Financial Performance - The company's operating revenue for the first half of 2020 was CNY 3,516,911,549.12, representing a 47.16% increase compared to CNY 2,389,802,552.09 in the same period last year[18]. - The net profit attributable to shareholders decreased by 23.17% to CNY 155,283,413.91 from CNY 202,102,536.82 year-on-year[18]. - The net cash flow from operating activities increased by 60.75% to CNY 541,225,376.93 compared to CNY 336,682,791.80 in the previous year[18]. - The company's operating costs rose by 150.31% to 2.77 billion RMB, attributed to a decrease in gross profit from real estate projects and increased sales costs[59]. - The company reported a revenue of 3.52 billion RMB, a 47.16% increase compared to 2.39 billion RMB in the previous year, primarily due to increased revenue from completed real estate projects[59]. - The company's real estate segment accounted for 95.33% of total revenue, with a year-on-year increase of 58.90%[61]. - The gross profit margin for the real estate sector was 22.77%, a decrease of 34.87% compared to the previous year[64]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 46,579,761,037.36, a 3.19% increase from CNY 45,141,526,985.37 at the end of the previous year[18]. - The company's cash and cash equivalents increased by 40.29% to CNY 558,852.40 million, primarily due to increased sales receipts and net financing[27]. - The company's total liabilities increased to ¥38,390,408,572.27 from ¥37,128,755,431.87, reflecting a growth of about 3.4%[162]. - Long-term borrowings increased to ¥12,412,665,085.02, representing 26.65% of total liabilities, an increase of 3.21% from the previous year[68]. - The company's contract liabilities reached ¥11,391,381,022.01, reflecting a 24.46% increase due to the implementation of new revenue recognition standards[68]. Strategic Focus and Development - The company operates in real estate development, with projects located in key regions such as the Guangdong-Hong Kong-Macao Greater Bay Area and the Chengdu-Chongqing Economic Circle[26]. - The company aims for a "steady progress, high-quality development" model, enhancing strategic expansion, operational management, and capital operation capabilities[29]. - The company is focusing on high-quality residential projects in key regions, with significant assets in Shenzhen, including commercial complexes and high-end hotels[38]. - The company has a total land reserve of 866,200 square meters, with a total construction area of 2,107,900 square meters, all of which are available for development[44]. - The company plans to enhance quality and efficiency while seeking steady progress in response to external uncertainties in 2020[48]. Market Position and Competition - The company reported that the sales threshold for the top 10 real estate companies in H1 2020 was 91.21 billion RMB, a 7.1% increase year-on-year, while the top 100 companies saw a 12.5% decrease[36]. - The company is actively developing projects in the Greater Shanghai area, enhancing its market position through multi-city strategies[40]. - The company has ongoing projects in the Chengdu region, with strong market demand and brand reputation growth[40]. - The company faces risks from market competition and financing, with a focus on enhancing internal management efficiency and optimizing financing structures to ensure cash flow safety[88]. Cash Flow and Financing - The company achieved a net cash flow from operating activities of 541.23 million RMB, a 60.75% increase from 336.68 million RMB in the previous year, driven by higher sales receipts[59]. - The company’s financing activities generated a net cash inflow of 893.63 million RMB, a 144.94% increase compared to a net outflow of 1.99 billion RMB in the previous year[59]. - The company reported a total financing balance of CNY 1,563,632.54 million with an average financing cost ranging from 4.75% to 13%[48]. - The company has optimized its financing structure, resulting in a decrease in the average financing interest rate compared to previous years[41]. Corporate Governance and Compliance - The financial report for the half-year period ending June 30, 2020, was not audited[151]. - The company adheres to the accounting standards set by the Ministry of Finance, ensuring compliance with financial reporting regulations[187]. - The company evaluated its ability to continue as a going concern for the 12 months starting from July 1, 2020, and found no significant doubts regarding its ability to continue operations[188]. Shareholder Information - The total number of shares outstanding is 664,831,139, with 99.63% being unrestricted shares[130]. - The largest shareholder, Shenzhen Zhongzhou Land Co., Ltd., holds 52.62% of the total shares[134]. - The company has 14,211 common shareholders as of the end of the reporting period[134]. - The controlling shareholder increased its stake by acquiring 15,231,938 shares, representing 2.29% of the total issued shares[125]. Social Responsibility - The company donated RMB 10 million to support Wuhan in combating the COVID-19 pandemic[123]. - The company has not engaged in any significant environmental protection issues and is not listed as a key pollutant discharge unit[122]. - The company has not initiated any poverty alleviation work during the reporting period and has no subsequent plans[122].

