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]

Financial Performance - The company's operating revenue for the first half of 2017 was CNY 3,217,041,198.02, representing a 149.14% increase compared to CNY 1,291,271,174.87 in the same period last year[15]. - The net profit attributable to shareholders was CNY 151,503,597.20, an increase of 88.23% from CNY 80,489,894.22 year-on-year[15]. - The net profit after deducting non-recurring gains and losses was CNY 152,046,648.84, up 89.25% from CNY 80,341,881.12 in the previous year[15]. - The total assets at the end of the reporting period were CNY 21,124,093,290.27, a 22.19% increase from CNY 17,287,967,224.95 at the end of the previous year[15]. - The company reported a negative net cash flow from operating activities of CNY -1,340,993,958.40, compared to CNY -29,670,194.64 in the same period last year[15]. - The company achieved a revenue of CNY 3.217 billion in the first half of 2017, representing a year-on-year growth of approximately 149.14%[30]. - Net profit for the same period was CNY 151 million, an increase of 88.23% compared to the previous year[30]. - Total assets at the end of the reporting period amounted to CNY 21.124 billion, with a net asset attributable to shareholders of CNY 11.094 billion[30]. Investments and Projects - The company has secured over CNY 30 billion in PPP project contracts, including significant projects in Guizhou and Shanxi[32]. - The company plans to sign no less than CNY 20 billion in ecological and environmental PPP projects annually from 2017 to 2019[33]. - The company has seen significant increases in fixed assets and construction in progress due to investments in new energy projects[24]. - The company is actively entering the ecological and environmental protection sector, including water system governance and hazardous waste treatment[23]. - The company is actively developing multi-energy complementary projects, integrating solar, gas, and smart microgrid technologies[31]. - The company has launched an employee stock ownership plan to enhance team cohesion and motivation across all sectors[27]. Cash Flow and Financing - Operating cash flow from operating activities was negative CNY 1.341 billion, a significant increase of 4,419.67% year-on-year due to the expansion of the EPC business[36]. - Investment cash flow was negative CNY 2.354 billion, reflecting increased investments in new energy and environmental sectors[36]. - The company reported a significant increase in cash received from operating activities related to other business activities, totaling CNY 2,144,690,504.26, compared to CNY 1,116,557,069.93 previously[142]. - The cash outflow from operating activities was CNY 1,019,736,706.06, up from CNY 116,699,831.09, representing an increase of approximately 772%[142]. - The company plans to finance 1.5 billion yuan through its wholly-owned subsidiary Dongxu New Energy Investment Co., Ltd. for further investments in new energy projects[59]. Shareholder and Corporate Governance - The company does not plan to distribute cash dividends or issue bonus shares for the reporting period[5]. - The company held four temporary shareholder meetings and one annual shareholder meeting during the reporting period, with investor participation rates ranging from 30.98% to 31.00%[65]. - The actual controller and shareholders have committed to avoiding competition with related parties and ensuring independence in operations, with commitments made in August 2015 remaining effective[67]. - The company is focused on maintaining the legal rights of minority shareholders in its operations[70]. - Dongxu Group committed to avoid engaging in residential and commercial real estate development to prevent substantial competition with the listed company[69]. Environmental and Social Responsibility - There were no significant environmental protection issues reported, and the company is not classified as a key pollutant discharge unit by environmental authorities[96]. - The company has no major social responsibility issues related to poverty alleviation during the reporting period[96]. Financial Reporting and Compliance - The financial report for the first half of 2017 was not audited[75]. - The company has committed to maintaining compliance with the Company Law and Securities Law, ensuring transparency in its operations[72]. - The company’s financial statements comply with the relevant accounting standards and accurately reflect its financial position and operating results[164]. Asset Management - The company’s total assets at the end of the period were reported at 10,963.92 million yuan, reflecting the overall financial position[151]. - The company’s total liabilities were reported at 8,873.6 million yuan, indicating the level of financial obligations[151]. - The company has a total of CNY 226.27 million in minimum lease payments due in subsequent years, indicating a long-term commitment to its leasing agreements[88].

