山东新能泰山发电股份有限公司 SHANDONG XINNENG TAISHAN POWER GENERATION CO., LTD. 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和 连带的法律责任。 公司负责人吴永钢、主管会计工作负责人张彤及会计机构负责人(会计主管 人员)刘太勇声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 本报告涉及未来计划等前瞻性陈述部分，不构成公司对投资者的实质性承 诺，请投资者注意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2020 年半年度报告 $$\Xi{\odot}\,\Xi{\odot}\,\Xi{\backslash}\,\Xi{\dashv}{\dashv}{\dashv}$$ 山东新能泰山发电股份有限公司 2020 年半年度报告全文 1 | | | | 第一节 重要提示、目录和释义 1 | | --- | | 第二节 公司简介和主要财务指标 4 | | 第三节 公司业务概要 7 | ...

山东新能泰山发电股份有限公司 SHANDONG XINNENG TAISHAN POWER GENERATION CO., LTD. 2020 年第一季度报告全文 二〇二〇年四月十七日 山东新能泰山发电股份有限公司 2020 年第一季度报告全文 公司负责人吴永钢、主管会计工作负责人展航及会计机构负责人(会计主管 人员)刘太勇声明：保证季度报告中财务报表的真实、准确、完整。 1 山东新能泰山发电股份有限公司 2020 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 山东新能泰山发电股份有限公司 2020 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。 □ 是 √ 否 单位：元 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | | --- | --- | --- | --- | --- | | 营业收入（元） | 304,801,846.55 | ...

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。 山东新能泰山发电股份有限公司 SHANDONG XINNENG TAISHAN POWER GENERATION CO., LTD. 2019 年第三季度报告全文 二〇一九年十月二十八日 山东新能泰山发电股份有限公司 2019 年第三季度报告全文 公司负责人吴永钢、主管会计工作负责人展航及会计机构负责人(会计主管 人员)刘太勇声明：保证季度报告中财务报表的真实、准确、完整。 1 山东新能泰山发电股份有限公司 2019 年第三季度报告全文 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 | | 本报告期末 | 上年度末 | | 本报告期末比上年度末增减 | | --- | --- | --- | --- | --- | | 总资产（元） | 5,024,851,194.78 | 5,232,867,523.59 | | -3.98% | | ...

山东新能泰山发电股份有限公司 2019 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和 连带的法律责任。 公司负责人吴永钢、主管会计工作负责人展航及会计机构负责人(会计主管 人员)刘太勇声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 本报告涉及未来计划等前瞻性陈述，不构成公司对投资者的实质承诺，请 投资者注意投资风险。 山东新能泰山发电股份有限公司 SHANDONG XINNENG TAISHAN POWER GENERATION CO., LTD. 2019 年半年度报告 二〇一九年八月二十二日 公司已在本报告中详细描述可能存在的相关风险，敬请投资者关注本报告 的第四节"经营情况讨论与分析"中描述本公司可能面对的风险和应对措施的相 关内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 1 | 第一节 | 重要提示、目录和释义 | 1 | | --- | --- | --- | | 第二节 | 公司简介和主要财务指 ...

[Important Notice](index=2&type=section&id=Important%20Notice) The board, supervisory board, and senior management guarantee the report's truthfulness, accuracy, and completeness, assuming legal responsibility - The company's board of directors, supervisory board, and senior management guarantee the **truthfulness, accuracy, and completeness** of this quarterly report, free from false records, misleading statements, or major omissions, and assume legal responsibility[5](index=5&type=chunk) - All directors attended the board meeting to review this quarterly report[6](index=6&type=chunk) - Company head Wu Yonggang, chief accountant Zhan Hang, and head of accounting Liu Taiyong declare and guarantee the **truthfulness, accuracy, and completeness** of the financial statements in the quarterly report[6](index=6&type=chunk) [Company Profile](index=3&type=section&id=Company%20Profile) This section provides an overview of the company's fundamental information, including key financial data and shareholder structure [Key Accounting Data and Financial Indicators](index=3&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) Revenue significantly increased by 214.10%, while net profit attributable to shareholders decreased by 35.53% due to prior-year asset sales, but non-recurring net profit surged by 2374.14% Key Accounting Data and Financial Indicators (Current Period vs. Prior Year) | Indicator | Current Period (Yuan) | Prior Year (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1.306 billion Yuan | 415.69 million Yuan | 214.10% | | Net Profit Attributable to Shareholders of Listed Company | 374.36 million Yuan | 580.71 million Yuan | -35.53% | | Net Profit Attributable to Shareholders of Listed Company After Non-recurring Gains and Losses | 374.39 million Yuan | 15.13 million Yuan | 2,374.14% | | Net Cash Flow from Operating Activities | -470.01 million Yuan | 292.00 million Yuan | -260.96% | | Basic Earnings Per Share | 0.29 Yuan | 0.45 Yuan | -35.53% | | Diluted Earnings Per Share | 0.29 Yuan | 0.45 Yuan | -35.53% | | Weighted Average Return on Net Assets | 15.86% | 41.40% | -25.54% | Key Accounting Data and Financial Indicators (Period End vs. Prior Year End) | Indicator | Current Period End (Yuan) | Prior Year End (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 4.800 billion Yuan | 5.233 billion Yuan | -8.28% | | Net Assets Attributable to Shareholders of Listed Company | 2.541 billion Yuan | 2.180 billion Yuan | 16.58% | Non-recurring Gains and Losses | Item | Amount from Year-Beginning to Period End (Yuan) | Notes | | :--- | :--- | :--- | | Other Non-operating Income and Expenses Apart from the Above | -49.49 thousand Yuan | | | Less: Income Tax Impact | -7.60 thousand Yuan | | | Impact on Minority Shareholders' Equity (After Tax) | -21.11 thousand Yuan | | | Total | -20.78 thousand Yuan | -- | [Total Shareholders and Top Ten Shareholders at Period End](index=4&type=section&id=Total%20Shareholders%20and%20Top%20Ten%20Shareholders%20at%20Period%20End) As of the period end, the company had 68,804 common shareholders, with the top two state-owned legal entities holding 23.26% and 17.36% respectively, and no share repurchase transactions by top ten shareholders - Total common shareholders reached **68,804** at the end of the reporting period[13](index=13&type=chunk) Top 10 Shareholders' Holdings | Shareholder Name | Number of Shares Held (shares) | Shareholding Percentage (%) | Shareholder Nature | Number of Restricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | | Huaneng Energy Transportation Industry Holding Co., Ltd. | 300.01 million shares | 23.26% | State-owned Legal Entity | 114.13 million shares | | Nanjing Huaneng Southern Industrial Development Co., Ltd. | 223.91 million shares | 17.36% | State-owned Legal Entity | 223.91 million shares | | Guangdong Century City Group Co., Ltd. | 88.15 million shares | 6.84% | Domestic Non-state-owned Legal Entity | 88.15 million shares | | Ma Ge | 10.10 million shares | 0.78% | Domestic Natural Person | 0 shares | | Zhang Xiudong | 9.92 million shares | 0.77% | Domestic Natural Person | 0 shares | | Du Junqing | 6.11 million shares | 0.47% | Domestic Natural Person | 0 shares | | Li Jing | 3.63 million shares | 0.28% | Domestic Natural Person | 0 shares | | Sun Chunlian | 3.52 million shares | 0.27% | Domestic Natural Person | 0 shares | | Deng Fuquan | 2.65 million shares | 0.21% | Overseas Natural Person | 0 shares | | Guo Hongxiao | 2.65 million shares | 0.21% | Overseas Natural Person | 0 shares | - The company's first and second largest shareholders, Huaneng Energy Transportation Industry Holding Co., Ltd. and Nanjing Huaneng Southern Industrial Development Co., Ltd., have **related party relationships**[14](index=14&type=chunk) [Significant Events](index=6&type=section&id=Significant%20Events) This section details key developments including financial data changes, project progress, strategic partnerships, and share repurchase initiatives [Changes and Reasons for Key Financial Data and Indicators in the Reporting Period](index=6&type=section&id=Changes%20and%20Reasons%20for%20Key%20Financial%20Data%20and%20Indicators%20in%20the%20Reporting%20Period) Significant changes occurred across balance sheet, income statement, and cash flow statement items, driven by factors such as residential project deliveries, supply chain payments, and prior-year asset disposals [Changes in Balance Sheet Items](index=6&type=section&id=Changes%20in%20Balance%20Sheet%20Items) Cash and notes receivable decreased due to payments, while prepayments significantly increased, and deferred revenue decreased with tax and retained earnings rising from residential deliveries Major Balance Sheet Item Changes | Item | Current Period End (Yuan) | Prior Year End (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Monetary Funds | 419.37 million Yuan | 896.82 million Yuan | -53.24% | | Notes Receivable | 