凯撒同盛发展股份有限公司 2020 年第三季度报告全文 凯撒同盛发展股份有限公司 2020 年第三季度报告 2020 年 10 月 1 凯撒同盛发展股份有限公司 2020 年第三季度报告全文 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。 公司负责人刘江涛、主管会计工作负责人史禹铭及会计机构负责人(会计主 管人员)潘敏琳声明：保证季度报告中财务报表的真实、准确、完整。 2 凯撒同盛发展股份有限公司 2020 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 | --- | --- | --- | --- | --- | |-----------------------------------------------------|-------------------------------|-------------------------|------------------|-- ...

Financial Performance - The company's operating revenue for the first half of 2020 was ¥889,571,902.09, a decrease of 67.65% compared to ¥2,749,469,996.22 in the same period last year[26]. - The net profit attributable to shareholders of the listed company was -¥117,777,717.13, representing a decline of 288.62% from a profit of ¥62,440,828.72 in the previous year[26]. - The basic earnings per share were -¥0.1468, a decline of 288.69% compared to ¥0.0778 in the same period last year[26]. - The diluted earnings per share were also -¥0.1468, reflecting the same percentage decline as the basic earnings per share[26]. - The total assets at the end of the reporting period were ¥5,858,296,724.78, down 10.08% from ¥6,514,957,834.48 at the end of the previous year[26]. - The net assets attributable to shareholders of the listed company decreased by 4.53% to ¥2,283,172,352.63 from ¥2,391,558,987.41 at the end of the previous year[26]. - The weighted average return on net assets was -5.05%, a decrease of 8.13% from 3.08% in the previous year[26]. - The company achieved a revenue of 890 million yuan in the first half of 2020, a decrease of 67.65% year-on-year, with a net profit attributable to shareholders of -118 million yuan[56]. - Operating costs were approximately ¥708.46 million, down 67.60% from ¥2.19 billion year-on-year, reflecting the decline in business activities due to the pandemic[68]. - Sales expenses decreased by 51.00% to approximately ¥172.58 million from ¥352.23 million in the previous year, attributed to the reduction in operating expenses due to lower revenue[68]. Cash Flow and Investments - The net cash flow from operating activities was -¥127,399,905.19, which improved by 36.10% compared to -¥199,374,202.12 in the same period last year[26]. - The net cash flow from investing activities dropped significantly by 169.56% to -¥57,340,948.22, attributed to increased investment scale[72]. - The net cash flow from financing activities decreased by 40.29% to -¥228,712,753.45, mainly due to debt repayment and reduced financing scale[72]. - The company reported a significant reduction in tax expenses by 94.16%, amounting to ¥1,236,002.31, due to a decrease in profit scale caused by the pandemic[72]. - The cash and cash equivalents decreased by 47.07% to -¥413,099,758.50, reflecting changes in operating, investing, and financing activities[72]. - The long-term equity investment increased significantly by 15.09%, reaching ¥910,375,452.94, compared to ¥26,675,115.57 in the previous year[80]. - The company's investment amount for the reporting period reached ¥342,473,321.24, a significant increase of 684.73% compared to ¥31,597,249.08 in the same period last year[85]. Business Operations and Strategy - The company operates in 152 countries and regions, providing a comprehensive range of tourism services, including outbound tourism, corporate travel management, and project investment[36]. - The company has developed over 20,000 self-developed tourism products across 12 specialized sub-brands, catering to various demographics and interests[36]. - The food service segment, through its subsidiary, is the only domestic company covering both airline catering and railway dining, with partnerships with over 40 airline food companies[38]. - The company has established a strong online and offline sales network with over 50 subsidiaries in major cities, enhancing its market reach[36]. - The company has a significant presence in overseas markets, with investments in key cities such as Hamburg, Munich, and Tokyo, and partnerships with over 100 international reception agencies[36]. - The company has successfully managed high-profile international events, showcasing its service capabilities and brand reputation[42]. - The company is focusing on enhancing its asset quality by optimizing its asset structure and selling shares in Longan Bank and Tianjin Tongsheng Pin Tai Commercial Factoring Co., Ltd.[67]. - The company is actively exploring new retail models and has opened its first multi-functional cultural space, "MI LOUNGE," in Beijing, integrating various services[60]. - The company is expanding its presence in the duty-free market, having established a management platform for duty-free business and secured strategic partnerships to enhance its operational capabilities[66]. - The company is committed to ensuring safety during travel by offering small group tours and private tours, along with comprehensive health services for tourists[61]. - The company is leveraging digital transformation and information technology to empower sales personnel and improve marketing efficiency[59]. - The company aims to recover its tourism business as the pandemic situation improves, focusing on high-quality domestic travel services and innovative project development[67]. Risk