Revenue and Profit - Revenue for Q1 2021 was ¥46,801,301.83, a decrease of 54.92% compared to ¥103,817,339.32 in the same period last year[7] - Net profit attributable to shareholders was -¥11,273,656.45, an improvement of 83.53% from -¥68,467,657.08 year-on-year[7] - Total operating revenue for Q1 2021 was CNY 46,801,301.83, a decrease of 55.1% compared to CNY 103,817,339.32 in the same period last year[39] - The net loss attributable to shareholders of the parent company for Q1 2021 was CNY 11,273,656.45, compared to a net loss of CNY 68,467,657.08 in Q1 2020[41] - The net profit for the period was CNY 80,837.34, compared to CNY 23,431,618.06 in the previous period, indicating a significant decline[45] Cash Flow - Operating cash flow increased by 206.70%, reaching ¥7,158,626.79 compared to -¥6,709,160.87 in the previous year[7] - The net cash flow from operating activities was CNY 7,158,626.79, recovering from a negative cash flow of CNY -6,709,160.87 in the previous period[49] - The company reported a cash inflow from operating activities of CNY 173,600,704.38, compared to CNY 172,307,573.07 in the previous period[49] - The total cash outflow from operating activities was CNY 166,442,077.59, down from CNY 179,016,733.94 in the previous period[49] - The net cash flow from operating activities for the current period is ¥10,115,128.62, a significant increase from ¥2,376,680.75 in the previous period, representing a growth of approximately 324%[51] - Total cash inflow from operating activities reached ¥185,658,120.87, compared to ¥160,374,756.16 in the previous period, indicating an increase of about 15.7%[51] - Cash outflow from operating activities totaled ¥175,542,992.25, up from ¥157,998,075.41, which is an increase of approximately 11.1%[51] Assets and Liabilities - Total assets decreased by 1.26% to ¥1,327,221,846.77 from ¥1,344,177,161.27 at the end of the previous year[7] - Current liabilities totaled approximately 623.75 million yuan as of March 31, 2021, compared to 621.23 million yuan at the end of 2020[33] - Non-current liabilities decreased from approximately 46.30 million yuan to 42.63 million yuan during the same period[33] - The company's total liabilities were CNY 1,289,249,553.36, showing a marginal increase from CNY 1,288,445,044.56 at the end of 2020[37] - Total assets as of March 31, 2021, amounted to CNY 1,726,613,766.94, slightly up from CNY 1,725,728,420.80 at the end of 2020[37] Financial Expenses and Cash Equivalents - Financial expenses decreased by 89.37%, primarily due to a significant reduction in interest-bearing liabilities[14] - The company reported a significant reduction in financial expenses, which dropped to CNY 6,504,706.32 from CNY 61,188,464.77 in the previous year[40] - Cash and cash equivalents increased by 21.40%, mainly due to the recovery of external loans[14] - Cash and cash equivalents at the end of the period totaled CNY 181,932,657.01, up from CNY 26,970,769.43 at the end of the previous period[50] - The total cash and cash equivalents at the end of the period amounted to ¥177,191,047.57, a significant increase from ¥3,635,613.26 in the previous period[53] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 16,511[10] - The total equity attributable to shareholders of the parent company was CNY 437,364,213.58, a slight increase from CNY 437,283,376.24 at the end of 2020[37] Other Financial Activities - The company provided financial assistance of 60 million yuan to Baichang Group for real estate project development, with an interest rate of 8% per annum[16] - The company has no significant non-operating fund occupation by controlling shareholders or related parties during the reporting period[25] - There were no securities or derivative investments reported during the period[20][21] - The company recorded other income of CNY 188,263.79 during the period, while the previous period had no such income[44] - The company received CNY 61,200,000.00 from other investment-related cash inflows, marking a positive shift from the previous period where there were no such inflows[49] Investment Activities - Investment cash flow net increased by 4423.97%, primarily from the recovery of external loans[15] - The net cash flow from investing activities is ¥61,196,732.67, a recovery from a negative cash flow of ¥1,415,222.75 in the previous period[53] - Cash inflow from investing activities was ¥61,200,000.00, with no inflow recorded in the previous period[53] - Cash outflow from investing activities was minimal at ¥3,267.33, down from ¥1,415,222.75 in the previous period, indicating a reduction in investment spending[53] Leasing and Property - The company plans to continue leasing properties from Friendship Group at a rate of 2.25 yuan per square meter per day, with an annual rent of approximately 5.56 million yuan[18] - The company has not made any adjustments to the beginning balance sheet items as of January 1, 2021, under the new leasing standards[55] Audit Status - The first quarter report has not been audited, indicating that the figures may be subject to change upon final review[56]

Company Overview - The company is listed on the Shenzhen Stock Exchange with the stock code 000679[12] - The company's legal representative is Xiong Qiang[12] - The registered address is No. 1 Qiyi Street, Zhongshan District, Dalian, Liaoning Province, with a postal code of 116001[12] - The company’s website is http://www.sz000679.com[12] - The company’s office is located at B3 District, Xinghai Square, Shahekou District, Dalian, Liaoning Province[12] - The company’s contact for investor relations is Jiang Guangwei, with a phone number of 0411-82691470[13] - The company’s annual report is disclosed through media such as "China Securities Journal" and "Securities Times"[14] Financial Performance - The company has not provided specific financial performance metrics in the available documents[11] - The company's operating revenue for 2020 was ¥175,772,709.74, a decrease of 77.34% compared to ¥775,761,838.76 in 2019[18] - The net profit attributable to shareholders in 2020 was ¥25,763,584.19, representing a 107.90% increase from a loss of ¥326,204,197.91 in 2019[18] - The net cash flow from operating activities was -¥48,234,565.00, a decline of 508.38% compared to -¥7,928,331.41 in 2019[18] - Basic earnings per share for 2020 were ¥0.07, a significant improvement from -¥0.92 in 2019[18] - Total assets at the end of 2020 were ¥1,344,177,161.27, down 70.18% from ¥4,506,943,168.79 at the end of 2019[18] - The net assets attributable to shareholders increased by 4.22% to ¥635,828,426.84 from ¥610,064,842.65 in 2019[18] - The company reported a weighted average return on equity of 4.14% in 2020, recovering from -42.19% in 2019[18] - The revenue after deducting non-operating income was ¥174,643,048.78 in 2020, compared to ¥775,761,838.76 in 2019[19] - The company has indicated uncertainty regarding its ability to continue as a going concern due to negative net profits in recent years[18] Shareholding and Ownership - The company underwent significant changes in its shareholding structure, with Wu Xin Investment Holding becoming the controlling shareholder by holding 28.06% of the shares[16] - The company’s controlling shareholder, Wuxin Investment Holdings, transferred 100 million shares (28.06% of total shares) at a price of 3.60 yuan per share, totaling 360 million yuan[125] - The largest shareholder, Wuxin Investment Holdings (Shenzhen) Co., Ltd., holds 28.06% of shares, totaling 100,000,000 shares, which are currently frozen[140] - The second-largest shareholder, Dalian Friendship Group Co., Ltd., holds 3.34% of shares, totaling 11,907,894 shares[141] Revenue and Sales - The retail segment generated revenue of 156.47 million yuan, down 77.49% year-on-year, with a net profit of -15.96 million yuan, a decline of 467.28%[39] - The company achieved a total retail sales revenue of 352.453 billion yuan in 2020, a year-on-year decrease of 2.3%[43] - Online retail sales reached 117.601 billion yuan, growing by 10.9% year-on-year, with physical goods online retail sales at 97.590 billion yuan, an increase of 14.8%[43] - The company’s department store sales in Dalian reported a revenue of 15.64683 million yuan, a decrease of 77.49% year-on-year[45] Asset Management and Divestitures - The company engaged in significant asset sales in June 2020, transferring 100% equity of three subsidiaries to improve cash flow and reduce debt[30] - The company sold three real estate subsidiaries to optimize asset structure and reduce interest-bearing debt, improving financial conditions[42] - The company transferred 100% equity and debt of subsidiaries, resulting in improved asset quality and a significant reduction in interest-bearing debt and financial expenses[39] - The company aims to reduce its interest-bearing debt scale and financial expenses by divesting underperforming real estate projects, thereby improving its debt repayment capacity and sustainable profitability[75] Cash Flow and Financial Health - Cash and cash equivalents increased by 245.14% compared to the beginning of the period, mainly due to proceeds from equity and debt transfers[39] - The net cash flow from investment activities was CNY 1,443,108,992.30, an increase of 216.15%[62] - The company's cash and cash equivalents increased by 166.36% to CNY 122,620,966.46[61] - The total assets composition showed a significant increase in cash and cash equivalents, rising from 1.09% to 12.58% of total assets, primarily due to the receipt of proceeds from equity and debt transfers[66] Strategic Focus and Market Position - The company plans to focus on the development of the Dalian Jinshigu project and seek strategic cooperation with other domestic real estate companies[42] - The company’s strategic focus shifted towards commercial real estate development in core urban areas, enhancing its competitive advantage[34] - The company plans to focus on "consumer-centric" and "data-driven" strategies in retail, shifting from a product-centric to a customer-oriented operational model[81] - The company is committed to the "housing is for living, not for speculation" policy, which will guide its real estate operations and project development strategies[82] Governance and Compliance - The company has a governance structure that complies with the requirements of the China Securities Regulatory Commission, ensuring effective internal control and risk management[172] - The company has established a performance evaluation system linking executive compensation to overall company performance[185] - The audit opinion was a standard unqualified opinion, confirming the fair presentation of the company's financial status as of December 31, 2020[192] - The company has maintained a stable management team, with key personnel having extensive experience in their respective fields[164] Investor Relations and Communication - The company has implemented effective investor relations activities, including a dedicated investor consultation hotline and regular communication channels[175] - The company has not engaged in any investor communications or interviews during the reporting period[86] - The company actively responded to inquiries from the Shenzhen Stock Exchange regarding the major asset sale and related party transaction report[112] Employee and Training Initiatives - The total number of employees in the company is 467, with 275 in sales, 90 in technical roles, 32 in finance, and 70 in administration[168] - The company conducted 70 training sessions in 2020, with a total of 300 participants and 405 hours of training completed[169] - The company has established a salary management system based on market research, social average wages, and performance indicators[168] Legal and Regulatory Matters - The company faced a lawsuit involving a loan default amounting to 16,850.45 million RMB, but it did not form an estimated liability[101] - The company has not reported any penalties or rectifications during the reporting period[105] - There were no significant related party transactions during the reporting period[107] Future Outlook - The company plans not to distribute cash dividends, issue bonus shares, or increase capital from reserves for the current fiscal year[90] - The company aims to enhance its asset quality and financial status by reducing financial expenses through strategic asset sales and focusing on core urban areas for new real estate projects[82]

