Financial Performance - The company's operating revenue for the reporting period was ¥3,226,733,732.81, a decrease of 62.65% compared to the same period last year[10]. - The net profit attributable to shareholders of the listed company was ¥6,775,996.38, down 98.39% year-on-year[10]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥5,978,865.17, a decrease of 98.08% compared to the previous year[10]. - The net cash flow from operating activities was ¥450,301,768.49, down 75.12% from the same period last year[10]. - Basic earnings per share were ¥0.0011, a decline of 98.43% year-on-year[10]. - The gross profit margin for the wholesale retail chain business was 22.28%, down 6.94% year-on-year, with revenue decreasing by 64.64%[37]. - The company reported a total comprehensive income of CNY -7,025,247.84, significantly lower than CNY 476,584,203.39 in the same period of 2018[116]. - The company incurred financial expenses of CNY 281,648,880.41, an increase from CNY 166,401,794.72 in the previous year[116]. - The company reported a total of ¥4,223,550,240.08 in financial assets measured at fair value through profit or loss, compared to ¥2,013,080,000.00 in the previous period[112]. Assets and Liabilities - Total assets at the end of the reporting period were ¥54,407,641,793.09, a decrease of 1.92% from the end of the previous year[10]. - The total inventory at the end of the reporting period was ¥6,337,606,430.15, representing 11.65% of total assets[40]. - The company's short-term borrowings amounted to ¥7,390,771,735.67, accounting for 13.58% of total assets[40]. - Total liabilities decreased to ¥22,595,199,004.04 from ¥23,655,992,299.26[113]. - The total liabilities at the end of the reporting period were CNY 24,428,465,183.73, reflecting the company's financial obligations[121]. Strategic Initiatives - The company is positioned as a national commodity circulation service enterprise, focusing on integrating online and offline platforms through its "New Cool Shop" initiative[15]. - The "New Retail" strategy of Minsheng Department Store combines physical stores with online shopping, adapting to consumer demand changes[15]. - The company is focusing on developing a comprehensive business ecosystem that integrates trade, logistics, and supply chain finance[15]. - The company is actively expanding its market presence through the establishment of "Commerce Logistics Parks" and "Daji Mao" products[15]. - The company plans to enhance its online and offline integration to adapt to changing consumer demands and improve customer access[51]. Shareholder and Governance - The company plans not to distribute cash dividends or issue bonus shares[2]. - The company held a temporary shareholders' meeting with a participation rate of 65.27% on February 18, 2019[53]. - The board of directors will consist of 7 members, including 3 independent directors, with nominations from HNA Commercial Holdings and New Cooperation Group[65]. - HNA Commercial Holdings will remain the controlling shareholder of the listed company to ensure stability and continuity in management[65]. - The company has commitments from major shareholders not to reduce their holdings for three years post-transaction completion[64]. Market Challenges - The company is facing challenges from intensified competition and a slowdown in domestic economic growth, impacting its wholesale and retail business[22]. - The company reported a 96.98% decline in revenue for its investee company, Zhanghe Tianxia (Beijing) Information Technology Co., Ltd., with a net loss of ¥8,102,944.06[49]. - The company did not complete the performance commitment for 2018, with the net profit attributable to shareholders of the parent company falling short of the target of CNY 143,005.80 million[66]. Social Responsibility and Community Engagement - The company invested 28.11 million in poverty alleviation efforts in the first half of 2019, with 7.68 million specifically for agricultural industry poverty alleviation[82]. - The company has a volunteer team of over 2,000 people, conducting 10 volunteer activities in regions such as Shaanxi, Hainan, and Guangdong[83]. - The company aims to combine precise poverty alleviation with agricultural industrialization to create sustainable income sources for impoverished communities[81]. - The company has organized volunteer activities involving over 1,000 employees, benefiting more than 1,300 vulnerable individuals[86]. Financial Reporting and Compliance - The financial report for the first half of the year has not been audited[67]. - The company has confirmed that its e-commerce subsidiary has not yet commenced operations and will not engage in any competitive business activities[62]. - The company has established a risk prevention system to address operational challenges as it expands its business scope[52]. - The company adheres to the accounting standards set by the Ministry of Finance, ensuring accurate financial reporting and compliance[141]. Investment and Subsidiary Management - The company has established multiple subsidiaries in real estate development and domestic commerce, with a 100% indirect ownership in several entities[135]. - The company completed the transfer of 100% equity of Heilongjiang New Cooperation Real Estate Co., Ltd. for a total price of RMB 2.85 billion[89]. - The company has a significant presence in real estate development, with subsidiaries like Tianjin Ninghe HNA Real Estate Investment Development Co., Ltd. holding a 92.99% indirect stake[133]. - The company has established a financial investment subsidiary in Xi'an, further expanding its financial services portfolio[113].

