夏志勇及会计机构负责人(会计主 管人员)李磊声明：保证季度报告中财务报表的真实、准确、完整。 2 东旭蓝天新能源股份有限公司 2019 年第三季度报告全文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期末 | 上年度末 | | 本报告期末比上年度末增减 | | --- | --- | --- | --- | --- | | 总资产（元） | 33,065,250,904.20 | 34,423,044,803.15 | | -3.94% | | 归属于上市公司股东的净资产 | 14,457 ...

Financial Performance - The company's operating revenue for the first half of 2019 was ¥5,232,670,823.45, representing a 46.65% increase compared to ¥3,568,223,818.72 in the same period last year[15]. - The net profit attributable to shareholders of the listed company decreased by 92.96% to ¥92,708,552.72 from ¥1,317,407,499.25 year-on-year[15]. - The basic earnings per share decreased by 93.71% to ¥0.062 from ¥0.985 in the same period last year[15]. - The company achieved a revenue of 5.23 billion yuan, representing a year-on-year growth of 47%[33]. - The net profit attributable to shareholders reached 92.71 million yuan during the reporting period[33]. - The total profit for the first half of 2019 was CNY 101,157,722.52, down from CNY 1,580,300,561.96 in the previous year, representing a decrease of approximately 93.6%[134]. - The total comprehensive income for the first half of 2019 was CNY 92,976,537.27, down from CNY 1,312,636,424.51 in the first half of 2018[135]. - The company reported a significant increase in accounts payable to ¥5,483,562,883, which is 15.67% of total assets, up from 13.88%, an increase of 1.79%[46]. Cash Flow and Liquidity - The net cash flow from operating activities improved significantly, reaching ¥1,849,274,935.12, a 171.36% increase from a negative cash flow of ¥2,591,457,291.09 in the previous year[15]. - The ending balance of cash and cash equivalents as of the end of the first half of 2019 was ¥7,213,624,875.29, compared to ¥3,254,558,719.73 at the end of the first half of 2018, indicating an increase of approximately 121%[144]. - Cash inflow from financing activities decreased to ¥576,921,896.81 in the first half of 2019, compared to ¥1,362,502,809.13 in the same period of 2018, reflecting a decline of approximately 58%[143]. - The net cash flow from financing activities was -¥562,921,511.90 in the first half of 2019, compared to -¥1,597,662,557.92 in the first half of 2018, showing a significant reduction in cash outflow[144]. Assets and Liabilities - The total assets at the end of the reporting period were ¥34,983,297,969.44, showing a 1.63% increase from ¥34,423,044,803.15 at the end of the previous year[15]. - The total liabilities as of June 30, 2019, amounted to ¥20,410,856,988.45, an increase from ¥19,851,862,467.81 at the end of 2018[126]. - Current liabilities totaled ¥14,480,864,634.06, up from ¥13,421,020,942.48 in the previous period[126]. - The total equity attributable to shareholders of the parent company was ¥14,477,781,025.88, a slight decrease from ¥14,500,442,724.54[126]. Investment and R&D - The company has established a remote intelligent operation and maintenance platform for photovoltaic power stations, achieving comprehensive smart energy management[23]. - The company’s R&D investment was ¥17,180,927.54, a slight decrease of 5.54% from ¥18,187,785.15 in the previous year[39]. - The company has obtained a total of 45 patents in the ecological and environmental protection field, with over ten patents authorized[26]. - The company is focusing on the "environmental protection + new energy" integrated service model to enhance its competitive advantage in the market[35]. Market and Business Strategy - The company is actively expanding its environmental protection business, including ecological comprehensive governance and water environment restoration[23]. - The company has implemented a diversified smart energy strategy, including photovoltaic and gas complementary systems and microgrid solutions[23]. - The company has been recognized with the "Future Company Award in the New Energy Field" for 2019 and ranked among the top 20 global photovoltaic companies[34]. - The company is committed to enhancing its market competitiveness through innovation, cost optimization, and quality control to mitigate increasing market competition risks[67]. Shareholder and Corporate Governance - The company plans to not distribute cash dividends or issue bonus shares for the reporting period[5]. - The first employee stock ownership plan raised a total of RMB 580.8 million, purchasing 37,990,701 shares, approximately 2.841% of the total issued shares[77]. - The company held five temporary shareholder meetings in 2019, with investor participation rates ranging from 5.91% to 39.25%[70]. - There were no significant related party transactions during the reporting period[80]. Risks and Challenges - The company is facing increased economic pressure due to external factors such as financial deleveraging and trade tensions, with GDP growth slowing to 6.3% in the first half of 2019[23]. - The company faces risks related to industry policies, particularly concerning potential reductions or cancellations of solar power subsidies, which could adversely affect its photovoltaic business[66]. - The company emphasizes the importance of maintaining a robust internal control system to address various risks associated with its business operations[67]. Environmental and Social Responsibility - The company donated CNY 15 million to support local poverty alleviation, education, and infrastructure projects during the reporting period[96]. - The photovoltaic poverty alleviation project in Wangqing County has helped 5,000 impoverished households and has a total capacity of 130 MW[96]. - The company plans to continue its "photovoltaic + industry" poverty alleviation model to support rural economic development and improve ecological conditions[99].