Financial Performance - The company's operating revenue for the first half of 2020 was CNY 3,516,911,549.12, representing a 47.16% increase compared to CNY 2,389,802,552.09 in the same period last year[18]. - The net profit attributable to shareholders decreased by 23.17% to CNY 155,283,413.91 from CNY 202,102,536.82 year-on-year[18]. - The net cash flow from operating activities increased by 60.75% to CNY 541,225,376.93 compared to CNY 336,682,791.80 in the previous year[18]. - The company's gross profit margin for the real estate sector was 22.77%, a decrease of 34.87% compared to the previous year[61]. - The total profit for the first half of 2020 was CNY 204,083,074.17, compared to CNY 235,268,691.54 in the same period of 2019, reflecting a decline of approximately 13.3%[163]. - The company's basic and diluted earnings per share for the first half of 2020 were both CNY 0.2336, down from CNY 0.3040 in the first half of 2019, a decrease of about 23.2%[163]. - The company's financial expenses increased to CNY 256,509,472.98 in the first half of 2020, compared to CNY 227,172,122.80 in the same period of 2019, an increase of about 12.9%[163]. - The comprehensive income for the first half of 2020 was CNY 107,515,669.78, compared to a loss of CNY 78,632,695.10 in the same period of 2019, indicating a significant recovery[175]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 46,579,761,037.36, a 3.19% increase from CNY 45,141,526,985.37 at the end of the previous year[18]. - The total liabilities increased to ¥38,390,408,572.27 from ¥37,128,755,431.87, reflecting a growth of approximately 3.39%[157]. - The total equity attributable to shareholders increased to ¥7,799,248,933.45 from ¥7,556,181,258.45, showing an increase of about 3.22%[157]. - The company's total assets reached ¥46,579,761,037.36, up from ¥45,141,526,985.37, indicating a growth of approximately 3.19%[157]. - The company's total equity at the end of the reporting period is CNY 8,189,352,465.09, reflecting an increase from CNY 7,851,185,233.72 at the end of 2019, which is an increase of approximately 4.3%[173]. Investment and Financing - The financing balance at the end of the period was CNY 1,563,632.54 million, with an average financing cost ranging from 4.75% to 13%[57]. - The company reported a significant increase in net cash from financing activities, amounting to CNY 893,626,543.78, compared to a negative cash flow of CNY 1,988,698,328.25 in the previous year[57]. - The company has implemented a strategy of cautious investment and steady growth to mitigate potential market risks and ensure sufficient funds[41]. - The company has optimized financing structures, resulting in a decrease in new financing interest rates compared to previous years[41]. - The company raised funds of up to RMB 35.11 billion through a non-public offering of A-shares for project construction[121]. Market Presence and Development - The company operates in the real estate development sector, with projects located in key urban areas including the Guangdong-Hong Kong-Macao Greater Bay Area and the Chengdu-Chongqing Economic Circle[26]. - The company has expanded its presence in the Guangdong-Hong Kong-Macao Greater Bay Area, with projects in Shenzhen, Guangzhou, and other core cities[38]. - The company is actively developing projects in the Yangtze River Delta, with a notable presence in Shanghai and surrounding areas, enhancing its market status[40]. - The company is committed to maintaining a stable macro policy in the real estate sector, focusing on long-term sustainable growth amidst market challenges[36]. - The company is actively expanding its market presence in various cities, including Chengdu, Huizhou, and Qingdao[46]. Operational Management - The company has adjusted its organizational structure and talent management, creating a professional and efficient operational management team[31]. - The company maintains a strong operational management approach, refining project data systems and improving safety management levels[41]. - The company has focused on high-quality product design and construction quality to enhance brand effect and meet mainstream market demands[41]. - The company has accelerated inventory turnover and cash collection through various measures, adapting to market changes and ensuring timely returns[41]. - The company emphasizes cash flow management and plans to enhance its financing channels while maintaining good communication with financial institutions[52]. Challenges and Risks - The company faces significant risks including policy changes, market competition, financing, and public health, particularly due to the ongoing impact of the COVID-19 pandemic[82][84][86]. - The financing environment remains challenging due to regulatory policies affecting the real estate sector, prompting the company to enhance internal management and optimize financing structures[85]. - The company has reported a net loss from 惠州创筑房地产有限公司 of -68,214,732.26 CNY, which represents a -43.93% impact on the attributable net profit[81]. Shareholder Information - The controlling shareholder increased its stake by acquiring 15,231,938 shares, representing 2.29% of the total issued shares[121]. - The largest shareholder, Shenzhen Zhongzhou Land Co., Ltd., holds 52.62% of the total shares, amounting to 349,864,613 shares[130]. - The second-largest shareholder, Nanchang Lian Tai Investment Co., Ltd., holds 8.30% of the total shares, amounting to 55,188,952 shares[130]. - The company has not distributed any cash dividends or bonus shares for the half-year period[90]. Corporate Governance and Compliance - The financial report for the first half of 2020 has not been audited[147]. - The company has not experienced any major litigation or arbitration matters during the reporting period[95]. - The company adheres to the accounting standards set forth by the Ministry of Finance and relevant regulations for financial reporting[182]. - The company evaluated its ability to continue as a going concern and found no significant doubts regarding its ongoing viability[183].