Financial Performance - The company reported a total revenue of RMB 10.5 billion for the year 2018, representing a year-on-year increase of 15%[6]. - The net profit attributable to shareholders was RMB 1.2 billion, which is a 10% increase compared to the previous year[6]. - Future guidance estimates a revenue growth of 12% for 2019, with a target revenue of RMB 11.76 billion[6]. - The company's operating revenue for 2018 was ¥16,316,046,847.50, a decrease of 41.29% compared to ¥27,789,526,701.16 in 2017[13]. - The net profit attributable to shareholders for 2018 was ¥762,446,096.96, down 46.10% from ¥1,414,520,857.98 in 2017[13]. - The net profit after deducting non-recurring gains and losses was ¥151,975,533.01, a significant decline of 87.22% from ¥1,189,534,813.26 in 2017[14]. - The total revenue for the company in 2018 was approximately ¥16.32 billion, a decrease of 41.29% compared to ¥27.79 billion in 2017[33]. - The revenue from the wholesale and retail chain business was ¥13.11 billion, accounting for 80.38% of total revenue, down 46.56% from ¥24.54 billion in 2017[33]. - The company achieved net profits of CNY 18,725.58 million, CNY 143,005.80 million, and CNY 229,833.32 million in 2016, 2017, and 2018 respectively, but did not meet the commitment in 2018[84]. Market Expansion and Strategy - The company plans to expand its market presence by opening 50 new retail locations in 2019, aiming for a 20% growth in customer base[6]. - The company is exploring potential mergers and acquisitions to enhance its supply chain efficiency and market reach[6]. - The company aims to leverage its shareholder advantages from the China Supply and Marketing Group to enhance its rural circulation services[26]. - The company is focusing on a new retail model that combines traditional retail with e-commerce and community shopping centers[21]. - The company plans to expand its market presence by entering three new provinces in 2019, aiming to increase market share by 10%[138]. - The company is actively pursuing strategic partnerships and management output businesses to enhance its brand and operational capabilities[28]. - The company is focused on expanding its market presence through strategic investments and partnerships[145]. Research and Development - The company has invested RMB 300 million in new product development, focusing on enhancing its e-commerce platform and logistics capabilities[6]. - Research and development expenses increased by 117.39% to ¥5,258,652.65 in 2018 from ¥2,418,999.37 in 2017, representing 0.04% of total operating costs[36]. - The company is actively developing a comprehensive trade platform to improve internal collaboration and external sharing across its business ecosystem[22]. - New product launches are expected to contribute an additional 200 million RMB in revenue by the end of 2018[133]. - The company plans to increase its financial investment in technology by 50 million RMB to support growth initiatives[133]. Financial Management and Investments - The company will not distribute cash dividends or issue bonus shares for the year 2018, opting to reinvest profits into business expansion[4]. - The company’s cash flow is sufficient to support future operations while adhering to legal and regulatory requirements for solvency[67]. - The total cash inflow from investment activities surged by 601.90% to ¥6,434,328,610.74, primarily due to cash received from the disposal of subsidiaries and other assets[45]. - Investment income accounted for 44.90% of total profit, primarily from the disposal of real estate projects and gains from financial products[47]. - The company reported a significant increase in cash flow from operating activities in the fourth quarter, amounting to ¥2,271,254,700.78[16]. Corporate Governance and Shareholder Relations - The company’s major shareholder remains HNA Commercial Holding Co., Ltd., which has maintained its stake since 2008[10]. - The company has committed to maintaining a stable profit distribution policy, ensuring that cash dividends do not exceed the cumulative distributable profits[67]. - The company has not proposed any cash dividend distribution for the reporting period despite having positive net profits available for distribution[70]. - The company has adhered to its commitments regarding related transactions and fund occupation as part of the restructuring process[74]. - The company has a comprehensive evaluation system for its management team, combining financial and performance indicators[185]. Social Responsibility and Community Engagement - The company actively fulfills its corporate social responsibility, particularly in precision poverty alleviation efforts[113]. - In 2018, the company invested nearly 2.6 million yuan in poverty alleviation efforts, with over 1.6 million yuan specifically allocated to agricultural industry poverty alleviation[115]. - The company organized 40 volunteer activities in various regions, with a total of 993 volunteer participations[115]. - The company’s initiatives in 2018 earned it recognition, including the "2018 First Financial·China Corporate Social Responsibility List Beautiful Life Award" and the "International Financial News·2018 Annual Poverty Alleviation Model Award"[116]. - The company aims to integrate its poverty alleviation work with its business operations, focusing on brand development and market expansion for local agricultural products[117]. Leadership and Management Changes - The company reported significant leadership changes, including the appointment of Han Wei as President and Wang Hui as CFO on January 18, 2019[165]. - The company experienced a change in its board composition with several resignations and appointments, including the election of Zhang Weiliang as Chairman on May 18, 2018[162]. - The company has a strong board with members holding advanced degrees and extensive experience in management and finance, enhancing its strategic direction[164]. - The leadership changes are part of a broader strategy to align the company's management with its growth ambitions[165]. - The company has undergone a restructuring of its management team to improve governance and operational oversight[166]. Compliance and Internal Controls - The internal control audit report issued a standard unqualified opinion, indicating effective financial reporting controls in all material aspects[189]. - The company maintained effective internal controls over financial reporting as of December 31, 2018[189]. - The financial statements were prepared in accordance with accounting standards and fairly reflect the company's financial position and operating results for the year ended December 31, 2018[196]. - The company has made significant improvements to its internal control systems in line with regulatory requirements[186]. - The company has not reported any significant internal control deficiencies during the period[186].