Management and Compliance - The company has detailed potential risks and countermeasures in the report, emphasizing the importance of investor awareness regarding investment risks[6]. - The company is taking measures to avoid unnecessary related party transactions and will ensure fair market pricing in any necessary transactions[120]. - The company has made commitments to comply with legal and regulatory requirements regarding related party transactions and information disclosure[120]. - The company has not engaged in any competitive business activities outside of its main operations as of the date of the commitment letter[120]. - The company has not experienced any bankruptcy reorganization matters during the reporting period[127]. - The controlling shareholder and actual controller have a good integrity status, with no violations or unfulfilled court judgments reported[134]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 41,615[176]. - The largest shareholder, Caesar Sega Tourism Management Consulting Co., Ltd., holds 25.13% of the shares, totaling 201,774,088 shares[182]. - HNA Tourism Group holds 22.42% of the shares, totaling 180,005,608 shares, with a decrease of 20,650,000 shares during the reporting period[182]. - The company did not experience any changes in its controlling shareholder during the reporting period[189]. - The company has repurchased 1,105,800 shares, accounting for 0.14% of the total share capital, with a total transaction amount of 9,207,105 RMB[171]. Future Outlook - The company anticipates significant fluctuations in performance due to the impact of the COVID-19 pandemic on travel services[100]. - The company is actively enhancing its product development capabilities to meet diverse customer needs across 152 countries and regions[101]. - The company faces intensified market competition and plans to strengthen its tourism and new retail business strategies[102]. - The company provided guidance for the next quarter, expecting revenue to be between 1.6 billion and 1.8 billion, indicating a potential growth of 10% to 20%[115]. - New product launches are anticipated, including a cutting-edge software platform aimed at enhancing user experience, expected to roll out in Q3 2020[115]. - The company is expanding its market presence in Southeast Asia, targeting a 25% increase in market share by the end of 2021[116].

Financial Performance - Operating revenue for the reporting period was CNY 1,974,881,755.53, down 37.50% year-on-year[8] - Net profit attributable to shareholders of the listed company was CNY 153,718,263.23, a decrease of 34.60% compared to the same period last year[8] - Basic earnings per share were CNY 0.1914, down 33.15% year-on-year[8] - The weighted average return on net assets was 6.98%, a decrease of 3.16% compared to the previous year[8] - Total operating revenue for the period was CNY 1,974,881,755.53, a decrease of 37.4% compared to CNY 3,159,969,050.12 in the previous period[104] - Net profit for the period was CNY 175,545,364.63, a decline of 28.3% compared to CNY 244,985,016.88 in the same period last year[107] - Total comprehensive income for the period was CNY -42,206,349.55, slightly improved from CNY -44,883,905.92 in the previous period, indicating a reduction in losses of about 6%[165] - Total revenue for the period was CNY 226,879,441.92, compared to CNY 323,587,440.91 in the previous period, representing a decrease of approximately 30%[148] Assets and Liabilities - Total assets at the end of the reporting period were CNY 6,043,412,182.60, a decrease of 0.93% compared to the end of the previous year[8] - Total liabilities were CNY 3,397,184,756.79, down from CNY 3,714,404,769.28[90] - Current liabilities decreased to CNY 2,608,739,960.02 from CNY 2,900,731,298.75[90] - Non-current assets totaled CNY 2,240,208,087.49, an increase from CNY 1,518,725,739.11 year-over-year[87] - The company’s total liabilities and owner's equity reached CNY 6,043,412,182.60, consistent with total assets[93] - The company’s retained earnings increased to CNY 913,319,268.10 from CNY 697,160,176.15[93] - The company’s goodwill was reported at CNY 126,149,928.04, remaining stable compared to the previous period[184] Cash Flow - Cash flow from operating activities was negative at CNY -949,036,454.88 for the year-to-date[8] - Net cash flow from operating activities decreased by 480.02% to -949,036,454.88 from -163,622,132.71, primarily due to increased prepayments for tickets[22] - Cash flow from financing activities increased by 51.10% to 536,142,335.44 from 354,835,181.56, primarily due to debt repayment[22] - Cash flow from investment activities was CNY 1,100,855,326.35, down from 3,726,829.52, reflecting a significant decrease of approximately 70%[171] - The total cash and cash equivalents at the end of the period were 246,132.77 yuan, down from 4,925,374.31 yuan in the previous period[180] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 37,835[12] - The largest shareholder, HNA Tourism Group Co., Ltd., held 26.80% of the shares, amounting to 215,190,608 shares[12] - Owner's equity increased to CNY 2,646,227,425.81 from CNY 2,385,556,615.84[93] Related Party Transactions - Hainan Airlines committed to ensuring that related party transactions