Financial Performance - The company's operating revenue for Q1 2017 was ¥824,272,234.96, representing a 36.64% increase compared to ¥603,256,857.68 in the same period last year[8] - Net profit attributable to shareholders was ¥36,033,769.08, up 20.62% from ¥29,873,136.17 year-on-year[8] - The basic earnings per share decreased by 57.81% to ¥0.027 from ¥0.064 in the same period last year[8] - Operating revenue increased by 39.57% to ¥841,966,737.78, primarily driven by higher new energy revenue compared to the same period last year[16] - Operating costs rose by 48.85% to ¥682,992,098.77, reflecting the increase in operating revenue[16] Cash Flow and Assets - The net cash flow from operating activities improved significantly to ¥240,203,933.75, a 309.45% increase from a negative cash flow of ¥114,685,560.70 in the previous year[8] - Cash generated from operating activities improved by 309.45% to ¥240,203,933.75, attributed to increased cash inflows from new energy equipment and projects[16] - The company’s cash and cash equivalents decreased by 16.08% to ¥7,098,136,025.45 due to prepayments for equity acquisition and power station construction[16] - Total assets at the end of the reporting period were ¥17,497,842,734.80, a 1.21% increase from ¥17,287,967,224.95 at the end of the previous year[8] - The net assets attributable to shareholders were ¥10,980,402,380.91, showing a slight increase of 0.15% from ¥10,963,884,675.77 at the end of the last year[8] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 33,317[11] - The largest shareholder, Dongxu Group Co., Ltd., held 30.98% of the shares, amounting to 414,272,207 shares, with 273,972,602 shares pledged[11] - The company did not engage in any repurchase transactions among the top 10 shareholders during the reporting period[12] Investments and Borrowings - The company incurred a net cash outflow from investing activities of ¥1,421,270,739.75, primarily for equity acquisition and power station construction[16] - The company’s short-term borrowings increased by 15.44% to ¥1,494,998,683.00 during the reporting period[16] - Financial expenses surged by 273.61% to ¥41,712,185.86, linked to the increase in short-term borrowings[16] Other Financial Metrics - The company reported non-recurring losses totaling ¥1,376,675.16, primarily due to other operating income and expenses[9] - The company reported a significant increase in other receivables, up 1111.31% to ¥1,148,775,112.91, mainly due to prepayments for equity acquisition[16] - The company’s fixed assets grew by 200.81% to ¥605,777,430.76, mainly due to the capitalization of new energy power station projects[16] - The company anticipates potential significant changes in net profit for the first half of 2017 compared to the same period last year[19]

Financial Performance - The company's operating revenue for 2016 was CNY 3,773,501,705.54, representing a 126.54% increase compared to CNY 1,665,729,176.07 in 2015[15]. - The net profit attributable to shareholders for 2016 was CNY 175,379,477.20, a significant increase of 182.64% from CNY 62,049,579.76 in 2015[15]. - The net profit after deducting non-recurring gains and losses was CNY 126,511,330.03, up 91.51% from CNY 66,060,237.64 in 2015[15]. - The company's total assets at the end of 2016 reached CNY 17,287,967,224.95, a 155.40% increase from CNY 6,768,909,271.05 at the end of 2015[15]. - The net assets attributable to shareholders increased by 726.96% to CNY 10,963,884,675.77 from CNY 1,325,798,590.34 in 2015[15]. - The basic earnings per share for 2016 was CNY 0.19, a 46.15% increase from CNY 0.13 in 2015[15]. - The weighted average return on equity for 2016 was 2.85%, down from 4.79% in 2015[15]. - The net cash flow from operating activities for 2016 was negative CNY 283,357,624.45, a decline of 248.34% compared to CNY 191,013,163.30 in 2015[15]. - The company reported a total of ¥48,868,147.17 in non-recurring gains for 2016, a significant recovery from a loss in 2015[21]. - The company achieved a revenue of 3.774 billion yuan in 2016, representing a year-on-year growth of approximately 126%[37]. - The net profit for the same period was 175 million yuan, showing a year-on-year increase of 183%[37]. - The total assets at the end of the reporting period amounted to 17.3 billion yuan, with net assets of 11 billion yuan[37]. Renewable Energy Development - The company plans to continue expanding its business in renewable energy, particularly in photovoltaic power generation and technology development[13]. - The company completed the non-public issuance of shares to raise funds for a 1.15GW solar power station project, with several projects already connected to the grid[24]. - By the end of 2016, the company had initiated the construction of 800MW of solar power stations and completed over 3GW of project development filings[27]. - The solar energy sector is expected to continue its rapid growth, supported by national policies and increasing demand for renewable energy[26]. - The company completed the construction of nearly 800 MW of photovoltaic power stations during the reporting period, demonstrating its commitment to rapid development in the photovoltaic industry[38]. - The company has accumulated over 3 GW of photovoltaic power station project filings by the end of 2016, ensuring future large-scale construction and operation[38]. - The company is actively exploring the integration of