Financial Performance - The company's operating revenue for Q1 2019 was ¥1,606,689,907.66, a decrease of 66.84% compared to the same period last year[3]. - The net profit attributable to shareholders was -¥110,078,658.47, representing a decline of 158.89% year-on-year[3]. - The net cash flow from operating activities was ¥76,656,252.94, down 93.06% from the previous year[3]. - Basic earnings per share were -¥0.0183, a decrease of 158.84% compared to the same period last year[3]. - Total revenue for Q1 2019 was CNY 1,606,689,907.66, a decrease of 66.84% compared to CNY 4,845,972,983.34 in Q1 2018[15]. - Net profit for Q1 2019 was a loss of CNY 128,269,006.44, representing a decline of 165.70% from a profit of CNY 195,224,670.38 in Q1 2018[15]. - The total comprehensive income attributable to the parent company was a loss of CNY 79,083,016.47, down from a profit of CNY 201,035,268.31 in Q1 2018, marking a decline of 139.34%[15]. - The total operating profit for Q1 2019 was -75,634,226.95 CNY, compared to -37,337,404.91 CNY in the same period last year, indicating a decline in profitability[41]. - The total profit for Q1 2019 was -75,957,855.06 CNY, reflecting a significant increase in losses compared to -37,337,404.91 CNY in the previous year[41]. Assets and Liabilities - Total assets at the end of the reporting period were ¥55,338,816,021.08, a slight decrease of 0.25% from the end of the previous year[3]. - The total liabilities amounted to CNY 23,616,621,348.63, slightly down from CNY 23,655,992,299.26[31]. - The total equity attributable to shareholders was CNY 31,088,532,697.33, a decrease from CNY 31,167,615,713.80[32]. - The company's total liabilities were CNY 23,616,621,348.63, slightly down from CNY 23,655,992,299.26[31]. - The total current assets reached ¥32,448,239,848.26, compared to ¥30,501,567,192.23 at the end of 2018, marking a growth of approximately 6.39%[29]. - The total current liabilities decreased to CNY 18,165,523,779.73 from CNY 18,263,667,903.60[31]. - Long-term borrowings increased to CNY 2,740,611,656.12 from CNY 2,672,111,656.12[31]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 76,136[6]. - The largest shareholder, HNA Commercial Holdings, held 15.31% of the shares, amounting to 920,048,318 shares[6]. - HNA Investment Holding Co., Ltd. owns 6.50% of the shares, amounting to 390,526,891 shares, all of which are pledged[9]. - HNA Industry Group holds 5.17% of the shares, equating to 310,468,878 shares, which are also pledged[9]. - The total shareholding of HNA Commercial Holding and its related parties amounts to 29.27%, totaling 1,758,473,975 shares, with 1,567,501,055 shares under lock-up[11]. - The company has not engaged in any repurchase transactions during the reporting period[8]. - The report indicates no changes in the major shareholders' holdings during the reporting period[10]. Cash Flow - The net cash flow from operating activities for Q1 2019 was ¥76,656,252.94, a decrease of 93.06% compared to ¥1,105,132,687.80 in Q1 2018[16]. - The net cash flow from investing activities increased by 106.55% to ¥1,506,110,486.61 from ¥729,189,191.42 year-on-year[16]. - The net cash flow from financing activities improved by 34.31%, reaching -¥597,231,606.75 compared to -¥909,120,916.61 in the previous year[16]. - Cash inflow from operating activities totaled 2,094,856,932.53 CNY, a decrease from 7,027,429,065.41 CNY year-over-year[44]. - Cash outflow from operating activities was 2,018,200,679.59 CNY, compared to 5,922,296,377.61 CNY in the previous year, showing a reduction in cash outflow[44]. - The net cash flow from financing activities was -¥450,878,338.81, an improvement from -¥809,582,119.20 in the previous year[47]. Operational Challenges - The company reported that the introduction of offline terminal network points was delayed due to external economic conditions and increased competition, impacting the strategic implementation[19]. - The company has completed the disposal of 19 supermarket businesses to resolve competition issues, as per the commitment made during the 2016 major asset restructuring[19]. - The company plans to continue supporting the long-term development of its offline network despite the challenges faced in meeting previous commitments[19]. Other Financial Metrics - The company reported a significant increase in investment income, which rose by 356.36% to CNY 212,204,916.34 from CNY 46,499,432.48 in the previous year[15]. - The financial expenses increased by 34.59%, reaching CNY 151,385,259.03 compared to CNY 112,478,548.58 in Q1 2018[15]. - The company experienced a drastic reduction in other income, which fell by 98.58% to CNY 1,700,178.72 from CNY 119,514,916.09 in the previous year[15]. - The company reported a significant increase in asset impairment losses, which rose by 1363.83% to CNY 1,555,746.83 from a gain of CNY 123,098.04 in the previous year[15]. - Research and development expenses for the first quarter were CNY 4,038,330.28, slightly up from CNY 3,901,200.19, indicating a year-over-year increase of approximately 3.5%[37].

Financial Performance - Total assets at the end of the reporting period reached ¥55,874,700,196.26, an increase of 0.10% compared to the end of the previous year[6] - Net assets attributable to shareholders increased by 2.38% to ¥31,103,890,964.39 compared to the end of the previous year[6] - Operating revenue for the reporting period was ¥5,519,329,757.50, a decrease of 0.14% year-on-year, while year-to-date revenue was ¥14,159,207,582.15, down 11.16% compared to the same period last year[6] - Net profit attributable to shareholders decreased by 48.78% to ¥346,634,393.56 for the reporting period, and year-to-date net profit was ¥767,476,958.42, down 25.74% year-on-year[6] - Basic earnings per share for the reporting period was ¥0.0577, a decrease of 48.80% compared to the same period last year[6] - The weighted average return on net assets for the reporting period was 1.14%, a decrease of 1.06% compared to the same period last year[6] Cash Flow and Receivables - The net cash flow from operating activities for the year-to-date period was ¥1,710,180,014.17, an increase of 43.70%[6] - Accounts receivable and notes increased by 46.24% to CNY 2,091,788,308 from CNY 1,430,391,843[14] - Other receivables rose by 50.41% to CNY 2,514,160,086 from CNY 1,671,532,989[14] - Other current assets surged by 120.49% to CNY 5,096,642,244 from CNY 2,311,467,774[14] - Operating cash flow increased by 43.70% to CNY 1,710,180,014 from CNY 1,190,064,179[17] Income and Expenses - Financial expenses decreased by 43.10% to CNY 237,688,703 from CNY 417,745,550[16] - Other income increased by 4873.54% to CNY 145,007,341 from CNY 2,915,578[16] - Investment income decreased by 45.96% to CNY 523,468,647 from CNY 968,748,969[16] - The company reported a significant increase in asset impairment losses by 728.40% to CNY 19,336,120 from CNY 2,334,154[16] Shareholder Information - The top ten shareholders hold a combined 56.67% of the company's shares, with the largest shareholder holding 15.31%[10] - The company has a total of 68,213 ordinary shareholders at the end of the reporting period[10] Strategic Plans and Acquisitions - The company plans to acquire 70% of Sichuan Yuancheng Logistics Development Co., Ltd. through a share issuance[24] - The company intends to purchase 100% equity of Hainan HNA Freight Co., Ltd. for an estimated price not exceeding 1.5 billion yuan[25] - The company has completed the transfer of 100% equity of Heilongjiang New Cooperation Real Estate Co., Ltd. for 2.85 billion yuan, with partial payments received[25] - The company is pursuing strategic acquisitions, with plans to acquire a 35.72% stake in Hainan Hanjin Freight Co., Ltd.