中兴—沈阳商业大厦（集团）股份有限公司 2021 年第一季度报告全文 中兴—沈阳商业大厦（集团）股份有限公司 2021 年第一季度报告 2021 年 04 月 中兴—沈阳商业大厦（集团）股份有限公司 2021 年第一季度报告全文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人屈大勇、主管会计工作负责人朱会君及会计机构负责人（会计 主管人员）谭军声明：保证季度报告中财务报表的真实、准确、完整。 1 中兴—沈阳商业大厦（集团）股份有限公司 2021 年第一季度报告全文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | 营业收入（元） | 230,761,309.28 | 203,896,967.60 | 13.18% | | 归属于上市公司股东的净利润（元） ...

Financial Performance - The company's operating revenue for 2020 was ¥858,484,490.46, a decrease of 68.23% compared to ¥2,702,172,506.80 in 2019[17] - The net profit attributable to shareholders for 2020 was ¥97,015,172.20, down 37.13% from ¥154,319,737.05 in 2019[17] - The basic earnings per share for 2020 was ¥0.2334, reflecting a decline of 37.12% from ¥0.3712 in 2019[17] - The net cash flow from operating activities for 2020 was ¥145,138,094.30, a decrease of 6.97% from ¥156,014,294.51 in 2019[17] - The weighted average return on equity for 2020 was 6.41%, down from 10.91% in 2019, a decrease of 4.50%[17] - The company reported a significant increase in investment income from entrusted asset management, amounting to 4.26 billion yuan in 2020[22] - The company reported a significant decline in physical sales revenue of 70.65%, primarily due to the implementation of new revenue recognition standards and the impact of the pandemic[54] - The company reported a net profit for the reporting period, with a profit available for distribution to ordinary shareholders amounting to CNY 63,891,532.40[93] Assets and Liabilities - The total assets at the end of 2020 were ¥2,320,556,347.39, an increase of 1.20% from ¥2,293,137,964.85 at the end of 2019[17] - The net assets attributable to shareholders at the end of 2020 were ¥1,542,582,883.83, up 4.31% from ¥1,478,825,226.83 at the end of 2019[17] - The company's total assets at the end of the reporting period amounted to 2.32 billion yuan, while the net assets attributable to shareholders were 1.54 billion yuan[37] - The total current assets remained stable at CNY 1,128,934,200.25 as of December 31, 2019, with no adjustments made to cash and cash equivalents[105] - The company reported a total liability of CNY 814,312,738.02, with non-current liabilities at CNY 168,452,141.30[106] Cash Flow and Investments - Operating cash inflow decreased by 9.52% to ¥2.81 billion in 2020 from ¥3.11 billion in 2019[64] - Investment cash inflow increased significantly by 273.73% to ¥579.99 million in 2020 from ¥155.19 million in 2019[64] - Net cash flow from investment activities turned positive at ¥568.57 million in 2020 compared to a negative ¥465.93 million in 2019[64] - The company reported a significant decrease in investment activities, with total investment amounting to ¥0 in 2020 compared to ¥92.27 million in 2019, marking a 100% decline[71] Dividends and Shareholder Returns - The company plans to distribute a cash dividend of ¥0.50 per 10 shares to all shareholders based on the total share capital of 415,718,940 shares as of the end of 2020[5] - The cash dividend for 2020 is proposed at 0.50 yuan per 10 shares, totaling approximately 20.79 million yuan[90] - The cash dividend payout ratio for 2020 is 21.43% of the net profit attributable to shareholders[92] - A cash dividend of CNY 0.50 per 10 shares (including tax) was proposed, totaling CNY 20,785,947.00, which represents 100% of the profit distribution[93] Operational Strategies - The company has expanded its online sales through the "中兴大厦+" mini-program to mitigate the impact of the pandemic[27] - The company maintained a stable operating model, primarily through joint ventures, self-operated stores, and property leasing[26] - The company plans to adapt to changing retail trends by integrating online and offline sales channels and leveraging big data for consumer insights[79] - Future retail strategies will focus on supply chain differentiation and optimizing the business model to enhance profitability[80] Market and Competitive Position - The company has strengthened strategic partnerships with key brand groups, enhancing brand power and market competitiveness[38] - The company aims to strengthen brand positioning and enhance product offerings to attract fashion-conscious consumers[83] - The company acknowledges risks related to economic fluctuations and market competition, particularly in the post-pandemic environment[85] Corporate Governance and Compliance - The company has committed to maintaining the independence of its financial and operational management systems[95] - The actual controller and shareholders have fulfilled their commitments regarding the independence of the company and avoidance of substantial competition[94] - The company has established a commitment to maintain independent tax practices[97] - The company has made significant improvements in corporate governance, aligning with the requirements set by the China Securities Regulatory