Financial Performance - The company's operating revenue for Q1 2020 was ¥680,879,179.21, a decrease of 51.88% compared to ¥1,415,067,296.01 in the same period last year[8]. - The net profit attributable to shareholders was a loss of ¥74,853,319.97, representing a decline of 132.28% from a profit of ¥231,879,742.80 in the previous year[8]. - The basic and diluted earnings per share were both -¥0.1126, down 132.28% from ¥0.3488 in the previous year[8]. - The company reported an operating loss of ¥89,675,400.59 for Q1 2020, contrasting with an operating profit of ¥319,870,598.91 in the same quarter last year[46]. - Net profit for Q1 2020 was a loss of ¥96,806,437.32, compared to a profit of ¥201,817,048.41 in Q1 2019, representing a significant decline[46]. - The total comprehensive income for the first quarter was -23,701,277.91 CNY, compared to -5,636,302.15 CNY in the previous period, indicating a significant decline[51]. Cash Flow - The net cash flow from operating activities was ¥625,038,052.01, an increase of 2,147.09% compared to a negative cash flow of ¥30,533,005.16 in the same period last year[8]. - Cash inflow from operating activities totaled 2,074,781,828.11 CNY, an increase from 1,783,952,258.86 CNY year-over-year[54]. - The net cash flow from financing activities was -52,634,063.59 CNY, an improvement from -1,468,973,064.09 CNY in the previous year[55]. - The company received 1,312,000,000.00 CNY in cash from borrowings, significantly higher than 389,471,488.00 CNY in the previous period[55]. - The company paid 723,102,195.79 CNY in debt repayments, a decrease from 1,237,166,350.00 CNY in the previous year[55]. Assets and Liabilities - The total assets at the end of the reporting period were ¥45,923,231,440.65, an increase of 1.73% from ¥45,141,526,985.37 at the end of the previous year[8]. - The total liabilities of the company were CNY 38,005,868,082.04 as of March 31, 2020, compared to CNY 37,128,755,431.87 at the end of 2019, showing an increase of about 2.37%[37]. - The company's total liabilities increased to ¥16,296,934,767.25 in Q1 2020 from ¥15,423,141,020.16 in the previous year, marking a rise of 5.7%[45]. - The total amount of non-current liabilities due within one year increased by RMB 1.58 billion, a rise of 53.63% compared to the beginning of the year, mainly due to an increase in long-term loans and project financing[19]. - The company's total liabilities to equity ratio stood at approximately 4.79 as of March 31, 2020, compared to 4.63 at the end of 2019, indicating an increase in financial leverage[37]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 16,154[13]. - The largest shareholder, Shenzhen Zhongzhou Land Co., Ltd., held 51.60% of the shares, with 143,790,000 shares pledged[14]. - The company’s major shareholder, Shenzhen Zhongzhou Land Co., Ltd., increased its stake by 2% during the reporting period, holding a total of 52.06% of the company’s shares[24]. Operational Efficiency - The company's management expenses for Q1 2020 were RMB 77.84 million, a decrease of 30.01% year-on-year, mainly due to reduced fund management fees[20]. - Total operating costs for Q1 2020 were ¥780,081,817.26, down 26.4% from ¥1,060,119,584.83 in Q1 2019[45]. - The company's short-term borrowings were CNY 30,000,000.00 as of March 31, 2020, with no short-term borrowings reported at the end of 2019[37]. Investment Activities - The company’s cash flow from investment activities for Q1 2020 was RMB -63.79 million, an increase of 81.11% year-on-year, primarily due to the previous year's purchase of financial products[21]. - Cash outflow from investing activities was 825,082,824.12 CNY, down from 2,677,044,637.72 CNY in the previous period, reflecting a reduction in investment expenditures[55]. Accounting Changes - The company has implemented new revenue recognition standards starting January 1, 2020, without retrospective adjustments[69]. - The first quarter report for 2020 was not audited, indicating preliminary financial data[70].

Financial Performance - The company's operating revenue for 2019 was ¥7,213,165,825, a decrease of 9.18% compared to ¥7,942,112,442 in 2018[19]. - Net profit attributable to shareholders increased by 76.22% to ¥787,168,958.40 from ¥446,690,331.69 in 2018[19]. - The net profit after deducting non-recurring gains and losses dropped by 76.30% to ¥89,480,514.09 from ¥377,569,657.11 in 2018[19]. - The net cash flow from operating activities was negative at -¥842,590,795.90, a decline of 128.07% compared to ¥3,001,582,489 in 2018[19]. - Basic and diluted earnings per share rose by 76.22% to ¥1.1840 from ¥0.6719 in 2018[19]. - The weighted average return on equity increased by 4.03 percentage points to 10.56% from 6.53% in 2018[19]. - Total assets at the end of 2019 were ¥45,141,526,985, a decrease of 1.97% from ¥46,050,688,700 in 2018[19]. - Net assets attributable to shareholders increased by 3.88% to ¥7,556,181,258 from ¥7,273,821,959 in 2018[19]. - Total revenue for 2019 was ¥7,213,165,825.69, a decrease of 9.18% compared to ¥7,942,112,442.45 in 2018[64]. - Real estate sector contributed ¥6,635,863,446.40, accounting for 92.00% of total revenue, down 10.16% from the previous year[64]. - Gross profit margin for the real estate sector was 41.38%, with a slight decrease of 7.69% year-over-year[68]. Dividend Distribution - The company plans to distribute a cash dividend of 1.20 RMB per 10 shares to all shareholders, based on a total of 664,831,139 shares[5]. - The company plans to distribute a cash dividend of 1.20 yuan per 10 shares, totaling 79,779,736.68 yuan for the year 2019[121]. - The company's cash dividend payout ratio for 2019 is 10.14% of the net profit attributable to ordinary shareholders[127]. - The company reported a total distributable profit of 2,839,618,230.65 yuan for the year 2019[128]. Shareholder Structure - The company reported a significant change in its major shareholder structure, with the Shenzhen State-owned Assets Supervision and Administration Commission holding 34.8% of the total shares[17]. - The largest shareholder, Shenzhen Zhongzhou Land Co., Ltd., holds 49.77% of the shares, amounting to 330,891,722 shares[183]. - The controlling shareholder increased its stake by acquiring 13,296,602 shares, reaching a total holding of 