Financial Performance - The company reported a significant financial uncertainty in the 2021 annual report, which was issued with a qualified opinion due to substantial doubt about its ability to continue as a going concern [5]. - The company's operating revenue for the reporting period was ¥677,723,632.64, a decrease of 26.05% compared to the same period last year [24]. - The net profit attributable to shareholders was ¥134,126,968.27, representing a significant increase of 153.97% year-over-year, recovering from a loss of ¥248,507,021.28 in the previous year [24]. - The net cash flow from operating activities improved to ¥5,161,271.17, a turnaround of 101.25% from a negative cash flow of ¥412,178,882.44 in the same period last year [24]. - The total assets at the end of the reporting period increased by 8.49% to ¥29,326,784,599.72 compared to the end of the previous year [24]. - The total operating revenue for the first half of 2022 was 677.72 million yuan, a decrease of 26.05% year-on-year [48]. - The company reported a net profit of 141.19 million yuan, marking a 155.14% increase compared to the previous year, primarily due to increased investment income [48]. - The company reported a significant decline in revenue, with a year-on-year decrease of 25% in the first half of 2022, totaling approximately 1.5 billion CNY [148]. - The company reported a net profit attributable to shareholders for the first half of 2022, reversing from a loss in the previous year [122]. Business Operations - The company has not disclosed any new product or technology developments, market expansions, or mergers and acquisitions in the current report [5]. - The company is actively expanding its e-commerce business, including the establishment of cross-border shopping experience stores in Beijing [34]. - As of June 30, 2022, the company operated 7 department stores and 73 supermarket stores, generating a total revenue of 452.89 million yuan from these outlets [37]. - During the reporting period, the company opened 2 new stores and closed 15 stores, resulting in a net decrease in store count [38]. - The company is focusing on digital transformation and supply chain upgrades to enhance online service capabilities in traditional retail formats [35]. - The company has established several e-commerce platforms, including Super Collection and Shun Kelong, to accelerate online business development [73]. - The company is exploring potential mergers and acquisitions to strengthen its market position, with a budget of 500 million CNY allocated for this purpose [149]. Market Position and Strategy - The company became a member of the national supply and marketing cooperative daily necessities procurement platform, enhancing its market position and industry advantages [36]. - The company plans to enhance its market competitiveness by leveraging digital transformation and integrating online and offline operations [72]. - The company is actively working on integrating its e-commerce operations as a key part of its business strategy [105]. - The company is expanding its market presence in the southern regions of China, targeting a 20% increase in market share by 2023 [149]. Financial Management and Governance - The company has committed to a long-term strategy of avoiding competition and ensuring compliance with related party transaction regulations, as outlined in restructuring agreements [102]. - The company has made specific commitments to avoid asset occupation and illegal guarantees during its restructuring processes, ensuring compliance with regulatory standards [102]. - The company has received confirmations from partners regarding the fulfillment of commitments related to avoiding competition and ensuring independent operations as of August 2022 [102]. - The company has outlined a structured approach to handle the integration of its subsidiaries to avoid competition with the listed company, focusing on a clear timeline and operational maturity [104]. - The company has committed to resolving competition issues in e-commerce and has established a separate e-commerce business under local subsidiaries [105]. - The management emphasized the importance of improving corporate governance and transparency in response to recent market challenges [149]. Social Responsibility and Community Engagement - The company actively participated in social responsibility activities, conducting nearly 10 public welfare activities related to pandemic prevention and environmental protection during the first half of the year [88]. - The company ensured the supply of essential goods during the pandemic, maintaining sufficient stock of staple food items and supporting local government efforts in nucleic acid testing transportation [89]. - The company donated various supplies, including N95 masks and food items, to frontline workers in response to public health emergencies [91]. - The company supplied 23.5 tons of essential goods, including vegetables and fruits, to over 11,000 households in 40 communities during the pandemic [90]. Shareholder and Equity Information - The total number of shares remained unchanged at 19,163,777,335, with 20.78% being restricted shares [155]. - The largest shareholder, Supply and Marketing Group Co., Ltd., holds 42.76% of shares, totaling 8,195,023,043 shares, with a decrease of 1,262,755,369 shares during the reporting period [166]. - HNA Investment Holdings Co., Ltd. holds 4.80% of shares, totaling 920,048,318 shares, with no change during the reporting period [166]. - The company has a total of 8,195,023,043 unrestricted common shares held by the largest shareholder [167]. - The total number of shares frozen amounts to 538,791,040 shares [174]. - The company has signed profit compensation agreements with 22 counterparties, restricting voting rights and dividend distribution for unfulfilled commitments [168]. Legal and Compliance Issues - The company has ongoing litigation with a claim amount of 367,798.53 million yuan, which is currently in the first instance trial [125]. - The company has not faced any penalties or rectification issues during the reporting period [127]. - The restructuring plan for the company and its subsidiaries was confirmed completed by the Hainan High Court as of December 31, 2021 [128]. - The company has not been listed in any credit violation or dishonesty records as of August 12, 2022 [128]. Future Outlook - The company has projected a revenue growth of 10% for the second half of 2022, aiming to recover from the first half's performance [149]. - New product launches are expected to contribute an additional 200 million CNY in revenue by the end of 2022, focusing on enhancing product offerings [149]. - Research and development investments have increased by 30% in 2022, focusing on innovative technologies to improve operational efficiency [149].