Commission[191] Social Responsibility and Community Engagement - The company donated over 40 million in cash and materials to pandemic prevention efforts in Liaoning Province[136] - The company actively supported charitable initiatives and social responsibility during the COVID-19 pandemic[135] - The company has invested a total of CNY 6.635 million in six poverty alleviation projects, helping 170 registered poor individuals to escape poverty[140] Employee Management and Development - The total number of employees in the company is 4,321[176] - The company aims to enhance employee skills and service levels through targeted training programs[186] - The company has revised its remuneration management system to align with market levels and performance-based incentives[185] Legal and Regulatory Matters - The company has not faced any penalties or rectification issues during the reporting period[120] - The company has not reported any non-operating fund occupation by controlling shareholders or related parties during the reporting period[100] - The company has committed to resolving potential competition issues with its controlling shareholder by integrating relevant assets and businesses by April 10, 2025[194]

Financial Performance - Operating revenue decreased by 65.36% to CNY 224,515,913.23 for the current period, and by 68.98% to CNY 627,442,166.49 year-to-date[8] - Net profit attributable to shareholders decreased by 1.47% to CNY 29,211,622.64 for the current period, and by 84.42% to CNY 18,390,705.46 year-to-date[8] - Basic earnings per share decreased by 1.40% to CNY 0.0703 for the current period, and by 84.43% to CNY 0.0442 year-to-date[8] - Total operating revenue for the current period is ¥224,515,913.23, a decrease of 65.3% compared to ¥648,175,803.89 in the previous period[42] - Total operating revenue for the consolidated entity is ¥627,442,166.49, a decrease of 69.0% from ¥2,022,646,356.05 in the previous period[50] - Total profit from the beginning of the year to the end of the reporting period is ¥24,725,221.89, a decrease of 84.18% compared to the same period last year[17] - Net profit for Q3 2020 was CNY 18.34 million, down 84.5% from CNY 118.00 million in Q3 2019[52] - Total profit for Q3 2020 was CNY 24.73 million, a significant drop of 84.2% from CNY 156.27 million in Q3 2019[52] Cash Flow - Net cash flow from operating activities increased by 159.55% to CNY 133,184,988.61 for the current period, but decreased by 14.41% year-to-date[8] - The net cash flow from operating activities for Q3 2020 was CNY 155.50 million, a decrease of 14.4% compared to CNY 181.69 million in Q3 2019[57] - The company achieved a cash inflow from operating activities totaling CNY 1.99 billion, compared to CNY 2.32 billion in the same period last year[57] - The total cash inflow from operating activities was ¥1,989,686,761.73, down 13.9% from ¥2,314,188,956.20 year-over-year[61] - The company reported a net increase in cash and cash equivalents of ¥698,895,149.89 for the quarter, compared to ¥118,551,931.82 in the same period last year, representing a 487.5% increase[62] Assets and Liabilities - Total assets increased by 2.38% to CNY 2,347,659,969.57 compared to the end of the previous year[8] - The total assets of the company reached ¥2,347,659,969.57, up from ¥2,293,137,964.85, indicating an increase of approximately 2.4%[36] - Total liabilities increased to ¥883,213,393.76 from ¥814,312,738.02, reflecting a growth of about 8.4%[35] - The total current assets were CNY 1,109,186,392.85, with cash and cash equivalents at CNY 438,746,707.30[69] - The balance of contract liabilities at the end of the period is ¥88,081,719.08, with a beginning balance of 0.00, mainly due to the implementation of new revenue standards[15] Shareholder Information - The total number of shareholders at the end of the reporting period was 11,660[11] - The largest shareholder, Liaoning Fangda Group, holds 38.34% of the shares, totaling 159,366,925 shares[11] - The company did not engage in any repurchase transactions during the reporting period[12] Other Financial Metrics - The weighted average return on equity was 2.02%, a decrease of 0.06% compared to the previous period[8] - The company reported non-recurring losses totaling CNY 21,077,656.50 for the year-to-date period[9] - The company reported a slight increase in interest income to ¥8,381,844.13 from ¥7,150,379.51 in the previous period[43] - The company has maintained a stable management expense level, with current management expenses at ¥65,868,351.95, compared to ¥66,183,166.33 in the previous period[43] Investment and Capital - Cash received from the recovery of investments is ¥570,000,000.00, an increase of 280.00% compared to the same period last year, mainly due to the maturity of financial assets[18] - The company plans to increase capital in its wholly-owned subsidiary with ¥4.4 million to support poverty alleviation efforts in Gansu Province[20] - Long-term equity investments increased to ¥14,063,200.00 from ¥9,663,200.00, representing an increase of approximately 45.0%[39]