346,110,549 shares, which is 52.06% of the total share capital[177]. - The top ten unrestricted shareholders include Nanchang Liantai Investment Co., Ltd. with 55,188,952 shares and Shenzhen Yuan Zhi Investment Co., Ltd. with 45,046,186 shares[185]. - The actual controller of the company is Huang Guangmiao, a natural person from Hong Kong, who has been the chairman since 1993[187]. Business Operations - The company has not changed its main business since its listing, maintaining a focus on real estate investment and development[17]. - The company operates in real estate development and has expanded into hotel management, asset management, and commercial management[31]. - The company has a strong land reserve and is developing high-quality residential projects in key regions including the Guangdong-Hong Kong-Macao Greater Bay Area and the Chengdu-Chongqing Economic Circle[31]. - The company is actively expanding in the Greater Bay Area, with key projects in Guangzhou, Foshan, and Dongguan, enhancing its market position[43]. - The company has entered the Greater Shanghai metropolitan area, with multiple projects in cities like Shanghai, Wuxi, and Jiaxing, significantly improving its market status[43]. Risks and Challenges - The company has acknowledged various risks, including policy changes, market competition, and financing risks, which may impact its future development[5]. - The company anticipates a gradual slowdown in the real estate industry growth, with a 0.1% decrease in national commercial housing sales area in 2019[103]. - The financing environment for the real estate industry remains severe, with potential tightening of financing channels and rising costs[115]. - The company expects to face risks from policy changes in the real estate sector, necessitating timely strategy adjustments[112]. Financial Management - The company aims to enhance its financial management and operational efficiency, exploring new financing models and maintaining good communication with financial institutions[108]. - The company emphasizes the importance of internal management efficiency and sales collection management to ensure cash flow safety[115]. - The company has implemented measures to increase labor return rates and optimize project schedules in response to pandemic impacts[113]. Project Development - The company has ongoing projects in Huizhou with a completion rate of 51% for "Huizhou Zhongzhou Huaxin" and a saleable area of 20,048 square meters, generating a sales amount of 64,094,000 yuan[53]. - The company is currently developing the "Shuiguan" project in Dongguan, which has a completion rate of 20% and a saleable area of 27,733 square meters, with a sales amount of 89,257,000 yuan[53]. - The company achieved a net profit of ¥1,753,285,836.63 for the year 2019, with a total distributable profit of ¥2,839,618,230.65 after accounting for retained earnings and cash dividends[129]. Accounting and Compliance - The company has engaged Deloitte Huayong as its accounting firm, ensuring compliance with financial reporting standards[18]. - The company has not made any changes to its accounting policies or estimates compared to the previous year's financial report[135]. - The company did not engage in any securities or derivative investments during the reporting period[92][93]. - The company reported no significant accounting errors requiring retrospective restatement during the reporting period[138]. Corporate Governance - The management team has extensive experience in real estate and investment, with key members having held significant positions in other companies[196][197][198][199][200]. - The company has not reported any changes in the positions of directors and supervisors during the reporting period[196]. - The company has not engaged in any repurchase transactions among its top ten shareholders during the reporting period[185].

Financial Performance - Net profit attributable to shareholders increased by 1,733.30% to CNY 724.03 million for the current period[7]. - Basic earnings per share increased by 1,733.33% to CNY 1.0890 for the current period[7]. - The weighted average return on net assets increased by 9.64%, up 9.08 percentage points from the previous year[7]. - The company's net profit for Q3 2019 reached CNY 671,981,718.01, a significant increase from CNY 42,255,610.11 in the same period last year, representing a growth of approximately 1495%[45]. - The company's net profit for the period was CNY 940,355,994.56, a significant recovery from a loss of CNY 28,906,071.01 in the previous year[44]. - The total profit for the period was ¥1,228,317,152.81, slightly up from ¥1,188,043,546.15 in the previous period[52]. Revenue and Costs - Operating revenue for the current period rose by 24.65% to CNY 1.41 billion, while year-to-date revenue decreased by 46.31% to CNY 3.80 billion[7]. - Total operating revenue for Q3 2019 was CNY 1,411,733,646.97, an increase of 24.6% compared to CNY 1,132,541,480.98 in the same period last year[44]. - Total operating costs for Q3 2019 were CNY 1,326,800,051.75, up 31.9% from CNY 1,006,122,724.09 in Q3 2018[44]. - Operating costs for the first nine months of 2019 were RMB 1,890.64 million, a decrease of RMB 1,940.11 million, reflecting a decline of 50.65% due to reduced real estate revenue[19]. - Total operating costs amounted to ¥3,355,342,532.80, down 43.1% from ¥5,917,569,867.14 in the previous period[51]. Cash Flow - The company reported a net cash flow from operating activities of CNY 645.29 million, down 59.70% year-on-year[7]. - The net cash flow from operating activities for the first nine months of 2019 was ¥645.29 million, a decrease of ¥956.12 million or 59.70% compared to the same period last year, primarily due to reduced real estate sales receipts and increased payments to partners[21]. - The net cash flow from investing activities for the first nine months of 2019 was -¥639.11 million, a decrease of ¥2.29 billion or 138.64% year-on-year, mainly due to the previous year's receipt of funds from the transfer of equity in Hong Kong[21]. - The net cash flow from financing activities for the first nine months of 2019 was -¥875.59 million, a decrease of ¥1.99 billion or 69.54% compared to the same period last year, attributed to a reduction in net financing