Financial Performance - The company's operating revenue for the first half of 2021 was CNY 644,894,367.61, representing a 112.88% increase compared to CNY 302,935,201.46 in the same period last year[21]. - The net profit attributable to shareholders was CNY 110,170,328.12, a significant increase of 1,492.12% from a loss of CNY 7,913,873.04 in the previous year[21]. - The net cash flow from operating activities reached CNY 94,859,970.40, marking a 398.27% improvement from a negative cash flow of CNY 31,803,835.96 in the same period last year[21]. - Basic earnings per share were CNY 0.1726, compared to a loss of CNY 0.0124 per share in the previous year, reflecting a 1,491.94% increase[21]. - The total profit for the period was CNY 130,061,939.62, reflecting a substantial increase of 3741.93% compared to a loss of CNY 3,571,238.24 in the previous year[52]. - The comprehensive income totalled CNY 109,991,278.91, marking an increase of 1176.38% from a loss of CNY 10,218,643.12 in the same period last year[52]. - The total cash inflow from operating activities was CNY 701,141,153.04, reflecting a 122.29% increase due to higher product sales[50]. - The company reported a significant decrease in operating expenses, with operating expenses dropping by 98.11% to CNY 36,248.19 due to the absence of fixed asset disposals[52]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 2,927,238,742.50, down 5.85% from CNY 3,109,257,116.83 at the end of the previous year[21]. - The company's current assets totaled CNY 1,704,028,316.65, down from CNY 1,802,420,284.92 at the end of 2020, indicating a decrease of about 5.43%[198]. - The total liabilities decreased to CNY 1,280,774,155.88 from CNY 1,533,999,774.76, a reduction of about 16.5%[199][200]. - The company's equity attributable to shareholders increased to CNY 1,646,615,904.31 from CNY 1,574,819,475.07, marking an increase of approximately 4.07%[200]. - The cash and cash equivalents at the end of the period amounted to CNY 571,692,267.26, a 95.934% increase driven by higher cash from product sales[51]. - The inventory decreased to CNY 1,017,733,327.63 from CNY 1,063,061,536.35, indicating a decrease of approximately 4.27%[198]. - Long-term borrowings significantly decreased to CNY 47,250,000.00 from CNY 227,150,000.00, a reduction of about 79.2%[199]. Real Estate Development - The significant performance growth was primarily driven by the revenue recognition from sold real estate projects and increased investment income from cooperative real estate projects[29]. - The company’s real estate business is primarily concentrated in Dongguan, with additional projects in Huizhou and Kunshan, Jiangsu[32]. - The company has a total land reserve area of 10.45606 million square meters for the newly added project "Dongguan Thick Street Vanke Zhen Mountain Garden" with a total construction area of 36.1901 million square meters[34]. - The revenue from real estate sales amounted to CNY 396,992,412.28, accounting for 61.56% of total revenue, with a significant year-on-year growth of 254.64%[55]. - The company’s self-developed real estate projects include Dongguan Qiaotou Diting Mountain and Nancheng Times International, among others[32]. - The company has completed 100% of the construction progress for the "Emperor Garden" project in Dongguan, with a total investment of 1.63 billion CNY and cumulative investment of 1.62 billion CNY[36]. - The "Emerald East View Garden" project in Dongguan has a completion progress of 84.94%, with a total planned area of 235,910.57 sqm and cumulative investment of 377.24 million CNY[36]. Risks and Challenges - The company faces various risks including external environmental uncertainties, policy risks, and market risks, which may impact future operations[5]. - The real estate market in Dongguan has seen a cooling effect due to tightened regulatory policies, impacting overall transaction volumes[31]. - The company is focusing on enhancing service quality and reducing transportation costs in its waste lead battery recovery system[45]. - The company plans to strengthen research on urban industrial development and industry regulation trends to cope with external environmental uncertainties[113]. - The company is facing risks related to insufficient raw material guarantees in recycled lead production[112]. Legal and Compliance - The company has established a risk management system for its hedging activities, which includes measures to control market, liquidity, credit, and operational risks[78]. - The company is involved in ongoing litigation regarding the integration of mining rights, with a claimed amount of 28.4 million yuan[142]. - The company has initiated legal proceedings to enforce the transfer of mining rights, which has been delayed due to the defendants' refusal to comply[142]. - The company has been proactive in seeking legal remedies to recover its assets and enforce its rights in the ongoing disputes[142]. - The company has obtained necessary environmental permits, including the Hazardous Waste Operating License and Pollutant Discharge Permit[127]. Corporate Governance - The company plans not to distribute cash dividends or issue bonus shares for the semi-annual period[122]. - There were no changes in the board of directors, supervisors, or senior management during the reporting period[126]. - The company has not implemented any employee stock ownership plans or other incentive measures during the reporting period[123]. - The company has no significant related party transactions during the reporting period, including asset or equity acquisitions or sales[148][149].