Financial Performance - The company's operating revenue for the first half of 2020 was ¥402,926,253.26, a decrease of 70.68% compared to ¥1,374,470,552.16 in the same period last year[17]. - The net profit attributable to shareholders was a loss of ¥10,820,917.18, representing a decline of 112.25% from a profit of ¥88,356,656.29 in the previous year[17]. - The net cash flow from operating activities was ¥22,318,888.71, down 82.88% from ¥130,374,042.16 in the same period last year[17]. - The basic earnings per share were -¥0.03, a decrease of 114.29% compared to ¥0.21 in the previous year[17]. - The company reported a net increase in cash and cash equivalents of ¥566,587,676.74, a rise of 738.62% compared to the previous year[40]. - The net profit for the reporting period was -¥768.55 million, reflecting a decline of 109.21% year-on-year[39]. - The total revenue for Shenyang Zhongxing Commercial Building (Group) Co., Ltd. was approximately CNY 1.45 million, with a net profit of CNY 1.05 million[62]. - The company reported a significant loss in the subsidiary Dongxiang Autonomous County Shengdong Trading Co., Ltd., with a net loss of CNY 437,076.25[62]. - The company reported a total revenue of 941.88 million RMB for the period, with a projected total of 1,351.90 million RMB for the upcoming period[81]. Assets and Liabilities - Total assets at the end of the reporting period were ¥2,231,378,167.78, a decrease of 2.69% from ¥2,293,137,964.85 at the end of the previous year[17]. - The net assets attributable to shareholders were ¥1,434,746,794.45, down 2.98% from ¥1,478,825,226.83 at the end of the previous year[17]. - Total cash and cash equivalents at the end of the reporting period were ¥1,018,944,328.74, representing 45.66% of total assets, an increase of 7.58% from the previous year[50]. - The company's total liabilities were CNY 940,000,059.01 at the end of the reporting period[158]. - The company's total equity decreased to CNY 1,457,615,732.46 as of June 30, 2020, down from CNY 1,500,146,311.59 at the end of 2019, reflecting a decline of approximately 2.8%[133]. Operational Changes and Strategies - The company plans not to distribute cash dividends or issue bonus shares[6]. - The company is focusing on cost reduction and efficiency improvement, implementing measures to lower various fees and enhance asset management[32]. - The company has restructured its organizational framework to optimize human resource management and improve operational efficiency[32]. - The company expanded its online sales through the "ZTE Building+" mini-program, which had a total of 863,000 visits and 12.96 million total visits, with a peak daily transaction exceeding 1 million yuan[32]. - The company conducted 10 marketing campaigns during the reporting period, which yielded positive results[32]. Market and Industry Trends - The retail industry is recovering, with a significant narrowing of the decline in retail sales, indicating a positive market trend[26]. - The company has acknowledged potential risks in its future plans and has advised investors to be cautious[5]. - The company is facing economic fluctuation risks due to the global economic downturn, which may affect consumer growth[65]. Legal and Compliance Issues - The company is involved in a significant litigation case with a claim amount of 240.82 million yuan, which is expected to have a major impact on its financial performance[74]. - The company has initiated bankruptcy proceedings for its wholly-owned subsidiary Fushun Zhongxing Times Square Commercial Co., Ltd. due to severe financial distress[73]. - The company’s subsidiary, Fushun Zhongxing, has been in litigation since March 2020, highlighting ongoing legal challenges[99]. Social Responsibility and Community Engagement - The company has actively participated in poverty alleviation efforts, investing 4.5 million RMB and helping 48 registered impoverished individuals to escape poverty[96]. - The company donated 40 million RMB to support COVID-19 pandemic prevention efforts through the Liaoning Charity Federation[98]. - The company has implemented a second poverty alleviation project in the form of a potato deep processing initiative, which has already provided employment for 65 local farmers[95]. Financial Reporting and Governance - The financial report for the first half of 2020 was not audited[124]. - The company has not conducted an audit for the half-year financial report[71]. - The company’s accounting policies include specific methods for depreciation of fixed assets and revenue recognition, tailored to its operational characteristics[168]. - The company’s financial statements are based on the principle of going concern, ensuring the continuity of its operations[167].