Financial Performance - Operating revenue for the reporting period was CNY 42,631,320.78, down 73.90% year-on-year, and CNY 115,741,495.73, down 80.06% year-to-date[7] - Net profit attributable to shareholders increased by 103.00% to CNY 1,808,450.46 for the reporting period, and by 119.63% to CNY 27,870,515.55 year-to-date[7] - Basic earnings per share rose by 102.96% to CNY 0.005 for the reporting period, and by 120.00% to CNY 0.08 year-to-date[7] - The company reported a net profit of CNY 14,395,877.50, recovering from a loss of CNY 13,474,638.05 in the previous year[38] - The net profit for Q3 2020 was a loss of CNY 2,826,020.23, compared to a loss of CNY 65,569,613.55 in the previous year, indicating a significant improvement[45] - The net profit attributable to the parent company was CNY 27,870,515.55, a significant improvement from a net loss of CNY 141,980,936.06 in the same period last year[52] - The company reported a total comprehensive income of CNY 10,251,204.10, compared to a comprehensive loss of CNY 157,211,262.78 in the prior year[53] - The total profit for the period was CNY 10,251,204.10, contrasting with a total loss of CNY -156,874,881.16 in the previous year[52] Asset and Liability Changes - Total assets decreased by 69.87% to CNY 1,357,904,526.22 compared to the end of the previous year[7] - The company's current assets decreased to CNY 378,259,599.39 from CNY 3,508,701,603.28, indicating a reduction of approximately 89.2% year-over-year[35] - The total liabilities decreased to CNY 654,408,151.45 from CNY 3,831,794,221.67, a decline of approximately 82.9%[37] - The total liabilities decreased to CNY 1,188,420,517.18 from CNY 2,581,955,494.41, reflecting a reduction of 54%[44] - The company's equity attributable to shareholders rose to CNY 656,031,581.75 from CNY 610,064,842.65, an increase of about 7.5%[38] - The company's long-term payables decreased by 46.23% compared to the beginning of the period, mainly due to the repayment of finance lease liabilities[16] - The company’s estimated liabilities decreased by 97.53% compared to the beginning of the period, also due to the transfer of subsidiaries[16] Cash Flow Analysis - Cash flow from operating activities showed a net outflow of CNY 16,880,163.07, a decrease of 115.96% compared to the previous year[7] - The net cash flow from operating activities increased by 1499.32% year-on-year, mainly due to the recovery of receivables from the sale of subsidiary equity[17] - The company reported a cash flow from operating activities of CNY -813,432,218.08 for the year-to-date, compared to a positive cash flow of CNY 33,261,461.89 in the previous year[57] - The net cash flow from operating activities for Q3 2020 was CNY 1,934,420,433.17, a significant increase compared to CNY 120,952,808.40 in Q3 2019, reflecting a growth of approximately 1507%[60] - Total cash inflow from operating activities reached CNY 2,454,368,984.93, compared to CNY 814,372,812.43 in the previous year, indicating an increase of about 201%[60] - The total cash inflow from operating activities for the year-to-date was CNY 3,316,343,714.72, compared to CNY 764,032,747.24 in the previous year, marking an increase of approximately 334%[62] Operational Changes and Strategies - The company's operating revenue decreased by 80.06% year-on-year, primarily due to the impact of the pandemic and new revenue recognition standards on retail operations[17] - Operating costs decreased by 86.88% year-on-year, corresponding to the decline in revenue from retail operations[17] - The company has implemented new strategies to enhance operational efficiency and reduce costs amid challenging market conditions[40] - The company reduced its payable employee compensation by 97.63% compared to the beginning of the period, mainly due to the payment of year-end bonuses[16] - The company experienced a significant reduction in sales expenses, which were CNY 20,517,049.50 compared to CNY 37,362,180.09 in the previous period[51] Equity and Investments - Long-term investments decreased to CNY 222,970,000.00 from CNY 691,161,082.44, a decline of approximately 67.7%[40] - The company completed the transfer of 100% equity in subsidiaries Dalian Shengfa, Shenyang Xinglion, and Handan Faxing, with a total transaction value of 1.478 billion yuan[19] - The company reported a 99.48% decrease in accounts receivable due to the transfer of 100% equity in three subsidiaries[15] - Inventory decreased by 99.16% as a result of the same equity transfer[15] - The inventory level significantly dropped to CNY 28,031,069.29 from CNY 3,324,746,021.85, reflecting a decrease of approximately 99.2%[35] Financial Expenses - Financial expenses decreased by 97.06% year-on-year, primarily due to the repayment of loans from financial institutions[17] - The company’s financial expenses for Q3 2020 were CNY 15,804,861.73, a decrease of 72.5% from CNY 57,404,169.61 year-on-year[44] - The company incurred financial expenses of CNY 4,872,720.26, down from CNY 165,599,651.03 in the prior period[52] Shareholder Information - The total number of shareholders at the end of the reporting period was 17,972[11] - The company reported a significant increase in other income of CNY 20,331,894.43 compared to CNY 65,978.38 in the previous year[45] Regulatory and Reporting Notes - The company adopted the new revenue recognition standard starting January 1, 2020, as approved by the board on April 27, 2020[74] - The Q3 report was not audited[74]

Financial Performance - The company's operating revenue for the first half of 2020 was ¥73,110,174.95, a decrease of 82.47% compared to the same period last year[17]. - The net profit attributable to shareholders was ¥26,062,065.09, representing a 131.92% increase from a loss of ¥81,637,241.00 in the previous year[17]. - The net cash flow from operating activities surged to ¥1,951,300,596.24, a significant increase of 12,723.13% compared to ¥15,217,036.66 in the same period last year[17]. - Basic earnings per share improved to ¥0.07, compared to a loss of ¥0.23 per share in the previous year, marking a 130.43% increase[17]. - The company reported a significant drop in net profit, with a decrease of 2,256.55% year-on-year[40]. - The company reported a net profit of -12,950,000 CNY for the first half of 2020, indicating a significant decline in profitability[61]. - The company reported a net loss of CNY 193.66 million for the first half of 2020, compared to a profit of CNY 633.11 million in the same period of 2019[141]. - The company reported a profit distribution of 1,500,000 yuan to shareholders during the current period[161]. Asset Management - Total assets decreased by 57.97% to ¥1,894,466,710.20 from ¥4,506,943,168.79 at the end of the previous year[17]. - The net assets attributable to shareholders increased by 7.24% to ¥654,223,131.29 from ¥610,064,842.65 at the end of the previous year[17]. - The company sold 100% equity and debt of subsidiaries to improve asset