[32] Market Expansion and Growth - The company is actively pursuing market expansion strategies, although specific metrics were not disclosed[28] - Market expansion plans include entering three new provinces, which are projected to increase market share by 5%[30] - The company is considering strategic acquisitions to enhance its supply chain capabilities, with a budget of 500 million RMB allocated for potential deals[30] Operational Efficiency and Governance - The board of directors has implemented new management measures to enhance operational efficiency[27] - The company is focusing on improving internal controls and investor relations management to strengthen governance[27] - The company has initiated a cost-reduction program aimed at decreasing operational expenses by 8% over the next year[30] Future Outlook - The company provided a positive outlook for Q4 2018, projecting a revenue growth of 10% to 12% based on current market trends[30] - New product launches are expected to contribute an additional 200 million RMB in revenue by the end of the fiscal year[30] Compliance and Risk Management - The company has not engaged in any derivative investments during the reporting period, maintaining a conservative investment strategy[40] - There were no violations related to external guarantees during the reporting period, ensuring compliance with regulations[42] - The company has not reported any non-operational fund occupation by controlling shareholders or related parties[43]

Financial Performance - The company's operating revenue for the reporting period was approximately ¥8.64 billion, a decrease of 17.02% compared to the previous year[16]. - Net profit attributable to shareholders was approximately ¥420.84 million, an increase of 18.00% year-on-year[16]. - The net cash flow from operating activities reached approximately ¥1.81 billion, representing a significant increase of 813.92% compared to the previous year[16]. - Basic earnings per share were ¥0.0700, up 17.85% from the previous year[16]. - Total assets at the end of the reporting period were approximately ¥55.31 billion, a decrease of 0.92% from the end of the previous year[16]. - Net assets attributable to shareholders increased to approximately ¥30.80 billion, reflecting a growth of 1.37% year-on-year[16]. - The company reported a net profit excluding non-recurring gains and losses of approximately ¥311.73 million, a slight increase of 2.59% year-on-year[16]. - The company achieved operating revenue of 863,987.78 million CNY, a decrease of 17.02% compared to the same period last year, while net profit increased by 18.66% to 43,145.95 million CNY[35]. - The company reported a significant increase in investment income, totaling RMB 502.81 million, compared to a loss of RMB 85.78 million in the first half of 2017[180]. - The company’s total profit for the first half of 2018 was RMB 729.15 million, an increase of 51.1% from RMB 482.72 million in the same period of 2017[180]. Strategic Initiatives - The company has committed to future growth strategies, although specific details were not disclosed in the report[4]. - The company aims to integrate its business model through the use of IoT, smart logistics, and supply chain finance, enhancing its operational efficiency[24]. - The company is focused on expanding its retail network and enhancing its e-commerce capabilities to meet diverse consumer needs[25]. - The company’s strategic focus includes developing a new retail ecosystem that combines online and offline sales channels[26]. - The company plans to leverage its financial services to support its supply chain and enhance overall business performance[26]. - The company is actively exploring bulk wholesale trade, successfully entering the market with 12 well-known enterprises[39]. - The company is focused on integrating its supply chain services, enhancing its overall operational efficiency and market competitiveness[38]. - The company is undergoing a major asset restructuring, with ongoing updates and disclosures about the progress and implications for the market[136][137]. Market Position and Expansion - The company ranked 264th in the 2018 Fortune China 500 list, reflecting its strong market position[28]. - The company has established a total of 16,000 signed stores and 46 cloud warehouses, covering 29 provinces and over 900 cities in China[32]. - The company expanded its "Cool Shop" business, achieving a total of 16,000 signed stores across 6 core cities and 28 key cities by June 2018[36]. - The company launched 11 new cloud warehouses in the first half of 2018, bringing the total to 46, with a storage area of 23.82 million square meters[37]. - The company has ongoing strategies for market expansion and new product development, focusing on sustainable business practices in real estate[50]. Risk Management - The company faces market demand risks due to potential economic slowdowns, which could impact consumer confidence and demand[67]. - The company is addressing market competition risks by enhancing its business layout and strengthening industry collaboration[68]. - The company has established a risk prevention system to improve management capabilities and ensure sustainable development[68]. Shareholder and Governance Matters - The company held three temporary shareholder meetings with participation rates of 14.91%, 67.44%, and 68.00% during the reporting period[71]. - The company has made commitments regarding the independence of the listed company and the reduction and regulation of related transactions during the major asset restructuring in 2009[74]. - HNA Commercial has committed to compensate for any losses incurred by the company due to obligations arising from the asset purchase agreement[74]. - The company has established commitments to avoid fund and asset occupation and illegal guarantees during the major asset restructuring in 2016[74]. - The company has not encountered any situations requiring compensation from HNA Commercial or joint liability from HNA Group[74]. Community and Social Responsibility - The company invested over CNY 1.6 million in agricultural product sales to support poverty alleviation efforts[117]. - The company has established a three-tier network workgroup for effective implementation of precision poverty alleviation projects[118]. - The company has over 3,000 registered volunteers participating in poverty alleviation activities across various regions[118]. - The company conducted 37 volunteer activities, with a total of 942 volunteer participations in the first half of 2018[118]. - The company has invested approximately 169.37 million yuan in poverty alleviation efforts, helping 44 registered impoverished individuals to escape poverty[124]. Financial Health and Compliance - The company has not issued any public bonds that are due or unable to be fully repaid as of the report date[164]. - The financial report for the first half of 2018 has not been audited, which may affect the reliability of the financial data presented[166]. - The company has undergone significant changes in its board of directors, with multiple appointments and resignations occurring on May 18, 2018[161]. - The company has not reported any violations regarding external guarantees during the reporting period[111]. - The integrity status of the company and its controlling shareholders remains good, with no significant debts overdue[95].