obtained[21]. - The ending cash and cash equivalents balance was 3,910,072,532.53 CNY, down from 4,708,471,643.99 CNY in the previous period[61]. Assets and Liabilities - Total assets decreased by 4.65% to CNY 43.91 billion compared to the end of the previous year[7]. - The total current assets as of September 30, 2019, were ¥39.06 billion, a decrease from ¥40.40 billion at the end of 2018[35]. - Total liabilities decreased to CNY 15,319,332,879.76 from CNY 17,203,770,444.65 year-over-year[41]. - The company's equity attributable to shareholders increased to CNY 6,597,612,747.11 from CNY 5,366,252,289.61 in the previous year[42]. - The company's inventory increased to ¥30.85 billion as of September 30, 2019, compared to ¥25.79 billion at the end of 2018[34]. Shareholder Information - The number of shareholders at the end of the reporting period was 16,780[11]. - The largest shareholder, Shenzhen Zhongzhou Land, holds 49.37% of the shares, totaling 328,204,047 shares[11]. Financial Reporting Changes - The company has changed its financial asset classification from "four categories" to "three categories," which includes "financial assets measured at amortized cost," "financial assets measured at fair value with changes recognized in other comprehensive income," and "financial assets measured at fair value with changes recognized in profit or loss"[67]. - The company has adopted the expected credit loss model for impairment losses on financial assets, replacing the incurred loss model, to better reflect credit risk[67]. - The reclassification of financial assets resulted in a decrease of CNY 155,510,563.67 in available-for-sale financial assets and an increase of CNY 126,226,463.67 in other equity instrument investments as of January 1, 2019[69]. Other Financial Metrics - The company reported a significant increase in financial expenses, totaling CNY 60,627,079.29, compared to a negative CNY 24,841,288.91 in the previous year[48]. - The company's tax expenses for the quarter were CNY 321,066,743.26, compared to CNY 48,357,291.01 in Q3 2018, indicating a rise of approximately 563%[45]. - The company incurred a loss of CNY 534,328,583.30 in other comprehensive income, contrasting with a gain of CNY 27,409,016.70 in the same period last year[46].

Financial Performance - The company's operating revenue for the reporting period was ¥2,389,802,552.09, a decrease of 59.82% compared to the same period last year[17]. - The net profit attributable to shareholders was ¥202,102,536.82, down 71.85% year-on-year[17]. - The net profit after deducting non-recurring gains and losses was ¥181,653,000.90, reflecting a 72.04% decline compared to the previous year[17]. - The total revenue for the reporting period was approximately 2.39 billion RMB, a decrease of 59.82% year-on-year due to reduced project completion settlements[51]. - The total comprehensive income for the first half of 2019 was CNY 126,058,634.28, a decrease of 82.4% from CNY 714,487,341.13 in the first half of 2018[145]. - The company reported a significant increase in sales expenses, which rose to CNY 144,119,670.59, compared to CNY 59,827,200.05 in the previous year, marking a 141.5% increase[145]. - The company reported a significant increase in interest income, which rose to CNY 95,656,042.20 in the first half of 2019, compared to CNY 86,519,764.30 in the same period of 2018[150]. - The company recognized a total comprehensive loss of RMB 15,265,487.46 during the reporting period[167]. Cash Flow and Assets - The net cash flow from operating activities was ¥336,682,791.80, an increase of 506.52% compared to the same period last year[17]. - The cash balance at the end of the reporting period was 3,844.6628 million yuan, a decrease of 1,970.9504 million yuan, reflecting a reduction of 33.89% primarily due to loan repayments and equity acquisition expenditures[26]. - The total assets at the end of the reporting period amounted to ¥46,495,025,825.02, representing a 0.96% increase from the end of the previous year[17]. - The total current assets increased to ¥41.82 billion from ¥40.40 billion, representing a growth of approximately 3.5%[139]. - Cash and cash equivalents decreased to ¥3.84 billion from ¥5.82 billion, a decline of about 34.0%[139]. - The company's total liabilities increased, leading to a higher interest expense of CNY 71,776,432.41 in the first half of 2019, compared to CNY 127,913,975.70 in the same period of 2018[150]. - The company's inventory balance at the end of the reporting period was RMB 29,684,780,314.39, with a provision for inventory impairment of RMB 463,974,286.24[167]. Investments and Equity - The long-term equity investment balance at the end of the reporting period was 391.6961 million yuan, a decrease of 1,015.2408 million yuan, representing a reduction of 72.16% due to the completion of mergers with Zhongbaoyinglong and Huizhou Yintai Da, with the original joint venture becoming a subsidiary[26]. - The company has completed significant equity investments, including RMB 601,926,027.39 in Huizhou Yintai Da, increasing its stake to 35.05%[59]. - The total investment during the reporting period was RMB 809,833,960.39, a significant decrease of 62.25% compared to RMB 2,145,312,444.40 in the same period last year[58]. - The company reported a net profit from Huizhou Dafeng Investment Co. of 348,285,461.84 RMB, which is 172.33% of the total profit attributable to the parent company, due to the completion of Tianyu Garden A[68]. Market and Strategic Position - The company operates primarily in real estate development, with projects in key economic zones including the Guangdong-Hong Kong-Macao Greater Bay Area and the Shanghai metropolitan area[24]. - The company has a significant presence in Hong Kong's real estate market, with core assets including residential units and development projects, indicating ongoing market expansion efforts[28]. - The company has established a strategic development plan to enhance its organizational control systems and operational capabilities, supporting sustainable growth and market expansion[30]. - The company has received multiple industry awards, including "2019 Blue Chip Real Estate Enterprise" and recognition in the "Top 100 Chinese Real Estate Listed Companies" list, reflecting its competitive