quality and reduce interest-bearing debt and financial costs significantly[33]. - The company completed the transfer of 100% equity in Dalian Shengfa, Shenyang Xinglion, and Handan Faxing to Wuxin Investment Group, aiming to enhance financial stability[65]. - The company’s financial strategy includes improving asset quality and financial status through strategic divestitures[65]. - The company aims to enhance its operational efficiency and profitability by focusing on core business areas and reducing exposure to non-performing assets[64]. Market Conditions - The retail sector faced challenges, with a 11.4% decline in total retail sales of consumer goods in China during the first half of 2020[25]. - The retail sector is facing intense competition, with traditional department stores struggling against the rise of e-commerce and changing consumer behaviors[37]. - The company is experiencing increased competition in the real estate market, which is becoming more professionalized and brand-oriented, heightening market risks[66]. Strategic Adjustments - The company plans not to distribute cash dividends or issue bonus shares for the reporting period[5]. - The company adjusted its real estate development strategy to focus on commercial real estate in second and third-tier cities[28]. - The company aims to continue developing and selling the Dalian Jinshigu project while seeking further market opportunities for sustainable growth[36]. - The company plans to divest underperforming real estate projects to reduce interest-bearing debt and financial costs, thereby improving its debt repayment capacity and sustainable profitability[64]. Cash Flow Management - The company’s cash and cash equivalents increased by 1,480.41% compared to the beginning of the period, mainly due to proceeds from the disposal of subsidiaries[30]. - The net cash flow from operating activities for the first half of 2020 was CNY 1,535,035,893.61, a significant improvement compared to a net outflow of CNY 20,826,758.03 in the same period of 2019[156]. - The total cash inflow from operating activities amounted to CNY 2,628,826,770.26, while cash outflow was CNY 1,093,790,876.65, resulting in a net cash flow of CNY 1,535,035,893.61[155]. Legal and Regulatory Issues - The company is involved in ongoing litigation regarding a loan dispute amounting to CNY 282,573,024.15, with the case currently under review by the Liaoning Provincial High Court[99]. - The company has reported a significant lawsuit involving a loan default amounting to CNY 16.85 million, which has been resolved with a repayment plan[78]. - The company is currently awaiting the second-instance court hearing regarding the loan interest dispute with Dalian Furuihua Hotel[109]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 19,273[116]. - The largest shareholder, Wuxin Investment Holdings (Shenzhen) Co., Ltd., holds 100,000,000 shares, accounting for 28.06% of total shares[117]. - The company has not reported any significant changes in shareholder structure or stock repurchase activities during this period[114]. Operational Adjustments - The company has not made any changes to its store operations during the reporting period[40]. - The company did not engage in any significant equity investments during the reporting period[57]. - The company has not undergone any bankruptcy restructuring during the reporting period, indicating a focus on maintaining operational stability[77].

Financial Performance - The company's operating revenue for 2019 was ¥775,761,838.76, a decrease of 28.67% compared to ¥1,087,555,948 in 2018[17]. - The net profit attributable to shareholders was -¥326,204,197.9, an improvement of 21.38% from -¥414,926,964.9 in the previous year[17]. - The net cash flow from operating activities was -¥7,928,331.41, a significant decline of 113.81% compared to ¥57,430,687.03 in 2018[17]. - The total assets at the end of 2019 were ¥4,506,943,168, representing a decrease of 14.81% from ¥5,587,735,324 at the end of 2018[18]. - The net assets attributable to shareholders decreased by 34.84% to ¥610,064,842.65 from ¥936,269,040.56 in 2018[18]. - The basic and diluted earnings per share were both -¥0.92, showing a 20.69% improvement from -¥1.16 in 2018[17]. - The weighted average return on equity was -42.19%, a decline from -36.28% in the previous year[17]. - The company reported a total of ¥223,740,157.18 in revenue for Q1 2019, with a net profit of -¥61,688,795.50[22]. - In 2019, the company's revenue decreased by 28.67% to CNY 775.76 million, with a net profit of -CNY 326.20 million, a reduction in losses by 21.38%[37]. Business Structure and Strategy - The company underwent a business structure adjustment in March 2004, shifting focus to retail, hotel, and real estate sectors[15]. - The company has not announced any market expansion or acquisition strategies in the available content[1]. - The company has adjusted its real estate development strategy to focus on "developing small plots in central urban areas" to enhance competitiveness[33]. - The company is focusing on multi-channel strategies to promote inventory turnover amid a challenging real estate market[38]. - The company plans to continue focusing on inventory de-stocking and exploring new project opportunities in central urban areas in 2020[43]. Shareholder and Ownership Structure - The company's major shareholder structure includes Dalian State-owned Assets Supervision and Administration Commission holding 30%[15]. - The company’s actual controller remains unchanged despite various shareholder structure adjustments over the years[15]. - The company’s registered capital structure has evolved, with significant changes in major shareholders over time[15]. - The largest shareholder, Wuxin Investment Holdings, has 100,000,000 shares (28.06% of total shares) frozen due to a contract dispute[132]. - Wuxin Investment Holdings transferred 100,000,000 shares at a price of 3.60 yuan per share, totaling 360 million yuan, changing the controlling shareholder to Wuhan Development Investment Co., Ltd.