Financial Performance - The company's operating revenue for Q1 2021 was ¥279,580,948.75, representing a 136.30% increase compared to ¥118,316,325.06 in the same period last year[9] - Net profit attributable to shareholders was ¥64,202,521.87, a significant increase of 1,179.69% from a loss of ¥5,946,378.68 in the previous year[9] - Basic earnings per share rose to ¥0.1006, compared to a loss of ¥0.0094 per share in the previous year, marking a 1,179.69% increase[9] - Total profit before tax was CNY 77,696,653.83, a 6401.87% increase compared to the previous period, mainly due to profits from real estate projects[16] - Net profit reached CNY 64,051,783.16, a significant increase of 1010.90% compared to the previous period, attributed to profits from self-operated real estate projects and investment income from a collaboration with Vanke[16] - Operating profit rose dramatically by 15591.83% to CNY 77,679,733.83, driven by significant investment income and operational profits[16] - The company reported a net profit of CNY 231,459,015.29 for the period, compared to CNY 167,323,361.47 in the previous year, marking an increase of approximately 38.4%[43] Cash Flow - The net cash flow from operating activities improved to ¥50,958,444.97, a 189.56% increase from a negative cash flow of ¥56,901,118.88 in the same period last year[9] - Cash inflow from operating activities totaled CNY 277,556,809.98, reflecting a 206.23% increase driven by higher product sales[17] - The total cash inflow from operating activities was ¥277,556,809.98, while cash outflow was ¥226,598,365.01, resulting in a healthy operational cash flow margin[59] - Total cash inflow from investment activities was ¥113,437,860.02, while cash outflow was ¥9,355,164.52, resulting in a net cash inflow of ¥104,082,695.50, compared to a net outflow of -¥6,781,917.22 in the previous year[60] - Cash inflow from financing activities amounted to ¥145,000,000.00, while cash outflow was ¥190,292,011.25, leading to a net cash outflow of -¥45,292,011.25, contrasting with a net inflow of ¥107,136,132.73 in Q1 2020[60] Assets and Liabilities - Total assets at the end of the reporting period were ¥3,090,919,387.73, a slight decrease of 0.59% from ¥3,109,257,116.83 at the end of the previous year[9] - The company's net assets attributable to shareholders increased by 4.10% to ¥1,639,350,793.89 from ¥1,574,819,475.07 at the end of the previous year[9] - Total liabilities decreased from CNY 1,533,999,774.76 to CNY 1,451,345,711.32, a reduction of about 5.4%[42] - The company's total non-current assets were CNY 1,226,320,291.00, down from CNY 1,306,836,831.91, indicating a decrease of approximately 6.1%[41] - The total current liabilities amounted to CNY 1,172,676,534.28, a decrease from CNY 1,240,286,638.60, reflecting a reduction of about 5.5%[42] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 45,692[11] - The company's equity attributable to shareholders increased from CNY 1,574,819,475.07 to CNY 1,639,350,793.89, reflecting an increase of approximately 4.1%[43] Legal and Compliance Issues - The company was ordered to pay a total of CNY 9.5 million in prepayment debts to Sichuan Energy Investment due to a lawsuit related to the Kongjiagou coal mine[22] - The company has initiated legal proceedings against Liu Xiangyang for a breach of contract involving a CNY 30 million mining rights and equity transfer agreement, with CNY 29 million and interest awarded by the Dongguan Intermediate Court[24][25] - The first quarter report was not audited, which may affect the reliability of the financial data presented[73] Research and Development - Research and development expenses amounted to CNY 505,481.13, marking a 100% increase as the company invested in new projects such as the oxygen-enriched side-blowing furnace[16] - Research and development expenses for Q1 2021 were CNY 505,481.13, indicating ongoing investment in innovation[50] Risk Management - The company has established a risk management system for its derivative investments, focusing on controlling market, liquidity, credit, operational, and legal risks[32] - The company continues to conduct hedging business effectively to mitigate risks associated with price fluctuations in its production and trading activities[32]

Financial Performance - The company's operating revenue for 2020 was ¥826,058,865.27, a decrease of 9.48% compared to ¥912,620,218.35 in 2019[16] - The net profit attributable to shareholders for 2020 was -¥116,235,602.31, representing a decline of 278.43% from ¥65,144,810.87 in 2019[16] - The basic earnings per share for 2020 was -¥0.1829, down 275.70% from ¥0.1041 in 2019[16] - The operating profit was -¥125,751,060.41, reflecting a significant decline of 234.91% year-on-year[35] - The company reported a net profit excluding non-recurring gains and losses of -¥113,068,419.95 in 2020, a decrease of 253.35% from ¥73,730,791.83 in 2019[16] - The company reported a net loss of ¥120,369,186.78, a decrease of 316.94% compared to the previous year, attributed to increased land value tax and reduced investment income[65] - The company achieved a cumulative presale area of 96,550.0 square meters for the "Riverside Garden" project, with a presale amount of 150,768 million RMB[40] Cash Flow and Liquidity - The net cash flow from operating activities improved to ¥265,125,813.91 in 2020, a significant increase of 190.55% compared to -¥292,783,060.66 in 2019[16] - The total cash inflow from operating activities rose by 47.75% to CNY 1,448,215,573.16, compared to CNY 980,183,345.91 in 2019[61] - The total amount of cash and cash equivalents increased by 203.37% to CNY 263,739,799.91, compared to a decrease of CNY 255,134,194.95 in 2019[61] - The cash balance at the end of the period was 633,083,875.82 CNY, a 71.41% increase, driven by pre-sales of real estate projects and increased bank loans[66] - The company has maintained a stable cash flow and does not plan to use raised funds to supplement working capital in the next twelve months[135] Assets and Liabilities - Total assets at the end of 2020 were ¥3,109,257,116.83, an increase of 6.02% from ¥2,932,765,818.93 at the end of 2019[16] - The net assets attributable to shareholders decreased by 8.75% to ¥1,574,819,475.07 at the end of 2020 from ¥1,725,853,343.37 at the end of 2019[16] - The company’s total liabilities decreased by 34.61% in accounts payable to ¥107,588,389.49, mainly due to reduced payable construction costs[64] Investments and Projects - The company has ongoing real estate projects in Dongguan, Huizhou, and Jiangsu Kunshan, with a focus on urban development and property sales[27] - Long-term equity investments increased by 29.29% due to new projects in collaboration