Financial Performance - The company's operating revenue for Q1 2020 was ¥203,896,967.60, a decrease of 71.74% compared to ¥721,513,064.37 in the same period last year[9] - The net profit attributable to shareholders was a loss of ¥22,680,696.44, representing a decline of 211.99% from a profit of ¥20,252,904.28 in the previous year[9] - The total profit for the current period was CNY -29,974,326.87, a decrease of 212.49% compared to the same period last year, driven by changes in various profit statement items[20] - The company's operating revenue for the current period was CNY 203,896,967.60, a decrease of 71.74% compared to the same period last year, primarily due to the implementation of new revenue standards and the impact of the pandemic[11] - The operating cost for the current period was CNY 108,829,384.56, a decrease of 81.39% compared to the same period last year, reflecting the same reasons as the revenue decline[12] - The company's total equity attributable to shareholders decreased to CNY 1,456,144,530.39 from CNY 1,478,825,226.83[37] - The basic and diluted earnings per share for the first quarter were both -¥0.055, down from ¥0.049 in the previous period[48] - The operating profit for the first quarter was ¥11,669,345.71, a decrease of 56.1% from ¥26,584,284.36 in the previous year[46] Cash Flow and Liquidity - The net cash flow from operating activities was negative at ¥43,973,509.98, down 146.99% from ¥93,578,867.36 in the same period last year[9] - The company reported a cash inflow from operating activities of ¥588,549,883.18, down from ¥836,914,480.93 in the previous period, reflecting a decline of 29.7%[51] - The cash flow from financing activities was 540,000.00 CNY, with no significant inflows from borrowings or other financing activities reported[53] - The company experienced a net increase in cash and cash equivalents of 536,321,759.13 CNY, contrasting with a decrease of -61,259,766.72 CNY in the previous period, indicating a positive cash flow trend[53] - The total cash and cash equivalents at the end of the period reached 988,676,372.30 CNY, up from 723,326,297.63 CNY, indicating a strong liquidity position[53] Assets and Liabilities - The total assets at the end of the reporting period were ¥2,227,855,138.80, a decrease of 2.85% from ¥2,293,137,964.85 at the end of the previous year[9] - The company's total liabilities decreased to CNY 771,170,608.41 from CNY 814,312,738.02 year-over-year[37] - The total non-current liabilities decreased to CNY 151,085,541.01 from CNY 168,452,141.30[41] - The company's retained earnings decreased to CNY 693,244,763.37 from CNY 715,925,459.81[37] - The total assets of the company as of January 1, 2020, amounted to CNY 2,285,101,114.26[63] - The total liabilities of the company were CNY 784,954,802.67 as of January 1, 2020[63] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 13,192[12] - The top shareholder, Liaoning Fangda Group Industrial Co., Ltd., held 38.34% of the shares, totaling 159,366,925 shares[12] Revenue Recognition Standards - The company implemented new revenue and leasing standards starting in 2020, which may impact future financial reporting and performance metrics[57] - The company has implemented the new revenue recognition standards starting January 1, 2020, which will affect the recognition of revenue from certain sales models[60] - The company’s retail revenue is categorized into two types: distribution model and consignment model, with different revenue recognition methods under the new standards[60]

Financial Performance - The company's operating revenue for 2019 was CNY 2,702,172,506.80, representing a 5.91% increase compared to CNY 2,551,465,479.53 in 2018[16]. - The net profit attributable to shareholders for 2019 was CNY 154,319,737.05, a significant increase of 70.92% from CNY 90,287,114.32 in the previous year[16]. - The net profit after deducting non-recurring gains and losses was CNY 122,963,885.68, up 29.64% from CNY 94,847,884.08 in 2018[16]. - The net cash flow from operating activities reached CNY 156,014,294.51, an increase of 47.33% compared to CNY 105,894,699.12 in 2018[16]. - Basic earnings per share for 2019 were CNY 0.37, reflecting a 68.18% increase from CNY 0.22 in 2018[16]. - Total assets at the end of 2019 amounted to CNY 2,293,137,964.85, a 5.67% increase from CNY 2,170,065,168.41 at the end of 2018[16]. - The net assets attributable to shareholders increased by 9.80% to CNY 1,478,825,226.83 from CNY 1,346,825,969.78 in 2018[16]. - The weighted average return on equity for 2019 was 10.91%, an increase of 4.04% from 6.87% in 2018[16]. - The company reported a total sales target of CNY 3.15 billion for 2020, which is expected to remain flat compared to the previous year[84]. Dividend Distribution - The company plans to distribute a cash dividend of CNY 0.8 per 10 shares, totaling CNY 33,257,511.52 based on the total share capital of 415,718,940 shares[5]. - The cash dividend payout ratio for 2019 is 21.55% of the net profit attributable to the company's ordinary shareholders[96]. - The company has maintained a consistent cash dividend of 0.80 yuan per 10 shares for the years 2017, 2018, and 2019[93]. - The total distributable profit for 2019 is reported at 136,460,078.54 yuan[96]. - The company has a three-year shareholder dividend return plan in place, which has been strictly followed[91]. Shareholder Changes - The company underwent a change in controlling shareholder, with the stake transferred from Shenyang Zhongxing Commercial Group to Liaoning Fangda Group[15]. - Fangda Group became the controlling shareholder of Zhongxing Commercial on April 10, 2019, through an agreement transfer[99]. - Fangda Group committed to ensuring no substantial competition with Zhongxing Commercial and will notify the company of any potential