[134]. Market Conditions and Challenges - The company faced significant pressure in inventory turnover due to the low demand for commercial real estate products in its operating regions[37]. - The company faced challenges in real estate de-stocking, with performance not meeting expectations due to market conditions and financial debt issues[39]. - The real estate market is expected to face short-term pressure due to the COVID-19 pandemic, but long-term growth is anticipated due to the resilience of the domestic economy[81]. - The company is under financial pressure due to extended project funding return times, leading to liquidity risks[84]. - The company has identified market risks due to increasing competition and market volatility, necessitating a focus on small land plots in central city areas[84]. Financial Management and Reporting - The financial report ensures the accuracy and completeness of the financial data presented[3]. - The company has not conducted any investor communications or research activities during the reporting period[86]. - The company has implemented new accounting standards effective from January 1, 2019, with no impact on financial statements reported[95]. - The company’s financial report audit was conducted by Da Hua Accounting Firm, which issued a report with a going concern emphasis paragraph[197]. - The financial statements were audited and deemed to fairly reflect the financial position and operating results of Dalian Friendship as of December 31, 2019[198]. Operational Performance - The retail segment generated revenue of CNY 695.24 million, down 10.36%, while the real estate segment's revenue fell by 75.78% to CNY 74.22 million[37]. - The company's cash and cash equivalents decreased by 86.89% compared to the beginning of the year, primarily due to loan repayments[32]. - The company's accounts receivable decreased by 60.94%, mainly due to the recovery of housing sales payments[32]. - The company reported a significant increase in other payables, which rose by 16.23% to ¥2,214,164,994.07, mainly due to increased related party borrowings[66]. - The company has a structured performance evaluation system to determine the remuneration of its directors and senior management[167]. Governance and Compliance - The company has established a governance structure that complies with the requirements of the China Securities Regulatory Commission, ensuring effective internal control and risk management[176]. - The independent directors attended 7 board meetings, with 2 in-person and 5 via communication, and did not raise any objections during the reporting period[182][183]. - The audit committee emphasized the need to strengthen the internal audit mechanism and improve the internal control system to mitigate risks associated with related party transactions[186]. - The company has maintained effective internal control over financial reporting during the reporting period, with no significant deficiencies identified[189]. - The company actively engaged independent directors to provide professional opinions on major decisions and ensure the protection of shareholder interests[184]. Employee and Management Structure - The total number of employees in the company is 520, with 291 in sales, 113 in technical roles, 36 in finance, and 80 in administration[170]. - The total remuneration for directors, supervisors, and senior management during the reporting period amounted to 3.54 million RMB[168]. - The company has established a salary management system based on market research and aims to align employee compensation with performance and responsibilities[172]. - The company has no stock incentive plans for its directors and senior management during the reporting period[169]. - The company has a diverse board with members holding significant academic and professional credentials in finance and economics[161][162].

Financial Performance - The company's operating revenue for Q1 2020 was ¥103,817,339.32, a decrease of 53.60% compared to ¥223,740,157.18 in the same period last year[7] - The net profit attributable to shareholders was -¥68,467,657.08, representing a decline of 10.99% from -¥61,688,795.50 year-on-year[7] - The weighted average return on net assets was -11.89%, down from -7.31% in the same period last year, indicating a worsening financial performance[7] - The company reported a significant decrease in sales expenses, which were CNY 7,673,121.51 compared to CNY 11,624,621.78 last year[37] - The net profit for the first quarter of 2020 was CNY 23,431,618.06, compared to CNY 2,132,147.99 in the same period last year, representing a significant increase[42] - Operating profit for the first quarter was CNY 23,400,441.92, up from CNY 2,090,474.98 year-over-year[42] - The total comprehensive income for the first quarter was CNY 23,431,618.06, compared to CNY 2,132,147.99 in the previous year[43] Cash Flow - The net cash flow from operating activities improved by 62.55%, reaching -¥6,709,160.87 compared to -¥17,916,334.55 in the previous year[7] - Cash inflow from operating activities totaled CNY 172,307,573.07, a decrease from CNY 264,152,272.43 in the previous year[45] - Cash outflow from operating activities was CNY 179,016,733.94, compared to CNY 282,068,606.98 in the same period last year[46] - The net cash flow from operating activities was negative CNY 6,709,160.87, an improvement from negative CNY 17,916,334.55 year-over-year[46] - The company reported cash inflow from financing activities of CNY 11,968,500.00, compared to a cash outflow of CNY 45,385,640.08 in the same period last year[47] - The cash outflow for purchasing goods and services was CNY 140,435,389.04, down from CNY 224,764,620.69 year-over-year[46] - The net cash flow from investment activities was -1,415,222.75 yuan, a decrease from -1,736,881.94 yuan year-over-year[50] Assets and Liabilities - The company's total assets at the end of the reporting period were ¥4,501,073,923.03, a slight decrease of 0.13% from ¥4,506,943,168.79 at the end of the previous year[7] - Total liabilities increased to 3,900,879,761.83 CNY from 3,831,794,221.67 CNY, representing an increase of about 1.8%[30] - The company's total equity decreased to 600,194,161.20 CNY from 675,148,947.12 CNY, reflecting a decline of approximately 11.1%[31] - The total liabilities amounted to 3,831,794,221.67 yuan, with total assets at 4,506,943,168.79 yuan[54] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 23,192, with the largest shareholder holding 28.06% of the shares[10] - The controlling shareholder, Wuxin Investment Holdings, transferred 100,000,000 shares (28.06% of total shares) to Wuhan Development Investment Co., Ltd. at a price of 3.60 CNY per share, totaling 360,000,000 CNY[16] - The controlling shareholder's shares were frozen due to a lawsuit related to a contract dispute, affecting 100,000,000 shares (28.06% of total shares)[16] - The company did not engage in any repurchase transactions among its top shareholders during the reporting period[11] Operational Changes - The company implemented new revenue and leasing standards starting in 2020, affecting financial reporting[51] - There were no significant investments, financial management, or derivative investments reported during the period[19][20][21] Current Assets - The total current assets were reported at 3,508,701,603.28 yuan[53] - The total non-current assets were 998,241,565.51 yuan[53]