with Vanke[31] - The company has a total land reserve of approximately 40.5 million square meters, with a remaining developable area of about 20.5 million square meters[39] - The company is actively pursuing long-term investments in the real estate sector, focusing on various projects across different regions[76] Market and Industry Outlook - The company is focusing on optimizing its internal governance and strengthening business development to address legacy issues[117] - The real estate market is experiencing continued differentiation, with strong support from rigid and investment demand in hot cities[117] - The company is exploring new project development models while closely monitoring marketing and profit situations of ongoing cooperative projects[118] - The company anticipates stable and healthy development in the Dongguan real estate market, leveraging local advantages for urban renewal projects[118] Risk Management - The company faces major risks in 2021, including external environmental uncertainties, policy risks, and market risks[4] - The company has established a risk management system for commodity futures hedging, which helps mitigate operational risks and stabilize performance[85] - The company is monitoring the risks associated with coal mine operations and is advising investors to remain cautious[151] Corporate Governance and Shareholder Relations - The company has implemented a cash dividend policy and has made adjustments to its profit distribution policy in accordance with regulatory requirements[133] - The independent directors have fulfilled their responsibilities in the decision-making process regarding the cash dividend[134] - The company has provided sufficient opportunities for minority shareholders to express their opinions and protect their legal rights[134] - The company has been actively engaging with investors regarding its operational performance and future development plans throughout the year[129] Environmental and Social Responsibility - The company is committed to enhancing its operational efficiency while maintaining environmental standards[181] - The company has implemented a comprehensive waste treatment system, ensuring that all wastewater is treated and reused, with no external discharge[183] - The company actively participates in social responsibility initiatives, including disaster relief and support for vulnerable groups[181] - The company has received environmental impact assessment approvals for its projects, indicating compliance with regulatory requirements[184]

Financial Performance - Net profit attributable to shareholders was -¥28,520.00, representing a decrease of 100.03% year-on-year[7]. - Operating income for the reporting period was ¥227,103,210.81, down 56.57% compared to the same period last year[7]. - The basic earnings per share for the reporting period was -¥0.000045, a decrease of 100.03% year-on-year[7]. - The company reported a year-to-date revenue of ¥530,038,412.27, down 28.83% compared to the same period last year[7]. - Net profit decreased by 107.93% to -10,402,430.69, driven by reduced real estate sales revenue and lower investment income from cooperative projects[18]. - Total operating revenue for Q3 2020 was ¥227,103,210.81, a decrease of 56.5% compared to ¥522,896,502.22 in the same period last year[61]. - Net profit for Q3 2020 was a loss of ¥273,527.57, compared to a profit of ¥86,768,999.96 in Q3 2019[63]. - The total comprehensive income for the quarter was -¥10,402,430.69, a significant drop from ¥131,234,456.89 in the previous year[72]. Assets and Liabilities - Total assets at the end of the reporting period reached ¥3,000,711,684.16, an increase of 2.32% compared to the end of the previous year[7]. - Total liabilities increased by 33.18% to 571,000,000.00, reflecting higher long-term bank loans[16]. - The company's total assets increased to ¥2,015,444,288.58, up from ¥1,901,481,847.04 at the end of the previous period[59]. - The company's total liabilities were CNY 1,317,717,656.87, compared to CNY 1,202,346,624.09 at the end of 2019, marking an increase of around 9.6%[55]. - Long-term borrowings rose to CNY 571,000,000.00 from CNY 428,750,000.00, which is an increase of approximately 33.1%[55]. Cash Flow - The net cash flow from operating activities increased by 413.88% to ¥114,462,382.67[7]. - Cash flow from operating activities improved by 222.53%, reaching 82,658,546.71, attributed to reduced payments for engineering and raw materials[17]. - The cash outflow for investing activities was CNY 302.37 million, compared to CNY 74.86 million in the previous year, indicating increased investment activity[79]. - The company achieved a net increase in cash and cash equivalents of CNY 92.11 million during the quarter, compared to an increase of CNY 43.62 million in the same period last year[80]. Shareholder Information - The total number of shareholders at the end of the reporting period was 50,555[11]. - Guangdong Hongyuan Group Co., Ltd. held 19.95% of the shares, amounting to 127,359,707 shares, with 101,820,000 shares pledged[11]. Legal Matters - The company has initiated legal proceedings against Jin Ronghui and Yi Ying for breach of contract, seeking a penalty of RMB 3 million, which was upheld by the Supreme People's Court[20]. - The company has filed a lawsuit to terminate the asset integration cooperation agreement with Jin Ronghui and Yi Ying due to the inability to fulfill the contract's purpose[21]. - The company is pursuing a claim against Liu Xiangyang for RMB 2.9 million in transfer payments, with additional penalties and interest totaling RMB 276.15 million[26]. Investment Activities - Guangdong Hongyuan Investment Co., Ltd. acquired a 10% stake in Huizhou Wanxu Real Estate Co., Ltd. by investing RMB 2 million in a capital increase project[31]. - The company provided up to RMB 1 billion in shareholder loans for the Jiang'an Garden project and up to RMB 90 million for the Jiangwan Garden project[35]. - The company successfully completed the acquisition of land use rights for a project in Dongguan with a total area of 57,765.78 m² at a transaction amount of RMB 255.155 million[30]. Risk Management - The company has approved a hedging business to mitigate operational risks from price fluctuations, with a maximum margin of RMB 60 million allocated for futures trading[28]. - The company has established a risk management system for its commodity futures hedging business to mitigate operational risks and stabilize performance[43]. Accounting and Reporting - The company executed the new revenue recognition and leasing standards starting January 1, 2020, impacting the financial statements[89]. - The third-quarter report was not audited[96].