东旭蓝天新能源股份有限公司 2019 年第一季度报告全文 东旭蓝天新能源股份有限公司 2019 年第一季度报告 2019 年 04 月 1 东旭蓝天新能源股份有限公司 2019 年第一季度报告全文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人卢召义、主管会计工作负责人夏志勇及会计机构负责人(会计主 管人员)李磊声明：保证季度报告中财务报表的真实、准确、完整。 2 东旭蓝天新能源股份有限公司 2019 年第一季度报告全文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | 营业收入（元） | 2,224,208,736.59 | 1,066,134,391.90 | 108.62% | | 归属于上市公司股东的净利润（元） | 18,647,194.28 | ...

Dividend Distribution - The company plans to distribute a cash dividend of 0.75 yuan per 10 shares to all shareholders, based on a total of 1,486,873,870 shares [4]. - The company distributed cash dividends of approximately 54.83 million yuan, with a dividend of 0.41 yuan per share based on a total share capital of 1,337,173,272 shares [139]. - The total cash dividend distributed was CNY 111,515,540.25, representing 100% of the total distributable profit [143]. - The cash dividend per 10 shares was set at CNY 0.75 (including tax), based on a total share capital of 1,486,873,870 shares [145]. - The company has committed to distributing at least 10% of the annual distributable profit in cash dividends, with a cumulative distribution of no less than 30% of the average annual distributable profit over the last three years [145]. - The cash dividend amount for 2018 increased significantly from CNY 54,824,104.15 in 2017, reflecting a growth in profitability [143]. - The company maintained a consistent dividend policy, ensuring shareholder returns while adhering to legal and regulatory requirements [146]. Financial Performance - The company's operating revenue for 2018 was ¥8,676,289,465.14, representing a 6.71% increase compared to ¥8,131,025,319.77 in 2017 [6]. - The net profit attributable to shareholders for 2018 was ¥1,117,732,285.03, a significant increase of 105.43% from ¥544,098,352.54 in 2017 [6]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥7,461,274.99, showing a decrease of 98.61% compared to ¥535,532,165.16 in 2017 [6]. - The net cash flow from operating activities for 2018 was -¥3,833,258,263.74, a decline of 2,609.53% from ¥152,748,165.33 in 2017 [6]. - The total assets at the end of 2018 were ¥34,423,044,803.15, reflecting a 19.10% increase from ¥28,903,531,696.82 at the end of 2017 [6]. - The company achieved a basic earnings per share of ¥0.8282 in 2018, up 103.54% from ¥0.4069 in 2017 [6]. - The company reported a net profit of 296,247,255 CNY for the year 2018, with a significant contribution from its subsidiaries [120]. Business Operations and Strategy - The company has undergone several changes in its main business scope, including the development and management of photovoltaic power stations and environmental technology services [14]. - The company has expanded its environmental protection business, focusing on ecological comprehensive governance and water environment restoration [27]. - The company has developed a photovoltaic power station remote control intelligent operation and maintenance platform, enhancing its smart energy management capabilities [27]. - The company is actively expanding its environmental protection projects, with ongoing orders in ecological governance and water environment remediation [45]. - The company plans to continue its market expansion and product development in the renewable energy sector, leveraging recent acquisitions to enhance operational capabilities [63]. - The company aims to enhance its organizational capabilities and operational efficiency through continuous management reforms [47]. - The company is focusing on technological advancements, with projects like the 15MW Cangzhou project achieving a utilization rate of 92.55% [109]. Acquisitions and Investments - The company completed a non-public stock issuance of 149,700,598 shares, raising ¥2 billion, which will enhance its scale advantages [47]. - The company made several acquisitions in 2018, including 100% stakes in multiple new energy companies, with total acquisition costs amounting to ¥60,400,004.00 [63]. - The total identifiable net assets acquired from the acquisitions were valued at ¥245,790,332.44, indicating a significant goodwill amount [66]. - The company has established multiple new subsidiaries, including 30 new energy companies, to expand its market presence [121][122]. - The company has made significant investments in new energy technology, focusing on expanding its market presence through strategic acquisitions and partnerships [159]. Environmental and Renewable Energy Initiatives - The company has developed and connected a cumulative capacity of 1.16 GW of photovoltaic power stations, ranking 181st among the top 500 global renewable energy companies in 2018 [43]. - The company is focusing on expanding its renewable energy projects, with significant investments in various solar power initiatives across different regions [99]. - The company anticipates a significant growth in wind and solar power generation, with an expected annual increase of 80-160 GW for solar and 70-140 GW for wind from 2020 onwards [129]. - The company is committed to becoming a leading provider of comprehensive environmental services, ensuring high growth rates [118]. - The company’s initiatives in poverty alleviation have created employment for 1,239 people, including 250 impoverished individuals [200]. Financial Management and Liabilities - Total liabilities include short-term loans of CNY 220 million and accounts