Financial Performance - The company's operating revenue for 2019 was ¥775,761,838.76, a decrease of 28.67% compared to ¥1,087,555,948 in 2018[18]. - The net loss attributable to shareholders was ¥326,204,197.9, an improvement of 21.38% from a loss of ¥414,926,964.9 in the previous year[18]. - The net cash flow from operating activities was -¥7,928,331.41, representing a decline of 113.81% from ¥57,430,687.03 in 2018[18]. - The total assets at the end of 2019 were ¥4,506,943,168, a decrease of 14.81% from ¥5,587,735,324 in 2018[19]. - The net assets attributable to shareholders decreased by 34.84% to ¥610,064,842.65 from ¥936,269,040.56 in 2018[19]. - The basic and diluted earnings per share were both -¥0.92, an improvement of 20.69% from -¥1.16 in 2018[18]. - The company reported a total of ¥223,740,157.18 in revenue for Q1 2019, with a net loss of -¥61,688,795.50 for the same quarter[23]. - The company experienced a significant decline in cash flow, with Q4 2019 showing a net cash flow from operating activities of -¥128,881,139.81[23]. - The company reported a net profit attributable to shareholders of -326.20 million yuan for 2019, with no cash dividends distributed in the last three years[93]. - The company reported a total of RMB 11.6 billion in loans from its controlling shareholder, with an annual interest rate of 8.6% for the year 2019[111]. Business Structure and Strategy - The company underwent a significant business structure adjustment in March 2004, shifting focus to retail, hotel, and real estate sectors[16]. - The company has a diversified ownership structure following several equity transfers since 2006[16]. - The actual controller of the company remains unchanged despite the shifts in shareholder structure[16]. - The company is adjusting its real estate development strategy to focus on small plots in central urban areas to enhance competitiveness[34]. - The company plans to focus on inventory reduction in the real estate sector, emphasizing the sale of existing projects such as the Shenyang Friendship Times Square and Dalian Furihua International projects[85]. - The company aims to develop small land parcels in central urban areas as part of its strategy to adapt to ongoing real estate market challenges[86]. Market Conditions - The real estate market is experiencing a slowdown, with first-tier cities showing a 17.1% increase in sales area, while third-tier cities saw a 10.8% decline[38]. - The retail market is projected to shift from extensive growth to competition for existing market share, influenced by consumer behavior changes and technological advancements[84]. - The real estate development investment in China for 2019 was ¥132,194 billion, with a growth of 9.9% year-on-year, indicating a challenging market environment[29]. - The company is facing significant policy risks due to ongoing government regulations in the real estate market, which may impact its operations[87]. Ownership and Shareholder Information - The major shareholders include Dalian State-owned Assets Supervision and Administration Commission with 30% stake, and Dayang Group with 27% stake[16]. - The largest shareholder, Wuxin Investment Holdings, holds 28.06% of the shares, totaling 100,000,000 shares[142]. - The second-largest shareholder, Dalian Friendship Group Co., Ltd., holds 1.87% of the shares, totaling 6,660,000 shares[142]. - The company has not proposed any capital reserve transfers or stock dividends in the past three years[92]. - The company reported no other shareholders holding more than 10% of the shares[147]. Operational Challenges - The company has acknowledged the increasing competition in the real estate market, which may lead to greater market risks and volatility[87]. - The company has terminated the operation of the Friendship Mall New World store due to ongoing losses and lease expiration[46]. - The company is facing uncertainty regarding the impact of ongoing lawsuits on current and future profits[130][131][136]. - The company has outstanding debt of approximately ¥282,573,024.15 related to a lawsuit from Dalian Furuihua Hotel, which has filed a claim for repayment[130]. Financial Management and Governance - The company has established a governance structure that complies with the requirements of the China Securities Regulatory Commission, ensuring effective internal control and risk management[174]. - The company has maintained complete independence from its controlling shareholder in terms of business, personnel, assets, institutions, and finance, ensuring autonomous operational capabilities[178]. - The independent directors actively fulfilled their responsibilities, ensuring the protection of the interests of the company and all shareholders, and maintained regular communication with management[182]. - The audit committee emphasized the need to strengthen the internal audit mechanism and improve the internal control system to mitigate risks associated with related party transactions[184]. Employee and Management Information - The total number of employees in the company is 520, with 291 in sales, 113 in technical roles, 36 in finance, and 80 in administration[168]. - The total remuneration for directors, supervisors, and senior management during the reporting period amounted to 3.54 million RMB[166]. - The company has established a salary management system based on market research and economic indicators, aiming to align employee quality with salary levels[170]. - The company has not granted any stock incentives to directors and senior management during the reporting period[167]. Legal and Compliance Issues - The company has incurred legal disputes involving a total of RMB 45.1 million, with ongoing appeals in some cases[103]. - The company has not faced any bankruptcy reorganization or significant litigation matters during the reporting period[102][103]. - The company has not faced any penalties or rectification requirements during the reporting period[105].