25.98 million Yuan | 46.69 million Yuan | -44.35% | | Prepayments | 230.74 million Yuan | 7.81 million Yuan | 2,855.12% | | Other Current Assets | 13.85 million Yuan | 31.17 million Yuan | -55.56% | | Deferred Revenue | 49.57 million Yuan | 932.99 million Yuan | -94.69% | | Taxes Payable | 261.98 million Yuan | 145.05 million Yuan | 80.61% | | Retained Earnings | 434.59 million Yuan | 60.22 million Yuan | 621.61% | - The decrease in monetary funds was primarily due to payments for **engineering projects, taxes, and supply chain business**[17](index=17&type=chunk) - The decrease in deferred revenue, increase in taxes payable, and increase in retained earnings were mainly due to the delivery and revenue recognition of residential units by subsidiary Ninghua Century, and corporate income tax[17](index=17&type=chunk) [Changes in Income Statement Items](index=6&type=section&id=Changes%20in%20Income%20Statement%20Items) Revenue, cost, taxes, and income tax expenses significantly increased due to residential deliveries, but net profit attributable to parent company and EPS decreased due to the absence of prior-year asset sale gains Major Income Statement Item Changes | Item | Current Period (Yuan) | Prior Year (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1.306 billion Yuan | 415.69 million Yuan | 214.10% | | Operating Costs | 734.77 million Yuan | 340.63 million Yuan | 115.71% | | Taxes and Surcharges | 23.11 million Yuan | 5.01 million Yuan | 361.05% | | Income Tax Expense | 128.03 million Yuan | 1.27 million Yuan | 10,007.79% | | Net Profit Attributable to Parent Company Shareholders | 374.36 million Yuan | 580.71 million Yuan | -35.53% | | Basic Earnings Per Share | 0.29 Yuan | 0.45 Yuan | -35.53% | - The increase in operating revenue, operating costs, and taxes and surcharges was primarily due to the delivery and revenue recognition of some residential units by the company's subsidiary Ninghua Century, and the transfer of operating costs[18](index=18&type=chunk) - The decrease in net profit attributable to parent company shareholders and basic earnings per share was mainly due to: first, the delivery and revenue recognition of some residential units by subsidiary Ninghua Century, generating profit and increasing income tax expenses; second, the company's significant asset sale in the prior year, which generated substantial asset transfer gains[19](index=19&type=chunk) [Changes in Cash Flow Statement Items](index=7&type=section&id=Changes%20in%20Cash%20Flow%20Statement%20Items) Operating cash flow significantly decreased to a negative value due to supply chain payments and high prior-year residential prepayments, while investing cash flow decreased due to prior-year asset disposal, and financing cash flow improved from increased borrowings Major Cash Flow Statement Item Changes | Item | Current Period (Yuan) | Prior Year (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -470.01 million Yuan | 292.00 million Yuan | -260.96% | | Net Cash Flow from Investing Activities | -3.75 million Yuan | 369.05 million Yuan | -101.02% | | Net Cash Flow from Financing Activities | -10.15 million Yuan | -352.66 million Yuan | 97.12% | | Net Increase in Cash and Cash Equivalents | -483.90 million Yuan | 308.39 million Yuan | -256.91% | - The decrease in net cash flow from operating activities was primarily due to: first, payments for the company's supply chain business in the current period; second, high residential prepayments received by subsidiary Ninghua Century in the prior year[20](index=20&type=chunk) - The decrease in net cash flow from investing activities was mainly due to cash received from the **disposal of subsidiary equity** in the prior year[20](index=20&type=chunk) - The increase in net cash flow from financing activities was primarily due to: first, a year-on-year increase in net borrowings and debt repayments in the current period; second, cash received from the company's significant asset sale in the prior year[20](index=20&type=chunk) [Progress and Solutions for Significant Events](index=7&type=section&id=Progress%20and%20Solutions%20for%20Significant%20Events) The company saw changes in employee supervisors, continued progress in real estate projects with new phases commencing, strategic partnerships for asset revitalization, and initiated a share repurchase program for employee incentives and convertible bonds - Employee supervisor Mr. Xin Guang resigned due to work changes, and Mr. Yin Jianing was elected as the new employee supervisor for the company's eighth supervisory board[21](index=21&type=chunk) - The company's real estate business primarily consists of the Jiangshan Hui and Jiangshan Huijin projects, expected to generate **continuous and stable revenue until 2021-2022**[21](index=21&type=chunk)[23](index=23&type=chunk) - The remaining residential units of Jiangshan Hui C plot were delivered in Q1 2019, with shops and parking spaces to be sold and delivered throughout 2019; plots A, B, D, and E will commence construction sequentially, with commercial complexes on plots B and D expected to start construction within 2019[22](index=22&type=chunk) - The Jiangshan Huijin E Tower office building project completed its main structure by the end of 2018, is expected to be completed and delivered in 2019, and a preliminary intention for **entire building sale** has been reached with a prospective client[23](index=23&type=chunk) - The company signed a strategic cooperation agreement with its controlling shareholder, Huaneng Energy Transportation Industry Holding Co., Ltd., and Shenzhen World Union Properties Consultancy Group Co., Ltd., to jointly **revitalize national existing assets**[24](index=24&type=chunk) - The company initiated a share repurchase plan with a total fund of **not less than 150 million Yuan and not exceeding 300 million Yuan**, allocated for employee stock ownership plans or equity incentives (**10%-20%**) and convertible bonds (**80%-90%**)[24](index=24&type=chunk) - As of March 31, 2019, the company had repurchased **2.70 million shares**, representing **0.209% of total share capital**, with a total payment of **13.06 million Yuan**[25](index=25&type=chunk) [Overdue Unfulfilled Commitments](index=8&type=section&id=Overdue%20Unfulfilled%20Commitments) The company had no overdue unfulfilled commitments from its actual controller, shareholders, related parties, acquirers, or the company itself during the reporting period - The company had **no overdue unfulfilled commitments** during the reporting period[26](index=26&type=chunk) [Forecast of Operating Performance for January-June 2019](index=8&type=section&id=Forecast%20of%20Operating%20Performance%20for%20January-June%202019) The company did not issue any warnings or explanations regarding potential losses or significant changes in its operating performance for January-June 2019 - The company did not forecast any **losses or significant changes** in its operating performance for January-June 2019[28](index=28&type=chunk) [Securities Investment](index=9&type=section&id=Securities%20Investment) The company had no securities investment activities during the reporting period - The company had **no securities investment** during the reporting period[28](index=28&type=chunk) [Derivative Investments](index=9&type=section&id=Derivative%20Investments) The company had no derivative investment activities during the reporting period - The company had **no derivative investments** during the reporting period[29](index=29&type=chunk) [Investor Relations Activities Registration Form](index=9&type=section&id=Investor%20Relations%20Activities%20Registration%20Form) The company hosted an annual report performance briefing via teleconference for institutional investors on March 26, 2019 Investor Relations Activities During the Reporting Period | Reception Date | Reception Method | Type of Reception