photovoltaic technology with agriculture, expanding its market space and growth opportunities[38]. - The company aims to enhance its competitive advantage in the solar power industry by increasing its power station holdings in the next one to two years[27]. - The company plans to increase the installed capacity of distributed photovoltaic power plants by actively seizing quality rooftop resources and expanding into agricultural photovoltaic projects, combining solar power generation with modern agriculture[99]. Real Estate Business - The real estate business remains focused on residential property sales and leasing, with projects primarily located in regions like Shenzhen, Dongguan, and Xiangtan[24]. - The company is adapting to the changing real estate market by shifting resource allocation from third- and fourth-tier cities to first-tier and regional center cities[29]. - Revenue from the real estate sector was ¥1,584,988,746.18, accounting for 42.00% of total revenue, which is a decrease of 3.68% from the previous year[49]. - The gross profit margin for the real estate sector was 22.08%, down 11.25% year-on-year[51]. - The operating cost for the real estate sector was approximately ¥1.24 billion, representing 39.24% of total operating costs[54]. - The company has expanded its real estate reserves significantly, with projects located in key regions such as Shenzhen, Huizhou, and Xi'an[42]. - The company has implemented a refined management approach in its real estate business, improving project quality and efficiency[39]. Shareholder Returns and Dividends - The board proposed a cash dividend of CNY 0.14 per 10 shares, with no bonus shares to be issued[4]. - The total distributable profit at the end of 2016 was CNY 509,690,001.35, after accounting for dividends paid[119]. - The cash dividend accounted for 100% of the total profit distribution, indicating a focus on returning value to shareholders[119]. - The company has maintained a cash dividend policy where the cash dividends distributed in the past three years have reached at least 10% of the distributable profits for the respective years[112]. - The company has a shareholder return plan in place for 2015-2017, which has been reviewed and adjusted based on feedback from shareholders and independent directors[111]. Strategic Initiatives and Future Plans - The company plans to continue its strategic focus on renewable energy development and market expansion in the coming years[45]. - The company aims to enhance its operational efficiency and reduce costs through strategic initiatives[1]. - The company is exploring potential mergers and acquisitions to strengthen its market position[1]. - The company plans to strengthen its real estate development business by integrating modern green living concepts[95]. - The company plans to implement a non-public offering of shares in 2016, with a commitment to not reduce holdings in the related company for six months post-offering[125]. - The company is focusing on integrating photovoltaic technology with building design to foster green low-carbon construction capabilities[45]. - The company plans to establish a more effective market incentive mechanism to strengthen performance assessment in project development, investment, and operation maintenance, ensuring higher quality in photovoltaic power plant construction[100]. Operational Efficiency and Management - The company has optimized its organizational structure to enhance decision-making efficiency and support frontline business operations[45]. - The company has developed several software systems for operational efficiency, with V1.0 versions completed and registered[62]. - The company is focusing on cost reduction and efficiency enhancement across all business areas, integrating cost management into daily operations[40]. - The company has established a link between the compensation system and the execution of return compensation measures, promoting accountability among executives[124]. - The management team emphasized the importance of aligning performance bonuses with the company's overall financial health and strategic goals[200]. Risks and Challenges - The company faces risks from potential policy changes in the photovoltaic industry, which could impact project profitability if subsidies are reduced or eliminated[104]. - The company will enhance its photovoltaic power station construction capabilities to generate stable cash flow and improve its risk resilience amid real estate industry policy risks[105]. - The company recognizes the increasing competition in the photovoltaic industry and aims to rapidly scale its business to secure market leadership and enhance its brand advantage[106]. Corporate Governance and Compliance - The company has committed to clarifying any misleading public information that may affect stock prices promptly[125]. - The company has made long-term commitments to protect the rights of minority shareholders and ensure fair treatment in capital market activities[125]. - The company will not engage in stock trading activities based on insider information, maintaining ethical standards in its operations[125]. - The company has a commitment to uphold legal and regulatory standards in its operations, ensuring compliance with relevant laws[125]. - The company has appointed independent directors to enhance governance and oversight, ensuring compliance with regulatory standards[200].