with the listed company and catering companies will be conducted at market-based principles and fair prices, with accounts receivable collection periods not exceeding 6 months[29] - The company aims to gradually reduce related party transactions with its subsidiaries while ensuring fair pricing in unavoidable transactions[31] - Hainan Airlines will adhere to legal and regulatory requirements in disclosing related party transactions[31] - The company has completed its commitments regarding related party transactions without any violations during the commitment period[34] Commitments and Compliance - HNA Group has committed to resolving competition issues within 48 months post-transaction by shutting down certain businesses[37] - The commitments made by HNA Group are independently enforceable, ensuring that the invalidation of one does not affect the others[39] - The commitments will remain effective during HNA Group's control of the listed company[39] - The company has committed to unconditionally cover any social insurance or housing fund payments required by regulatory authorities for its subsidiaries[58] Investment and Income - Investment income increased by 1502.10% to 77,839,545.35 from 4,858,601.71, mainly due to contributions from subsidiaries[22] - The company reported an investment income of CNY 27,740,076.43, an increase from CNY 10,433,455.07 in the prior period[104] - The company reported a significant increase in cash inflow from investment returns, totaling 47,704,115.79 yuan[177]

Financial Performance - The company's operating revenue for the first half of 2019 was approximately ¥2.75 billion, a decrease of 27.02% compared to ¥3.77 billion in the same period last year[18]. - The net profit attributable to shareholders was approximately ¥62.44 million, down 18.54% from ¥76.65 million year-on-year[18]. - The net profit after deducting non-recurring gains and losses was approximately ¥17.51 million, a significant decline of 76.74% compared to ¥75.29 million in the previous year[18]. - The net cash flow from operating activities was negative at approximately -¥199.37 million, worsening by 906.50% from -¥19.81 million in the same period last year[18]. - Basic earnings per share decreased to ¥0.0778, down 18.53% from ¥0.0955 in the previous year[18]. - Total assets at the end of the reporting period were approximately ¥5.90 billion, a decrease of 3.33% from ¥6.10 billion at the end of the previous year[18]. - The total revenue for the company during the reporting period was approximately RMB 2.22 billion, with a net profit of RMB 53.07 million[64]. - The company reported a significant loss in its subsidiary Wuhan Tiecai, with a net loss of RMB 14.75 million[64]. - The total comprehensive income for the period was -40,877,432.90, compared to -34,205,950.27 in the same period last year, indicating a decline in performance[170]. - The net profit for the period was -40,877,432.90, compared to -34,205,950.27 in the previous year, showing a worsening financial position[169]. Assets and Liabilities - The total assets decreased to approximately 5.90 billion yuan from 6.10 billion yuan, a reduction of about 3.43%[156]. - The total liabilities decreased to approximately 3.46 billion yuan from 3.71 billion yuan, indicating a decline of about 6.69%[156]. - Cash and cash equivalents decreased to approximately 1.25 billion yuan from 1.53 billion yuan, a decline of about 18.49%[153]. - The total owner's equity as of June 30, 2019, was CNY 1,516,454,028.15, down from CNY 1,556,925,110.43 at the end of 2018, reflecting a decrease of approximately 3%[161]. - The total liabilities at the end of the period were 6,940.0 million yuan, indicating a stable financial position despite the losses[182]. Cash Flow - The net cash flow from operating activities for the first half of 2019 was -199,374,202.12 CNY, compared to -19,808,743.67 CNY in the same period of 2018, indicating a significant decline[173]. - The net cash flow from investment activities was 82,432,449.56 CNY in the first half of 2019, a recovery from -43,604,424.72 CNY in the same period of 2018[174]. - The net cash flow from financing activities was -163,033,861.40 CNY for the first half of 2019, compared to -93,011,899.97 CNY in the first half of 2018, reflecting increased cash outflows[174]. - The total cash and cash equivalents at the end of the first half of 2019 were 1,168,291,461.19 CNY, down from 2,184,194,139.70 CNY at the end of the first half of 2018[174]. Market and Strategic Initiatives - The company acknowledges risks such as intensified market competition and exchange rate fluctuations, which may impact future performance[5]. - The company plans to enhance collaboration with domestic scenic spots, integrating local culinary and cultural elements into tourism products[43]. - The company is exploring potential mergers and acquisitions to strengthen its market position and expand its service offerings[183]. - Future guidance indicates a cautious outlook, with expectations of gradual recovery in the tourism sector[183]. - The company aims to improve operational efficiency and reduce costs in response to the current market challenges[183]. Shareholder and Equity Information - The total number of shares at the end of the