Object | Index of Basic Survey Information | | :--- | :--- | :--- | :--- | | 2019 年 03 月 26 日 | Teleconference | Institutional | Company's 2018 Annual Report Performance Briefing (Teleconference), details available in the 'Investor Relations Activity Record Form on March 26, 2019' disclosed on Juchao Information Network (www.cninfo.com.cn) | [Illegal External Guarantees](index=9&type=section&id=Illegal%20External%20Guarantees) The company had no illegal external guarantees during the reporting period - The company had **no illegal external guarantees** during the reporting period[31](index=31&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholder and Related Parties](index=9&type=section&id=Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholder%20and%20Related%20Parties) The company had no non-operating fund occupation by its controlling shareholder or related parties during the reporting period - The company had **no non-operating fund occupation** by its controlling shareholder or related parties during the reporting period[32](index=32&type=chunk) [Financial Statements](index=10&type=section&id=Financial%20Statements) This section presents the company's unaudited consolidated and parent company financial statements for the first quarter, including balance sheets, income statements, and cash flow statements [Financial Statement Details](index=10&type=section&id=Financial%20Statement%20Details) The company's Q1 consolidated and parent company financial statements show a decrease in total assets, an increase in parent net assets, significant revenue growth, but a decline in net profit attributable to parent company, and negative operating cash flow [Consolidated Balance Sheet](index=10&type=section&id=Consolidated%20Balance%20Sheet) As of March 31, 2019, consolidated total assets were 4.80 billion Yuan, a decrease of 8.28% from year-end, while equity attributable to parent company owners increased by 16.58% to 2.54 billion Yuan Consolidated Balance Sheet Key Data (March 31, 2019 vs. December 31, 2018) | Item | March 31, 2019 (Yuan) | December 31, 2018 (Yuan) | | :--- | :--- | :--- | | Total Assets | 4.800 billion Yuan | 5.233 billion Yuan | | Total Liabilities | 2.172 billion Yuan | 2.967 billion Yuan | | Total Equity Attributable to Parent Company Owners | 2.541 billion Yuan | 2.180 billion Yuan | | Monetary Funds | 419.37 million Yuan | 896.82 million Yuan | | Prepayments | 230.74 million Yuan | 7.81 million Yuan | | Deferred Revenue | 49.57 million Yuan | 932.99 million Yuan | [Parent Company Balance Sheet](index=13&type=section&id=Parent%20Company%20Balance%20Sheet) As of March 31, 2019, parent company total assets were 2.45 billion Yuan, a slight decrease from year-end, with owner's equity totaling 2.05 billion Yuan, also slightly down Parent Company Balance Sheet Key Data (March 31, 2019 vs. December 31, 2018) | Item | March 31, 2019 (Yuan) | December 31, 2018 (Yuan) | | :--- | :--- | :--- | | Total Assets | 2.452 billion Yuan | 2.471 billion Yuan | | Total Liabilities | 405.64 million Yuan | 404.25 million Yuan | | Total Owner's Equity | 2.046 billion Yuan | 2.067 billion Yuan | | Monetary Funds | 224.27 million Yuan | 681.75 million Yuan | | Prepayments | 218.95 million Yuan | 0.61 million Yuan | | Other Receivables | 80.34 million Yuan | 0.42 million Yuan | [Consolidated Income Statement](index=16&type=section&id=Consolidated%20Income%20Statement) Consolidated total operating revenue reached 1.31 billion Yuan, a 214.10% increase, but net profit attributable to parent company owners decreased by 35.53% to 374.36 million Yuan, primarily due to higher costs and taxes and the absence of prior-year asset sale gains Consolidated Income Statement Key Data (Current Period vs. Prior Period) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 1.306 billion Yuan | 415.69 million Yuan | | Total Operating Costs | 802.88 million Yuan | 392.27 million Yuan | | Operating Profit | 502.83 million Yuan | 589.01 million Yuan | | Net Profit | 374.75 million Yuan | 587.99 million Yuan | | Net Profit Attributable to Parent Company Shareholders | 374.36 million Yuan | 580.71 million Yuan | | Basic Earnings Per Share | 0.29 Yuan | 0.45 Yuan | [Parent Company Income Statement](index=18&type=section&id=Parent%20Company%20Income%20Statement) Parent company operating revenue was 234.77 million Yuan, a significant increase from zero in the prior period, but net profit was a loss of 7.93 million Yuan, contrasting sharply with the prior period's 601.25 million Yuan profit due to the absence of asset sale gains Parent Company Income Statement Key Data (Current Period vs. Prior Period) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Operating Revenue | 234.77 million Yuan | 0.00 | | Operating Profit | -7.93 million Yuan | 601.25 million Yuan | | Net Profit | -7.93 million Yuan | 601.25 million Yuan | | Basic Earnings Per Share | -0.01 Yuan | 0.47 Yuan | [Consolidated Cash Flow Statement](index=19&type=section&id=Consolidated%20Cash%20Flow%20Statement) Consolidated operating cash flow was negative 470.01 million Yuan, a significant decrease, while investing cash flow also decreased, and financing cash flow improved to negative 10.15 million Yuan Consolidated Cash Flow Statement Key Data (Current Period vs. Prior Period) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -470.01 million Yuan | 292.00 million Yuan | | Net Cash Flow from Investing Activities | -3.75 million Yuan | 369.05 million Yuan | | Net Cash Flow from Financing Activities | -10.15 million Yuan | -352.66 million Yuan | | Net Increase in Cash and Cash Equivalents | -483.90 million Yuan | 308.39 million Yuan | | Cash and Cash Equivalents at Period End | 351.65 million Yuan | 963.48 million Yuan | [Parent Company Cash Flow Statement](index=21&type=section&id=Parent%20Company%20Cash%20Flow%20Statement) Parent company operating cash flow significantly worsened to negative 419.99 million Yuan, while investing cash flow improved, and financing cash flow decreased significantly, resulting in a net decrease in cash and cash equivalents of 457.48 million Yuan Parent Company Cash Flow Statement Key Data (Current Period vs. Prior Period) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -419.99 million Yuan | -3.49 million Yuan | | Net Cash Flow from Investing Activities | -20.45 million Yuan | -52.92 million Yuan | | Net Cash Flow from Financing Activities | -17.04 million Yuan | 402.90 million Yuan | | Net Increase in Cash and Cash Equivalents | -457.48 million Yuan | 346.49 million Yuan | | Cash and Cash Equivalents at Period End | 224.27 million Yuan | 364.21 million Yuan | [Notes on Financial Statement Adjustments](index=22&type=section&id=Notes%20on%20Financial%20Statement%20Adjustments) The company adopted new financial instrument standards from January 1, 2019, reclassifying 10 million Yuan of available-for-sale financial assets to other equity instrument investments, without retrospective adjustment of prior period comparative data [Adjustments for First-Time Adoption of New Financial Instrument Standards](index=22&type=section&id=Adjustments%20for%20First-Time%20Adoption%20of%20New%20Financial%20Instrument%20Standards) Effective January 1, 2019, the company reclassified 10 million Yuan of equity investments from 'available-for-sale financial assets' to 'other equity instrument investments' under new financial instrument standards, with no impact on total assets or owner's equity - The company adopted the **new financial instrument standards** from January 1, 2019[62](index=62&type=chunk) Impact on Consolidated Balance Sheet Adjustments | Item | December 31, 2018 (Yuan) | January 1, 2019 (Yuan) | Adjustment Amount (Yuan) | | :--- | :--- | :--- | :--- | | Available-for-sale financial assets | 10.00 million Yuan | N/A | -10.00 million Yuan | | Other equity instrument investments | N/A | 10.00 million Yuan | 10.00 million Yuan | - After January 1, 2019, the company designated its equity investments as financial assets measured at fair value with changes recognized in other comprehensive income, presented as **other equity instrument investments**[62](index=62&type=chunk) [Explanation of Retrospective Adjustment for New Standards](index=26&type=section&id=Explanation%20of%20Retrospective%20Adjustment%20for%20New%20Standards) The company did not retrospectively adjust prior period comparative data to conform to the new financial instrument and lease standards - The company **did not retrospectively adjust** prior period comparative data[67](index=67&type=chunk) [Audit Report](index=26&type=section&id=Audit%20Report) The company's first quarter report for 2019 is unaudited - The company's first quarter report is **unaudited**[67](index=67&type=chunk)