Financial Performance - The company's operating revenue for 2021 was ¥1,663,431,676.28, a decrease of 24.71% compared to ¥2,209,308,636.75 in 2020[17]. - The net profit attributable to shareholders for 2021 was -¥687,240,027.05, an improvement of 84.86% from -¥4,539,192,583.95 in 2020[17]. - The net cash flow from operating activities for 2021 was -¥376,173,371.39, a decline of 316.61% compared to ¥173,660,422.17 in 2020[17]. - Total assets at the end of 2021 were ¥27,031,237,871.83, down 42.45% from ¥46,972,672,942.69 at the end of 2020[17]. - The net assets attributable to shareholders decreased by 51.76% to ¥12,212,882,481.22 at the end of 2021 from ¥25,315,012,639.27 at the end of 2020[17]. - The basic earnings per share for 2021 was -¥0.0359, a 95.26% improvement from -¥0.7569 in 2020[17]. - The company achieved a total revenue of CNY 1,669.59 million in 2021, a decrease of 24.47% compared to the previous year[39]. - The net profit for the year was CNY -720.72 million, which represents an 84.35% reduction in losses year-over-year[39]. Audit and Financial Uncertainty - The company reported a significant financial uncertainty with a non-standard audit opinion due to ongoing investigations by the China Securities Regulatory Commission[5]. - The company's financial report has been audited by Xinyong Zhonghe Accounting Firm, which issued a report with significant uncertainty[4]. - The company has acknowledged potential risks related to its financial disclosures and ongoing investigations[5]. - The board of directors acknowledged the significant uncertainty related to going concern in the audit report and emphasized the importance of addressing these issues to protect investor interests[142]. Business Operations and Strategy - The company has maintained its main business in wholesale and retail without any changes during the reporting period[13]. - The company aims to enhance its online service capabilities through digital empowerment and supply chain upgrades in traditional retail formats[25]. - The company is actively exploring duty-free business opportunities in Hainan, leveraging the advantages of the Hainan Free Trade Port[38]. - The company plans to accelerate the transformation of its department store business and enhance online operations to improve operational quality and attract customers[73]. - The company intends to develop a "commercial logistics park" model to enhance asset value and achieve comprehensive benefits in economic and brand value[75]. - The company is committed to integrating logistics and supply chain finance to support regional economic development[29]. Store Operations and Market Presence - The company opened 4 new stores with a total operating area of 1,005 square meters, generating revenue of CNY 11.52 million, but incurred a net loss of CNY 609,900[27]. - The company closed 22 stores during the reporting period due to strategic adjustments and lease expirations[28]. - The company's supermarket business in the Northwest region reported a revenue of CNY 51.73 million, down 63.78% year-on-year, with a net loss of CNY 6.88 million[29]. - The company operated 9 department stores and 84 supermarkets as of December 31, 2021, with total revenue from these stores amounting to CNY 1,090.21 million[30]. Employee and Management Structure - The total number of employees at the end of the reporting period is 3,031, with 71 in the parent company and 2,960 in major subsidiaries[106]. - The total number of employees receiving salaries during the period is 4,443, while there are 839 retired employees for whom the parent company and major subsidiaries bear costs[106]. - The company has undergone significant management restructuring, including the appointment of new financial executives to strengthen its financial oversight[87]. - The company has established a governance structure that includes a board of directors with four specialized committees, ensuring compliance with legal and regulatory requirements[81]. Shareholder and Capital Structure - The total number of shares increased from 5,982,004,024 to 19,163,777,335, an increase of 13,181,773,311 shares due to the implementation of the restructuring plan[188]. - The proportion of restricted shares decreased from 66.47% to 20.78%, while unrestricted shares increased from 33.53% to 79.22%[188]. - The largest shareholder, Supply and Marketing Group Co., Ltd., holds approximately 63.5% of the total shares outstanding[200]. - The company has several shareholders with locked shares from the 2016 major asset restructuring, with various expiration dates for the lock-up periods, affecting liquidity[191]. Risk Management and Compliance - The company is actively involved in risk management and compliance, with key