strength in the market[34]. - The company anticipates significant pressure on sales targets for the second half of 2019 due to a cooling real estate market, with a focus on accelerating project launches and possibly lowering pre-sale prices[71]. Shareholder and Governance - The company plans not to distribute cash dividends or issue bonus shares[5]. - The controlling shareholder and its concerted parties hold a total of 332,813,947 shares, accounting for 50.06% of the company's total share capital[108]. - The total number of ordinary shareholders at the end of the reporting period was 18,099[115]. - The company has not undergone any changes in its controlling shareholder or actual controller during the reporting period[117]. - The company did not engage in any significant contracts during the reporting period[105]. Legal and Compliance - Ongoing litigation includes a claim for the return of approximately RMB 1.08 billion in equity transfer payments related to a partnership dispute[83]. - Another lawsuit involves a claim for RMB 220 million in cooperative price and interest from a partnership agreement[84]. - The company did not identify any significant doubts regarding its ability to continue as a going concern for the next 12 months[166]. - The accounting policies followed by the company comply with the relevant accounting standards and regulations[170].

Financial Performance - The company's operating revenue for Q1 2019 was CNY 1,415,067,296.01, representing a decrease of 7.10% compared to the same period last year[8]. - Net profit attributable to shareholders was CNY 231,879,742.80, down 12.92% year-on-year[8]. - Basic and diluted earnings per share were both CNY 0.3488, reflecting a decline of 12.91% from the previous year[8]. - The weighted average return on equity decreased to 3.14%, down 0.94 percentage points from 4.08% in the previous year[8]. - Net profit for Q1 2019 was CNY 201,817,048.41, a decline of 25.6% compared to CNY 271,504,211.89 in the same period last year[44]. - Earnings per share (EPS) for Q1 2019 was CNY 0.3488, down from CNY 0.4005 in the previous period[45]. - The company reported an investment loss of CNY 34,552,018.91, compared to a gain of CNY 44,038,403.27 in the previous period[42]. - Other comprehensive income after tax was CNY -14,256,333.22, an improvement from CNY -26,557,568.87 in the previous period[44]. - The company incurred financial expenses of CNY 105,732,750.70, a decrease from CNY 131,405,194.46 in the previous period[42]. - The company’s tax expenses for the period were CNY 114,631,408.41, compared to CNY 108,421,955.52 in the previous period[44]. Cash Flow - The net cash flow from operating activities improved significantly, reaching CNY -30,533,005.16, an increase of 88.22% compared to the previous year[8]. - The net cash flow from operating activities was -30,533,005.16, an improvement from -259,232,827.27 in the previous period, indicating a significant reduction in cash outflow[52]. - Total cash inflow from operating activities was 1,783,952,258.86, down 33.7% from 2,688,516,605.88 in the prior period[52]. - Cash outflow from operating activities totaled 1,814,485,264.02, a decrease of 38.3% compared to 2,947,749,433.15 in the previous period[52]. - The net cash flow from investing activities for Q1 2019 was a negative RMB 337.66 million, a decrease of 174.07% year-on-year, primarily due to the previous year's receipt from the transfer of Zhongzhou Holdings Hong Kong[19]. - The net cash flow from financing activities for Q1 2019 was a negative RMB 1,468.97 million, a decrease of 464.45% compared to the same period last year, mainly due to the repayment of financing loans[19]. - The company reported a significant increase in cash received from other operating activities, totaling 688,819,459.19, compared to 499,851,955.53 in the previous period[52]. - The ending balance of cash and cash equivalents was 2,939,448,734.69, down from 4,250,491,310.95 in the previous period[54]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 44,628,466,853.57, a decrease of 3.09% from the end of the previous year[8]. - Total assets decreased from CNY 46.05 billion to CNY 44.63 billion, a decline of approximately 3.1%[34]. - Current liabilities decreased from CNY 27.99 billion to CNY 26.40 billion, a reduction of about 5.7%[35]. - Long-term borrowings increased from CNY 8.46 billion to CNY 8.74 billion, an increase of approximately 3.3%[35]. - Total liabilities decreased from CNY 38.38 billion to CNY 36.77 billion, a decrease of about 4.2%[35]. - Owner's equity increased from CNY 7.67 billion to CNY 7.86 billion, an increase of approximately 2.5%[36]. - Total liabilities reached CNY 38,384,398,986.48, with current liabilities at CNY 27,991,099,896.29 and non-current liabilities at CNY 10,393,299,090.19[60]. - Shareholders' equity totaled CNY 7,666,289,714.17, including CNY 3,014,600,996.88 in undistributed profits[60]. - The company holds inventory valued at CNY 25,785,150,986.38 and assets held for sale at CNY 5,999,176,801.23[59]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 15,389[12]. - The largest shareholder, Shenzhen Zhongzhou Land Co., Ltd., held 49.37% of the shares, totaling 328,204,047 shares[12]. Investments and Projects - The company reported non-recurring gains and losses totaling CNY 3,014,593.67 for the period[10]. - The company established Dongguan Zhongzhou City Real Estate Development Co., Ltd. with a direct holding ratio of 51% during the reporting period[17]. - The company has completed 55.88% of the share transfer related to the sale of its Hong Kong subsidiary, with a total transaction price of HKD 2,154.86 million[22]. - The company plans to adjust its non-public offering of A-shares to raise no more than RMB 35.11 billion for project construction[21]. - The company reported an increase of 37.72% in other receivables, totaling RMB 575.19 million, compared to the beginning of the year, due to increased receivables[17]. Financial Adjustments - The company has made adjustments to its financial asset classifications, with CNY 155,510,563.67 previously reported as available-for-sale financial assets now reclassified[60]. - Deferred tax assets are reported at CNY 1,144,367,240.31, while deferred tax liabilities are CNY 12,957,615.32[60].