Part I Important Notice This section confirms the board, supervisory board, and senior management's assurance of the quarterly report's truthfulness and completeness, with all directors attending the review [Part I Important Notice](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report, free from false records, misleading statements, or major omissions, and assume individual and joint legal responsibility[5](index=5&type=chunk) - All directors attended the board meeting to review this quarterly report[6](index=6&type=chunk) - Company head Wu Yonggang, chief accountant Zhan Hang, and head of accounting department Liu Taiyong declare the financial statements in the quarterly report are true, accurate, and complete[6](index=6&type=chunk) Part II Company Overview This section outlines key financial data, indicators, and shareholder information, highlighting significant revenue growth, decreased net profit, and negative operating cash flow [Part II Company Overview](index=3&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) I. Key Accounting Data and Financial Indicators Operating revenue grew by 214.10% to 1.306 billion CNY, while net profit attributable to shareholders decreased by 35.53%, and operating cash flow turned negative [I. Key Accounting Data and Financial Indicators](index=3&type=section&id=%E4%B8%80%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) Key Accounting Data and Financial Indicators (Current Period vs. Prior Year) | Indicator | Current Period (CNY) | Prior Year (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,305,700,695.91 | 415,694,058.25 | 214.10% | | Net Profit Attributable to Listed Company Shareholders | 374,364,578.33 | 580,711,894.40 | -35.53% | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-Recurring Gains/Losses) | 374,385,354.02 | 15,131,938.26 | 2,374.14% | | Net Cash Flow from Operating Activities | -470,006,092.45 | 291,997,336.34 | -260.96% | | Basic Earnings Per Share | 0.2903 | 0.4503 | -35.53% | | Diluted Earnings Per Share | 0.2903 | 0.4503 | -35.53% | | Weighted Average Return on Net Assets | 15.86% | 41.40% | -25.54% | Key Accounting Data and Financial Indicators (Period-End vs. Prior Year-End) | Indicator | Current Period-End (CNY) | Prior Year-End (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 4,799,770,997.44 | 5,232,867,523.59 | -8.28% | | Net Assets Attributable to Listed Company Shareholders | 2,540,991,576.86 | 2,179,680,863.09 | 16.58% | Non-Recurring Gains and Losses Items and Amounts | Item | Amount from Year-Start to Period-End (CNY) | Description | | :--- | :--- | :--- | | Other Non-Operating Income and Expenses (Excluding Above) | -49,493.63 | | | Less: Income Tax Impact | -7,604.04 | | | Impact on Minority Shareholder Equity (After Tax) | -21,113.90 | | | Total | -20,775.69 | -- | II. Total Shareholders and Top Ten Shareholders' Holdings at Period-End At period-end, the company had 68,804 common shareholders; the top two are related parties, with no pledges or freezes on top ten holdings [II. Total Shareholders and Top Ten Shareholders' Holdings at Period-End](index=4&type=section&id=%E4%BA%8C%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E8%82%A1%E4%B8%9C%E6%80%BB%E6%95%B0%E5%8F%8A%E5%89%8D%E5%8D%81%E5%90%8D%E8%82%A1%E4%B8%9C%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5%E8%A1%A8) - The total number of common shareholders at the end of the reporting period was **68,804**[13](index=13&type=chunk) Top 10 Shareholders' Holdings | Shareholder Name | Shareholder Nature | Holding Percentage | Number of Shares Held (shares) | Number of Restricted Shares Held (shares) | Pledge or Freeze Status | | :--- | :--- | :--- | :--- | :--- | :--- | | Huaneng Energy Transportation Industry Holding Co., Ltd. | State-owned Legal Person | 23.26% | 300,007,395 | 114,126,636 | 0 | | Nanjing Huaneng Southern Industrial Development Co., Ltd. | State-owned Legal Person | 17.36% | 223,910,769 | 223,910,769 | 0 | | Guangdong Century City Group Co., Ltd. | Domestic Non-State-owned Legal Person | 6.84% | 88,153,557 | 88,153,557 | 0 | - The company's first and second largest shareholders have an associated relationship[14](index=14&type=chunk) Part III Significant Events This section details financial data changes, progress on real estate, strategic agreements, and share repurchases, confirming no unfulfilled commitments or irregular financial activities [Part III Significant Events](index=6&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) I. Changes and Reasons for Key Financial Data and Indicators in the Reporting Period This section explains changes in balance sheet, income statement, and cash flow items, including cash, prepayments, revenue, income tax, and operating/investing cash flows [I. Changes and Reasons for Key Financial Data and Indicators in the Reporting Period](index=6&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%95%B0%E6%8D%AE%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87%E5%8F%91%E7%94%9F%E5%8F%98%E5%8A%A8%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%8E%9F%E5%9B%A0) (I) Changes in Balance Sheet Items Cash decreased by 53.24% due to payments, prepayments increased by 2,855.12% for supply chain, and unearned revenue decreased by 94.69% from residential deliveries [(I) Changes in Balance Sheet Items](index=6&type=section&id=(%E4%B8%80)%20%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8%E9%A1%B9%E7%9B%AE%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) Changes in Balance Sheet Items (Current Period-End vs. Prior Year-End) | Item | Current Period-End (CNY) | Prior Year-End (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 419,372,032.35 | 896,823,825.65 | -53.24 | | Notes and Accounts Receivable | 606,475,263.13 | 508,278,256.40 | -44.35 | | Prepayments | 230,744,964.66 | 7,808,301.35 | 2,855.12 | | Other Current Assets | 13,853,298.53 | 31,170,782.72 | -55.56 | | Unearned Revenue | 49,571,977.46 | 932,992,823.76 | -94.69 | | Taxes Payable | 261,981,669.64 | 145,053,478.18 | 80.61 | | Undistributed Profits | 434,589,100.87 | 60,224,522.54 | 621.61 | - **Cash and cash equivalents decreased** primarily due to payments for engineering projects, taxes, and supply chain business[17](index=17&type=chunk) - **Prepayments increased** mainly due to advance payments for supply chain business in the current period[17](index=17&type=chunk) - **Unearned revenue decreased** primarily because the company's subsidiary, Ninghua Century, delivered residential units and recognized revenue, converting unearned revenue to operating income[17](index=17&type=chunk) (II) Changes in Income Statement Items Operating revenue, cost, and taxes significantly increased due to residential deliveries; income tax expense surged by 10,007.79%, and net profit attributable to parent shareholders decreased by 35.53% [(II) Changes in Income Statement Items](index=6&type=section&id=(%E4%BA%8C)%20%E5%88%A9%E6%B6%A6%E8%A1%A8%E9%A1%B9%E7%9B%AE%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) Changes in