personnel having extensive experience in these areas[91]. - The internal control system was strengthened, focusing on risk management and compliance, with a comprehensive internal control self-assessment and rectification conducted[114]. - The company has made commitments to avoid competition with its listed subsidiaries and will bear full compensation responsibilities for any damages incurred[129]. - The company is committed to maintaining transparency and effective communication with stakeholders during its transition period[87]. Future Outlook and Strategic Initiatives - The company provided a future outlook, projecting a revenue growth of 10% for the next fiscal year, aiming to reach 1.65 billion RMB[179]. - The company is considering strategic acquisitions to enhance its supply chain efficiency, with a budget of 2 billion CNY earmarked for potential mergers[181]. - The company is focused on enhancing customer engagement through digital marketing strategies, expecting a 25% increase in customer retention rates[180]. - The company is positioned to capitalize on emerging market opportunities through its diversified business model and strategic initiatives[89].

Restructuring and Governance - The company reported a significant restructuring process initiated on February 10, 2021, due to non-operational fund occupation and undisclosed guarantees, which is still pending approval from relevant parties and the court[2]. - The company is focused on addressing issues related to governance and financial transparency as part of its restructuring efforts[2]. - The company has initiated a comprehensive self-inspection regarding fund occupation and undisclosed guarantees, with a rectification plan disclosed on January 30, 2021[75]. - The company is actively cooperating with the administrator to formulate a restructuring plan following the acceptance of bankruptcy reorganization by the court[75]. - The restructuring plan submission deadline has been extended to November 10, 2021, as per the court's ruling[82]. - The company is undergoing a restructuring process, which may impact its operational strategies moving forward[130]. - The company has engaged in strategic investor recruitment as part of its restructuring efforts[130]. - The company has committed to improving its internal controls and has reported on the status of its financial audits for 2020[132]. - The company is facing ongoing scrutiny from regulatory bodies, as indicated by the multiple announcements regarding risk warnings and governance audits[133]. Financial Performance - The company's operating revenue for the reporting period was ¥916,633,505.83, a decrease of 22.97% compared to the same period last year[13]. - The net profit attributable to shareholders was -¥248,507,021.28, representing a decline of 50.66% year-on-year[13]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥249,141,391.55, an improvement of 31.06% compared to the previous year[13]. - The net cash flow from operating activities was -¥412,178,882.44, a decrease of 27.84% from the same period last year[13]. - The total assets at the end of the reporting period were ¥46,424,965,158.84, down 1.17% from the end of the previous year[13]. - The company reported a significant loss, with unremedied losses reaching one-third of the total paid-in capital[132]. - The net profit for the first half of 2021 was a loss of approximately RMB 256.07 million, compared to a loss of RMB 173.81 million in the same period of 2020, reflecting an increase in losses of about 47%[166]. - The total comprehensive income for the first half of 2021 was a loss of approximately RMB 218.02 million, compared to a loss of RMB 200.59 million in the same period of 2020, representing an increase in losses of about 9%[166]. Cash Flow and Liquidity - The net cash flow from operating activities was negative RMB 412.18 million, compared to a negative RMB 322.42 million in the first half of 2020, indicating a worsening cash flow situation[168]. - The total cash and cash equivalents at the end of June 2021 were RMB 489.05 million, down from RMB 2.04 billion at the end of June 2020[168]. - The company raised approximately RMB 1.13 billion through borrowings in the first half of 2021, while cash outflows for debt repayment amounted to RMB 1.05 billion[169]. - The company has a total of RMB 66.55 billion in short-term loans and RMB 11.94 billion in long-term loans due within one year, with RMB 56.26 billion of these loans being overdue[190]. - The company reported a cash outflow of RMB 494.50 million related to other operating activities, an increase from RMB 341.28 million in the same period of 2020[168]. Shareholder and Equity Information - The company will not distribute cash dividends or