Financial Performance - Operating revenue for the reporting period was CNY 163,357,504.89, a decline of 43.48% compared to the same period last year[7]. - Net profit attributable to shareholders of the listed company was a loss of CNY 60,343,695.06, an increase in loss of 28.29% year-on-year[7]. - Basic earnings per share were -CNY 0.169, a decrease of 28.26% compared to the same period last year[7]. - Total operating revenue for Q3 2019 was CNY 163,357,504.89, a decrease of 43.4% compared to CNY 289,037,902.43 in the same period last year[42]. - Net loss for Q3 2019 was CNY 65,569,613.55, compared to a net loss of CNY 88,925,407.62 in Q3 2018, representing a 26.2% improvement[44]. - Total operating revenue for the period was ¥580,499,032.74, a decrease of 29.1% compared to ¥818,662,297.12 in the previous period[49]. - Net profit for the period was a loss of ¥157,211,262.78, compared to a loss of ¥169,996,630.96 in the previous period, showing an improvement of 7.5%[51]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 4,894,770,805.15, a decrease of 12.40% compared to the end of the previous year[7]. - Total current assets decreased to ¥3,893,028,956.45 from ¥4,570,292,250.06, a decline of approximately 14.8%[33]. - Total liabilities decreased to ¥4,031,486,684.72 from ¥4,554,939,940.85, a reduction of approximately 11.5%[34]. - The company's total liabilities decreased to CNY 2,547,372,554.95 from CNY 3,011,222,628.74, a reduction of 15.4%[40]. - Total assets decreased to CNY 3,698,581,578.39 from CNY 4,129,170,190.29, a decline of 10.4%[40]. - Total liabilities reached CNY 4,554,939,940.85, with current liabilities totaling CNY 4,014,267,582.12, including short-term borrowings of CNY 720,000,000.00 and accounts payable of CNY 263,105,492.27[68]. Cash Flow - The net cash flow from operating activities for the year-to-date was CNY 120,952,808.40, an increase of 292.50%[7]. - The net cash flow from investment activities increased by 178.07% year-on-year, mainly due to the termination of the acquisition of part of the equity of Wuhan Credit Microloan Co., Ltd.[15]. - Cash inflows from operating activities totaled CNY 814,372,812.43, while cash outflows were CNY 693,420,004.03, resulting in a net cash flow from operating activities of CNY 120,952,808.40, a recovery from a negative cash flow of CNY 62,833,793.64 in the previous period[59]. - Cash inflows from financing activities were CNY 635,829,914.97, while cash outflows were CNY 1,278,645,351.17, resulting in a net cash flow from financing activities of -CNY 642,815,436.20, worsening from -CNY 322,088,190.76 in the previous period[60]. Shareholder Information - Net assets attributable to shareholders of the listed company were CNY 794,288,104.50, down 15.16% year-on-year[7]. - The total number of ordinary shareholders at the end of the reporting period was 23,538[11]. - The company's equity attributable to shareholders decreased to ¥794,288,104.50 from ¥936,269,040.56, a decline of approximately 15.2%[35]. Operational Efficiency - Operating costs decreased by 27.32% year-on-year, corresponding to the decrease in revenue recognized from the real estate sector[6]. - The company’s interest expenses decreased by 40.03% compared to the beginning of the period, mainly due to the repayment of bond interest[6]. - The company’s tax expenses decreased by 94.68% year-on-year, primarily due to a decrease in operating revenue and total profit[6]. - The company reported a significant reduction in financial expenses, totaling CNY 57,404,169.61, down 27.4% from CNY 79,100,148.77[42]. Future Outlook and Strategy - The company plans to apply for a comprehensive credit limit of up to 3 billion yuan from Wuhan Credit Investment Group to support its main business development[18]. - The company is actively negotiating debt settlement solutions with creditors to improve liquidity and recover receivables[18]. - The company is focusing on market expansion and new product development, although specific figures and timelines were not disclosed in the report[68]. - Future outlook includes potential mergers and acquisitions to enhance market position, though no specific targets were mentioned[68]. - The company is investing in new technologies to improve operational efficiency, with ongoing research and development initiatives[68].

Financial Performance - The company's operating revenue for the first half of 2019 was ¥417,141,527.85, a decrease of 21.24% compared to ¥529,624,394.69 in the same period last year[16]. - The net profit attributable to shareholders was -¥81,637,241.00, representing a decline of 9.37% from -¥74,646,498.54 year-on-year[16]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥104,260,314.37, a significant decrease of 40.46% compared to -¥74,228,953.53 in the previous year[16]. - The retail segment generated a revenue of 363.93 million yuan, a decline of 10.25%, with profits dropping by 97.02%[34]. - The real estate segment's revenue was 51.96 million yuan, down 57.19%, with a profit of -110.47 million yuan, a decrease of 52.61%[34]. - The net loss for the first half of 2019 was ¥91.64 million, compared to a net loss of ¥81.07 million in the first half of 2018, indicating a worsening of 13.5%[127]. - The company's operating profit for the first half of 2019 was -¥126.93 million, compared to -¥74.31 million in the same period of 2018, reflecting a decline of 70.8%[127]. - The total comprehensive income for the first half of 2019 was -¥91.64 million, compared to -¥81.07 million in the first half of 2018, indicating a decline of 13.5%[128]. Cash Flow and Liquidity - The net cash flow from operating activities improved to ¥15,217,036.66, a 131.31% increase from -¥48,595,146.59 in the same period last year[16]. - The net cash flow from investing activities was ¥316,398,178.47, a substantial increase due to the recovery of equity transfer payments from a small loan company[45]. - The net cash flow from financing activities was -¥482,583,602.70, reflecting a 1,543.24% increase due to the repayment of bank loans[45]. - The company's cash and cash equivalents decreased by 93.59% to -¥150,968,387.57, primarily due to loan repayments[45]. - The cash flow from operating activities net amount was negative at -¥20,826,758.03 in 2019, contrasting with a positive cash flow of ¥21,733,206.11 in 2018, highlighting operational challenges[139]. Assets and Liabilities - Total assets at the end of the reporting period were ¥5,075,049,526.71, down 9.18% from ¥5,587,735,324.06 at the end of the previous year[16]. - The net assets