Income Statement Items (Current Period vs. Prior Year) | Item | Current Period (CNY) | Prior Year (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,305,700,695.91 | 415,694,058.25 | 214.10 | | Operating Cost | 734,767,635.48 | 340,625,134.58 | 115.71 | | Taxes and Surcharges | 23,113,410.72 | 5,013,162.22 | 361.05 | | Income Tax Expense | 128,030,839.82 | 1,266,654.74 | 10,007.79 | | Net Profit Attributable to Parent Company Shareholders | 374,364,578.33 | 580,711,894.40 | -35.53 | | Basic Earnings Per Share | 0.2903 | 0.4503 | -35.53 | - **Operating revenue, operating cost, and taxes and surcharges increased** primarily due to the delivery and revenue recognition of some residential units by subsidiary Ninghua Century in the current period[18](index=18&type=chunk) - **Income tax expense increased** mainly due to the recognition of corporate income tax from the delivery of Ninghua Century's residential projects in the current period[19](index=19&type=chunk) - **Net profit attributable to parent company shareholders and basic earnings per share decreased** primarily due to increased income tax expenses from Ninghua Century's residential deliveries and a high base from significant asset sale gains in the prior year[19](index=19&type=chunk) (III) Changes in Cash Flow Statement Items Net cash flow from operating activities decreased by 260.96% to -470 million CNY, investing activities decreased by 101.02% to -3.75 million CNY, while financing activities increased by 97.12% to -10.15 million CNY [(III) Changes in Cash Flow Statement Items](index=7&type=section&id=(%E4%B8%89)%20%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8%E9%A1%B9%E7%9B%AE%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) Changes in Cash Flow Statement Items (Current Period vs. Prior Year) | Item | Current Period (CNY) | Prior Year (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -470,006,092.45 | 291,997,336.34 | -260.96 | | Net Cash Flow from Investing Activities | -3,749,928.05 | 369,047,465.76 | -101.02 | | Net Cash Flow from Financing Activities | -10,147,374.83 | -352,656,081.52 | 97.12 | | Net Increase in Cash and Cash Equivalents | -483,903,395.33 | 308,388,720.58 | -256.91 | - **Net cash flow from operating activities decreased** primarily due to payments for supply chain business and advance receipts for residential units by subsidiary Ninghua Century in the prior year[20](index=20&type=chunk) - **Net cash flow from investing activities decreased** mainly due to cash received from the disposal of subsidiary equity in the prior year[20](index=20&type=chunk) - **Net cash flow from financing activities increased** primarily due to a year-over-year increase in net borrowings and debt repayments, and cash received from a major asset sale in the prior year[20](index=20&type=chunk) II. Progress, Impact, and Solutions for Significant Events This section covers employee supervisor changes, real estate project progress, a strategic asset revitalization agreement, and the ongoing share repurchase program [II. Progress, Impact, and Solutions for Significant Events](index=7&type=section&id=%E4%BA%8C%E3%80%81%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9%E8%BF%9B%E5%B1%95%E6%83%85%E5%86%B5%E5%8F%8A%E5%85%B6%E5%BD%B1%E5%93%8D%E5%92%8C%E8%A7%A3%E5%86%B3%E6%96%B9%E6%A1%88%E7%9A%84%E5%88%86%E6%9E%90%E8%AF%B4%E6%98%8E) - Employee supervisor Mr. Xin Guang resigned due to work changes, and Mr. Yin Jianing was elected as the new employee supervisor for the company's eighth supervisory board[21](index=21&type=chunk) - The remaining residential units of Jiangshanhui C plot were delivered in Q1 2019, with commercial units and parking spaces to be sold and delivered throughout 2019; A, B, D, E plots will commence construction sequentially, with B and D commercial complexes expected to start within 2019[21](index=21&type=chunk)[22](index=22&type=chunk) - The Jiangshanhui Jin E Tower office building project completed its main structure by the end of 2018, is expected to be completed and delivered in 2019, and a preliminary intention for whole-building sale has been reached with a prospective client[23](index=23&type=chunk) - The company and its controlling shareholder, Huaneng Energy Transportation Industry Holding Co., Ltd., signed a strategic cooperation agreement with Shenzhen World Union Properties Consultancy Group Co., Ltd. to jointly revitalize national existing assets[24](index=24&type=chunk) - The company initiated its first share repurchase on March 6, 2019, accumulating **2,700,000 shares** by March 31, 2019, representing **0.209%** of total share capital, with a total payment of **13.06 million CNY**; repurchased shares will be used for employee stock ownership plans or equity incentives (10%-20%) and convertible bonds (80%-90%)[24](index=24&type=chunk)[25](index=25&type=chunk) III. Unfulfilled Commitments by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company The company confirms no overdue unfulfilled commitments by controlling shareholders, related parties, acquirers, or the company during the reporting period [III. Unfulfilled Commitments by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company](index=8&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) - The company confirms no overdue unfulfilled commitments by its controlling shareholder, shareholders, related parties, acquirers, or the company during the reporting period[26](index=26&type=chunk) IV. Forecast of Operating Performance for January-June 2019 The company has not issued warnings or explanations for potential losses or significant changes in operating performance for January-June 2019 [IV. Forecast of Operating Performance for January-June 2019](index=8&type=section&id=%E5%9B%9B%E3%80%81%E5%AF%B9%202019%20%E5%B9%B4%201-6%20%E6%9C%88%E7%BB%8F%E8%90%A5%E4%B8%9A%E7%BB%A9%E7%9A%84%E9%A2%84%E8%AE%A1) - The company has not issued any warnings regarding potential cumulative net losses or significant changes in operating performance for January-June 2019 compared to the prior year[27](index=27&type=chunk)[28](index=28&type=chunk) V. Securities Investment The company had no securities investments during the reporting period [V. Securities Investment](index=9&type=section&id=%E4%BA%94%E3%80%81%E8%AF%81%E5%88%B8%E6%8A%95%E8%B5%84%E6%83%85%E5%86%B5) - The company had no securities investments during the reporting period[28](index=28&type=chunk) VI. Derivative Investments The company had no derivative investments during the reporting period [VI. Derivative Investments](index=9&type=section&id=%E5%85%AD%E3%80%81%E8%A1%8D%E7%94%9F%E5%93%81%E6%8A%95%E8%B5%84%E6%83%85%E5%86%B5) - The company had no derivative investments during the reporting period[29](index=29&type=chunk) VII. Registration Form for Research, Communication, and Interview Activities During the Reporting Period The company hosted one institutional research activity during the reporting period: a 2018 annual report performance briefing via teleconference [VII. Registration Form for Research, Communication, and Interview Activities During the Reporting Period](index=9&type=section&id=%E4%B8%83%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A5%E5%BE%85%E8%B0%83%E7%A0%94%E3%80%81%E6%B2%9F%E9%80%9A%E3%80%81%E9%87%87%E8%AE%BF%E7%AD%89%E6%B4%BB%E5%8A%A8%E7%99%BB%E8%AE%B0%E8%A1%A8) Registration Form for Research, Communication, and Interview Activities During the Reporting Period | Reception Date | Reception Method | Type of Recipient | Index of Basic Research Information | | :--- | :--- | :--- | :--- | | March 26, 2019 | Teleconference | Institution | Company's 2018 Annual Report Performance Briefing (Teleconference), details available in the "Investor Relations Activity Record Form on March 26, 2019" disclosed on Juchao Information Network (www.cninfo.com.cn) | VIII. Irregular External Guarantees The company had no irregular external