issue bonus shares for the half-year period[54]. - The total number of shares for the company is 5,982,004,024, with 66.47% being restricted shares and 33.53% being unrestricted shares[138]. - The largest shareholder, HNA Commercial Holding Co., Ltd., holds 729,075,398 restricted shares, which have not been released[141]. - The total number of shareholders with more than 5% ownership includes HNA Commercial Holding, HNA Investment Holding, and New Cooperation Commercial Chain, indicating significant concentration of ownership[145]. - The company has not completed the repurchase and cancellation obligations for shares due to unfulfilled performance commitments, affecting voting rights and dividend distribution for those shares[155]. Market and Business Strategy - The company aims to enhance its online service capabilities and develop e-commerce businesses to meet growing consumer demand for online shopping[18]. - The company has focused on transforming its business model, including closing unprofitable stores and enhancing online sales platforms[19]. - The company is expanding its presence in the Hainan Free Trade Port, leveraging policy advantages and the growth of duty-free shopping[32]. - The company plans to continue its rural revitalization efforts by leveraging its e-commerce platform and physical stores, focusing on a "dual-wing" strategy for cross-border and domestic agricultural assistance[60]. - The company is focused on optimizing its supply chain in the Hainan region and enhancing its retail, wholesale, and online integration strategies[192]. Legal and Compliance Issues - The company has not faced any major litigation or arbitration matters during the reporting period[83]. - The company has reported a total of 95,865 thousand yuan in ongoing litigation related to daily operations, with an estimated liability of 2,401.26 thousand yuan[83]. - The company has not engaged in any significant related party transactions during the reporting period[87]. - The company has not reported any new significant performance agreements related to its operations during the reporting period[89]. Asset Management and Investments - The company has a total of 509,691.46 thousand yuan in irregular guarantees, accounting for 19.74% of the latest audited net assets[78]. - The company has provided guarantees totaling 11,000 million CNY to Hainan Yisheng Daji Agricultural Technology Co., Ltd., which is a related party[101]. - The company has established a series of joint liability guarantees for subsidiaries, indicating a strong support structure for its operations[111]. - The company has a structured approach to subsidiary financing, with detailed records of guarantees and collateral amounts[111]. Financial Reporting and Compliance - The company has not undergone an audit for the semi-annual financial report[79]. - The financial report for the first half of the year was not audited[160]. - The company is actively managing its commitments related to major asset restructuring and performance guarantees[67]. - The group adheres to the enterprise accounting standards, ensuring that financial statements accurately reflect its financial position, operating results, and cash flows[194].

Financial Performance - The company reported a significant financial challenge, with a negative opinion audit report on internal controls issued by the accounting firm, indicating serious operational issues [4]. - The company's operating revenue for 2020 was ¥2,210,632,901.92, a decrease of 62.08% compared to ¥5,829,365,358.72 in 2019 [19]. - The net profit attributable to shareholders for 2020 was -¥4,539,192,583.95, representing a decline of 272.00% from -¥1,220,216,560.60 in 2019 [19]. - The net cash flow from operating activities was ¥173,660,422.17, down 60.74% from ¥442,377,942.07 in the previous year [19]. - Total assets at the end of 2020 were ¥46,972,672,942.69, a decrease of 10.45% from ¥52,454,210,240.87 at the end of 2019 [20]. - The net assets attributable to shareholders decreased by 15.31% to ¥25,315,012,639.27 from ¥29,890,438,467.87 in 2019 [20]. - The company reported a basic earnings per share of -¥0.7569 for 2020, a decline of 272.67% from -¥0.2031 in 2019 [19]. - The company reported a net profit of -4.54 billion in 2020, a significant decline from -1.22 billion in 2019, indicating a worsening financial performance [104]. Restructuring and Operational Challenges - The company is undergoing a restructuring process as of February 10, 2021, to address non-operational fund occupation and undisclosed guarantees, pending court approval [5]. - The company has commitments related to asset restructuring and has not yet fulfilled certain obligations as of the reporting date [106]. - The company has