business opportunities that may conflict[99]. - The company guarantees the independence of its operations, including personnel, assets, and business activities, separate from Fangda Group[98]. - The company’s controlling shareholder changed from Shenyang Zhongxing Commercial Group to Fangda Group, with the transfer of 80,911,740 shares completed on April 10, 2019[146]. Operational Developments - The company has transitioned to a market-oriented development phase since April 2019, enhancing management efficiency and operational flexibility[29]. - The company is focusing on expanding its retail business across multiple cities, including Shenyang, Anshan, and Fushun[25]. - The company has implemented a "racehorse mechanism" to motivate employees and improve talent utilization, enhancing overall operational efficiency[40]. - The company is committed to improving its financial management and internal audit processes to enhance operational efficiency[85]. - The company is focusing on enhancing customer experience and service quality as a core competitive advantage[84]. Investment and Subsidiaries - The company established a wholly-owned subsidiary in July 2019 to support its business development in Gansu Province[56]. - The company invested CNY 4.5 million in its wholly-owned subsidiary for a poverty alleviation project in Gansu Province, establishing a joint venture with Shenyang Yongli Industrial Co., Ltd.[156]. - The company reported a government subsidy of CNY 674.06 million, down from CNY 1,952.71 million in 2018[21]. - The company’s investment activities resulted in a net cash outflow of CNY 465,925,265.69, which is a 241.09% increase in outflow compared to CNY 136,597,372.58 in 2018[62]. Market and Competitive Position - The company has a strong membership base with high activity and consumption capacity, contributing to its competitive advantage[32]. - The company successfully introduced key brands such as TOM FORD and Givenchy, enhancing its brand portfolio and operational quality[40]. - The company is actively pursuing new technology development to improve operational efficiency and customer experience, although specific technologies were not detailed[187]. - Strategic acquisitions are being considered to bolster market presence and diversify offerings, with an emphasis on aligning with growth objectives[187]. Employee and Management Structure - The total number of employees in the company is 1,505, with 1,476 in the parent company and 29 in major subsidiaries[197]. - The total salary paid to directors, supervisors, and senior management during the reporting period amounts to 6,554,800 CNY[196]. - The company emphasizes a performance-oriented compensation policy to enhance market competitiveness and internal fairness[199]. - The company plans targeted management training for all levels of employees to improve knowledge structure and service skills[200]. - The company has established a salary incentive mechanism based on job performance to maximize employee motivation[199]. Legal and Compliance Matters - The company is currently involved in a rental contract dispute, with a total amount of 18,953,262.08 RMB claimed in the lawsuit[125]. - The company has not faced any penalties or corrective actions during the reporting period[126]. - The company has not engaged in any related party transactions during the reporting period[128]. - The company has committed to not engage in transactions that would harm Zhongxing Commercial's interests before the integration of Yishang Group's assets[103]. Future Outlook - Future outlook indicates a focus on market expansion and the introduction of new products, aiming to enhance competitive positioning in the retail sector[187]. - The company plans to enhance its marketing strategies to attract a broader customer base, leveraging data analytics for targeted campaigns[187]. - The company is committed to sustainability initiatives, aiming to reduce operational costs and improve brand reputation through eco-friendly practices[187].

Financial Performance - Operating revenue for the reporting period was ¥648,175,803.89, representing a 3.02% increase compared to the same period last year[8]. - Net profit attributable to shareholders of the listed company was ¥29,647,391.61, a significant increase of 35.24% year-on-year[8]. - The basic earnings per share for the reporting period was ¥0.071, up by 33.96% compared to the same period last year[8]. - The weighted average return on equity was 2.08%, an increase of 0.40% compared to the previous year[8]. - The estimated cumulative net profit for the year is projected to be 117 million RMB, representing a growth of 29.58% compared to the previous year[38]. - Basic earnings per share are expected to be 0.28 RMB, an increase of 27.27% year-over-year[38]. - The net profit for the current period is ¥30,518,529.18, compared to ¥21,706,549.28 in the previous period, indicating a significant increase of about 40.5%[63]. - The operating profit has risen to ¥40,497,950.80 from ¥28,703,167.94, reflecting an increase of approximately 41.1%[62]. - The total profit for the current period is ¥40,691,372.24, up from ¥28,942,065.71, marking an increase of around 40.5%[62]. - The net profit for the year-to-date is ¥118,004,047.90, which is an increase from ¥61,792,199.96, representing a growth of approximately 90.0%[66]. - The basic earnings per share for the current period is ¥0.2839, compared to ¥0.1486 in the previous period, indicating an increase of about 90.6%[67]. - The company reported a total profit of CNY 149,445,936.61, compared to CNY 81,716,567.68 in the same quarter last year[70]. Assets and Liabilities - Total assets at the end of the reporting period reached ¥2,286,534,240.58, an increase of 5.37% compared to the end of the previous year[8]. - Total