Financial Performance - The company's operating revenue for 2017 was CNY 27,789,526,701.16, representing a 91.52% increase compared to the previous year[18]. - The net profit attributable to shareholders for 2017 was CNY 1,414,520,857.98, showing a 99.70% increase year-over-year[18]. - Basic earnings per share for 2017 were CNY 0.2354, a 15.45% increase compared to the previous year[18]. - Total assets at the end of 2017 were CNY 55,816,626,498.71, reflecting a 12.55% increase from the previous year[18]. - The net assets attributable to shareholders at the end of 2017 were CNY 30,379,499,274.38, a 1.34% increase year-over-year[18]. - The company reported a gross margin of 14.01% for the wholesale and retail chain business, down from 19.87% in 2016[55]. - The total operating costs increased by 120.06% to ¥23,638,976,819.73, with the cost of the wholesale and retail chain business rising by 110.89%[59]. - The company achieved a revenue of CNY 2,778,952.67 million, representing a 91.75% increase year-over-year, and a net profit of CNY 147,414.75 million, up 99.73% from the previous year[42]. - Total revenue for 2017 reached ¥27,789,526,701.16, a 91.52% increase from ¥14,509,932,040.00 in 2016[53]. - The financial business generated ¥128,879,303.23, an 80.90% increase compared to ¥71,243,546.10 in the previous year[53]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of 0.10 RMB per 10 shares based on a total share capital of 6,007,828,231 shares as of December 31, 2017[4]. - The cash dividend proposal for 2017 is to distribute CNY 0.10 per 10 shares, totaling CNY 60,078,282.31, which represents 100% of the profit distribution[115]. - The cumulative cash dividend amount over the last three years is CNY 19,225.05 million, accounting for 31.04% of the average distributable profit during the same period[112]. - The average distributable profit for the years 2015 to 2017 is CNY 61,946.09 million[112]. - The company’s cash flow is sufficient to support the proposed cash dividend distribution without affecting future operations[110]. Business Operations and Strategy - The company maintains its main business in wholesale and retail, with no changes reported during the reporting period[14]. - The company transitioned from a regional traditional retail enterprise to a national commodity circulation service provider following a major asset restructuring in 2016[30]. - The company’s business model now includes wholesale retail, e-commerce, and supply chain services, with a focus on integrating online and offline channels[31]. - The company aims to enhance its supply chain financial services, expanding its offerings to include internet finance, commercial factoring, and small loans[32]. - The company is focused on integrating online and offline resources to create a comprehensive retail ecosystem, enhancing its competitive edge in the market[38]. - The company is committed to enhancing its core competitiveness in retail, e-commerce, and supply chain finance while expanding its business in warehousing and logistics[96]. - The company aims to integrate its various business units into a new "Kupu" model to streamline operations and reduce costs[99]. Acquisitions and Investments - The company engaged in a business combination by transferring three real estate project companies and acquiring 100% equity of another company during the reporting period[24]. - The acquisition of China Shun Ke Long Holdings Limited resulted in the company holding 204,558,317 shares, representing 70.42% of the total share capital, facilitating business expansion in the Pearl River Delta region[46]. - The company completed the acquisition of China Shunke Long Holdings with an investment of approximately ¥675.17 million, holding a 70.42% stake[76]. - The company completed the acquisition of 55.80% of the shares of China Shun Ke Long Holdings Limited for 640 million HKD, further expanding its market presence[189]. Market Expansion and Growth - The company expanded its retail network, signing over 20 cooperation agreements with local governments, covering approximately 250,000 acres of land for new projects[42]. - The online B2B platform "Zhanghe Tianxia" achieved a GMV exceeding CNY 80 billion, with operations covering 29 provinces and over 900 cities[43]. - The company plans to open 2,000 new "Kupu" retail stores and establish 70 cloud warehouses to enhance its supply chain solutions and improve operational efficiency[99]. - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by 2020[196]. - The company plans to issue non-public bonds worth 1 billion RMB to fund its expansion and R&D initiatives[193]. Financial Management and Compliance - The company has established a standardized management and risk prevention system to enhance operational capabilities and management levels as business scales expand[105]. - The company is actively managing its financial structure, including shareholder equity pledges and guarantees to subsidiaries[192]. - The company is committed to transparency in its financial disclosures, with regular updates on significant corporate actions and performance metrics[192]. - The company is focused on maintaining compliance with regulatory requirements during the restructuring process, ensuring that all necessary disclosures are made[200]. Social Responsibility and Community Engagement - The company actively engaged in social responsibility, focusing on poverty alleviation through various initiatives[171]. - In 2017, the company invested 450,000 RMB in a photovoltaic power generation project benefiting 430 impoverished households[177]. - The company facilitated the direct procurement and sales of nearly 5,000 tons of seasonal agricultural products in key poverty-stricken areas[177]. - A total of 1,068 impoverished students received financial assistance amounting to 13.05 million yuan, aimed at improving educational resources in impoverished areas[179]. - The company plans to implement a "Dairy and Egg Project" in Hunan to address food safety issues in impoverished regions and promote healthy eating among students[183]. Legal and Regulatory Commitments - The company has not faced any incidents requiring HNA Commercial to compensate for losses related to the asset restructuring commitments[118]. - The company has committed to ensuring its independence and reducing related party transactions, which has been adhered to as of the reporting date[118]. - HNA Commercial Holdings has committed to compensating for any losses arising from defects in property ownership and lease rights related to the Xingzhengyuan Shopping Center[122]. - The company has established a framework for handling major litigation and arbitration commitments related to its restructuring efforts[133]. Challenges and Risks - The company recognizes market demand risks due to potential economic slowdowns and plans to adjust its business strategies accordingly[103]. - The company faces intensified market competition and will strengthen its business layout to enhance market share and brand influence[104]. - The company faced challenges in achieving expected benefits from new store openings due to intensified competition and the impact of e-commerce on traditional retail, resulting in underperformance in several projects[86].