Financial Performance - The company's operating revenue for the first half of 2020 was CNY 302,935,201.46, representing a 36.54% increase compared to CNY 221,866,824.52 in the same period last year[19]. - The net profit attributable to shareholders of the listed company was a loss of CNY 7,913,873.04, a decrease of 116.38% from a profit of CNY 48,300,623.22 in the previous year[19]. - The net cash flow from operating activities was a negative CNY 31,803,835.96, slightly worsening from a negative CNY 30,990,625.51 in the same period last year, reflecting a 2.62% increase in cash outflow[19]. - The total assets at the end of the reporting period were CNY 2,798,060,508.91, down 4.59% from CNY 2,932,765,818.93 at the end of the previous year[19]. - The net assets attributable to shareholders of the listed company decreased by 2.64%, amounting to CNY 1,680,344,864.87 compared to CNY 1,725,853,343.37 at the end of the previous year[19]. - The basic earnings per share were CNY -0.0124, a decline of 115.98% from CNY 0.0776 in the same period last year[19]. - The weighted average return on net assets was -0.46%, a decrease of 3.26% from 2.80% in the previous year[19]. - Operating costs rose to CNY 241,961,843.66, a 30.59% increase from CNY 185,285,400.77, driven by higher sales revenue[48]. - The company reported a significant decrease in investment income, down 82.37% to ¥14,758,268.12, mainly due to reduced returns from cooperative projects[52]. Revenue Sources - The revenue from the real estate sales segment was CNY 111,943,289.55, with a year-on-year growth of 14.73%[56]. - The revenue from the recycled lead business increased by 71.72% to CNY 163,410,156.72, attributed to improved raw material collection and new production facilities[57]. - The coal sales segment reported a 100% decrease in revenue, as production was halted due to technical upgrades and policy changes[57]. - The gross profit margin for the real estate rental segment was 59.58%, while the gross profit margin for the recycled lead business was -3.40%[56]. Investment and Projects - The company’s real estate projects include ongoing developments such as the Dongguan Qiaotou Diting Mountain and Nancheng Times International, with several cooperative projects still under construction[27]. - New land reserve projects include Huizhou Huicheng Charm Garden, Dongguan Machong Jiang'an Garden, and Jiangwan Garden, all in collaboration with Vanke[38]. - The total investment for Huizhou Charm Garden is projected at 126.126 million yuan, with 57.692 million yuan already invested[40]. - The company is currently developing multiple projects, with some in the construction phase and others completed[40]. - The company has ongoing projects with a total investment of 5,206,120.00 yuan in the Diting Mountain project, with an expected return of 503,117,000 yuan[71]. Risks and Challenges - The company faces various risks including public health risks, policy risks, and market risks, which may impact future operations[4]. - The company faced delays in project construction and sales due to the impact of the COVID-19 pandemic during the first half of the year[37]. - The company is currently facing uncertainties regarding the integration of mining assets due to ongoing litigation[122]. - The ongoing legal proceedings have created uncertainty regarding the company's operational and financial stability[124]. Legal and Compliance - The company has no major litigation or arbitration matters during the reporting period[122]. - The company is involved in a legal case regarding the coal mine, with a debt amounting to CNY 1,555.62 million due to contract non-fulfillment[124]. - The company is contesting the judgment from the Intermediate People's Court of Neijiang and has applied for a retrial in the Sichuan High Court[124]. - The company has initiated legal proceedings against Liu Xiangyang and related parties for unpaid transfer fees amounting to 5,296.97 million yuan, which constitutes a serious breach of contract[125]. Shareholder and Management Structure - The company has not made significant changes to its development strategy and annual operating plan compared to the previous year[45]. - The company has implemented a stock incentive plan, granting a total of 26.2 million restricted shares to core management and technical personnel[130]. - The company appointed Zhou Mingxuan as Chairman and General Manager on May 8, 2020, following the expiration of the previous board's term[199]. - The total number of ordinary shareholders at the end of the reporting period was 46,927[188]. Environmental and Regulatory Compliance - The company is classified as a key pollutant discharge unit by environmental protection authorities[154]. - The total emissions of pollutants included SO2 at 36.73 kg and NOX at 42 kg, with no exceedances reported[154]. - The company has implemented pollution control measures, including wastewater treatment and emissions standards compliance[154]. - The company has obtained the "Hazardous Waste Operation License" and "Pollutant Discharge Permit," which are essential for its normal production operations[155].

Financial Performance - The company's operating revenue for Q1 2020 was ¥118,316,325.06, a decrease of 22.46% compared to ¥152,585,700.03 in the same period last year[7]. - The net profit attributable to shareholders was a loss of ¥5,946,378.68, representing a decline of 107.62% from a profit of ¥78,084,158.91 in the previous year[7]. - The basic earnings per share were -¥0.0094, down 107.50% from ¥0.1254 in the previous year[7]. - Net profit for the period was -¥7,031,730.63, a decline of 109.21% compared to the previous year[16]. - Total operating revenue for Q1 2020 was ¥118,316,325.06, a decrease of 22.4% compared to ¥152,585,700.03 in the same period last year[49]. - Investment income for Q1 2020 was ¥368,584.17, a sharp decline from ¥83,187,792.34 in the previous year[50]. - The company reported a significant increase in financial expenses, which rose to ¥9,677,099.74 from ¥4,299,943.92, primarily due to higher interest expenses[50]. Cash Flow - The net cash flow from operating activities was -¥56,901,118.88, which is a 78.02% increase in cash outflow compared to -¥31,962,840.46 in the same period last year[7]. - Cash inflow from operating activities decreased by 68.76% to ¥90,637,839.07, mainly due to reduced cash from product sales[16]. - Cash flow from financing activities increased by 865.31% to ¥107,136,132.73, primarily due to increased bank loans[17]. - Cash flow from investing activities resulted in a net outflow of -6,781,917.22 CNY, an improvement from -25,179,403.73 CNY in the previous year[59]. - The company received 240,000,000.00 CNY in borrowings during the financing activities, an increase from 145,000,000.00 CNY in the previous period[60]. Assets and Liabilities - Total assets at the end of the reporting period were ¥2,948,740,809.52, reflecting a slight increase of 0.54% from ¥2,932,765,818.93 at the end of the previous year[7]. - Total liabilities increased significantly, with short-term borrowings rising by 77.13% to ¥333,451,186.11[15]. - Current assets totaled CNY 1,756,289,051.76 as of March 31, 2020, down from