assets as of September 30, 2019, amount to 2.287 billion RMB, an increase from 2.170 billion RMB at the end of 2018[50]. - Total liabilities are reported at 844 million RMB, slightly up from 823 million RMB at the end of 2018[49]. - The total assets of the company reached 2,170,065,168.41 CNY, with non-current assets accounting for 1,153,426,759.33 CNY[83]. - The total liabilities were reported at 823,239,198.63 CNY, with current liabilities comprising 595,265,162.29 CNY[84]. - Current liabilities totaled CNY 590.62 million, with accounts payable at CNY 200.82 million and advance receipts at CNY 282.11 million[89]. - Total liabilities reached CNY 799.64 million, with non-current liabilities accounting for CNY 209.02 million[89]. Cash Flow and Investments - The company's cash and cash equivalents increased to approximately 906 million RMB from 787 million RMB at the end of 2018[47]. - The net cash flow from operating activities was CNY 181,687,931.99, an increase from CNY 154,788,851.05 in the prior year[74]. - Investment activities resulted in a net cash outflow of CNY 40,815,520.17, improving from a net outflow of CNY 143,394,965.29 in the same period last year[75]. - The company has entrusted 32 million RMB in bank wealth management products, with an unexpired balance of 17 million RMB[41]. - The company holds trading financial assets valued at 150,000,000.00 CNY, indicating active management of financial investments[82]. - The company reported a significant investment of 175,000,000.00 CNY in the current period, down from 290,000,000.00 CNY in the previous year[79]. Employee Compensation - The balance of employee compensation payable increased by 95.92% to ¥93,600,364.90, mainly due to unpaid employee salaries[21]. - The company reported a significant reduction in employee compensation payable, increasing from 47.8 million RMB to 93.6 million RMB[49]. - The company reported a total of CNY 47.38 million in payable employee compensation under current liabilities[89]. Financial Policies and Changes - The company executed new financial instrument standards starting January 1, 2019, impacting the accounting policies related to financial assets[86]. - The company has implemented new financial instrument standards, aligning with consolidated financial statements[91]. Future Outlook - Future outlook includes potential market expansion and new product development strategies to enhance revenue growth[57].

Financial Performance - The company's operating revenue for the first half of 2019 was RMB 1,374,470,552.16, representing a 7.71% increase compared to RMB 1,276,057,285.99 in the same period last year[17]. - The net profit attributable to shareholders of the listed company was RMB 88,356,656.29, a significant increase of 121.61% from RMB 39,870,075.78 in the previous year[17]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 56,344,272.32, up 33.32% from RMB 42,263,633.74 in the same period last year[17]. - The net cash flow from operating activities was RMB 130,374,042.16, an increase of 32.25% compared to RMB 98,582,654.41 in the previous year[17]. - Basic earnings per share rose to RMB 0.32, reflecting a 128.57% increase from RMB 0.14 in the same period last year[17]. - The total profit reported was CNY 116,403,000, an increase of 119.4% compared to the same period last year, primarily due to the return of some paid leave personnel, which reduced management expenses[49]. - The company reported a financial income of CNY 16,036,293.94, an increase from CNY 12,789,942.89 in the previous year[133]. - The company reported a total comprehensive income for the first half of 2019 of CNY 81,547,188.20, compared to CNY 39,580,876.47 in the same period of 2018, indicating a significant increase[139]. Assets and Liabilities - Total assets at the end of the reporting period were RMB 2,244,440,467.40, a 3.43% increase from RMB 2,170,065,168.41 at the end of the previous year[17]. - The total liabilities amounted to CNY 831,578,321.33, slightly up from CNY 823,239,198.63, indicating a 1.6% increase[126]. - The total equity attributable to shareholders increased to CNY 1,412,862,146.07 from CNY 1,346,825,969.78, reflecting a growth of 4.9%[126]. - Current assets totaled CNY 1,124,422,962.55 as of June 30, 2019, an increase of 10.6% from CNY 1,016,638,409.08 at the end of 2018[124]. - Cash and cash equivalents increased to CNY 854,760,150.76 from CNY 787,198,116.00, reflecting a growth of 8.7%[123]. - Non-current assets decreased to CNY 1,120,017,504.85 from CNY 1,153,426,759.33, a decline of 2.9%[125]. Business Operations - The company operates primarily in commercial retail, with business models including joint ventures, self-operated, and property leasing[24]. - The company has a significant presence in Shenyang's core business districts and extends its operations to surrounding cities such as Anshan, Fushun, Benxi, Tieling, and Liaoyang[24]. - The company is transitioning the Taiyuan Street store to a "department store shopping center," enhancing customer attraction and interaction[37]. - The company has a total of 1 self-owned department store with a building area of 21.84 thousand square meters in Liaoning[38]. - The average monthly sales per square meter for the department store segment was CNY 0.19, reflecting a growth rate of 6.28%[43]. - The company has established a large and active membership base, enhancing customer loyalty and spending capacity[31]. Investment and Capital Management - The company invested CNY 19,598,741.41 in construction projects for the upgrade of the Taiyuan Street store[27]. - The company’s investment income for the reporting period was CNY 3,070,173.17, accounting for 2.64% of total profit[54]. - The company plans to enhance its management efficiency and expand its chain operations in Shenyang to mitigate