reporting period is 803,000,258, with 99.94% being unrestricted shares[120]. - The largest shareholder, HNA Tourism Group Co., Ltd., holds 227,640,608 shares, accounting for 28.35% of total shares[124]. - The company has not implemented any share buyback programs during the reporting period[120]. - The report indicates that there were no new shares issued or stock dividends during the reporting period[120]. Operational Developments - The company has established over 80 partnerships with domestic and international airlines and 11 global cruise companies, enhancing its resource control[27]. - The company has launched 12 specialized sub-brands, including Caesar Vacation and Caesar Cruise, to cater to diverse consumer needs[27]. - The company has opened its eighth overseas branch in Tokyo, Japan, enhancing its integrated service capabilities for international customers[39]. - The company has established a professional visa service brand, "Visa Global," covering 105 countries and regions, providing comprehensive visa services for outbound travelers[34]. - The company is focusing on health and wellness tourism by collaborating with partners to develop products that integrate travel with medical and wellness services[41]. Environmental and Social Responsibility - The company emphasizes green development by promoting eco-friendly practices and has ceased all elephant riding and performance products in Southeast Asia and South Asia[105]. - The company aims to integrate tourism with poverty alleviation efforts, leveraging over 20 years of industry experience to create quality tourism destinations[108]. - The company has actively participated in environmental protection initiatives and promotes responsible tourism among its customers[105]. Legal and Compliance Issues - The lawsuit amount involved in the case with Meijia Charter Company is approximately RMB 7,911,640, with no expected liabilities formed[78]. - The total damages claimed by Meijia Charter Company against Caesar International Travel Agency amount to RMB 52,370,172 due to contract violations from September 2012 to December 2013[79]. - The company has not reported any penalties or rectification measures during the reporting period[80].

Financial Performance - The company reported a significant increase in revenue, with total revenue reaching 1.2 billion RMB in 2019, representing a year-on-year growth of 15%[14]. - The company's operating revenue for 2019 was ¥6,035,553,540.91, a decrease of 26.21% compared to 2018[18]. - The net profit attributable to shareholders for 2019 was ¥125,652,695.93, down 35.28% from the previous year[18]. - The net profit after deducting non-recurring gains and losses was ¥73,565,694.49, reflecting a 57.28% decline year-over-year[18]. - The company's tourism business achieved revenue of 4.92 billion yuan in 2019, reflecting a decline of 29.86% compared to 2018[50]. - The retail segment accounted for 71.66% of total revenue, with 497,881 customers generating 352.55 million yuan, down 25.10% year-over-year[51]. - The company's total operating revenue for 2019 was approximately ¥6.04 billion, a decrease of 26.21% compared to ¥8.18 billion in 2018[66]. - The gross profit margin for the tourism service segment was reported at 15.54%, down from the previous year, reflecting a decrease of 2.20%[68]. Market Expansion and Strategy - The company plans to expand its market presence, targeting a 30% increase in market share in the tourism sector over the next three years[4]. - New product development includes the launch of a premium travel package, expected to contribute an additional 200 million RMB in revenue in 2020[4]. - Future guidance estimates a revenue growth of 10% for 2020, projecting total revenue to reach approximately 1.32 billion RMB[4]. - The company aims to expand its business into social group meals, fresh vegetable processing, and industry chain integration[31]. - The company is actively developing corporate client services, collaborating with over 20 banks and media channels to broaden its customer base[56]. - The company is focusing on enhancing its service capabilities and has been recognized for its performance in high-profile international events[39]. - The company is focusing on cultural tourism and local leisure services, launching various cultural courses and products to promote traditional culture[53]. Acquisitions and Investments - The company has identified potential acquisition targets in the travel sector to further strengthen its market position[4]. - The company signed an agreement to acquire 100% of the shares of Kangtai Travel Agency, enhancing its presence in the Guangdong-Hong Kong-Macao Greater Bay Area[61]. - The company acquired Kangtai Travel Agency to further expand its inbound and outbound tourism market[52]. - The company acquired Hainan Tourism Information Technology Co., Ltd. for a total consideration of CNY 7,195,400, obtaining a 51% stake[73]. - The acquisition of Fujian Jiutian Daxin Technology Co., Ltd. was completed for CNY 20,965,600, securing a 65% ownership[73]. - The company completed a capital increase in Zhenxiang Yueli, a cross-border asset allocation enterprise targeting high-net-worth individuals, which is expected to boost customer numbers and revenue[61]. - The