ongoing commitments to ensure independence and reduce related party transactions, which have not been fully adhered to [106]. - The company is currently undergoing restructuring, with significant uncertainties regarding the outcome, which has led to a qualified audit opinion for the financial report of the restructuring target [116]. - The company is facing challenges in its operations due to the ongoing restructuring and the economic environment, which has affected its overall performance [116]. Shareholder and Governance Issues - The largest shareholder is HNA Commercial Holding Co., Ltd., which has maintained its position throughout the reporting period [17]. - The company has confirmed that the newly established e-commerce company will not engage in any competitive business activities in the future [108]. - The company has committed to avoiding competition with its main business by ensuring that related parties will not engage in similar operations post-transaction completion [107]. - The company has established a two-year management agreement with 19 subsidiaries to address competition issues, with a focus on meeting the conditions for injection into the listed company [107]. - The company has reported a significant number of pledged shares among its major shareholders, indicating potential liquidity risks [192]. Market and Business Operations - The company’s main business remains wholesale and retail, with no changes reported during the reporting period [16]. - The company has not disclosed any new product developments or technological advancements in the report [12]. - There is no mention of market expansion or mergers and acquisitions in the current report [12]. - The company experienced a significant drop in revenue from its main business segments, with a focus on optimizing product structure and customer service in response to changing consumer demands [30]. - The company is expanding its retail operations through the "Minsheng Shopping Center" and "Cool Shop Supermarket Chain" models, integrating e-commerce and big data technologies [30]. Financial Obligations and Guarantees - The company reported a total of 52,456.94 million yuan in guarantees for related parties, indicating significant financial obligations [142]. - The company has provided guarantees totaling 212,939.99 million yuan to Hainan Yisheng Daji Agricultural Technology Co., Ltd. as of April 2020 [151]. - The total amount of guarantees provided by the company reached 509,691.46 million, accounting for 19.79% of the net assets [158]. - The company has multiple loans guaranteed by various subsidiaries, indicating a complex financial structure [155]. - The report highlights the importance of monitoring guarantee obligations to mitigate financial risks [156]. Future Outlook and Strategic Plans - The company anticipates a gradual recovery in economic activities and consumer spending in 2021, driven by effective pandemic control measures [90]. - The company plans to integrate online and offline resources, enhancing the supply chain and focusing on consumer-oriented business models [91]. - The company aims to leverage modern technologies such as big data and AI to drive innovation in retail and adapt to changing consumer demands [91]. - The company plans to enhance its shopping center's attractiveness and increase online sales through live streaming and influencer marketing [95]. - The company is considering strategic acquisitions to enhance its market position, with a budget of 1 billion RMB allocated for potential acquisitions [173].

Financial Performance - Operating revenue for the reporting period was approximately ¥554.85 million, down 63.43% year-on-year[4]. - Net profit attributable to shareholders was approximately -¥55.34 million, an improvement of 45.24% compared to the same period last year[4]. - Net cash flow from operating activities was approximately -¥488.46 million, a decline of 375.24% year-on-year[4]. - Basic and diluted earnings per share were both -¥0.0092, a decrease of 45.24% compared to the previous year[4]. - The company reported a total revenue of 1,470,511,519 yuan, reflecting a year-on-year increase of 24.58%[14]. - Total operating revenue for the first nine months of 2020 was approximately ¥1.74 billion, a decrease of 63.01% compared to ¥4.70 billion in the same period of 2019[20]. - Net profit for the first nine months of 2020 was approximately -¥231.98 million, a decline of 90.47% from -¥121.79 million in the same period of 2019[20]. - The company reported a significant decrease in sales expenses by 37.16% to approximately ¥373.32 million, attributed to reduced labor and rental costs[21]. - The company reported a total comprehensive income of -¥260,981,958.53 for the current