risks from economic fluctuations and market competition[72][73]. - The company will not distribute cash dividends and will instead increase capital by converting reserves into shares, issuing 4.9 shares for every 10 held, totaling 136,712,940 shares[78]. Shareholder Information - The total number of shares outstanding is 279,006,000, with 99.84% being unrestricted shares[105]. - The largest shareholder, Liaoning Fangda Group Industrial Co., Ltd., holds 38.34% of the shares, totaling 106,957,668 shares[108]. - The second-largest shareholder, Dashang Group Co., Ltd., holds 11.71% of the shares, totaling 32,661,923 shares, with 21,500,000 shares pledged[108]. - The company underwent a change in control, with the previous controlling shareholder transferring 29.00% of shares to Liaoning Fangda Group, effective April 10, 2019[99]. Legal and Compliance Matters - The company is involved in a significant lawsuit regarding a lease contract dispute, with a total amount of 18,953,262.08 RMB claimed[82]. - The company has ongoing litigation with a total claim amount of 74.44 million RMB related to a 3D navigation contract dispute[83]. - The company has not experienced any penalties or rectification measures during the reporting period[84]. - The audit report for the half-year was issued with a standard unqualified opinion by the auditing firm, Zhihong Accounting Firm[122]. Future Outlook - The company expects a cumulative net profit of RMB 10,885.7 million for the year, representing a growth of 76.17% compared to the previous year's RMB 6,179.2 million[71]. - The company anticipates a significant increase in operating revenue due to the return of previously laid-off staff, which will reduce management costs[71]. - The management expressed optimism about future growth prospects despite the current decline in revenue and profit margins[153]. - The company plans to focus on expanding its market presence and enhancing its product offerings in the upcoming quarters[154].

Financial Performance - The company's operating revenue for Q1 2019 was ¥721,513,064.37, representing a 6.26% increase compared to ¥679,035,401.60 in the same period last year[8]. - Net profit attributable to shareholders was ¥20,252,904.28, an increase of 18.68% from ¥17,065,401.47 year-on-year[8]. - Basic earnings per share were ¥0.0726, reflecting an 18.63% increase compared to ¥0.0612 in the same period last year[8]. - Total operating revenue for Q1 2019 was CNY 721,513,064.37, an increase of 6.25% compared to CNY 679,035,401.60 in Q1 2018[39]. - Net profit for Q1 2019 reached CNY 20,252,904.28, representing a growth of 18.5% from CNY 17,065,401.47 in Q1 2018[42]. - The total profit for Q1 2019 was CNY 26,645,147.49, which is a 19.8% increase compared to CNY 22,377,343.92 in Q1 2018[41]. - The operating profit for Q1 2019 was CNY 26,584,284.36, an increase of 13.3% from CNY 23,335,308.39 in the same quarter last year[41]. Cash Flow and Investments - The net cash flow from operating activities reached ¥93,578,867.36, up 18.70% from ¥78,838,337.58 in the previous year[8]. - Cash flow from operating activities was CNY 836,914,480.93, compared to CNY 799,468,437.12 in the previous period[48]. - Operating cash inflow totaled CNY 839,447,297.77, an increase from CNY 798,088,027.05 in the previous period, reflecting a growth of approximately 5.4%[52]. - Net cash flow from operating activities was CNY 91,132,324.08, up from CNY 74,216,684.25, representing an increase of about 22.8%[53]. - Investment activities generated a net cash outflow of CNY 154,043,645.78, worsening from a net outflow of CNY 140,337,689.54 in the previous period[53]. - Cash outflow for investment activities amounted to CNY 185,905,464.46, compared to CNY 170,645,545.19 in the prior period, indicating an increase of approximately 8.9%[53]. - The company reported an investment income of CNY 1,330,188.68, significantly higher than CNY 296,355.65 in the same period last year[45]. Assets and Liabilities - Total assets at the end of the reporting period were ¥2,238,020,076.19, a 3.13% increase from ¥2,170,065,168.41 at the end of the previous year[8]. - Total assets as of March 31, 2019, amounted to CNY 2,237,512,411.68, an increase from CNY 2,170,482,211.63 at the end of 2018[38]. - Total liabilities as of March 31, 2019, were CNY 870,941,202.13, compared to CNY 823,239,198.63 at the end of 2018, indicating a rise of 5.67%[33]. - The company's total equity reached CNY 1,367,078,874.06 as of March 31, 2019, up from CNY 1,346,825,969.78 at the end of 2018, marking an increase of 1.83%[33]. - The company's cash and cash equivalents decreased to approximately CNY 725.94 million from CNY 787.20 million at the end of 2018, reflecting a decline of about 7.77%[30]. - Cash and cash equivalents at the end of the period stood at CNY 716,721,691.45, down from CNY 768,762,030.85, reflecting a decrease of about 6.8%[54]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 14,627[11]. - The company did not engage in any repurchase transactions among the top 10 shareholders during the reporting period[12]. - The company underwent a change in control, with Liaoning Fangda Group acquiring 29.00% of the shares, making it the controlling shareholder[16]. Other Information - The company reported no non-operating fund occupation by controlling shareholders or related parties during the reporting period[25]. - There were no significant changes in the company's financial investments or derivative investments during the reporting period[22][21]. - The company has not disclosed any new product developments or technological advancements in the recent reports[18]. - There were no significant mergers or acquisitions reported during the period[18]. - The company did not provide any earnings guidance or forecasts for the upcoming periods[20].