payable of CNY 85.54 million [67]. - The company reported a net asset value of CNY 66.42 million, with minority interests amounting to CNY 23.25 million [67]. - The company’s total liabilities included accounts payable of 28,330,478.32 and 56,415,278.18 for different subsidiaries [160]. - The company has a total of 20 million yuan in joint liability guarantees for Dongxu New Energy Investment Co., with a guarantee period from September 29, 2017, to November 7, 2018 [191]. - The actual total guarantee amount accounted for 20.32% of the company's net assets [192]. Compliance and Governance - The company has committed to publish accurate and timely periodic reports and disclose significant information affecting investors [148]. - The company’s controlling shareholder, Dongxu Group, promised not to interfere in the company's management activities and not to infringe on company interests [148]. - The company will adhere to legal regulations and maintain the rights of all shareholders [148]. - The company has established commitments to ensure compliance with the Company Law and Securities Law [148]. - The company has not experienced any suspension or termination of listing during the reporting period [171]. Challenges and Risks - The company expects to face risks related to industry policy changes, particularly regarding government subsidies for solar energy and storage industries [134]. - The company has experienced delays in project construction due to complex geographical conditions, affecting the expected progress and profitability of several projects [116]. - The company recognizes the government's unwavering support for the clean energy sector, particularly in wind and solar power development [130].

Financial Performance - Operating revenue for the reporting period was ¥1.73 billion, a decrease of 12.05% year-on-year[8]. - Net profit attributable to shareholders was ¥87.20 million, down 49.26% compared to the same period last year[8]. - Basic earnings per share decreased by 49.61% to ¥0.065[8]. - Total profit for the period reached ¥1,592,513,371.27, a significant increase of 308.95% compared to the previous period[18]. - Investment income surged to ¥1,337,649,699.41, marking a dramatic increase of 2334821.85% due to the divestment of the real estate business[18]. - The company reported a net profit attributable to shareholders of ¥1,404,604,197.63, up 334.40% from the previous year[18]. - Cash flow from operating activities showed a net outflow of ¥3,484,908,698.24, a decline of 151.85% compared to the previous period[18]. - Financial expenses rose by 148.87% to ¥347,414,091.66, attributed to increased average borrowing amounts[18]. - The company experienced a 75.58% reduction in sales expenses, totaling ¥15,095,537.57, due to the divestment of the real estate business[18]. Assets and Liabilities - Total assets at the end of the reporting period reached ¥29.24 billion, an increase of 1.15% compared to the end of the previous year[8]. - Net assets attributable to shareholders increased by 11.71% to ¥12.83 billion compared to the end of the previous year[8]. - The company's cash and cash equivalents decreased by 36.62% to ¥5,485,568,086.43, primarily due to increased prepayments for EPC and ecological environmental project procurement[17]. - Accounts receivable increased by 80.94% to ¥4,623,842,255.16, mainly due to revenue recognition from new energy and ecological environmental businesses[17]. - Prepayments surged by 838.34% to ¥3,840,192,137.33, attributed to increased prepayments for EPC and ecological environmental project procurement[17]. - Inventory rose by 71.79% to ¥2,235,809,206.80, reflecting an increase in completed but unsettled assets from new energy and ecological environmental businesses[17]. - The company reported a 100% increase in long-term equity investments to ¥10,633,804.09, due to new investments in joint ventures[17]. - Fixed assets increased by 85.60% to ¥5,078,919,097.49, driven by the capitalization of new energy power station construction projects[17]. - Short-term borrowings decreased by 70.82% to ¥551,000,000.00, as the company repaid part of its short-term debt[17]. - The company's accounts payable increased by 50.63% to ¥4,909,847,386.13, mainly due to increased payable engineering costs in the ecological environmental business[17]. Shareholder Information - The company had a total of 42,791 shareholders at the end of the reporting period[12]. - The largest shareholder, Dongxu Group Co., Ltd., held 32.02% of the shares, amounting to 428.20 million shares[12]. Business Operations - The company has undergone a divestiture of its real estate business, resulting in a 100% decrease in held-for-sale assets[17]. - Non-recurring gains and losses included a profit of ¥1.34 billion from the disposal of non-current assets due to real estate business divestiture[9]. - Research and development expenses increased by 531.57% to ¥22,106,049.60, reflecting a substantial rise in R&D investment[18]. - The company has not engaged in any repurchase transactions during the reporting period[14]. Future Outlook - The company has not reported any significant changes in its future profit outlook or major investment activities for the upcoming period[20]. - There were no violations regarding external guarantees or non-operating fund occupation by controlling shareholders during the reporting period[25][26].