guarantees during the reporting period [VIII. Irregular External Guarantees](index=9&type=section&id=%E5%85%AB%E3%80%81%E8%BF%9D%E8%A7%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) - The company had no irregular external guarantees during the reporting period[31](index=31&type=chunk) IX. Non-Operating Funds Occupied by Controlling Shareholder and Related Parties The company had no non-operating funds occupied by its controlling shareholder or related parties during the reporting period [IX. Non-Operating Funds Occupied by Controlling Shareholder and Related Parties](index=9&type=section&id=%E4%B9%9D%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E5%85%B3%E8%81%94%E6%96%B9%E5%AF%B9%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) - The company had no non-operating funds occupied by its controlling shareholder or related parties during the reporting period[32](index=32&type=chunk) Part IV Financial Statements This section presents the unaudited Q1 2019 financial statements, including consolidated and parent company balance sheets, income statements, cash flow statements, and new financial instrument standard adjustments [Part IV Financial Statements](index=10&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) I. Financial Statements This section includes consolidated and parent company balance sheets, income statements, and cash flow statements as of March 31, 2019, detailing financial status, operating results, and cash flows [I. Financial Statements](index=10&type=section&id=%E4%B8%80%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) 1. Consolidated Balance Sheet As of March 31, 2019, consolidated total assets were 4.80 billion CNY (down 8.28%), liabilities 2.17 billion CNY (down 26.79%), and parent owners' equity 2.54 billion CNY (up 16.58%) [1. Consolidated Balance Sheet](index=10&type=section&id=1%E3%80%81%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) Consolidated Balance Sheet (March 31, 2019 vs. December 31, 2018) | Item | March 31, 2019 (CNY) | December 31, 2018 (CNY) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 419,372,032.35 | 896,823,825.65 | | Notes and Accounts Receivable | 606,475,263.13 | 508,278,256.40 | | Prepayments | 230,744,964.66 | 7,808,301.35 | | Inventories | 2,955,237,652.73 | 3,208,126,784.57 | | Total Current Assets | 4,261,505,768.62 | 4,689,583,872.54 | | Total Assets | 4,799,770,997.44 | 5,232,867,523.59 | | Short-term Borrowings | 588,000,000.00 | 594,500,000.00 | | Unearned Revenue | 49,571,977.46 | 932,992,823.76 | | Taxes Payable | 261,981,669.64 | 145,053,478.18 | | Total Current Liabilities | 1,849,039,105.40 | 2,631,264,947.83 | | Total Liabilities | 2,172,199,905.85 | 2,966,987,900.45 | | Total Owners' Equity Attributable to Parent Company | 2,540,991,576.86 | 2,179,680,863.09 | | Total Owners' Equity | 2,627,571,091.59 | 2,265,879,623.14 | 2. Parent Company Balance Sheet As of March 31, 2019, parent company total assets were 2.45 billion CNY (slight decrease), liabilities 406 million CNY (slight increase), and owners' equity 2.05 billion CNY (slight decrease) [2. Parent Company Balance Sheet](index=13&type=section&id=2%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) Parent Company Balance Sheet (March 31, 2019 vs. December 31, 2018) | Item | March 31, 2019 (CNY) | December 31, 2018 (CNY) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 224,266,254.68 | 681,745,026.93 | | Notes and Accounts Receivable | 119,581,038.06 | 0.00 | | Prepayments | 218,954,906.50 | 606,098.80 | | Total Assets | 2,451,723,140.22 | 2,471,322,746.45 | | Short-term Borrowings | 400,000,000.00 | 400,000,000.00 | | Total Liabilities | 405,636,735.70 | 404,250,598.59 | | Total Owners' Equity | 2,046,086,404.52 | 2,067,072,147.86 | 3. Consolidated Income Statement Consolidated total operating revenue was 1.31 billion CNY (up 214.10%), net profit 375 million CNY (down 36.27%), and net profit attributable to parent shareholders 374 million CNY (down 35.53%) [3. Consolidated Income Statement](index=16&type=section&id=3%E3%80%81%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) Consolidated Income Statement (Current Period vs. Prior Period) | Item | Current Period (CNY) | Prior Period (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 1,305,700,695.91 | 415,694,058.25 | | Total Operating Cost | 802,875,029.45 | 392,268,666.65 | | Operating Profit | 502,825,666.46 | 589,010,123.57 | | Total Profit | 502,776,172.83 | 589,260,120.44 | | Income Tax Expense | 128,030,839.82 | 1,266,654.74 | | Net Profit | 374,745,333.01 | 587,993,465.70 | | Net Profit Attributable to Parent Company Owners | 374,364,578.33 | 580,711,894.40 | | Basic Earnings Per Share | 0.2903 | 0.4503 | 4. Parent Company Income Statement Parent company operating revenue was 235 million CNY, but net profit turned to a loss of 7.93 million CNY from a 601 million CNY profit in the prior year due to decreased investment income [4. Parent Company Income Statement](index=18&type=section&id=4%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E5%88%A9%E6%B6%A6%E8%A1%A8) Parent Company Income Statement (Current Period vs. Prior Period) | Item | Current Period (CNY) | Prior Period (CNY) | | :--- | :--- | :--- | | Operating Revenue | 234,773,034.24 | 0.00 | | Operating Cost | 233,045,533.80 | 0.00 | | Investment Income | 1,502,105.72 | 607,524,221.41 | | Operating Profit | -7,931,878.78 | 601,252,488.40 | | Net Profit | -7,931,878.78 | 601,252,488.40 | | Basic Earnings Per Share | -0.0062 | 0.4662 | 5. Consolidated Cash Flow Statement Consolidated net cash flow from operating activities was -470 million CNY (down 260.96%), investing activities -3.75 million CNY (down 101.02%), and financing activities -10.15 million CNY (up 97.12%) [5. Consolidated Cash Flow Statement](index=19&type=section&id=5%E3%80%81%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) Consolidated Cash Flow Statement (Current Period vs. Prior Period) | Item | Current Period (CNY) | Prior Period (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -470,006,092.45 | 291,997,336.34 | | Net Cash Flow from Investing Activities | -3,749,928.05 | 369,047,465.76 | | Net Cash Flow from Financing Activities | -10,147,374.83 | -352,656,081.52 | | Net Increase in Cash and Cash Equivalents | -483,903,395.33 | 308,388,720.58 | | Cash and Cash Equivalents at Period-End | 351,646,779.74 | 963,479,139.42 | 6. Parent Company Cash Flow Statement Parent company net cash flow from operating activities was -420 million CNY, investing activities -20.45 million CNY, and financing activities -17.04 million CNY, with period-end cash at 224 million CNY [6. Parent Company Cash Flow Statement](index=21&type=section&id=6%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) Parent Company Cash Flow Statement (Current Period vs. Prior Period) | Item | Current Period (CNY) | Prior Period (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -419,985,539.75 | -3,491,146.75 | | Net Cash Flow from Investing Activities | -20,453,222.11 | -52,923,673.31 | | Net Cash Flow from Financing Activities | -17,040,010.39 | 402,901,750.00 | | Net Increase in Cash and Cash Equivalents | -457,478,772.25 | 346,486,929.94 | | Cash and Cash Equivalents at Period-End | 224,266,254.68 | 364,206,326.18 | II. Explanation of Financial Statement Adjustments This section explains the impact of adopting new financial instrument standards from January 1, 2019, reclassifying available-for-sale financial assets to other equity instrument investments without retrospective adjustment [II. Explanation of Financial Statement Adjustments](index=22&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E8%B0%83%E6%95%B4%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) 1. Adjustments to Year-Start Financial Statements upon Initial Adoption of New Financial Instruments, Revenue, and Lease Standards Effective January 1, 2019, the