period, compared to -¥111,386,726.30 in the previous period[59]. Shareholder Information - The total number of shareholders at the end of the reporting period was 150,441, with the top ten shareholders holding significant stakes[6]. - The largest shareholder, HNA Commercial Holding Co., Ltd., held 15.38% of the shares[6]. - The top 10 shareholders of the company did not engage in any repurchase transactions during the reporting period[8]. - The company has entered into profit compensation agreements with 22 counterparties related to the 2016 restructuring, which restricts voting rights and dividend distribution for non-compliant shareholders[9]. - The company has a total of 2,810,943,945 shares held by specific related parties, representing 46.99% of the total shares[11]. Assets and Liabilities - Total assets at the end of the reporting period were approximately ¥50.35 billion, a decrease of 4.01% compared to the end of the previous year[4]. - The company reported a total of ¥1,370,000,000.00 in entrusted financial management, with a return of ¥7,500,000.00 during the reporting period[39]. - The total liabilities of the company were reported at ¥26,200,000,000.00, with a significant portion attributed to accounts payable of ¥2,954,883,832.99[44]. - The company's cash and cash equivalents decreased to ¥4,794,623,979.46 from ¥5,822,237,487.21 at the end of 2019, reflecting a decline of approximately 17.6%[43]. - The total liabilities decreased to CNY 20,108,593,938.67 from CNY 21,961,586,481.38, representing a decline of approximately 8.4%[46]. Cash Flow - The net cash flow from operating activities for the first nine months of 2020 was approximately -¥810.88 million, a decline of 229.06% from ¥628.27 million in the same period of 2019[20]. - Cash inflow from operating activities totaled 2,816,933,221.54 CNY, down 55.6% from 6,337,935,323.50 CNY year-on-year[64]. - The net cash flow from investing activities was 4,799,340,170.42 CNY, an increase from 3,642,572,032.01 CNY in the previous period[65]. - The company reported a significant decrease in cash received from sales of goods and services, totaling 2,029,809,117.67 CNY, compared to 4,758,108,469.52 CNY in the previous year[64]. Research and Development - Research and development expenses decreased by 51.61% to approximately ¥7.78 million from ¥16.09 million year-on-year[20]. - Research and development expenses increased by 30% in Q3 2020, reflecting the company's commitment to innovation[29]. - Research and development expenses were 3,102,152.59 CNY, down from 12,282,266.77 CNY year-over-year, indicating a decrease of about 74.7%[50]. Market and Strategic Initiatives - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by the end of 2021[29]. - The company announced plans for a strategic acquisition aimed at enhancing its technology capabilities, with an estimated cost of 500 million RMB[29]. - The company has not reported any new product developments or technological advancements in the recent earnings call[10]. - There is no indication of market expansion or mergers and acquisitions in the latest financial report[10]. Compliance and Governance - The company has received a warning letter from the Shaanxi Regulatory Bureau of the China Securities Regulatory Commission regarding shareholder actions[31]. - The company’s independent directors have provided opinions on various board meeting matters, ensuring compliance and governance[31]. - The company is preparing for the second extraordinary general meeting of 2020, focusing on governance and shareholder representation[31].

Financial Performance - The company's operating revenue for the reporting period was ¥1,189,936,906.35, a decrease of 63.33% compared to ¥3,245,415,486.62 in the same period last year[10]. - The net profit attributable to shareholders of the listed company was -¥164,948,116.61, representing a decline of 4,831.05% from ¥3,486,501.47 in the previous year[10]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥361,387,106.41, down 6,144.41% from ¥5,978,865.17 in the same period last year[10]. - The net cash flow from operating activities was -¥322,420,123.09, a decrease of 171.52% compared to ¥450,806,683.70 in the previous year[10]. - The basic earnings per share were -¥0.0275, a drop of 4,683.33% from ¥0.0006 in the same period last year[10]. - The total revenue for the reporting period was ¥1,189,936,906.35, a decrease of 63.33% compared to ¥3,245,415,486.62 in the same period last year[36]. - The operating cost for the reporting period was ¥803,982,894.70, down 66.69% from ¥2,413,437,900.55 year-on-year[36]. - The net profit for the reporting period was -¥173,813,162.36, representing a significant decline of 1,224.71% compared to -¥13,120,841.54 