Financial Performance - The company's operating revenue for the first half of 2018 was CNY 3,568,223,818.72, representing a 10.92% increase compared to CNY 3,217,041,198.02 in the same period last year[17]. - The net profit attributable to shareholders of the listed company surged to CNY 1,317,407,499.25, a remarkable increase of 769.56% from CNY 151,503,597.20 year-on-year[17]. - The net profit after deducting non-recurring gains and losses was CNY 207,816,518.58, which is a 36.68% increase compared to CNY 152,046,648.84 in the previous year[17]. - The company's basic earnings per share reached CNY 0.985, marking a 771.68% increase from CNY 0.113 in the same period last year[17]. - The company's total revenue for the first half of 2018 reached CNY 4,643,000,000, representing an increase of 18.60% compared to the same period last year[55]. - The company reported a significant increase in ecological and environmental business revenue, with a year-on-year growth of 640.13%[55]. - The company reported a total comprehensive income of CNY 1,312,636,424.51 for the first half of 2018, compared to CNY 149,018,900.88 in the previous year[159]. - The company reported a profit margin of approximately 36.9% for the first half of 2018, compared to 4.7% in the same period of 2017[158]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 28,286,652,310.88, a decrease of 2.13% from CNY 28,903,531,696.82 at the end of the previous year[17]. - The company's total assets amounted to 28.287 billion yuan, with net assets attributable to the parent company at 12.744 billion yuan[42]. - The company's total liabilities were CNY 15.53 billion, down from CNY 17.34 billion, a decrease of around 10.4%[150]. - The company's total current assets decreased to CNY 14.25 billion from CNY 20.62 billion, a decline of approximately 30.6%[149]. - The company's long-term borrowings increased by 5.85% to CNY 4,839,200,000, indicating a rise in financing activities[59]. Cash Flow - The company's cash and cash equivalents decreased by 204.71% year-on-year, primarily due to increased payments for power station construction and EPC procurement[53]. - The company's cash flow from sales of goods and services was 3,129,783.47 CNY, an increase from 2,587,982.27 CNY in the previous period, indicating a slight improvement in sales performance[169]. - The net cash flow from operating activities was -2,591,457,291.09 CNY, a decrease from -1,340,993,958.40 CNY in the previous period, indicating a worsening operational cash flow situation[166]. - The ending balance of cash and cash equivalents was 3,254,558,719.73 CNY, down from 6,225,689,645.11 CNY in the previous period, showing a substantial decrease in liquidity[167]. Investments and Projects - The company has established a comprehensive photovoltaic power generation system, ranking among the top tier in the industry for overall grid-connected power generation and project filings[25]. - The company has established over 100 photovoltaic project companies across various counties and cities, maintaining good cooperation with local governments[38]. - The company has invested CNY 375.79 million in the Jinzhai Phase I 100MW solar project, achieving 45.59% of the planned investment[66]. - The total investment in various solar projects during the reporting period amounts to CNY 1.006 billion, with a cumulative investment of CNY 461.30 million[67]. Strategic Focus and Future Plans - The company plans to continue its strategy of integrating renewable energy and environmental protection services, enhancing its market position in the green industry[25]. - The company plans to expand its renewable energy projects and enhance its ecological environmental services in the future[55]. - The company is focusing on the integration of renewable energy and ecological environmental services to improve project development efficiency and profitability[39]. - The company aims to accelerate the development of the green industry and participate in the construction of a beautiful China, targeting high-speed growth in performance[73]. Shareholder and Corporate Governance - The company does not plan to distribute cash dividends or issue bonus shares for the reporting period[5]. - Dongxu Group holds a 29.88% stake in Dongxu Blue Sky New Energy Co., becoming the controlling shareholder[93]. - The company has committed to avoiding engaging in residential and commercial real estate development to prevent substantial competition with Baoan Real Estate[93]. - The company has established measures to reduce and regulate related party transactions to protect Baoan Real Estate's interests[93]. - The company is focused on maintaining shareholder rights and interests through transparent management practices[95]. Compliance and Regulatory Matters - The company emphasized compliance with laws and regulations, ensuring timely and accurate disclosure of significant information to investors[95]. - The company has actively complied with environmental protection laws and has not faced any penalties for violations during the reporting period[121]. - The company has not reported any violations regarding external guarantees during the reporting period[119]. Employee and Talent Development - The company is committed to talent development, implementing an employee stock ownership plan and establishing a diverse talent pool to support rapid growth[40]. - The employee stock ownership plan raised a total of RMB 580.8 million, with 37,990,701 shares purchased, accounting for approximately 2.841% of the total issued share capital[102].