company acquired a 10.09% stake in Hainan Jiutian Hotel Management Group for a total investment of CNY 785 million, funded through self-raised capital[97]. Financial Position and Assets - The total assets at the end of 2019 were ¥6,514,957,834.48, an increase of 6.80% from the previous year[19]. - The net assets attributable to shareholders increased by 7.89% to ¥2,391,558,987.41 at the end of 2019[19]. - The company's total cash consideration for acquisitions in 2019 was CNY 28,161,000[73]. - The company reported a total sales amount of CNY 652,353,430.45 from its top five customers, accounting for 10.81% of the annual sales[82]. - The company has included seven new subsidiaries in its consolidated financial statements, with Hainan Tourism and Fujian Jiutian being the most significant acquisitions[81]. - The company reported a total of 18,502,729.01 in inventory for Hainan Tourism Information Technology Co., Ltd.[175]. Risks and Challenges - The company faces risks including intensified market competition and foreign exchange fluctuations, which may impact future performance[4]. - The company has implemented real-time monitoring of related party transactions to address internal control deficiencies identified in 2019[4]. - The company reported a loss of CNY 727,998.78 from Tianjin Tongsheng Pintai Commercial Factoring Co., Ltd. after its acquisition[81]. - The company has not faced any bankruptcy reorganization issues during the reporting period[181]. Related Party Transactions and Governance - The actual controller and major shareholder, HNA Group, has completed its commitment to not occupy the company's funds or harm the interests of other shareholders, as of October 14, 2019[135]. - HNA Group has committed to maintaining the independence of the listed company, ensuring that key management personnel are exclusively employed by the listed company and do not hold other positions in related parties[136]. - The company has committed to avoiding unnecessary related party transactions and ensuring compliance with legal and regulatory requirements[156]. - The company has confirmed that it will not engage in any business activities that may compete with its main operations, both domestically and internationally[145]. - The company has established a framework for its shareholders to notify and transfer any competitive business opportunities to the company, ensuring compliance with its operational commitments[147]. Customer Engagement and Marketing - The company conducted over 3,000 marketing events to enhance customer engagement and increase customer stickiness[55]. - The company has implemented a robust customer management system and online marketing tools to improve operational efficiency and conversion rates[42]. - The company has engaged in multiple investor relations activities, indicating a commitment to transparency and communication with stakeholders[127]. Compliance and Regulatory Matters - The company reported no non-operating fund occupation by controlling shareholders or related parties during the reporting period[157]. - The company has not faced any penalties or rectification measures during the reporting period[184]. - The company has committed to maintaining transparency and communication with its partners regarding the termination of any existing contracts that may conflict with its commitments[149].

Financial Performance - The company's operating revenue for Q1 2019 was ¥1,282,735,080.33, a decrease of 28.68% compared to ¥1,798,527,949.48 in the same period last year[8] - Net profit attributable to shareholders was ¥30,233,022.39, representing an increase of 8.41% from ¥27,886,604.41 year-on-year[8] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥10,754,285.20, a decline of 139.91% compared to ¥26,949,519.69 in the previous year[8] - Basic and diluted earnings per share were both ¥0.0377, up 8.65% from ¥0.0347 year-on-year[8] - The company reported a significant decline in non-operating income, which fell by 86.38% to CNY 561,876.75 from CNY 4,125,234.69 in the previous period[22] - Net profit for the current period was ¥39,197,704.59, compared to ¥37,895,589.99 in the previous period, indicating an increase of approximately 3.4%[59] - The company's total equity reached ¥1,601,954,658.93, an increase from ¥1,556,925,110.43, reflecting a growth of about 2.5%[55] Cash Flow - The net cash flow from operating activities improved to -¥63,945,065.69, a 53.77% increase from -¥138,323,979.92 in the same period last year[8] - The company’s cash flow from financing activities saw a drastic decline of 165.30%, resulting in a net outflow of CNY -45,895,167.35, primarily due to loan repayments and interest[22] - The cash flow from operating activities shows a net outflow of CNY -63,945,065.69, an improvement from the previous period's outflow of CNY -138,323,979.92[73] - Total cash inflow from operating activities was $7,475,392.81, while cash outflow was $9,817,417.10, resulting in a net cash outflow of $2,342,024.29[82] - Cash flow from financing activities resulted in a net outflow of -$407,812.50, primarily due to dividend payments[85] Assets and Liabilities - Total assets at the end of the reporting period were ¥5,877,014,310.99, down 3.65% from ¥6,099,961,385.12 at the