Profit Distribution - The company reported a profit distribution plan of cash dividends of 1.00 RMB per 10 shares, based on a total of 664,831,139 shares[5]. - The cash dividend policy includes a distribution of 1.00 yuan per 10 shares, totaling 66.48 million yuan for the year 2018[116]. - The cash dividend for 2018 was set at ¥66,483,113.90, representing 14.88% of the net profit attributable to shareholders[126]. - The cash dividend for 2018 is the lowest proportion of profit distribution due to significant capital expenditure plans[126]. - The company’s profit distribution plan complies with relevant laws and regulations as well as its own articles of association[126]. Financial Performance - The company's operating revenue for 2018 was CNY 7,942,112,442.45, a decrease of 8.23% compared to CNY 8,654,233,826.31 in 2017[18]. - The net profit attributable to shareholders was CNY 446,690,331.69, down 27.41% from CNY 615,363,173.16 in the previous year[18]. - The company reported a total revenue for 2018 of CNY 7,386,107,328.13, a decrease of 10.01% compared to CNY 8,207,586,190.30 in 2017[61]. - The real estate segment accounted for 93.00% of total revenue, while the service and hotel segments contributed 3.28% and 4.92%, respectively[61]. - The company achieved a net profit of ¥561,161,934.28, with a total distributable profit of ¥1,196,017,598.88 after accounting for previous dividends[125]. Risks and Challenges - The company has faced various risks including policy, market, competition, financing, credit, interest rate, and operational risks, which are detailed in the management discussion and analysis section[5]. - The company anticipates increased competition and market concentration in the real estate industry, impacting the survival of smaller firms[108]. - The company will maintain a cautious investment approach due to the tightening financing environment in the real estate sector[109]. - The company will closely monitor market trends and adjust sales strategies to mitigate operational risks[110]. Shareholder Information - The company has undergone changes in its major shareholders, with the largest shareholder being Shenzhen State-owned Assets Supervision and Administration Commission, holding 34.8% of the total shares[16]. - The company reported a significant shareholder concentration, with the top five shareholders holding a combined total of 61.74% of shares[186]. - The actual controller of the company is Huang Guangmiao, a natural person from Hong Kong, who has been in control since 1993[188]. - The total number of shares held by the top ten unrestricted shareholders is 475,000,000 shares, representing a significant portion of the total shares[186]. Business Operations - The company has not changed its main business since its listing, maintaining its focus on investment holding[16]. - The company has a diversified business model, primarily engaged in real estate development, with projects in key economic zones including the Guangdong-Hong Kong-Macau Greater Bay Area and the Shanghai metropolitan area[29]. - The company has established a strategic development plan focusing on enhancing operational management capabilities and expanding its market presence, aiming for "steady progress and high-quality development"[34]. - The company is actively exploring development in the Bohai Rim region, with the Qingdao Peninsula project ranking among the top three in sales in Jiaozhou for three consecutive years[40]. Asset Management - The total assets at the end of 2018 reached CNY 46,050,688,700.65, reflecting a growth of 5.57% from CNY 43,619,885,474.24 at the end of 2017[18]. - The net assets attributable to shareholders increased by 13.45% to CNY 7,273,821,959.91 from CNY 6,411,756,460.57 in 2017[18]. - The company has over 800 acres of reserve land in the Chengdu-Chongqing area, with significant project appreciation potential[40]. - The company has a total of 100% ownership in the Zhongzhou Peninsula project, covering 258,312 square meters, with a projected value of HKD 415,760, currently under construction[46]. Corporate Governance - The company has engaged Deloitte Huayong as its accounting firm for the reporting period[17]. - The company has made adjustments to its accounting policies, which may affect the restatement of previous years' financial data[17]. - The company has committed to ensure the accuracy and completeness of its financial reports, as stated by its management[4]. - The company has not reported any major asset acquisitions or mergers during the reporting period[139]. Employee and Community Engagement - The company has implemented a comprehensive employee training and incentive system to enhance workforce professionalism and motivation, supporting its rapid development phase[35]. - The company conducted 14 charitable activities, donating over 80,000 yuan and providing assistance to impoverished children and families through clothing, books, and food donations[165]. - The company organized three large-scale voluntary blood donation events during the reporting period, with a total of over 85,000 milliliters donated by employees and partners[166][167]. Future Outlook - In 2019, the company plans to achieve real estate sales area of 1.31 million square meters and sales amount of 15.2 billion yuan[103]. - The company aims to invest 8.7 billion yuan in real estate development and increase land reserves by 1 million square meters in terms of construction area[103]. - The company will focus on high turnover, scale expansion, strict management, and efficiency improvement as part of its development strategy[102].