[Important Notice](index=2&type=section&id=Item%201.%20Important%20Notice) The board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report, free from misrepresentation or material omissions - The company's board of directors, supervisory board, and all directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report, with no false records, misleading statements, or major omissions[4](index=4&type=chunk) - All directors attended the board meeting that reviewed this quarterly report[5](index=5&type=chunk) - Company head Zhu Shengli, chief accountant Hou Jiwei, and head of accounting department Xia Zhiyong declare that the financial statements in the quarterly report are true, accurate, and complete[5](index=5&type=chunk) [Company Profile](index=3&type=section&id=Item%202.%20Company%20Profile) [Key Accounting Data and Financial Indicators](index=3&type=section&id=I.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue increased by 29.34%, and net profit attributable to shareholders surged by 2909.08%, primarily due to investment income from real estate business divestiture. Net cash flow from operating activities turned negative, decreasing by 309.41%, while total assets slightly declined, and net assets attributable to shareholders grew by 9.41% Key Financial Data and Indicators (Yuan) | Indicator | Current Reporting Period | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 1,066,134,391.90 | 824,272,234.96 | 29.34% | | Net Profit Attributable to Listed Company Shareholders (Yuan) | 1,084,284,536.44 | 36,033,769.08 | 2,909.08% | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-Recurring Items) (Yuan) | 43,014,788.97 | 37,410,444.24 | 14.98% | | Net Cash Flow from Operating Activities (Yuan) | -503,020,312.66 | 240,203,933.75 | -309.41% | | Basic Earnings Per Share (Yuan/Share) | 0.811 | 0.027 | 2,903.70% | | Diluted Earnings Per Share (Yuan/Share) | 0.811 | 0.027 | 2,903.70% | | Weighted Average Return on Net Assets | 9.01% | 0.33% | 8.68% | | **End of Current Reporting Period** | **End of Prior Year** | **Change from Prior Year-End (%)** | | | Total Assets (Yuan) | 26,974,652,491.32 | 28,903,531,696.82 | -6.67% | | Net Assets Attributable to Listed Company Shareholders (Yuan) | 12,567,118,833.07 | 11,485,966,298.11 | 9.41% | Non-Recurring Gains and Losses (Yuan) | Item | Amount from Year-Beginning to End of Reporting Period | Explanation | | :--- | :--- | :--- | | Gains or losses from disposal of non-current assets (including reversal of impairment provisions) | 1,209,038,643.72 | Investment income from real estate business divestiture | | Government subsidies recognized in current profit or loss (excluding those closely related to business and enjoyed at fixed or quantitative standards) | 4,306,086.15 | Government subsidies received due to the company's energy and environmental protection business being a nationally encouraged direction | | Funds occupation fees collected from non-financial enterprises recognized in current profit or loss | 53,406,786.00 | Interest to be borne by the divested real estate company upon settlement | | Other non-operating income and expenses apart from the above | -55,261.13 | | | Less: Income tax impact | 225,199,743.50 | Primarily corporate income tax from real estate business divestiture | | Minority interest impact (after tax) | 226,763.77 | | | Total | 1,041,269,747.47 | -- | - Net profit attributable to listed company shareholders significantly increased by **2,909.08%**, primarily due to non-current asset disposal gains (investment income from real estate business divestiture) reaching **1.209 billion yuan**[8](index=8&type=chunk)[9](index=9&type=chunk) - Net cash flow from operating activities was **-503,020,312.66 yuan**, a **309.41% decrease** compared to the same period last year[8](index=8&type=chunk) [Total Number of Shareholders and Shareholding of Top Ten Shareholders at the End of the Reporting Period](index=4&type=section&id=II.%20Total%20Number%20of%20Shareholders%20and%20Shareholding%20of%20Top%20Ten%20Shareholders%20at%20the%20End%20of%20the%20Reporting%20Period) As of the end of the reporting period, the company had 28,631 common shareholders. Among the top ten shareholders, controlling shareholder Dongxu Group Co., Ltd. held 31.25%, with most of its shares pledged. Other top ten shareholders were mainly institutional investors such as funds and wealth management products - The total number of common shareholders at the end of the reporting period was **28,631**[12](index=12&type=chunk) Top Ten Shareholders' Shareholding | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held | Number of Restricted Shares Held | Pledge or Freeze Status | Quantity | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Dongxu Group Co., Ltd. | Domestic General Legal Person | 31.25% | 417,923,907 | 273,972,602 | Pledged | 414,272,202 | | New Dongwu YouSheng - Guangfa Bank - Chongqing International Trust Co., Ltd. | Fund, Wealth Management Product, etc. | 4.99% | 66,666,666 | 0 | | | | HFT Fund - Bank of Ningbo - Minsheng Trust - China Minsheng Trust·Zhixin No. 167 Baoan Fixed Increase Collective Fund Trust Plan | Fund, Wealth Management Product, etc. | 4.99% | 66,666,666 | 0 | | | | Anxin Fund - SPD Bank - Lujiazui International Trust - Huiying No. 3 Collective Fund Trust Plan | Fund, Wealth Management Product, etc. | 4.95% | 66,210,045 | 0 | | | | Teda Manulife Fund - China Merchants Bank - Guomin Trust - Guomin Trust·Zhengtong No. 8 Single Fund Trust Plan | Fund, Wealth Management Product, etc. | 4.95% | 66,210,045 | 0 | | | | Guohong Asset - Bank of Ningbo - Tibet Trust - Dingzheng No. 47 Single Fund Trust | Fund, Wealth Management Product, etc. | 4.95% | 66,210,045 | 0 | | | | Penghua Asset - Ping An Bank - Penghua Asset Jinfu No. 1 Special Asset Management Plan | Fund, Wealth Management Product, etc. | 4.52% | 60,449,475 | 0 | | | | Founder Fubon Fund - Minsheng Bank - Ping An Trust - Ping An Wealth*Huitai No. 187 Single Fund Trust | Fund, Wealth Management Product, etc. | 4.51% | 60,273,978 | 0 | | | | Qianhai Open Source Fund - SPD Bank - Guomin Trust - Guomin Trust·Zhengtong No. 7 Single Fund Trust | Fund, Wealth Management Product, etc. | 4.48% | 59,873,350 | 0 | | | | Changxin Fund - SPD Bank - Jufu No. 10 Asset Management Plan | Fund, Wealth Management Product, etc. | 4.34% | 58,080,846 | 0 | | | - Controlling shareholder Dongxu Group Co., Ltd. holds **31.25%** of shares, with **414,272,202 shares** currently pledged[12](index=12&type=chunk) [Significant Events](index=7&type=section&id=Item%203.%20Significant%20Events) [Changes and Reasons for Key Financial Data and Indicators](index=7&type=section&id=I.%20Changes%20and%20Reasons%20for%20Key%20Financial%20Data%20and%20Indicators%20in%20the%20Reporting%20Period) This report does not provide a detailed explanation of the changes and reasons for key financial data and indicators, but relevant changes are listed in "Key Accounting Data and Financial Indicators" - The company did not provide a detailed explanation of the changes and reasons for key financial data and indicators during the reporting period[17](index=17&type=chunk) [Progress of Significant Events](index=7&type=section&id=II.%20Progress%20of%20Significant%20Events%2C%20Their%20Impact%2C%20and%20Analysis%20of%20Solutions) The company has completed the divestiture of its real estate business, transferring 13 subsidiaries and the Meiyuan project for 2.134 billion yuan to a subsidiary of the controlling shareholder. The company has received most of the equity transfer payments and recovered approximately 2.891 billion yuan in intercompany receivables, with target asset transfer procedures completed - The company has transferred its 13 subsidiaries involved in real estate business and the Meiyuan inventory project for **RMB 2,134,474,100** to Tibet Xuri Capital Management Co., Ltd. (a wholly-owned subsidiary of the company's controlling shareholder, Dongxu Group Co., Ltd.)[17](index=17&type=chunk) - During the reporting period, the company received over **51%** of the equity transfer payments and recovered all intercompany receivables from the target companies, totaling **2,890,759,729.47 yuan**[17](index=17&type=chunk) - All target assets have completed industrial and commercial change and other transfer procedures[17](index=17&type=chunk) [Overdue Unfulfilled Commitments](index=7&type=section&id=III.%20Overdue%20Unfulfilled%20Commitments%20by%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company) During the reporting period, there were no overdue unfulfilled commitments by the company's actual controller, shareholders, related parties, acquirers, or the company itself - During the reporting period, the company had no overdue unfulfilled commitments by its actual controller, shareholders, related parties, acquirers, or the company itself[18](index=18&type=chunk) [Forecast of Operating Performance for January-June 2018](index=7&type=section&id=IV.%20Forecast%20of%20Operating%20Performance%20for%20January-June%202018) The company did not forecast a potential loss or significant change in cumulative net profit for January-June 2018 compared to the same period last year - The company did not issue a warning for a loss or significant change in operating performance for January-June 2018[19](index=19&type=chunk) [Securities Investment](index=7&type=section&id=V.%20Securities%20Investment) During the reporting period, the company had no securities investments - The company had no securities investments during the reporting period[19](index=19&type=chunk) [Derivative Investment](index=7&type=section&id=VI.%20Derivative%20Investment) During the reporting period, the company had no derivative investments - The company had no derivative investments during the reporting period[20](index=20&type=chunk) [Registration of Research Activities](index=7&type=section&id=VII.%20Registration%20of%20Research%2C%20Communication%2C%20and%20Interview%20Activities%20During%20the%20Reporting%20Period) During the reporting period, the company hosted multiple phone communications and one on-site visit, primarily concerning project bidding, performance forecasts, real estate business divestiture, and progress on environmental new energy synergy projects Research, Communication, and Interview Activities | Reception Date | Reception Method | Type of Recipient | Index of Basic Research Situation | | :--- | :--- | :--- | :--- | | January 18, 2018 | Phone Communication | Individual | Inquiry about project bidding status | | January 19, 2018 | Phone Communication | Individual | Inquiry about project bidding status | | January 22, 2018 | Phone Communication | Individual | Inquiry about photovoltaic power station and project bidding status | | January 23, 2018 | Phone Communication | Individual | Inquiry about performance forecast and project bidding status | | January 23, 2018 | On-site Research | Institution | Inquiry about real estate business divestiture and progress of environmental new energy synergy projects | | January 24, 2018 | Phone Communication | Individual | Inquiry about project bidding status | | January 25, 2018 | Phone Communication | Individual | Inquiry about project bidding status | | January 26, 2018 | Phone Communication | Individual | Inquiry about performance forecast and project bidding status | | January 29, 2018 | Phone Communication | Individual | Inquiry about performance forecast and project bidding status | | February 06, 2018 | Phone Communication | Individual | Inquiry about annual report related matters | - Research content primarily focused on project bidding status, performance forecasts, real estate business divestiture, and progress of environmental new energy synergy projects[21](index=21&type=chunk)[22](index=22&type=chunk) [Illegal External Guarantees](index=8&type=section&id=VIII.