Financial Performance - The company's operating revenue for 2018 was ¥2,551,465,479.53, representing a 3.77% increase compared to ¥2,458,694,589.25 in 2017[16] - The net profit attributable to shareholders for 2018 was ¥90,287,114.32, which is a 6.75% increase from ¥84,576,880.11 in 2017[16] - The net profit after deducting non-recurring gains and losses was ¥94,847,884.08, up by 3.35% from ¥91,775,313.19 in the previous year[16] - The basic earnings per share for 2018 was ¥0.32, an increase of 6.67% from ¥0.30 in 2017[16] - The total assets at the end of 2018 amounted to ¥2,170,065,168.41, reflecting a 1.16% increase from ¥2,145,181,638.67 at the end of 2017[16] - The net assets attributable to shareholders increased by 5.79% to ¥1,346,825,969.78 at the end of 2018, compared to ¥1,273,101,254.67 at the end of 2017[16] - The net cash flow from operating activities for 2018 was ¥105,894,699.12, a slight increase of 0.24% from ¥105,640,209.46 in 2017[16] Revenue and Sales - In 2018, the company achieved operating revenue of 2,551.47 million CNY, an increase of 3.77% year-on-year[33] - The retail segment accounted for 96.52% of total revenue, with sales amounting to approximately CNY 2.46 billion, up 4.15% from the previous year[42] - The company’s operating costs rose to 2,064.23 million CNY, up 3.95% compared to the previous year[33] - The online sales platform, Zhongxing Yungou, recorded a transaction volume of CNY 872,500, with revenue of CNY 583,200 during the reporting period[37] Dividends and Profit Distribution - The company plans to distribute a cash dividend of ¥0.80 per 10 shares, based on a total share capital of 279,006,000 shares as of the end of 2018[5] - The company has established a cash dividend policy, proposing a cash dividend of CNY 0.80 per share for 2018, totaling CNY 22,320,480[81] - The cash dividend for 2017 was also CNY 0.80 per share, with a total distribution of CNY 22,320,480[83] - The total distributable profit for the year was CNY 80,416,009.43, with the cash dividend accounting for the entire profit distribution[86] Operational Strategy - The company is transitioning to a "department store shopping center" model to enhance competitiveness[34] - The company has implemented a marketing strategy that integrates cultural, value, experiential, and scenario marketing[34] - The company aims to enhance its operational efficiency and supply chain management to become a leading retail enterprise in Northeast China[74] - The company plans to implement a three-pronged marketing strategy combining traditional, new, and self-media to enhance brand value and customer experience[75] Management and Governance - The company has a clear succession plan in place, as evidenced by the recent appointments and transitions within the executive team[140] - The company has maintained a consistent approach to governance with independent directors actively involved in oversight[141] - The management team is composed of individuals with advanced degrees and significant industry experience, enhancing the company's operational capabilities[142] - The company has developed several governance systems to enhance information disclosure and ensure timely and accurate communication with investors[163] Risks and Challenges - The company faces risks from economic fluctuations and intense market competition, which could impact retail performance[77] - The company is committed to optimizing financial management and enhancing internal controls to improve operational efficiency[76] Employee and Labor Information - The total number of employees in the company is 1,670, with 1,642 in the parent company and 28 in major subsidiaries[150] - The total number of employees receiving compensation is 1,663, while there are 1,826 retired employees for whom the company bears costs[150] - The company has established a performance evaluation and incentive mechanism to align individual income with performance results[162] Audit and Compliance - The company received a clean audit opinion for its 2018 financial statements, confirming they accurately reflect its financial position and operating results[172] - The audit opinion issued by the accounting firm was a standard unqualified opinion, confirming that the financial statements fairly represent the company's financial position and results of operations[186] - No significant internal control deficiencies were reported during the period[179] Future Outlook - The company expects a revenue growth of 12% for the next fiscal year, projecting total revenue to reach approximately 1.68 billion yuan[148] - New product launches are anticipated to contribute an additional 200 million yuan in revenue in the upcoming year[148] - A strategic acquisition of a local competitor is planned, which is expected to enhance the company's market position significantly[148]