CNY 1,934,904,969.69 on December 31, 2019, representing a decrease of approximately 9.2%[41]. - Total liabilities increased to CNY 1,223,440,959.88 as of March 31, 2020, compared to CNY 1,202,346,624.09 at the end of 2019, an increase of about 1.8%[43]. - The company's equity attributable to shareholders decreased to CNY 1,721,819,350.12 from CNY 1,725,853,343.37, a decline of about 0.2%[44]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 48,336[10]. - The largest shareholder, Guangdong Hongyuan Group Co., Ltd., held 19.71% of the shares, amounting to 127,859,707 shares, with 101,920,000 shares pledged[10]. Legal Matters - The company is involved in a lawsuit regarding the illegal production and sales at the Kongjiagou coal mine, which has led to significant operational and financial impacts, including potential closure and loss of value[20]. - The company has been ordered to pay a total of 15.56 million RMB due to a court ruling related to the Kongjiagou coal mine, with 10 million RMB of its bank deposits frozen as a result of the lawsuit[21]. - The company has initiated legal action against Liu Xiangyang and related parties for a breach of contract involving a 30 million RMB mining rights transfer, with only 1 million RMB paid to date[23]. Operational Changes - The company has approved a hedging strategy to mitigate operational risks from price fluctuations, with a maximum margin of 60 million RMB allocated for futures trading in metals[26]. - The company has successfully acquired land use rights for a project in Dongguan for 255.155 million RMB, with a total area of 57,765.78 m²[27]. - The company has entered into a partnership for a real estate project, with a 28.57% stake in a newly established company for the development of the Dongguan project[27]. - The company invested RMB 2 million to acquire a 10% stake in Huizhou Wanxu Real Estate Co., Ltd. during the reporting period[29]. Risk Management - The company engaged in derivative investments, specifically commodity futures hedging, to mitigate risks associated with price fluctuations in production and trade[34]. - The company has established a management system for commodity futures hedging to control operational risks and stabilize performance[34]. - The company plans to continue utilizing the commodity futures market for hedging to secure expected profits and manage operational risks effectively[34]. - The company has maintained compliance with regulatory requirements regarding derivative investments and risk management practices[34].

Financial Performance - The company's operating revenue for 2019 was ¥912,620,218.35, a slight increase of 0.10% compared to ¥911,676,973.95 in 2018[17]. - The net profit attributable to shareholders for 2019 was ¥65,144,810.87, representing a growth of 25.16% from ¥52,047,809.13 in the previous year[17]. - The net profit after deducting non-recurring gains and losses was ¥73,730,791.83, which is an increase of 42.21% compared to ¥51,846,085.61 in 2018[17]. - The basic earnings per share for 2019 was ¥0.1041, up 24.52% from ¥0.0836 in 2018[17]. - The total assets at the end of 2019 were ¥2,932,765,818.93, a decrease of 15.45% from ¥3,468,803,741.25 at the end of 2018[17]. - The net assets attributable to shareholders increased by 1.87% to ¥1,725,853,343.37 from ¥1,694,171,347.05 in 2018[17]. - The net cash flow from operating activities was negative at -¥292,783,060.66, a decline of 166.73% compared to ¥438,757,684.61 in 2018[17]. - The weighted average return on equity for 2019 was 3.74%, an increase from 3.09% in 2018[17]. - The operating profit for 2019 was ¥93,212,983.75, which marked a substantial increase of 48.18% year-on-year[33]. - The company achieved total revenue of ¥912,620,218.35 for the full year 2019, representing a slight increase of 0.10% compared to the previous year[33]. Revenue Breakdown - The real estate sales revenue reached ¥576,539,647.75, accounting for 63.17% of total revenue, with a year-on-year increase of 13.86%[50]. - The revenue from the recycling of used lead-acid batteries was ¥274,375,803.56, representing 30.06% of total revenue, but decreased by 18.88% compared to the previous year[50]. - The company's total revenue for 2019 was significantly impacted by a 66.92% decline in coal sales, which amounted to ¥3,630,374.27, down from ¥10,974,079.75 in 2018[50]. - The South China region contributed ¥908,989,844.08, or 99.60% of total revenue, showing a slight increase of 0.92% year-on-year[50]. Real Estate Operations - The company’s real estate business saw significant revenue growth from self-operated projects, contributing to the overall profit increase[33]. - The online sales area of new commercial housing in Dongguan reached 7.3942 million square meters, a year-on-year increase of 1.5%[37]. - The sales amount of new commercial housing was 138.515 billion yuan, reflecting a growth of 12.1%[37]. - The company reported a total sales area of 18,078.39 square meters for self-operated projects and 5,646.62 square meters for the Feili Mountain project during the reporting period[38]. - The company acquired a new land reserve project in Dongguan with a total area of 57,765.78 square meters and a total price of 2.55155 billion yuan[39]. - The total land reserve area for the company is 155.01455 thousand square meters, with a total building area of 513.74307 thousand square meters[39]. - The company has no new pre-sale certificate area for self-operated projects as of December 2019[38]. - The city government has introduced policies to encourage urban renewal, which will enhance investment and development opportunities[36]. Coal Mining Operations - The company is actively seeking diversification by entering the coal mining and recycled lead industries, aiming for cross-industry development[31]. - The company’s coal mining operations are currently undergoing regulatory scrutiny, with plans to apply for a new mining capacity of 450,000 tons per year[28]. - The coal mining operations faced challenges, with the Coal Mine K19 ceasing operations in December 2018 due to resource depletion, and a new mining license for 450,000 tons per year is currently being processed[42]. - The coal market is experiencing downward pressure on prices due to increased supply and reduced demand, impacting overall profitability[44]. - The company is preparing for a new mining project with a planned capacity of 450,000 tons per year, pending government approvals[43]. Environmental and Social Responsibility - The company has established a comprehensive pollution prevention and control system, including wastewater treatment and air emission standards compliance[195]. - The company reported a total pollutant discharge of 6,532.6 tons for SO2, 5,321.2 tons for NOX, and 95.62 tons for lead, with no exceedance of emission standards[195]. - The company has obtained the necessary environmental permits, including the Hazardous Waste Operating License and the Pollutant Discharge Permit[196]. - The company is actively involved in real estate development and management, with multiple projects under construction and planning stages[92]. - The company emphasizes the coordination of economic and social benefits, focusing