in the previous year[36]. - The company reported a significant decline in revenue and profit due to the impact of the COVID-19 pandemic, with major subsidiaries experiencing substantial losses[52]. Assets and Liabilities - The total assets at the end of the reporting period were ¥50,314,615,231.79, a decrease of 4.08% from ¥52,454,210,240.87 at the end of the previous year[10]. - The net assets attributable to shareholders of the listed company were ¥29,698,692,192.10, down 0.64% from ¥29,890,438,467.87 at the end of the previous year[10]. - Cash and cash equivalents decreased by 16.82% to ¥5,209,687,944.54, down from ¥14,878,795,367.18 in the previous year[42]. - The company reported a significant increase in other payables, which rose to ¥2,268,117,902.65 from ¥1,883,122,136.37, an increase of approximately 20.5%[124]. - The total liabilities were RMB 5,342,976,849.61, down from RMB 5,395,770,076.84 in the previous reporting period[126]. Strategic Initiatives - The company plans not to distribute cash dividends or issue bonus shares[2]. - The company aims to enhance its online service capabilities and optimize its supply chain in response to changes in consumer behavior due to the COVID-19 pandemic[17]. - The company is focusing on the development of the Hainan Free Trade Port, aiming to enhance cross-border shopping and logistics services[23]. - The company is focusing on cultivating online business through the "Super Collection" platform, emphasizing direct sourcing and community group buying, with initial success in selling specialty agricultural products[149]. - The company is implementing a tailored operational strategy for department stores, integrating live streaming and influencer marketing to boost customer engagement and sales[150]. Operational Challenges - The company faced continuous performance decline and highlighted various risks in its operations[2]. - The company has reported a significant drop in customer traffic post-pandemic, with many stores experiencing a severe decline in sales compared to pre-pandemic levels[24]. - The company experienced a significant decline in operating performance compared to the previous year due to a slowdown in domestic economic growth and the impact of COVID-19[71]. - The company has acknowledged existing asset defects and rights restrictions related to its subsidiaries, with commitments to ensure normal usage of properties[64]. Investments and Subsidiaries - The company operates in the retail sector, focusing on various business models including e-commerce, traditional retail, and supply chain finance[16]. - The company has established multiple new subsidiaries across various sectors, including e-commerce, financial services, and real estate development, to diversify its business operations[148]. - The company has a total of 100% ownership in several subsidiaries, including Chongqing Tongmao Investment Co., Ltd. and Hainan Supply and Marketing Group Network Technology Co., Ltd.[144]. - The company holds a 70.42% stake in China Shun Ke Long Holdings Limited, which operates in domestic commerce and investment holding sectors[146]. Financial Management - The company has a diversified investment strategy, including bank financial products and trust financial products, to manage its funds effectively[84]. - The company has implemented multiple measures to improve its operational status, including focusing on e-commerce and transforming department store operations[71]. - The company has extended the management period for assets that do not meet the injection conditions to 24 months after the restructuring announcement[63]. Shareholder Commitments - The company will not distribute cash dividends or issue bonus shares for the half-year period[59]. - The company has committed to ensuring that its restructuring strategy will not include new residential and commercial real estate development for sales purposes[62]. - The company has established profit compensation agreements with 22 counterparties related to its major asset restructuring in 2016[108]. Government Subsidies - The company received government subsidies amounting to ¥17.18 million, which are closely related to its business operations[14]. - The group recognizes government subsidies related to assets and income, with monetary subsidies measured at actual amounts received[196]. Compliance and Governance - The company's semi-annual report for 2020 was not audited, indicating potential uncertainties in financial reporting[71]. - The company’s independent directors provided opinions on the board meeting resolutions, ensuring compliance with regulations[102]. - The company has not disclosed any significant matters related to its subsidiaries during the reporting period[101].