attributable to shareholders decreased by 8.72% to ¥854,631,799.56 from ¥936,269,040.56 at the end of the previous year[16]. - Cash and cash equivalents decreased by 41.93% compared to the beginning of the period, primarily due to repayment of bank loans[29]. - The company's total assets include cash of ¥212,000,556.30, which represents 4.18% of total assets, down from 6.53% in the previous year[51]. - Total liabilities decreased from CNY 4,554,939,940.85 to CNY 4,146,195,792.73, representing a decrease of approximately 9.0%[119]. Market and Business Strategy - The retail market in China saw a growth of 8.3% in the first half of 2019, with online retail sales increasing by 17.8%[24]. - The company is focusing on transforming its department stores into shopping centers to enhance service scenarios and optimize business structure[25]. - The company is actively seeking new cooperation models and projects to support cash flow and real estate transformation[27]. - The company aims to develop small plots in central urban areas as part of its new strategy[30]. - The real estate market is experiencing a slowdown, with significant pressure on inventory turnover and sales in commercial properties[27]. Shareholder and Equity Information - The company plans not to distribute cash dividends or issue bonus shares for the reporting period[5]. - The total number of shares is 356,400,000, with 99.99% being unrestricted shares[98]. - The largest shareholder, Wuxin Investment Holdings (Shenzhen) Co., Ltd., holds 100,000,000 shares, accounting for 28.06% of total shares[102]. - The company has not issued any new shares or conducted any share buybacks during the reporting period[100]. - The total equity attributable to the parent company at the end of the period was 1,484.27 million yuan, a decrease from 1,500 million yuan in the previous period[145]. Financial Management and Accounting Policies - The financial statements were approved by the board of directors on August 29, 2019, and include 8 subsidiaries in the consolidated financial statements[157]. - The company has assessed its ability to continue as a going concern for the next 12 months and found no significant doubts regarding its sustainability[159]. - The company adheres to specific disclosure requirements for the real estate and retail industries[160]. - The accounting policies and estimates are in compliance with the relevant accounting standards and reflect the company's financial position accurately[161]. - The company employs a perpetual inventory system for inventory management[200]. Risks and Challenges - The company faces policy risks due to stringent real estate regulations, which may impact its operations and development[64]. - The company faces liquidity risks due to prolonged project cash return times and increasing funding pressures, necessitating improved capital structure and debt repayment capabilities[65]. - The real estate market is entering a phase of intensified competition, with increasing market concentration and risks associated with policy uncertainties[65].

Financial Performance - The company's operating revenue for Q1 2019 was ¥223,740,157.18, a decrease of 21.56% compared to ¥285,247,373.21 in the same period last year[8] - The net profit attributable to shareholders was a loss of ¥61,688,795.50, representing a decline of 1,046.53% from a profit of ¥6,517,339.11 in the previous year[8] - The basic earnings per share for Q1 2019 was -¥0.17, a decrease of 950.00% compared to ¥0.02 in the same period last year[8] - Net profit for Q1 2019 was a loss of ¥66,822,653.43, compared to a profit of ¥5,157,786.58 in Q4 2018[38] - Net profit for the current period is ¥2,132,147.99, a decline of 85.2% compared to ¥14,461,951.43 in the previous period[43] Cash Flow - The net cash flow from operating activities improved to -¥17,916,334.55, an 83.57% increase compared to -¥109,052,371.92 in the same period last year[8] - Cash flow from operating activities shows a net outflow of ¥17,916,334.55, improving from a net outflow of ¥109,052,371.92 in the previous period[46] - The total cash inflow from operating activities was 253,424,695.53 CNY, while total cash outflow was 282,465,442.74 CNY[50] - The company reported a significant increase in cash outflow related to operating activities, totaling 462,154,257.54 CNY in the previous year[50] - The net cash flow from investment activities decreased by 22,252.94% year-on-year, primarily due to increased renovation costs for commercial subsidiaries[17] Assets and Liabilities - The total assets at the end of the reporting period were ¥5,463,237,728.14, down 2.23% from ¥5,587,735,324.06 at the end of the previous year[8] - The net assets attributable to shareholders decreased by 6.59% to ¥874,580,245.06 from ¥936,269,040.56 at the end of the previous year[8] - Total current assets decreased from CNY 4,570,292,250.06 to CNY 4,449,137,890.02, a decline of approximately 2.66%[28] - Total liabilities decreased from CNY 4,554,939,940.85 to CNY 4,498,764,998.36, a decline of approximately 1.24%[29] - The company's total assets decreased from CNY 5,587,735,324.06 to CNY 5,463,237,728.14, a decline of approximately 2.23%[30] Operational Challenges - Operating revenue decreased by 21.56% year-on-year, mainly due to the sluggish commercial real estate market affecting project sales[17] - Net profit attributable to shareholders decreased by 1046.53% year-on-year, primarily due to decreased operating revenue and increased financial expenses from halted interest capitalization[17] - Financial expenses increased by 133.46% year-on-year, mainly due to the full cessation of interest capitalization during the period[17] - Asset impairment losses increased by 127.38% year-on-year, mainly due to the transfer of subsidiary equity and related impairment provisions[17] Investment Activities - The company decided to terminate the acquisition of a 30% stake in Wuhan Credit Microloan Co., Ltd. due to significant deviations from expected performance and uncertainties in industry approvals[15] - The company received a refund of ¥294,000,000 for the prepaid amount related to the terminated acquisition, along with compensation based on an 8.6% cost of funds[15] - The company’s cash flow from investment activities was -1,736,881.94 CNY, indicating a decrease in investment activity compared to the previous year[50] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 24,352[11] - The company's long-term equity investments remained stable at ¥591,161,082.44, unchanged from the previous quarter[33]