on safety, quality management, and environmental protection in its operations[193]. Legal Matters - The company is involved in a significant lawsuit regarding a breach of contract with former shareholders of the Kongjiagou Coal Mine, with a claimed amount of CNY 30 million (approximately USD 4.3 million) in damages[163]. - The Supreme People's Court upheld the original ruling, which requires the defendants to pay the company a penalty of CNY 3 million (approximately USD 430,000), but the court did not support the company's request for a 30% equity transfer in the new mine[163]. - The integration of the Nuotao Ping Coal Mine and Kongjiagou Coal Mine has faced substantial delays due to the defendants' refusal to fulfill their obligations, leading to uncertainty about the successful completion of the integration[163]. - The company has filed an appeal to the Supreme People's Court after the defendants failed to comply with the first-instance judgment from the Guizhou High Court[163]. - The company is currently seeking to restore enforcement of the judgment in the Weining County People's Court, as the defendants have not executed the court's decision[163]. Investment and Financing - The average financing cost for bank loans ranges from 4.5675% to 6.5%, with a total financing balance of CNY 63.25 million[41]. - The company’s cash and cash equivalents decreased by 46.47% to ¥396,629,924.32, mainly due to reduced cash from sales and increased land auction deposits[67]. - The total investment amount for the reporting period was 268,807,683.92, a decrease of 67.46% compared to the previous year[78]. - The company received cash from financing activities amounting to 80,000,000.00, primarily from the release of pledged time deposits[69]. - The company has a total of 4.24 billion yuan in fixed asset investments across various real estate projects, with a completion rate of 100%[84]. Shareholder Returns - The company plans to distribute a cash dividend of ¥1 per 10 shares, based on a total of 648,730,604 shares[4]. - The cash dividend for 2019 was set at ¥1.00 per 10 shares, totaling approximately ¥64,873,060.40, which represents about 84.11% of the distributable profit[136]. - The cash dividend payout ratio for 2019 was 99.58% of the net profit attributable to shareholders[133]. - The company has committed to maintaining a minimum cash dividend payout ratio of 40% during its mature phase[134]. Operational Challenges - The company anticipates potential risks from the global COVID-19 pandemic affecting its real estate and lead production operations, leading to delays in project timelines[119]. - The company is facing market risks due to the frequent price fluctuations of lead products, which can impact operational results[123]. - The company is focusing on strengthening its procurement management to improve cost transfer capabilities and enhance operational efficiency[123]. - The company has faced potential risks related to policy changes affecting the recycling industry, particularly concerning the supply of raw materials[122].

Financial Performance - Operating revenue increased by 287.27% to ¥522,896,502.22 for the current period, and by 180.69% to ¥744,763,326.74 year-to-date[9] - Net profit attributable to shareholders increased by 642.51% to ¥89,276,720.18 for the current period, and by 390.99% to ¥137,577,343.40 year-to-date[9] - Basic earnings per share rose by 653.54% to ¥0.1406 for the current period, and by 398.50% to ¥0.2182 year-to-date[9] - Operating profit surged to CNY 169.48 million, reflecting a 423.34% increase year-on-year, attributed to higher real estate sales and investment income from Vanke Land[20] - Net profit for the period was CNY 131.23 million, a 360.45% increase compared to the previous year, mainly due to profits from self-operated real estate projects and increased investment income from Vanke Land[20] - Total operating revenue for the current period reached ¥744,763,326.74, a significant increase from ¥265,329,772.17 in the previous period, representing a growth of approximately 180%[64] - Net profit for the current period was ¥131,234,456.89, a turnaround from a net loss of ¥50,387,001.87 in the previous period[65] Assets and Liabilities - Total assets decreased by 6.00% to ¥3,260,819,472.44 compared to the end of the previous year[9] - Total current assets decreased to ¥2,050,189,401.15 from ¥2,127,090,822.79, a decline of approximately 3.6%[47] - Total non-current assets decreased to ¥1,210,630,071.29 from ¥1,341,712,918.46, a decline of about 9.7%[47] - Total liabilities decreased to ¥1,458,074,843.41 from ¥1,762,148,826.91, a reduction of approximately 17.2%[48] - The company’s total liabilities decreased to ¥403,238,274.58 from ¥491,712,170.43 year-over-year, reflecting a reduction of approximately 18%[54] - Total equity increased to ¥1,802,744,629.03 from ¥1,706,654,914.34, an increase of approximately 5.6%[49] Cash Flow - The net cash flow from operating activities was negative at -¥67,457,105.15, a decrease of 127.84% year-to-date[9] - Cash flow from operating activities showed a net outflow of CNY 67.46 million, a decline of 127.84% year-on-year, primarily due to increased payments for engineering and raw materials[19] - Operating cash flow for the period was negative at -67,457,105.15 yuan, compared to a positive 242,310,819.27 yuan in the previous period, indicating a significant decline in operational efficiency[72] - Total cash inflow from operating activities was 694,645,481.74 yuan, down 12.4% from 793,515,233.60 yuan in the same period last year[71] - Cash outflow from operating activities increased to 762,102,586.89 yuan, up 38.3% from 551,204,414.33 yuan in the previous year[72] Investments and Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 49,262[13] - Guangdong Hongyuan Group Co., Ltd. held 19.71% of shares, with 127,859,707 shares pledged[13] - Long-term equity investments increased by 70.58% to CNY 227.21 million, primarily due to increased investment income from Vanke Land[18] - The company acquired an 11% stake in Yingde Xinyu Nonferrous Metal Recycling Products Co., Ltd. for RMB 30.68 million, increasing its ownership from 78% to 89%[33] - The company issued a total of 26.2 million restricted stock options to core management and technical personnel as part of its incentive plan[30] Tax and Financial Expenses - The company reported a 517.40% increase in taxes and surcharges, totaling CNY 44.08 million, mainly due to increased land value tax for the Diting Mountain project[20] - The company’s financial expenses rose by 53.77% to CNY 15.10 million, attributed to interest expenses from completed development loans[20] - The company paid 129,451,286.23 yuan in taxes, which is a substantial increase from 58,638,485.12 yuan in the previous period, reflecting higher tax obligations[72] Legal and Compliance Issues - The company has been awarded a penalty of 3 million yuan due to the breach of contract by the original shareholders of the Kongjiagou Coal Mine, but this will not have a significant impact on the company's current and future profits[22] - The company has filed a lawsuit against the actual controllers of the Kongjiagou Coal Mine for their illegal production and sales activities, which have led to severe penalties and potential closure of the mine[24] - The company has been actively communicating with investors, with multiple phone calls regarding business conditions and shareholder inquiries throughout 2019[39][40] - The company has no instances of non-compliance with external guarantees during the reporting period[41] Miscellaneous - The company reported no significant changes in non-recurring gains and losses during the reporting period[11] - There were no repurchase transactions conducted by the top 10 shareholders during the reporting period[14] - The company has not reported any mergers under common control during the current period[66] - The company has not yet adopted new revenue and lease standards, indicating potential future changes in accounting practices[82] - The company’s financial report is not audited, which may raise concerns regarding the accuracy of the financial statements presented[88]