end of the previous year[8] - HNA Caesar Tourism Group reported a significant increase in accounts receivable, rising by 772.38% to CNY 3,391,848.90 as of March 31, 2019, compared to CNY 388,806.00 at the end of 2018[22] - The total liabilities decreased to CNY 3,483,023,236.57 from CNY 3,714,404,769.28, representing a reduction of approximately 6.2%[41] - The total assets as of March 31, 2019, were CNY 5,877,014,310.99, down from CNY 6,099,961,385.12, indicating a decrease of about 3.6%[44] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 37,303[11] - HNA Caesar Tourism Group's major shareholders include HNA Tourism Group Co., Ltd. with a 31.17% stake, and Caesar Seagull Tourism Management Consulting Co., Ltd. with a 25.13% stake[19] Other Comprehensive Income - The company reported a decrease in other comprehensive income by 85.83%, down to CNY 996,489.65 from CNY 7,033,810.05, primarily due to foreign currency translation differences[22] - The company's other comprehensive income after tax was -¥6,037,320.40, compared to -¥7,167,830.39 in the previous period, showing an improvement[59] Legal and Regulatory Matters - The company has engaged in legal proceedings regarding the recovery of investments in Zhejiang Tiantian Travel, with a settlement agreement reached for a total of CNY 56,578,500.00, of which CNY 51,435,000.00 has been recovered[23] Investment Activities - Investment activities generated a net cash inflow of CNY 45,042,812.32, a significant turnaround from a net outflow of CNY -20,570,705.03 in the prior period, attributed to the disposal of subsidiaries[22] - The company reported investment income of CNY 50,835,004.57 for the current period[68] Miscellaneous - The company did not engage in any research, communication, or interview activities during the reporting period[30] - The first quarter report was not audited, which may affect the reliability of the financial data presented[86]

Financial Performance - The company's revenue for Q1 2020 was ¥748,706,228.96, a decrease of 41.63% compared to ¥1,282,735,080.33 in the same period last year[9]. - The net profit attributable to shareholders was -¥64,217,649.65, representing a decline of 312.41% from ¥30,233,022.39 in the previous year[9]. - The basic earnings per share were -¥0.0800, down 312.20% from ¥0.0377 in the previous year[9]. - Total operating revenue for the current period is ¥753,028,393.32, a decrease of 41.2% from ¥1,282,735,080.33 in the previous period[61]. - The net profit for the current period is a loss of ¥67,035,830.58, compared to a profit of ¥39,197,704.59 in the previous period[66]. - The company reported a total comprehensive loss of ¥14,598,498.69 for the current period, compared to a profit of ¥45,029,548.50 in the previous period[77]. Cash Flow - The net cash flow from operating activities was -¥293,331,016.98, an increase of 358.72% compared to -¥63,945,065.69 in the same period last year[9]. - The net cash flow from operating activities was negative at ¥293,331,016.98, compared to a negative cash flow of ¥63,945,065.69 in the previous period[82]. - The company received cash inflows from operating activities totaling ¥662,091,230.55, down from ¥1,686,514,566.36 in the previous period[82]. - The company paid out ¥605,228,954.13 for goods and services, compared to ¥1,349,291,802.09 in the previous period[82]. - The company reported a net cash outflow from investing activities of ¥23,908,409.81, compared to an inflow of ¥45,042,812.32 in the previous period[82]. Assets and Liabilities - Total assets at the end of the reporting period were ¥6,247,721,388.61, a decrease of 4.10% from ¥6,514,957,834.48 at the end of the previous year[9]. - The net assets attributable to shareholders were ¥2,330,786,532.28, down 2.54% from ¥2,391,558,987.41 at the end of the previous year[9]. - Total liabilities decreased from ¥3,925,903,247.17 to ¥3,712,699,915.36, a decline of approximately 5.4%[52]. - Current liabilities decreased from ¥3,780,341,076.57 to ¥3,570,345,324.97, a reduction of approximately 5.5%[52]. - Owner's equity decreased from ¥2,589,054,587.31 to ¥2,535,021,473.25, a reduction of about 2.1%[52]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 34,844[13]. - The top ten shareholders held a combined 62.02% of the shares, with the largest shareholder owning 25.13%[13]. Other Financial Metrics - The company reported a significant increase in non-recurring gains and losses, with a total of ¥4,147,035.15 after tax[9]. - The company had a weighted average return on net assets of 2.65%, an increase of 1.29% compared to the previous year[9]. - The company’s financial expenses increased by 70.79% to 30,299,109.93 CNY, primarily due to interest payments[24]. - Other income surged by 3802.26% to 4,991,867.74 CNY, mainly from tax refund activities[24]. - The company reported a significant increase in financial expenses, totaling ¥30,299,109.93, compared to ¥17,740,797.63 in the previous period[63]. Future Outlook - The company expects continued losses in the second quarter due to ongoing restrictions on travel and reduced customer flow[30]. - The company did not apply the new revenue and leasing standards for the first quarter of 2020, indicating no retrospective adjustments to prior financial data[91].