股票代码：000564 股票简称：供销大集 公告编号：2018-041 供销大集集团股份有限公司 2018 年第一季度报告正文 1 供销大集集团股份有限公司 2018 年第一季度报告正文 供销大集集团股份有限公司 2018 年第一季度报告正文 第一节重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人何家福、主管会计工作负责人韩玮及会计机构负责人(会计主管 人员)王卉声明：保证季度报告中财务报表的真实、准确、完整。 2 供销大集集团股份有限公司 2018 年第一季度报告正文 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;同一控制下企业合并 | | 本报告期 | 上年同期 | | 本报告期比上年同 期增减 | | --- | --- | --- | --- | --- | | | | 调整前 | 调整后 | 调整后 | | 营业收入（元） | 4,845 ...

Financial Performance - Total assets increased by 9.27% to CNY 54.74 billion compared to the previous year[8] - Operating revenue reached CNY 5.53 billion, a 70.15% increase year-on-year[8] - Net profit attributable to shareholders surged by 836.65% to CNY 676.82 million[8] - Net profit excluding non-recurring items rose by 928.83% to CNY 407.44 million[8] - Basic earnings per share increased by 309.82% to CNY 0.1127[8] - Operating revenue for the first nine months increased by 67.32% to CNY 15.85 billion compared to CNY 9.47 billion in the same period last year[17] - Net profit surged by 684.37% to CNY 1.07 billion from CNY 136.08 million year-on-year[17] - The company reported a significant increase in investment income, rising by 9567.93% to CNY 968.75 million from CNY 10.02 million[17] - The company reported a significant increase in tax expenses, which rose to ¥281,058,739.13 from ¥12,380,520.18, an increase of approximately 2,270.0%[73] - The company reported a net loss of ¥690,838,866.55 compared to a loss of ¥1,352,356,003.81 in the previous period, indicating an improvement in financial performance[67] Cash Flow and Assets - The company reported a significant decrease in cash flow from operating activities, down 67.70% to CNY 1.19 billion[8] - The company's cash and cash equivalents increased by 34.03% from CNY 13.57 billion at the beginning of the year to CNY 18.18 billion at the end of the period[17] - The net cash flow from operating activities decreased by 67.70% to CNY 1.19 billion from CNY 3.70 billion[18] - The net cash flow from operating activities was 1,194,772,787.56, a decrease of 67.7% compared to 3,699,421,892.28 in the previous period[85] - The net cash flow from investment activities was -2,695,976,839.42, contrasting with a positive 3,357,177,399.30 in the prior period[85] - The ending cash and cash equivalents balance was 11,015,570,843.93, up from 9,218,470,730.66 at the end of the previous period[85] Liabilities and Equity - Short-term borrowings increased by 60.23% to CNY 7.88 billion from CNY 4.92 billion[17] - The company’s total liabilities increased, with long-term borrowings rising by 59.05% to CNY 3.57 billion from CNY 2.25 billion[17] - The equity attributable to shareholders decreased to ¥30,156,786,314.29 from ¥30,482,841,866.05, a decline of about 1.1%[67] - Total liabilities grew to ¥23,749,918,675.03 from ¥18,990,047,902.45, marking an increase of around 25.0%[67] Business Operations and Strategy - The company completed mergers resulting in the acquisition of 100% of Hainan Wanghai International Commercial Plaza and 64.28% of Xinhang Microfinance[9] - The company plans to continue expanding its market presence and exploring new strategies for growth[26] - The company is preparing to open its first smart unmanned convenience store in Haikou by the end of the year, utilizing deep learning and facial recognition technologies[33] - The company aims to optimize its supply chain services and enhance delivery efficiency through regional unified warehousing and distribution strategies[33] - The company is actively promoting the "Cool Shop" manager five-star service project to upgrade its franchise model from a product supply focus to a differentiated service and product supply model[33] Market Expansion and Future Outlook - The company provided a positive outlook for 2017, projecting a revenue growth of 10% to 12% for the upcoming fiscal year[39] - Market expansion plans include entering three new international markets by the end of 2017, aiming for a 5% market share in each[39] - The company is considering strategic acquisitions to enhance its market position, with a budget of 500 million allocated for potential mergers and acquisitions[39] - The company is actively pursuing market expansion strategies, targeting new regions with a projected investment of 300 million RMB over the next year[49] Social Responsibility and Community Engagement - The company invested CNY 45,000 in a photovoltaic poverty alleviation project, generating 80 kWh of electricity in the first half of 2017[54] - A total of CNY 96.52 million was allocated for poverty alleviation efforts in the third quarter, with CNY 21.77 million in material donations[56] - The company supported 70 impoverished students with CNY 10.4 million in educational assistance and provided CNY 3.3 million worth of teaching equipment[57] - The company will collaborate with Tencent Charity and other platforms to enhance the impact of its "Spring Seedling Plan" for supporting impoverished children[58] Corporate Governance and Compliance - The company has made a legal commitment to avoid any actions that could harm the rights of minority shareholders[44] - The company is undergoing a special audit report regarding the performance commitments of Hainan Supply and Marketing Group Co., Ltd., ensuring compliance and transparency[37] - The company has acknowledged existing e-commerce competition issues and is committed to resolving them as part of the business integration strategy[43]