%20Illegal%20External%20Guarantees) During the reporting period, the company had no illegal external guarantees - The company had no illegal external guarantees during the reporting period[23](index=23&type=chunk) [Non-Operating Funds Occupied by Controlling Shareholder and Related Parties](index=8&type=section&id=IX.%20Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholder%20and%20Related%20Parties%20from%20the%20Listed%20Company) During the reporting period, there were no non-operating funds occupied by the controlling shareholder or its related parties from the listed company - During the reporting period, the company had no non-operating funds occupied by its controlling shareholder or related parties[24](index=24&type=chunk)

Financial Performance - The company's operating revenue for 2017 was CNY 8,131,025,319.77, representing a 115.48% increase compared to CNY 3,773,501,705.54 in 2016[14]. - The net profit attributable to shareholders for 2017 was CNY 544,098,352.54, a significant increase of 210.24% from CNY 175,379,477.20 in 2016[14]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 535,532,165.16, up 323.31% from CNY 126,511,330.03 in 2016[14]. - The net cash flow from operating activities was CNY 152,748,165.33, improving by 153.91% from a negative CNY 283,357,624.45 in 2016[14]. - Basic earnings per share for 2017 were CNY 0.41, an increase of 115.79% compared to CNY 0.19 in 2016[14]. - Total assets at the end of 2017 reached CNY 28,903,531,696.82, a 67.19% increase from CNY 17,287,967,224.95 at the end of 2016[14]. - The net assets attributable to shareholders at the end of 2017 were CNY 11,485,966,298.11, reflecting a 4.76% increase from CNY 10,963,884,675.77 at the end of 2016[14]. - The weighted average return on net assets for 2017 was 4.85%, up from 2.85% in 2016[14]. Business Transformation and Strategy - The company has undergone significant business transformation, focusing on renewable energy and photovoltaic technology since 2015[12]. - The company aims to become a leading comprehensive service provider in the environmental and renewable energy sectors, leveraging its unique business model and strong market development capabilities[26]. - The company is actively expanding its ecological and environmental protection services, with a focus on integrated solutions for clean energy and environmental management[26]. - The company has transferred its real estate business to focus on the green industry, aiming to become a leading comprehensive service provider in environmental protection and renewable energy[35]. - The company is committed to optimizing its industrial structure and expanding its ecological and environmental protection business in response to national policies promoting sustainable development[24]. Revenue and Market Expansion - New energy revenue reached ¥5.44 billion, accounting for 66.85% of total revenue, with a significant year-on-year growth of 148.36% from ¥2.19 billion[41]. - Environmental protection revenue was ¥803 million, marking a 100% increase as it was not present in the previous year[41]. - The company has completed approximately 5 GW of photovoltaic power station project filings, with significant projects in multiple provinces[35]. - The company has expanded its market presence by establishing power station project companies in over 100 counties and cities across the country[31]. - The company has established multiple subsidiaries, with significant investments in renewable energy projects, including a subsidiary with a capital of 20,000 million[52]. Investments and Financing - The company has committed to investing 6.95 billion RMB in a new energy investment fund, showcasing its strategic focus on renewable energy[54]. - The company has engaged in significant capital contributions to various partnerships, including 4.4 billion RMB in a new energy investment partnership[55]. - The company has established a structured investment framework to enhance its investment capabilities in the renewable energy sector[53]. - The company has raised a total of 9,499.99 million RMB through a non-public offering, with a net amount of 9,466.99 million RMB after deducting underwriting fees[90]. - The company has secured financing of 7.997 billion RMB through a trust fund, with the controlling shareholder providing guarantees, showcasing strong financial backing for its projects[107]. Operational Efficiency and Cost Management - The operating costs for the renewable energy sector surged to approximately $4.80 billion in 2017, marking a significant increase of 151.01% compared to $1.91 billion in 2016[48]. - The renewable energy segment accounted for 70.57% of total operating costs in 2017, indicating a strong focus on this area[48]. - The company reported a gross profit margin of 29.93% for real estate income and 11.70% for new energy income, with the latter showing a slight decrease of 