Financial Performance - The company's operating revenue for the first half of 2019 was CNY 221,866,824.52, representing a 70.26% increase compared to CNY 130,308,167.16 in the same period last year[19]. - The net profit attributable to shareholders of the listed company reached CNY 48,300,623.22, a significant increase of 256.70% from a loss of CNY 30,822,906.78 in the previous year[19]. - The net profit after deducting non-recurring gains and losses was CNY 47,921,301.62, up 246.72% from a loss of CNY 32,662,206.26 in the same period last year[19]. - The basic earnings per share increased to CNY 0.0776, compared to a loss of CNY 0.0477 per share in the previous year, marking a 262.68% improvement[19]. - Operating profit reached CNY 41.18 million, up 215.64% compared to the same period last year[34]. - The net profit for the period was RMB 44,465,456.93, representing a significant increase of 232.08% year-on-year, primarily due to profits from self-operated real estate projects and increased investment income from Vanke Land[56]. - The investment income recognized during the period was RMB 83,733,232.69, a remarkable increase of 1794.52% attributed to the improved operating profits of the cooperative project with Vanke Land[56]. - The company reported a profit margin of approximately 20.0% in the first half of 2019, a significant recovery from the previous year's loss margin[181]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 3,522,601,883.27, reflecting a 1.55% increase from CNY 3,468,803,741.25 at the end of the previous year[19]. - The net assets attributable to shareholders of the listed company were CNY 1,711,361,860.98, which is a 1.01% increase from CNY 1,694,171,347.05 at the end of the previous year[19]. - Current assets totaled CNY 2,174,293,172.72 as of June 30, 2019, an increase of 2.8% from CNY 2,127,090,822.79 on December 31, 2018[171]. - Total liabilities amounted to CNY 1,801,619,453.09, a slight increase from CNY 1,762,148,826.91 at the end of 2018[173]. - Short-term borrowings decreased to CNY 238,000,000.00 from CNY 289,000,000.00, reflecting a reduction of 17.7%[172]. - The total equity as of the first half of 2019 was CNY 1,429,095,745.68, down from CNY 1,477,801,246.37 in the first half of 2018, indicating a decrease of 3.3%[178]. Cash Flow - The company reported a net cash flow from operating activities of CNY -30,990,625.51, a decrease of 141.97% compared to CNY 73,841,313.94 in the same period last year[19]. - The company achieved a net cash flow from investment activities of CNY 79,326,543.20, a significant increase of 365.31% from CNY -29,899,216.73 in the previous year, attributed to reduced payments for investment and inter-company transactions[52]. - The cash flow from financing activities resulted in a net outflow of CNY -89,918,636.16, a decline of 144.47%, primarily due to increased repayments of bank loans and cash dividends[56]. - The total cash inflow from investment activities was CNY 136,476,164.38, down 72.83% from the previous year, primarily due to the lack of profit distribution from Vanke Land[56]. - The company’s cash and cash equivalents decreased by 116.90% to CNY -41,582,718.47 from CNY 246,123,798.13, primarily due to the lack of profit distribution from Vanke Land and repayment of bank loans[52]. Investment and Projects - The company’s investment in Vanke Land increased long-term equity investment by 63% due to recognized investment income[29]. - The total investment for the "Yuting Mountain" project is estimated at CNY 730 million, with cumulative actual investment reaching CNY 723.82 million[40]. - The company holds a 100% equity stake in the "Diting Mountain" project, with a total planned investment of CNY 1.43 billion[40]. - The real estate segment's self-operated project sales generated revenue of CNY 97.57 million, an increase of 84.83% year-on-year[36]. - The company has ongoing real estate projects with total actual investment of 3,398,873,488.14, generating cumulative income of 747,768,585.08[69]. Risks and Legal Matters - The company faces various risks including policy risk, safety production risk, environmental protection risk, technology replacement risk, and market risk[6]. - The company anticipates a significant change in net profit compared to the same period last year, indicating potential losses[94]. - The company is currently involved in a lawsuit regarding the enforcement of a judgment requiring the payment of 3 million yuan, which is not expected to significantly impact the company's current or future profits[109]. - The company has been involved in multiple legal proceedings related to the integration of coal mining assets, with ongoing litigation in various courts[109]. - The company is currently awaiting the outcome of a retrial regarding a previous judgment that may affect its financial obligations[109]. Shareholder and Equity Information - The total number of ordinary shareholders at the end of the reporting period was 49,382[154]. - Guangdong Hongyuan Group Co., Ltd. held 19.70% of the shares, totaling 127,859,707 shares, with no change during the reporting period[154]. - The company has issued a total of 26.2 million restricted stock units to core management and technical personnel as part of its incentive plan[112]. - A total of 7.62 million shares, approximately 1.17% of the total share capital, were eligible for release from restrictions on April 30, 2019[113]. - The company did not undergo any changes in its controlling shareholder during the reporting period[157]. Environmental Compliance - The company is classified as a key pollutant discharge unit by the environmental protection department, with total emissions of SO2 at 36.73 kg, NOX at 4833.6 kg, and lead at 0.489 kg, all within the permitted limits[131]. - The company has established a comprehensive pollution prevention facility, with all wastewater treated and reused, and emissions from smelting processes meeting standards after dust collection and desulfurization[131]. - The company has obtained necessary environmental permits, including the Hazardous Waste Operating License and the Pollutant Discharge Permit, ensuring compliance with environmental regulations[132].