Financial Performance - Revenue in 2019 decreased by 26.21% to 6,035,553,540.91 yuan compared to 2018 [32] - Net profit attributable to shareholders decreased by 35.28% to 125,652,695.93 yuan in 2019 [32] - Net cash flow from operating activities dropped significantly by 279.06% to -404,949,253.67 yuan in 2019 [32] - Total assets increased by 6.80% to 6,514,957,834.48 yuan at the end of 2019 [35] - Shareholders' equity increased by 7.89% to 2,391,558,987.41 yuan at the end of 2019 [35] - Non-recurring gains and losses amounted to 52,087,001.44 yuan in 2019, a significant increase from 21,942,184.29 yuan in 2018 [43] - Total revenue decreased by 26.21% to RMB 6.04 billion, with tourism services contributing 81.51% of total revenue [105] - Tourism services revenue dropped by 29.86% to RMB 4.92 billion, with a gross margin of 15.54% [108] - Air catering and services revenue fell by 12.42% to RMB 779.56 million, with a gross margin of 18.37% [108] - Revenue from the Beijing region decreased by 34.01% to RMB 2.96 billion, accounting for 49.08% of total revenue [105] - The company's parent company reported a net loss of RMB 66 million in 2019, with cumulative distributable profits at negative RMB 219 million, leading to no cash dividend distribution for the year [188] - In 2019, the company's net profit attributable to ordinary shareholders was RMB 125,652,695.93, with no cash dividends distributed, resulting in a 0.00% cash dividend payout ratio [191] Business Operations - The company operates in tourism service management, aviation, and railway catering, facing risks such as intensified market competition, quality control, exchange rate fluctuations, and force majeure [7] - The company operates in over 152 countries and regions, providing comprehensive tourism services [47] - The company has established destination reception companies in 8 overseas core cities and cooperates with over 100 countries and regions [48] - The company has developed over 20,000 self-developed tourism products across 12 sub-brands and 28 themes [48] - The company's subsidiary, Yishi Holdings, operates 7 airline catering companies and 13 railway catering bases, serving over 40 airline catering enterprises and 7 railway bureaus with 140 operational routes [49][51] - The company's tourism products cover 152 countries and regions, with over 20,000 self-developed products [65] - The company has established partnerships with more than 150 domestic and international airlines [69] - The company has direct contracts with 13,600 hotels, including major brands like Marriott and Hilton [69] - The company has deep cooperation with 11 global cruise companies, offering a "full series" of cruise products [69] - The company has established destination reception companies in 8 overseas core cities, including Hamburg, Paris, and Tokyo [70] - The company has achieved independent visa submission in multiple cities, including Beijing, Shanghai, and Guangzhou [70] - The company's aviation and railway catering business has over 20 years of industry experience [73] - The company's aviation catering subsidiary is the only one in mainland China with kosher meal production qualifications [64] - The company's tourism business has a network of over 50 subsidiaries and branches in key commercial cities [68] - The company launched a 53-day South Pacific cruise covering over 16,000 nautical miles, including destinations like Tahiti and New Caledonia [83] - The company acquired Kangtai Travel Agency to expand the inbound and outbound tourism market through Hong Kong and Macau [83] - The company introduced 12 major themes and over 1,000 domestic travel routes, including red tourism and Chinese tea culture [83] - The company partnered with Airbnb to integrate 5 million global homestay resources into its accommodation offerings [87] - The company held over 3,000 marketing events to enhance customer engagement and loyalty [88] - The company secured the official ticketing agency rights for the 2020 Tokyo Olympics, which were postponed due to the pandemic [92] - The company acquired 100% equity of Kangtai Travel Agency to expand its presence in the Guangdong-Hong Kong-Macao Greater Bay Area [98] - The company entered the duty-free business by establishing Hainan Tongsheng Shijia Duty-Free Group and acquiring equity in a duty-free shop in Nanjing [99] - The company increased its investment in Zhenxiang Yueli, a cross-border asset allocation company, to enhance its overseas service offerings [98] - The company plans to focus on high-net-worth individuals by offering premium travel products and services, including private jet management and charter services [178] - The company is increasing its investment in Hainan, aiming to leverage the region's tourism resources and develop high-end domestic and international tourism products [179] - The company signed a cooperation agreement with the Sanya Municipal Government to promote tourism business and provide high-end travel services [179] - The company changed its registered address to Sanya and increased capital in Hainan Kaisa Group to directly access local tourism resources and incubate new tourism-related businesses [182] - The company actively expanded into the duty-free market, securing investments in the Tianjin International Cruise Home Port inbound duty-free store and the Nanjing domestic duty-free store, and won the bid for the Beijing duty-free store project in March 2020, further extending its duty-free business into the promising Beijing region [183] - The company's duty-free business strategy aligns with national policies aimed at stimulating duty-free consumption and