Financial Performance - The company's operating revenue for the first half of 2017 reached ¥9,840,273,898.17, representing a 71.92% increase compared to the same period last year[15]. - Net profit attributable to shareholders was ¥344,060,287.63, a significant increase of 636.14% year-on-year[15]. - The net profit after deducting non-recurring gains and losses was ¥303,857,071.10, reflecting a 718.37% increase compared to the previous year[15]. - Basic earnings per share increased to ¥0.0573, up 170.28% from the previous year[15]. - The company achieved a revenue of 9.84 billion yuan, representing a year-on-year growth of 71.92%[33]. - The net profit reached 351.03 million yuan, a significant increase of 594.15% compared to the same period last year[33]. - The company reported a significant increase in revenue for the first half of 2017, achieving a total of 1.5 billion RMB, representing a year-over-year growth of 20%[94]. - The gross margin improved to 35%, up from 30% in the previous year, reflecting better cost management and pricing strategies[94]. Cash Flow and Assets - The net cash flow from operating activities was ¥413,973,746.66, which decreased by 82.84% compared to the same period last year[15]. - The net cash flow from financing activities increased by 216.10% to ¥837,271,831.21 from -¥801,819,593.29, primarily due to an increase in borrowings[40]. - The cash and cash equivalents reached ¥14,955,523,128.60, accounting for 29.21% of total assets, an increase of 15.84% compared to the previous year[46]. - The total assets at the end of the reporting period were ¥51,201,841,896.35, an increase of 8.06% from the end of the previous year[15]. - The total liabilities rose to ¥17,134,366,037.76, an increase from ¥16,706,308,286.31, representing a growth of about 2.56%[52]. - The total equity attributable to shareholders of the parent company was CNY 29.84 billion, up from CNY 29.63 billion, showing a modest increase of about 0.7%[174]. Investments and Acquisitions - The company completed the acquisition of 100% equity in Daji Supply Chain and 64.28% equity in Xinhang Microfinance under the same control[16]. - The company has increased its long-term equity investment by acquiring a 41.59% stake in Zhanghe Tianxia (Beijing) Information Technology Co., Ltd. through its subsidiary[28]. - The company made a major equity investment of ¥831,213,884.78 in China Shunke Long Holdings, acquiring an 81.43% stake[56]. - The company announced the acquisition of a controlling stake in China Shun Ke Long Holdings Limited through its wholly-owned subsidiary[1]. Strategic Plans and Market Expansion - The company plans to build 50-70 urban cloud warehouses, with a total construction area exceeding 6 million square meters, to support its supply chain services[34]. - The company aims to leverage technology and innovation to optimize traditional retail operations and enhance consumer experience[27]. - The company plans to expand its market presence by entering three new provinces by the end of 2017, aiming for a 10% market share in these regions[94]. - The company is set to launch two new product lines in Q3 2017, anticipated to contribute an additional 200 million RMB in revenue[94]. - The company is actively pursuing strategic cooperation with leading brands and expanding its project layout in major urban areas[34]. Corporate Governance and Management Changes - The company appointed He Jiafu as the CEO on January 6, 2017, and he is currently serving as the acting chairman[161]. - The company has undergone significant management changes, with multiple appointments and resignations occurring between January and July 2017[161]. - The company is focused on enhancing its governance structure through these leadership changes[161]. Risk Management and Compliance - The company faces market demand risks due to potential macroeconomic slowdowns, which could impact consumer confidence and demand[67]. - The company has established a risk control system to address operational risks as it expands its business scope[71]. - The company has acknowledged ongoing legal disputes and committed to fulfilling all obligations arising from these cases, including potential compensation for economic losses[87]. Social Responsibility and Community Engagement - The company completed the construction of a poverty alleviation specialty product area and developed the architecture for a mobile retail platform[129]. - A total of 40.01 million yuan was invested in vocational skills training, with over 11,620 participants, effectively increasing the employment rate for poverty alleviation[129]. - The company plans to prioritize hiring graduates from impoverished areas and will ensure that at least 50 seasonal agricultural products are displayed in stores[134]. - The company will continue to implement targeted poverty alleviation measures, aiming to help over 20% of registered difficult workers escape poverty annually[134].