Financial Performance - The company's operating revenue for Q1 2019 was ¥152,585,700.03, representing a 138.95% increase compared to ¥63,857,602.10 in the same period last year[9]. - Net profit attributable to shareholders was ¥78,084,158.91, a significant increase of 743.50% from a loss of ¥12,134,279.22 in the previous year[9]. - The basic earnings per share rose to ¥0.1254, compared to a loss of ¥0.0220 per share in the same period last year, marking a 670.00% improvement[9]. - The weighted average return on equity increased to 4.50%, up 5.22 percentage points from -0.72% in the previous year[9]. - The company's net profit for Q1 2019 was CNY 76,307,493.09, compared to a net loss of CNY 13,706,354.18 in the same period last year, indicating a significant turnaround[58]. - The total comprehensive income for Q1 2019 was CNY 76,307,493.09, compared to a comprehensive loss of CNY 13,706,354.18 in Q1 2018[59]. - The company's net profit from investments reached CNY 83,187,792.34, a substantial rise from CNY 1,554,094.33 in the previous year[56]. Cash Flow and Liquidity - The net cash flow from operating activities was -¥31,962,840.46, a decline of 161.80% from ¥51,722,812.01 in the same period last year[9]. - Cash flow from operating activities showed a net outflow of CNY 31,962,840.46, a decline from a net inflow of CNY 51,722,812.01 in the previous year[66]. - The company's cash and cash equivalents decreased by 119.15% to a net outflow of ¥46,043,666.03, mainly due to the lack of profit distribution from Vanke Land and increased loan repayments[20]. - The company's cash flow from operating activities showed a negative trend, which may impact future liquidity and operational flexibility[70]. - The total cash inflow from financing activities was 221,975,650.11 CNY, compared to 351,032,727.59 CNY in the previous period, showing a decrease in financing inflows[67]. - The net cash flow from financing activities was 11,098,578.16 CNY, a significant drop from 269,093,001.46 CNY in the previous period[67]. Assets and Liabilities - Total assets at the end of the reporting period were ¥3,455,193,031.67, a slight decrease of 0.39% from ¥3,468,803,741.25 at the end of the previous year[9]. - The company's total assets as of March 31, 2019, were CNY 1,914,006,315.67, down from CNY 1,969,513,416.80 at the end of 2018, reflecting a decrease of approximately 2.8%[55]. - The total liabilities decreased to CNY 436,295,045.24 from CNY 491,712,170.43, showing a reduction of about 11.3%[54]. - Total equity attributable to shareholders increased to CNY 1,776,037,776.92 from CNY 1,694,171,347.05, marking an increase of approximately 4.8%[50]. - The company's total current assets amounted to ¥2,054,317,332.04, down from ¥2,127,090,822.79, reflecting a decrease of approximately 3.4%[48]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 50,606[13]. - Guangdong Hongyuan Group Co., Ltd. held 19.70% of the shares, making it the largest shareholder[13]. - The company completed the issuance of 26.2 million restricted stocks as part of its 2017 incentive plan, targeting core management and technical personnel[32]. - The company has successfully met the performance criteria for the first release of restricted stocks, allowing 762,000 shares to be released for trading on April 30, 2019[33]. - The company plans to repurchase and cancel a total of 225,000 restricted stocks due to three incentive targets resigning, with one being fully repurchased and two having partial restrictions lifted after performance assessments[34]. Legal and Regulatory Issues - The company faces a potential liability of CNY 9.5 million due to a court ruling requiring it to assume joint repayment responsibility related to the Kongjiagou coal mine[24]. - As of the report date, CNY 10 million of the company's bank deposits have been frozen due to the ongoing litigation, which could negatively impact the company's 2019 operating performance[27]. - The company has initiated legal proceedings against Liu Xiangyang and related parties for a breach of contract involving a CNY 30 million mining rights transfer, with a court ruling requiring Liu to pay CNY 29 million plus interest[31]. - The company is currently in litigation regarding the Kongjiagou coal mine, which has significantly affected its operational and financial status due to illegal production activities by former partners[23]. - The company has been involved in multiple lawsuits related to the Kongjiagou coal mine, with ongoing appeals and court proceedings affecting its financial stability[25]. Operational Developments - The company reported non-recurring gains and losses totaling ¥1,988,481.59 for the reporting period[10]. - The company has received approval for the resumption of operations at the Huataoping coal mine, which is currently in the excavation phase[23]. - The company plans to pursue legal recourse against the partners of the Kongjiagou coal mine to recover the CNY 9.5 million debt[27]. Financial Management - The company's financial expenses increased by 106.88% to ¥4,299,943.92, primarily due to higher bank loan interest compared to the same period last year[18]. - The company incurred a financial expense of CNY 367,606.73, significantly lower than CNY 1,659,108.09 in the same period last year, indicating improved cost management[61]. - The company received CNY 12,153,087.68 in tax refunds, compared to CNY 327,751.73 in the previous year, reflecting better cash flow management[66]. Accounting Standards - The company has not yet implemented the new revenue and lease accounting standards[76]. - The first quarter report was not audited[80]. - The company will adopt the new financial instrument standards starting January 1, 2019, without retrospective adjustments[75].