company reclassified 10 million CNY of equity investments from "available-for-sale financial assets" to "other equity instrument investments" under new financial instrument standards, with no impact on total assets or liabilities [1. Adjustments to Year-Start Financial Statements upon Initial Adoption of New Financial Instruments, Revenue, and Lease Standards](index=22&type=section&id=1%E3%80%81%E9%A6%96%E6%AC%A1%E6%89%A7%E8%A1%8C%E6%96%B0%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E5%87%86%E5%88%99%E3%80%81%E6%96%B0%E6%94%B6%E5%85%A5%E5%87%86%E5%88%99%E3%80%81%E6%96%B0%E7%A7%9F%E8%B5%81%E5%87%86%E5%88%99%E8%B0%83%E6%95%B4%E9%A6%96%E6%AC%A1%E6%89%A7%E8%A1%8C%E5%BD%93%E5%B9%B4%E5%B9%B4%E5%88%9D%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) - The company adopted the new financial instrument standards effective **January 1, 2019**[62](index=62&type=chunk) - Effective January 1, 2019, the company designated its equity investments as financial assets measured at fair value through other comprehensive income, reclassifying them as other equity instrument investments[62](index=62&type=chunk)[66](index=66&type=chunk) Impact on Consolidated Balance Sheet | Item | December 31, 2018 (CNY) | January 1, 2019 (CNY) | Adjustment (CNY) | | :--- | :--- | :--- | :--- | | Available-for-Sale Financial Assets | 10,000,000.00 | Not Applicable | -10,000,000.00 | | Other Equity Instrument Investments | Not Applicable | 10,000,000.00 | 10,000,000.00 | Impact on Parent Company Balance Sheet | Item | December 31, 2018 (CNY) | January 1, 2019 (CNY) | Adjustment (CNY) | | :--- | :--- | :--- | :--- | | Available-for-Sale Financial Assets | 10,000,000.00 | Not Applicable | -10,000,000.00 | | Other Equity Instrument Investments | Not Applicable | 10,000,000.00 | 10,000,000.00 | 2. Explanation of Retrospective Adjustment of Prior Period Comparative Data for Initial Adoption of New Financial Instruments and Lease Standards The company did not retrospectively adjust prior period comparative data for the initial adoption of new financial instrument and lease standards [2. Explanation of Retrospective Adjustment of Prior Period Comparative Data for Initial Adoption of New Financial Instruments and Lease Standards](index=26&type=section&id=2%E3%80%81%E9%A6%96%E6%AC%A1%E6%89%A7%E8%A1%8C%E6%96%B0%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E5%87%86%E5%88%99%E3%80%81%E6%96%B0%E7%A7%9F%E8%B5%81%E5%87%86%E5%88%99%E8%BF%BD%E6%BA%AF%E8%B0%83%E6%95%B4%E5%89%8D%E6%9C%9F%E6%AF%94%E8%BE%83%E6%95%B0%E6%8D%AE%E7%9A%84%E8%AF%B4%E6%98%8E) - The company did not retrospectively adjust prior period comparative data[67](index=67&type=chunk) III. Audit Report The company's first quarter report is unaudited [III. Audit Report](index=26&type=section&id=%E4%B8%89%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) - The company's first quarter report is unaudited[67](index=67&type=chunk)

山东新能泰山发电股份有限公司 SHANDONG XINNENG TAISHAN POWER GENERATION CO., LTD. 2018 年年度报告 二 0 一九年三月二十二日 山东新能泰山发电股份有限公司 2018 年年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连 带的法律责任。 公司负责人吴永钢、主管会计工作负责人展航及会计机构负责人(会计主管 人员)刘太勇声明：保证年度报告中财务报告的真实、准确、完整。 除下列董事外，其他董事亲自出席了审议本次年报的董事会会议 | 未亲自出席董事姓名 | 未亲自出席董事职务 | 未亲自出席会议原因 | 被委托人姓名 | | --- | --- | --- | --- | | 李玉明 | 独立董事 | 因公有事 | 王凤荣 | 本报告涉及未来计划等前瞻性陈述部分，不构成公司对投资者的实质性承 诺，请投资者注意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 1 | 第一节 | 重要提示、目录和释义 1 | | --- ...

山东新能泰山发电股份有限公司 SHANDONG XINNENG TAISHAN POWER GENERATION CO., LTD. 2018 年年度报告 二 0 一九年三月二十二日 山东新能泰山发电股份有限公司 2018 年年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连 带的法律责任。 公司负责人吴永钢、主管会计工作负责人展航及会计机构负责人(会计主管 人员)刘太勇声明：保证年度报告中财务报告的真实、准确、完整。 除下列董事外，其他董事亲自出席了审议本次年报的董事会会议 | 未亲自出席董事姓名 | 未亲自出席董事职务 | 未亲自出席会议原因 | 被委托人姓名 | | --- | --- | --- | --- | | 李玉明 | 独立董事 | 因公有事 | 王凤荣 | 本报告涉及未来计划等前瞻性陈述部分，不构成公司对投资者的实质性承 诺，请投资者注意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 1 | 第一节 | 重要提示、目录和释义 1 | | --- ...

[Important Notice](index=2&type=section&id=Section%201.%20Important%20Notice) The company's board, supervisors, and senior management guarantee the accuracy and completeness of the quarterly report, with all directors attending the review meeting and financial statements verified - The company's Board of Directors, Supervisory Board, and all directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of this quarterly report, assuming corresponding legal responsibilities[5](index=5&type=chunk) - All directors attended the Board meeting to review this quarterly report, and the company's head, chief accountant, and head of accounting department ensure the truthfulness, accuracy, and completeness of the financial statements[6](index=6&type=chunk) [Company Profile](index=3&type=section&id=Section%202.%20Company%20Profile) This section provides an overview of the company's key financial performance and shareholder structure for the reporting period [Key Financial Data and Indicators](index=3&type=section&id=I.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's total assets and operating revenue significantly decreased due to a major asset sale, but net profit attributable to shareholders surged by 195.85% to turn profitable, while operating cash flow improved significantly from increased real estate prepayments Key Financial Indicators for Q3 2018 | Indicator | End of Reporting Period / Year-to-Date | End of Previous Year / Prior Period | Change | | :--- | :--- | :--- | :--- | | **Balance Sheet Items** | | | | | Total Assets (CNY) | 5,692,071,409.25 | 9,033,398,135.37 | -36.99% | | Net Assets Attributable to Shareholders (CNY) | 1,666,082,893.15 | 1,114,192,302.30 | 49.53% | | **Income Statement Items** | | | | | Operating Revenue (CNY) | 1,109,181,351.55 | 1,941,300,464.95 | -42.86% | | Net Profit Attributable to Shareholders (CNY) | 555,398,462.31 | -579,415,867.29 | 195.85% | | Non-recurring Net Profit Attributable to Shareholders (CNY) | -12,059,259.52 | -587,131,499.72 | 97.94% | | **Cash Flow Statement Items** | | | | | Net Cash Flow from Operating Activities (CNY) | 1,214,366,326.03 | -157,511,968.95 | 870.97% | | **Per Share Indicators and Ratios** | | | | | Basic Earnings Per Share (CNY/share) | 0.4307 | -0.4493 | 195.86% | | Weighted Average Return on Net Assets | 39.95% | -51.32% | Increased by 91.27 percentage points | - Year-to-date non-recurring gains and losses totaled **CNY 567 million**, primarily from transfer gains realized through a major asset sale[10](index=10&type=chunk)[11](index=11&type=chunk) [Shareholder Information](index=4&type=section&id=II.%20Total%20Number%20of%20Shareholders%20and%20Top%20Ten%20Shareholders%27%20Holdings%20at%20Period%20End) As of the reporting period end, the company had 74,466 common shareholders, with the top two state-owned corporate shareholders holding a combined 40.62% stake with related party relationships - At the end of the reporting period, the company had **74,466** common shareholders[13](index=13&type=chunk) Top Ten Shareholders' Holdings | Shareholder Name | Shareholder Type | Holding Percentage | Number of Shares Held | | :--- | :--- | :--- | :--- | | Huaneng Energy Transportation Industry Holding Co., Ltd. | State-owned Legal Person | 23.26% | 300,007,395 | | Nanjing Huaneng Southern Industrial Development Co., Ltd. | State-owned Legal Person | 17.36% | 223,910,769 | | Guangdong Century City Group Co., Ltd. | Domestic Non-state-owned Legal Person | 6.84% | 88,153,557 | | Zhang Xiudong | Domestic Natural Person | 0.77% | 9,921,001 | | Wang Xiaoyu | Domestic Natural Person | 0.50% | 6,454,528 | [Significant Events](index=6&type=section&id=Section%203.%20Significant%20Events) This section details the significant changes in financial data, the progress of key strategic initiatives, and the company's annual performance forecast [Analysis of Financial Data Changes](index=6&type=section&id=I.