Financial Performance - Total assets increased by 192.27% to CNY 19.78 billion compared to the end of the previous year[8] - Net assets attributable to shareholders increased by 723.46% to CNY 10.92 billion compared to the end of the previous year[8] - Operating revenue for the period reached CNY 1.10 billion, a 461.40% increase year-on-year[8] - Net profit attributable to shareholders was CNY 50.71 million, up 365.43% year-on-year[8] - Basic earnings per share rose by 191.30% to CNY 0.067[8] - The weighted average return on equity increased to 1.13% from 0.28%[8] - The company reported a net cash flow from operating activities of CNY -834.34 million, a decrease of 2,532.89% compared to the previous year[8] - The company reported a net cash outflow from operating activities of ¥834.34 million, a decrease of 2532.89% compared to the previous year[15] - The total liabilities increased significantly, with long-term borrowings rising by 171.20% to ¥5.78 billion to support ongoing renewable energy projects[15] - The company issued new shares, resulting in a 184.75% increase in share capital to ¥1.34 billion[15] - The capital reserve increased by 3135.77% to ¥8.87 billion, attributed to the premium from the private placement of A-shares[15] - The company experienced a 941.89% increase in interest payable, reflecting higher bank loan interest expenses[15] - Investment activities generated a net cash outflow of ¥1.38 billion, primarily due to investments in renewable energy projects[15] - There are no significant changes in net profit expected for the year, indicating stability in financial performance[20] Shareholder Information - The total number of shareholders at the end of the reporting period was 37,856[11] - The largest shareholder, Dongxu Group Co., Ltd., holds 30.98% of the shares, amounting to 414,272,207 shares[11] - Dongxu Group acquired a total of 29.88% equity in the company, becoming the controlling shareholder[16] Corporate Governance and Commitments - The company did not report any non-recurring gains or losses that were classified as recurring[9] - The company has made commitments to protect the interests of minority shareholders and ensure fair treatment in its operations[19] - The company is actively communicating with investors regarding its business operations and project developments through regular phone calls[23] - The company has outlined its strategy to avoid conflicts of interest and ensure compliance with regulatory requirements[19] - The company is focused on maintaining transparency and accountability in its management practices[19] - The company has pledged to compensate for any losses incurred by 宝安地产 due to breaches of commitments made by its controlling shareholder[19] - The company has committed to ensuring the independence of Baoan Real Estate's assets, personnel, finance, business, and organization[17] - The commitments made by Dongxu Group also apply to its controlled enterprises to ensure adherence to the outlined arrangements[17] Competition and Business Strategy - Dongxu Group committed to avoiding substantial competition with Baoan Real Estate by not engaging in residential and commercial real estate development[16] - The commitment to avoid competition is effective indefinitely and is currently being fulfilled normally[17] - Dongxu Group will prioritize providing business opportunities similar to Baoan Real Estate to the company for selection[17] - The company is taking measures to eliminate potential competition by changing its business scope and possibly transferring relevant qualifications[16] - Dongxu Group has committed to minimizing related party transactions with Baoan Real Estate to protect its interests[17] - The company has committed to eliminating potential competition in the photovoltaic business by adjusting the business direction of its subsidiaries, ensuring they do not engage in similar activities[18] Investments and Holdings - The company holds a 0.10% stake in Hu塑控股, with a total shareholding of 825,000 shares valued at approximately 6,022,500.00 yuan[21] - The company also holds a 0.09% stake in 中润资源, with a total shareholding of 796,973 shares valued at approximately 6,256,238.05 yuan[21] Compliance and Transactions - The company has not engaged in any securities or derivative investments during the reporting period[22][20] - The company reported no violations regarding external guarantees during the reporting period[25] - There were no non-operating fund occupations by controlling shareholders or their affiliates during the reporting period[26] - The company did not engage in any repurchase transactions during the reporting period[12]

Financial Performance - The company achieved operating revenue of CNY 1,291,271,174.87, representing a year-on-year increase of 164.05%[17]. - Net profit attributable to shareholders reached CNY 80,489,894.22, a significant increase of 290.61% compared to the previous year[17]. - The company reported a basic earnings per share of CNY 0.17, which is a 325% increase from CNY 0.04 in the same period last year[17]. - The total comprehensive income for the period was CNY 77,726,570.51, compared to CNY 28,163,745.16 in the previous year, reflecting a growth of 175.5%[130]. - Operating profit increased to CNY 113,423,601.78, compared to CNY 36,026,332.03 in the prior period, marking a growth of 214.5%[129]. - The total operating costs amounted to CNY 1,174,506,440.62, an increase of 161.5% from CNY 449,749,851.62 year-on-year[129]. - The company reported a significant loss of RMB 315,224,526.10 due to infringement of rights, along with an operational