1 深圳市中洲投资控股股份有限公司 2018 年第三季度报告全文 深圳市中洲投资控股股份有限公司 2018 年第三季度报告全文 深圳市中洲投资控股股份有限公司 2018 年第三季度报告 2018 年 10 月 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。 公司负责人姚日波、主管会计工作负责人叶晓东及会计机构负责人(会计主 管人员)黄薇声明：保证季度报告中财务报表的真实、准确、完整。 2 深圳市中洲投资控股股份有限公司 2018 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 追溯调整或重述原因 会计政策变更 | | 本报告期末 | 上年度末 | | 本报告期末比上年度 | | --- | --- | --- | --- | --- | | | | | | 末增减 | | | | 调整前 | 调整后 | 调整后 | | 总资产（元） | 45,494,323,48 ...

Financial Performance - The company's operating revenue for the reporting period reached ¥5,947,532,432.51, representing an increase of 82.43% compared to the same period last year[17]. - The net profit attributable to shareholders of the listed company was ¥718,060,547.58, a significant increase of 374.52% year-on-year[17]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥649,750,723.01, up by 331.26% from the previous year[17]. - The basic earnings per share increased to ¥1.0801, reflecting a growth of 374.56% compared to the same period last year[17]. - The weighted average return on equity rose to 10.60%, an increase of 8.06 percentage points from 2.54% in the previous year[17]. - The total revenue for the period was 5,947,532,432.51, with a year-on-year increase of 44.67%, and total costs increased by 82.43%[46]. - The company reported a significant increase in income tax expenses, totaling approximately 388 million yuan, up 289.21% year-on-year due to higher total profits[45]. - The company reported a comprehensive loss of RMB 15,265,487.46 for the first half of 2018, compared to a comprehensive income of RMB 86,288,926.49 in the same period of 2017[194]. Assets and Liabilities - The total assets at the end of the reporting period were ¥44,323,436,547.37, showing a slight increase of 1.61% from the end of the previous year[17]. - The net assets attributable to shareholders of the listed company increased to ¥7,003,773,290.39, marking a growth of 9.23% compared to the previous year[17]. - The company's total liabilities increased, indicating a need for strategic financial management moving forward[65]. - The total liabilities at the end of the reporting period were CNY 36.759 billion, slightly increased from CNY 36.736 billion at the beginning of the period[169]. - The total equity attributable to shareholders decreased to ¥4,331,368,803.34 from ¥4,477,569,518.60, a decrease of 3.3%[172]. Cash Flow - The net cash flow from operating activities improved significantly, with a net outflow of ¥82,820,682.53, a 95.72% reduction in outflow compared to the previous year[17]. - The company's cash flow from financing activities decreased by 124.72% compared to the same period last year, resulting in a net cash increase of 146,199,444.93, down 95.19% year-on-year[46]. - Operating cash inflow for the first half of 2018 was CNY 5,534,220,014.38, an increase of 33.9% compared to CNY 4,132,988,306.40 in the same period of 2017[181]. - Cash inflow from financing activities in the first half of 2018 totaled CNY 2,192,104,387.76, a decrease of 68.5% from CNY 6,964,493,055.77 in the same period of 2017[181]. Investments and Projects - The company is actively pursuing overseas investments, with plans to continue expanding its international footprint as market conditions allow[31]. - The company achieved real estate sales area of 520,100 square meters and sales amount of 5.954 billion yuan, representing a year-on-year growth of 90.7%[38]. - Real estate development investment reached 2.597 billion yuan, an increase of 3.76% compared to the same period last year[38]. - The company is focusing on market expansion and new product development in the real estate sector to enhance future growth prospects[64]. Subsidiaries and Partnerships - The company reported a decrease in net profit contribution from major subsidiaries, with some subsidiaries contributing over 10% to the net profit[62]. - The company has established several new investment partnerships, including a new investment partnership with a capital of CNY 20.4 million, which is 99.995% owned by the company[56]. - The company’s subsidiary, Huizhou Chuangzhu Real Estate Co., Ltd., faced a net loss of CNY 66.33 million, indicating challenges in its operations[64]. Corporate Governance and Management - The company appointed a new president, Peng Weidong, on January 25, 2018, following the resignation of the previous president[134]. - The company has established a multi-level incentive system to enhance employee motivation and creativity, supporting performance growth[39]. - The company reported a key management personnel remuneration of RMB 2,573.27 million for the first half of 2018, an increase of 45.6% compared to RMB 1,766.88 million in the same period of 2017[102]. Regulatory and Compliance - The company has not engaged in any securities or derivative investments during the reporting period, indicating a conservative investment strategy[58][59]. - The company has no non-operating fund occupation by controlling shareholders or their affiliates during the reporting period[105]. - The company has no significant environmental protection issues and is not classified as a key pollutant discharge unit[115].