%20Changes%20and%20Reasons%20for%20Major%20Financial%20Data%20and%20Indicators%20in%20the%20Reporting%20Period) The significant changes in financial data during this reporting period are primarily due to the major asset sale in the first half of 2018, which divested power and coal-related assets, altering the scope of consolidation and fundamentally transforming the company's business focus - The primary reason for financial data changes is the major asset sale in the first half of 2018, which altered the company's consolidated financial statement scope by reducing four subsidiaries engaged in thermal power, wind power, and mining[17](index=17&type=chunk) [Analysis of Balance Sheet Item Changes](index=6&type=section&id=(I)%20Changes%20in%20Balance%20Sheet%20Items) Due to asset sales, items related to the former main business such as fixed assets, intangible assets, and long-term borrowings decreased by over 70%, while prepayments, other current assets (prepaid taxes), and advances from customers (prepaid housing sales) significantly increased with the business transformation, leading to a **49.53%** surge in equity attributable to parent company shareholders from asset sale gains Major Balance Sheet Changes | Item | Change | Primary Reason | | :--- | :--- | :--- | | Fixed Assets | -97.75% | Major Asset Sale | | Short-term Borrowings | -74.26% | Major Asset Sale | | Long-term Borrowings | -70.51% | Major Asset Sale | | Prepayments | +137.07% | Increase in subsidiary's prepaid engineering and material costs | | Advances from Customers | +344.66% | Increase in subsidiary's advances from property sales | | Total Equity Attributable to Parent Company Shareholders | +49.53% | Transfer gains from major asset sale | [Analysis of Income Statement Item Changes](index=7&type=section&id=(II)%20Changes%20in%20Income%20Statement%20Items%20from%20Year-to-Date%20to%20Period%20End) Due to the divestiture of power and coal businesses, operating revenue and costs decreased by over 40% year-on-year; however, the recognition of **CNY 567 million** in asset sale gains led to a 217-fold surge in investment income, driving key profitability indicators like operating profit, total profit, and net profit attributable to the parent company from significant losses to substantial profits, with increases exceeding 195% Major Income Statement Changes (Year-to-Date to Period End) | Item | Change | Primary Reason | | :--- | :--- | :--- | | Operating Revenue | -42.86% | Change in Consolidation Scope | | Operating Cost | -48.94% | Change in Consolidation Scope | | Investment Income | +21,785.61% | Transfer gains of CNY 567 million from major asset sale | | Operating Profit | +196.31% | Significant increase in investment income | | Net Profit Attributable to Parent Company Owners | +195.85% | Significant increase in investment income | [Analysis of Cash Flow Statement Item Changes](index=8&type=section&id=(III)%20Changes%20in%20Cash%20Flow%20Statement%20Items) Net cash flow from operating activities surged by **870.97%** year-on-year, primarily due to significant prepayments received from subsidiary Ninghua Century's property presales, while net cash flow from investing activities increased from cash received for subsidiary equity disposal, and net cash flow from financing activities significantly decreased as debt repayments exceeded new borrowings - Net cash flow from operating activities increased by **870.97%**, primarily due to increased prepayments received from subsidiary's property presales[24](index=24&type=chunk) - Net cash flow from investing activities increased by **945.60%**, primarily due to increased cash received from the disposal of subsidiary equity[24](index=24&type=chunk) - Net cash flow from financing activities decreased by **7,365.16%**, primarily due to reduced borrowings and increased debt repayments[24](index=24&type=chunk) [Progress of Significant Events](index=8&type=section&id=II.%20Analysis%20of%20Progress,%20Impact,%20and%20Solutions%20for%20Significant%20Events) During the reporting period, the company achieved substantial progress in its strategic transformation, including completing a major asset sale to divest traditional energy businesses, investing in a commercial factoring company to enter supply chain finance, and being selected for the 'Double Hundred Action' state-owned enterprise reform, while real estate project sales progressed smoothly, providing stable cash flow and profit sources - Major Asset Sale: The company sold most of its parent company assets and equity in several subsidiaries to Taishan Power Company for a total of **CNY 829 million**, with all consideration received and equity transfers completed[27](index=27&type=chunk)[28](index=28&type=chunk) - New Business Expansion: The company invested **CNY 50.02 million** (25.01% stake) to co-establish Jiangsu Zhilian Commercial Factoring Co., Ltd. with multiple parties, aiming to seize supply chain finance opportunities and deepen industry-finance integration[33](index=33&type=chunk) - SOE Reform: The company was included in the 'Double Hundred Action' list for state-owned enterprise reform, which will promote diversified equity, market-oriented operating mechanisms, and incentive and restraint mechanisms to stimulate corporate vitality[34](index=34&type=chunk)[35](index=35&type=chunk) - Real Estate Business Progress: Nanjing Jiangshanhui Block C residential project achieved a cumulative subscription rate of **98%**, with subscription amount of **CNY 2.092 billion** and collections of approximately **CNY 2.003 billion**, expected to be delivered within the year, with commercial unit sales already launched[36](index=36&type=chunk) - Corporate Governance and Personnel Changes: During the reporting period, significant changes occurred in the company's Board of Directors, Supervisory Board, and senior management, with the election and appointment of new directors, supervisors, and executives completed[29](index=29&type=chunk)[30](index=30&type=chunk)[31](index=31&type=chunk) [2018 Annual Operating Performance Forecast](index=12&type=section&id=IV.%20Forecast%20for%202018%20Annual%20Operating%20Performance) The company expects to turn profitable in 2018, with net profit attributable to parent company shareholders projected between **CNY 950 million** and **CNY 1.2 billion**, driven primarily by one-time gains from the major asset sale in the first half and profits recognized from real estate project deliveries in the second half 2018 Annual Performance Forecast | Item | Estimated Amount | Compared to Prior Year | | :--- | :--- | :--- | | Cumulative Net Profit (CNY 10,000) | 95,000 to 120,000 | Turned profitable (Prior year: -54,895.63) | | Basic Earnings Per Share (CNY/share) | 0.7366 to 0.9305 | Turned profitable (Prior year: -0.4460) | - The two main reasons for the turnaround are: 1) **CNY 567 million** in transfer gains from a major asset sale; and 2) the Nanjing Jiangshanhui Block C residential project is expected to be delivered within the year, generating an estimated net profit of **CNY 450 million to CNY 700 million**[41](index=41&type=chunk) [Other Matters](index=12&type=section&id=V.%20Other%20Matters) During the reporting period, the company had no securities investments, wealth management, derivative investments, irregular external guarantees, or non-operating fund occupation by controlling shareholders, nor did it conduct any investor relations activities - The company had no securities investments, entrusted wealth management, derivative investments, irregular external guarantees, or non-operating fund occupation by controlling shareholders and their related parties during the reporting period[42](index=42&type=chunk)[43](index=43&type=chunk)[44](index=44&type=chunk)[46](index=46&type=chunk)[47](index=47&type=chunk) - The company did not conduct any investor visits, communications, or interviews during the reporting period[45](index=45&type=chunk)