Financial Performance - The company reported a significant increase in revenue, with total sales reaching RMB 10 billion, representing a year-on-year growth of 15%[7]. - The company's operating revenue for 2019 was ¥5,829,365,358.72, a decrease of 64.35% compared to the previous year[14]. - The net profit attributable to shareholders for 2019 was -¥1,220,216,560.60, representing a decline of 261.13% year-over-year[14]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥1,640,335,951.08, a decrease of 1,179.34% compared to the previous year[14]. - The net cash flow from operating activities for 2019 was ¥442,377,942.07, down 88.88% from the previous year[14]. - The basic earnings per share for 2019 was -¥0.2031, a decline of 261.19% compared to the previous year[15]. - The total revenue for the year 2019 was approximately ¥5.83 billion, representing a decrease of 64.35% compared to ¥16.35 billion in 2018[42]. - The net profit for the period was -129,804.21 million CNY, a decline of 272.31% year-on-year, with the net profit attributable to shareholders being -122,021.66 million CNY, down 261.13%[29]. User Growth and Market Expansion - User data showed a growth in active users, increasing by 20% to reach 5 million users by the end of the reporting period[7]. - The company has seen a significant increase in online retail sales, which is expected to continue as younger generations become the main consumer force[22]. - Membership in the Minsheng Department Store exceeded 875,000, with member consumption accounting for 49% of total sales[31]. - Market expansion efforts include entering three new provinces, aiming to increase market share by 5%[7]. - The company is positioned to benefit from the development of the Hainan Free Trade Port, with plans to expand its sales and logistics services in the region[28]. Strategic Initiatives and Future Outlook - Future outlook indicates a targeted revenue growth of 10% for the next fiscal year, driven by market expansion strategies[4]. - The company is focusing on new product development, with an investment of RMB 500 million allocated for R&D in the upcoming year[7]. - The company plans to enhance online platform development and optimize supply chain resources to improve operational efficiency and customer satisfaction[76]. - The company aims to transform its retail strategy by focusing on "online reservation and offline pickup" and "community group buying" to boost sales and market presence[76]. - The company anticipates that the retail industry will enter a moderate growth phase, driven by changes in consumer behavior due to the pandemic[74]. Financial Management and Investments - The company has invested in joint ventures, including a 45% stake in Changchun Saide Shopping Center Co., Ltd., contributing to an increase in long-term equity investments[23][24]. - The company is exploring potential acquisitions to enhance its supply chain capabilities, with a budget of RMB 1 billion set aside for this purpose[7]. - The company reported a significant decline in net profit, with a net loss of ¥9.6 million in the Northwest region and ¥267,000 in the South China region[36]. - The company has made significant equity investments totaling ¥1,655,074,970.00 during the reporting period, with a focus on acquiring stakes in various companies[66]. - The company has a total approved guarantee amount of CNY 687,000 for subsidiaries, with an actual guarantee balance of CNY 434,815 at the end of the reporting period[128]. Corporate Governance and Shareholder Structure - The company’s major shareholder remains HNA Commercial Holdings, maintaining a stable ownership structure[11]. - The company’s registered capital stands at RMB 1 billion, with no changes reported during the fiscal year[10]. - The company has a total of 1,000,000,000 shares under lock-up due to major asset restructuring[162]. - The company’s shareholding structure shows a significant number of shares under pledge or freeze, indicating potential liquidity issues for some shareholders[171]. - The company has established agreements with 22 counterparties regarding profit compensation for the major asset restructuring completed in 2016[168]. Social Responsibility and Community Engagement - The company has actively engaged in social responsibility, particularly in poverty alleviation, with a total investment of 7.67 thousand in promoting local agricultural products in 25 stores in Shaanxi province[139]. - The company helped 270 registered impoverished individuals to escape poverty through various initiatives[144]. - The company organized 24 charity activities, involving over 1,200 volunteers and benefiting more than 1,300 individuals[142]. - The company has received awards for its corporate social responsibility efforts, including the "2019 Corporate Social Responsibility Model Award" and recognition as an "Outstanding Unit for Rural Revitalization" by local media[146]. Operational Challenges and Risks - The company faced significant risks due to intense market competition and changing consumer demands, prompting a strategy to enhance operational capabilities and customer satisfaction through digital integration and supply chain improvements[77]. - The company experienced a substantial impact on sales due to the COVID-19 pandemic, with all department stores in key cities closing during peak sales periods[78]. - The company has acknowledged that the introduction of 1,400 offline terminal points as per previous commitments could not be achieved on time[95]. - The audit report for 2019 included a paragraph on significant uncertainties related to the company's ability to continue as a going concern, which the board acknowledged[100]. Management and Human Resources - The company appointed Han Wei as the new CEO on January 18, 2019, replacing Li Zhongxu[180]. - The company had no shareholders holding more than 10% of shares during the reporting period[177]. - The total number of employees in the company is 4,845, with 6,274 employees receiving salaries during the reporting period[190]. - The company organized 569 training sessions, with a total of 21,841 participants and 76,365 training hours[192]. - The company maintains an independent governance structure, with no significant discrepancies from regulatory requirements[194].