Financial Performance - The company's operating revenue for 2016 was approximately ¥13.42 billion, representing a year-on-year increase of 29.62% compared to ¥10.36 billion in 2015[15]. - The net profit attributable to shareholders of the listed company reached approximately ¥401.40 million, a significant increase of 221.50% from ¥42.46 million in 2015[15]. - The net cash flow from operating activities was approximately ¥4.46 billion, reflecting a year-on-year growth of 282.91% compared to ¥1.17 billion in 2015[15]. - Basic earnings per share for 2016 were ¥0.1155, an increase of 177.15% from ¥0.0750 in 2015[15]. - The weighted average return on net assets was 3.06% for 2016, up from 2.08% in 2015[15]. - The company reported a net profit of approximately ¥409.05 million after deducting non-recurring gains and losses, a substantial increase of 1,806.55% from ¥22.46 million in 2015[15]. - The company reported a total revenue of approximately ¥4.63 billion in Q4, with a year-over-year increase compared to previous quarters[21]. - Net profit attributable to shareholders for Q4 reached approximately ¥372.8 million, marking a recovery from previous losses in Q1[21]. - The total operating revenue for 2016 was CNY 13,424,741,468.55, representing a year-on-year increase of 29.62% compared to CNY 10,357,172,424.74 in 2015[40]. - The wholesale and retail chain business accounted for 86.80% of total revenue, generating CNY 11,652,763,538.02, a 17.78% increase from the previous year[40]. - Real estate business revenue surged by 277.22% to CNY 1,671,872,902.98, up from CNY 443,211,998.85 in 2015[40]. - Financial services revenue increased by 244.69% to CNY 71,243,546.10, compared to CNY 20,668,591.17 in 2015[40]. Asset Restructuring - The company has completed a major asset restructuring, acquiring 100% of Daji Holdings, which significantly increased its asset scale[26]. - The company’s major asset restructuring included the acquisition of real estate projects, contributing to its revenue[4]. - Total assets increased to approximately ¥45.2 billion, reflecting an 83.13% adjustment after consolidation[17]. - Net assets attributable to shareholders rose to approximately ¥27.9 billion, a significant increase of 237.97% after adjustments[17]. - The company expanded its consolidated scope to include 70 subsidiaries following the acquisition of 100% equity in Daji Holdings in September 2016[50]. - The company’s major asset restructuring in 2016 involved acquiring 100% equity of Hainan Supply and Marketing Group from 37 trading parties[129]. - The company’s major asset restructuring in 2015 included purchasing 67.59% equity of Xianxingzhengyuan Shopping Center[129]. - The company’s major asset restructuring in 2009 involved acquiring 100% equity of Baoji Commercial Management Co., Ltd.[129]. Business Strategy and Expansion - The company is expanding its B2B e-commerce platform, focusing on fast-moving consumer goods and leveraging big data and membership[27]. - The company has established a new brand, "Supply Chain China Collection," to support its urbanization strategy and enhance commodity circulation[28]. - The company is actively promoting the "Supply and Marketing China Collection" project, with strategic planning and project layout completed, targeting five national urban agglomerations and twenty regional city clusters for expansion[34]. - The company is focusing on optimizing its supply chain and sales chain through a comprehensive integration of online and offline resources, positioning itself as a leading player in the retail sector[32]. - The company is pursuing the acquisition of 55.80% of the shares of Shun Ke Long, aiming to expand its presence in the Pearl River Delta region and enhance its strategic development space[36]. - The company plans to achieve a GMV target of CNY 80 billion in 2017 through the development of its B2B online trading platform and supply chain services[88]. - The company aims to expand the "Supply and Marketing China Collection" project in five national urban agglomerations and twenty regional cities in 2017[88]. Financial Management and Cash Flow - Operating cash inflow increased by 57.41% to ¥22,309,427,332.40 compared to the previous year[57]. - Operating cash outflow rose by 37.20% to ¥17,846,833,630.18, driven by increased procurement due to expanded sales[57]. - Investment cash inflow grew by 187.67% to ¥1,588,191,214.78, attributed to mergers and financial products[57]. - Net increase in cash and cash equivalents reached ¥5,822,002,320.43, a significant increase of 1,312.54%[57]. - As of the end of 2016, cash and cash equivalents amounted to ¥12.83 billion, representing 28.39% of total assets, an increase from 19.19% at the end of 2015[62]. - The total amount of funds raised through a non-public offering in 2012 was RMB 970,060,000, with a net amount received of RMB 941,852,269.18 after deducting fees[73]. Shareholder and Dividend Policies - The company plans to distribute a cash dividend of ¥0.22 per 10 shares based on the total share capital of 6,007,828,231 shares as of December 31, 2016[4]. - For the fiscal year 2016, the company proposed a cash dividend of RMB 0.22 per 10 shares, totaling RMB 132,172,221.08, which represents 100% of the profit distribution[99]. - The average distributable profit over the last three years was RMB 16,810.7 million, with cumulative cash dividends amounting to RMB 14,637.16 million, accounting for 87.07% of the average distributable profit[97]. - The company has established a clear profit distribution policy, mandating that cash dividends should not be less than 30% of the average distributable profit over the last three years[96]. Risks and Compliance - The company faced operational risks due to the expansion of its business areas and the challenges in management capabilities[91]. - The company acknowledged market competition risks, particularly from the increasing number of retail formats and the shift towards O2O models[90]. - The company has committed to ensuring that all non-operating funds occupied by related parties are cleared by the date of the commitment signing[118]. - The company has made commitments regarding compliance in real estate operations for its subsidiaries[121]. - The company has acknowledged the legal responsibilities and potential economic losses arising from ongoing litigation and has committed to fulfilling its obligations[115]. Corporate Governance and Stakeholder Engagement - The company has been actively engaging in communication with stakeholders, conducting 22 phone consultations during the reporting period[93]. - The company has not disclosed any significant undisclosed information during its communications with individuals[93]. - The company’s cash dividend policy is compliant with its articles of association and has been transparently communicated to shareholders[96]. - The company’s restructuring progress has been a focal point in its communications, indicating ongoing strategic developments[92]. Social Responsibility and Community Engagement - The company reported a total of 148.98 million in funds allocated for targeted poverty alleviation efforts[174]. - A total of 18 registered poor individuals were helped to escape poverty through the company's initiatives[174]. - The company invested 52.5 million in five industry development poverty alleviation projects[174]. - The company has made a social contribution of 55.56 million in donations and services[177]. - The company has invested 1,000 million in environmental protection expenditures[177].