loss of RMB 10,860,528.54 for the affected subsidiary[67]. Assets and Liabilities - The company's total assets at the end of the reporting period were CNY 19,033,431,519.42, up 181.19% from the end of the previous year[17]. - The net assets attributable to shareholders increased to CNY 10,865,806,794.15, reflecting a growth of 719.57%[17]. - Total liabilities amounted to CNY 8.17 billion, compared to CNY 5.44 billion, indicating an increase of about 50%[122]. - Current liabilities decreased to CNY 2.60 billion from CNY 3.30 billion, a reduction of about 22%[122]. - Long-term borrowings rose significantly to CNY 5.50 billion, compared to CNY 2.13 billion, marking an increase of approximately 158%[122]. - The company’s total current assets increased to CNY 17.85 billion from CNY 6.36 billion, a growth of approximately 180%[121]. Cash Flow - The net cash flow from operating activities was negative at CNY -29,670,194.64, a decline of 213.31% compared to the previous year[25]. - The company reported a net cash flow from financing activities of 11,752,112,340.36 CNY, compared to -235,428,328.66 CNY previously, showing a strong improvement in financing operations[138]. - Total cash inflow from financing activities reached 13,307,848,941.81 CNY, a substantial increase from 559,000,000.00 CNY in the prior period[138]. - The company reported a total cash and cash equivalents balance of 13,649,454,727.18 CNY at the end of the period, up from 228,808,061.41 CNY in the previous period[138]. - Cash outflows for investment activities totaled 630,087,688.89 CNY, compared to 530,702.00 CNY in the prior period, indicating increased investment spending[137]. Business Strategy and Operations - The company plans to continue expanding its dual business model of real estate and new energy, focusing on green low-carbon building projects[24]. - Approximately 30% of the company's net profit for the period comes from new revenue generated by the construction of photovoltaic power stations in the new energy sector[27]. - The company is enhancing its project management capabilities to ensure high-quality construction and timely project delivery, thereby improving brand reputation[28]. - The company is exploring the integration of photovoltaic technology with building construction to create a unique competitive advantage in the market[38]. - The company has established a comprehensive project management system for photovoltaic power plants, focusing on development, construction, and operation processes[42]. Shareholder and Equity Information - The company reported a cash dividend distribution of RMB 0.1 per share, totaling RMB 4,695,933.64 based on 469,593,364 shares issued[56]. - The company reported a total of 469,593,364 shares outstanding, with 98.93% being unrestricted shares[103]. - The largest shareholder, Dongxu Group Co., Ltd., holds 29.88% of the shares, totaling 140,299,605 shares[106]. - The number of restricted shares decreased from 5,010,000 to 5,005,000, representing a reduction of 0.1%[103]. - The company has made long-term commitments to uphold agreements to avoid competition with Baonan Real Estate across its subsidiaries[92]. Governance and Compliance - The company has a complete and clear internal governance structure that complies with relevant laws and regulations[65]. - The company is actively communicating with investors through various channels, ensuring timely and accurate information disclosure[64]. - The company has established a special work plan for investor protection, aiming to enhance the rights of small and medium investors[64]. - There were no major litigation or arbitration matters during the reporting period[66]. - The company has implemented an insider information registration system to manage insider information effectively[64]. Investment and Financing Activities - The company completed a non-public offering of CNY 9.5 billion, significantly enhancing its cash reserves for project development[24]. - The company raised 9.5 billion RMB through a private placement, which will support the investment in photovoltaic power station projects with a total installed capacity of 1.15 GW[30]. - The total planned investment for major non-public fundraising projects is RMB 977,871,000, with actual investment during the reporting period amounting to RMB 17,135,600[54]. - The company has ongoing construction projects, including "Huizhou Baonan • Mountain Water Dragon City" with a total planned investment of RMB 132,490,000[54]. Risk Management - The company has no media scrutiny or bankruptcy restructuring matters during the reporting period[68][69]. - There are no risks of delisting due to legal violations during the reporting period[98]. - The company has no penalties or rectification situations during the reporting period[96]. - The company did not engage in entrusted financial management, derivative investments, or entrusted loans during the reporting period[47][48][49]. Accounting Policies - The company’s financial statements are prepared in accordance with the relevant accounting standards and reflect a true and complete view of its financial position as of June 30, 2016[163]. - The company follows a control-based principle for determining the scope of consolidated financial statements, including all subsidiaries under its control[172]. - The company recognizes accounts receivable over RMB 5 million as significant and conducts individual impairment testing for these amounts[189]. - Inventory is measured at the lower of cost and net realizable value, with specific methods for initial measurement and subsequent valuation[194].