0.93% year-on-year[44]. - The company has implemented a talent strategy to enhance human resource capabilities, including an employee stock ownership plan to align employee interests with company growth[32]. Shareholder Returns and Dividends - The company proposed a cash dividend of CNY 0.41 per 10 shares, with no bonus shares issued[3]. - The company's cash dividend payout ratio for 2017 is 10.08% of the net profit attributable to shareholders, which is 544,098,352.54 CNY[129]. - The company has maintained a cash dividend policy that requires at least 10% of the annual distributable profit to be distributed as cash dividends[133]. - The company has committed to maintaining transparency and protecting the rights of minority shareholders in its dividend distribution process[126]. Environmental and Social Responsibility - The company has constructed photovoltaic power stations with a total installed capacity of over 300 MW, benefiting thousands of registered poor households with an annual income of over 3,000 per household[196]. - The company paid 12 million annually for poverty alleviation, helping 4,000 poor households achieve an average annual income of 3,000[196]. - The company was awarded the "2017 Annual China Listed Company Precision Poverty Alleviation Innovation Case" at the 2017 Listed Company Innovation Development Summit Forum[197]. Risks and Challenges - The company faces risks related to industry policies, particularly regarding subsidies for photovoltaic projects, which could impact project profitability[118]. - The company anticipates increased market competition in the clean energy sector and plans to implement a regional management model to enhance resource planning capabilities[119]. Corporate Governance and Compliance - The company has committed to providing accurate and timely disclosures of significant information affecting investors, adhering to relevant laws and regulations[137]. - The company has not reported any issues or problems in the use and disclosure of raised funds[96]. - The company has conducted a self-examination regarding its real estate development projects to ensure compliance with regulations and avoid illegal activities such as land hoarding and price manipulation[136].

Financial Performance - Total assets increased by 43.48% to CNY 24,805,580,495.50 compared to the end of the previous year[8] - Operating revenue for the period reached CNY 1,962,674,010.78, representing a 79.21% increase year-on-year[8] - Net profit attributable to shareholders increased by 238.89% to CNY 171,841,673.46 for the period[8] - The net profit attributable to shareholders after deducting non-recurring gains and losses rose by 205.00% to CNY 152,149,509.73[8] - Basic earnings per share increased by 92.54% to CNY 0.129[8] - The weighted average return on equity was 1.54%, up from 0.41% at the end of the previous year[8] Cash Flow and Financial Position - The net cash flow from operating activities was negative CNY 1,383,707,348.13, a decrease of 65.85% compared to the same period last year[8] - Cash flow from operating activities showed a net outflow of CNY 1.38 billion, a 65.85% decline compared to the previous year[17] - Cash flow from investing activities also decreased by 51.09% to a net outflow of CNY 2.08 billion due to increased equity investments and new energy project investments[17] - Short-term borrowings increased by 108.27% to CNY 2.70 billion, reflecting higher financing needs[16] - The company reported a 1598.80% increase in interest payable, amounting to CNY 86.61 million, due to accrued interest on borrowings[16] Shareholder Information - The company reported a total of 29,970 shareholders at the end of the reporting period[11] - The largest shareholder, Dongxu Group Co., Ltd., held 30.98% of the shares, amounting to 414,272,207 shares[11] Operational Highlights - Accounts receivable increased by 126.13% to CNY 2.41 billion due to increased revenue recognition from new energy projects[16] - Inventory rose by 102.24% to CNY 5.58 billion, primarily due to completed but unsettled assets in new energy[16] - Operating revenue reached CNY 5.18 billion, a 117.05% increase driven by the recognition of photovoltaic power station construction contract income[17] - Operating costs increased by 125.99% to CNY 4.32 billion, reflecting the rise in operating revenue[17] - Financial expenses surged by 154.34% to CNY 139.60 million, attributed to increased borrowing costs[17] Future Outlook and Strategic Initiatives - The company expects significant changes in net profit compared to the previous year, indicating potential losses[19] - The company is actively progressing with its non-public issuance and has been inquiring about the status of its real estate project sales and annual performance[22] - The company is focusing on the development of its photovoltaic and real estate businesses, with ongoing discussions about annual performance forecasts[22] - The company is involved in acquisitions, including the acquisition of Rongxu and the progress of its secondary fundraising[22] - The company has been inquiring about the progress of its photovoltaic power station construction and the number of patents obtained in this field[23] Compliance and Governance - The company has not reported any violations regarding external guarantees during the reporting period[24] - There are no non-operating fund occupations by the controlling shareholder or its affiliates during the reporting period[25] - The company has not yet initiated any targeted poverty alleviation work as of the third quarter[26]