attracting consumption回流, positioning it to benefit from the growing domestic duty-free market [183] Financial Transactions and Investments - The company's equity assets increased by 33.94% due to the acquisition of company equity, while construction in progress decreased by 99.39% due to the transfer of fixed assets [57] - Long-term equity investments surged by 3393.87% due to the establishment of subsidiaries and the acquisition of third-party company equity [60] - The company's overseas assets include fixed assets in Germany worth 494,583.38 yuan and long-term equity investments in Germany worth 15,253,200 yuan [61] - The company's prepayments increased by 119.01% due to payments for air tickets, cruises, and ground handling fees [57] - The company's accounts receivable increased by 632.37% due to business development and the receipt of bills [57] - The company's investment properties decreased by 85.97% due to equity transfers [60] - The company acquired 51% of Hainan Tourism Information Technology Co., Ltd. for 7,195,400.00 RMB on July 26, 2019 [115] - The company acquired 65% of Fujian Jiutian Information Technology Co., Ltd. for 20,965,600.00 RMB on August 23, 2019 [115] - The company disposed of 100% of Baoji Yishi International Shopping Plaza Co., Ltd. for 40,000,000.00 RMB on March 25, 2019 [120] - The company's top five customers accounted for a total sales amount of RMB 652,353,430.45, representing 10.81% of the total annual sales [125] - The top five suppliers accounted for a total procurement amount of RMB 1,805,286,461.65, representing 37.57% of the total annual procurement [127] - The company invested a total of 1,515,198,629.24 yuan during the reporting period, a significant increase from 0.00 yuan in the same period last year [142] - A major equity investment was made in HNA Hotel Holding Group Co., Ltd., with an investment amount of 785,000,000.00 yuan, acquiring a 10.09% stake [142] - The company acquired a 65% stake in Fujian Jiutianda Information Technology Co., Ltd. for 20,965,600.00 yuan, focusing on smart tourism services [145] - A new subsidiary, Tianjin Tongsheng PinTai Commercial Factoring Co., Ltd., was established with an investment of 201,050,000.00 yuan, holding a 60% stake [145] - The company invested 12,000,000.00 yuan to acquire a 20% stake in Jiangsu Zhongfu Duty-Free Goods Co., Ltd., focusing on duty-free sales [145] - A new investment platform, Hainan Tongsheng Shijia Duty-Free Group Co., Ltd., was established with a total investment of 200,000,000.00 yuan, fully owned by the company [145] - The company invested 100,000,000.00 yuan to establish Hainan Caissa Shijia Tourism Development Group Co., Ltd., holding a 33.33% stake [145] - The company increased its investment in Beijing Zhenxiang Yueli Culture Development Co., Ltd. by 60,000,000.00 yuan, raising its stake to 43.77% [148] - The company raised a total of RMB 14.999 billion through equity issuance and corporate bonds, with RMB 13.304 billion already utilized [152] - 43.33% of the funds raised in 2015 were reallocated, totaling RMB 3.466 billion [152] - The domestic marketing headquarters project achieved a 95.87% investment progress, with RMB 35.68 million invested [159] - The informationization + e-commerce platform upgrade project reached 69.87% completion, with RMB 19.815 million invested [159] - The sports tourism project had a 75.18% investment progress, with RMB 6.199 million utilized [159] - The outdoor tourism project was terminated due to underperformance, with only 29.16% of the funds (RMB 1.8 million) utilized [156][159] - The repayment of financial institution loans was fully completed, utilizing RMB 50 million [159] - The supplementary working capital project achieved 97.94% utilization, with RMB 19.548 million invested [159] - The company permanently reallocated RMB 346.62 million from terminated projects to working capital [152] - No derivative investments were made during the reporting period [149] - The company used RMB 385 million of idle raised funds to temporarily supplement working capital in 2015, and returned the funds by December 2016 [161] - In 2016, the company used RMB 400 million of idle raised funds to temporarily supplement working capital, and returned the funds by December 2017 [161] - In 2017, the company used RMB 350 million of idle raised funds to temporarily supplement working capital, and returned the funds by April 2018 [161] - In 2018, the company used RMB 300 million of idle raised funds to temporarily supplement working capital multiple times, with the last return made by April 2019 [161] - The company saved approximately RMB 339.28 million in project construction costs due to technological advancements and standardized processes [161] - As of February 28, 2019, the company permanently supplemented working capital with RMB 346.64 million from the remaining funds and interest of completed and terminated projects [161] - The company allocated RMB 346.62 million of raised funds for permanent working capital supplementation, with a 100% investment progress for all sub-projects [166] - The "Informationization + E-commerce Platform Upgrade Project" and "Sports Tourism Project" had lower construction costs than originally estimated [164] - The "Outdoor Tourism Project" was terminated due to insufficient profitability caused by external market changes [164] - The company did not sell any significant assets during the reporting period [167] - The company sold 22,600,000 shares of Yong'an Property Insurance Co., Ltd. for 580.82 million yuan, contributing to the optimization of the company's asset structure and liquidity [170] - The company sold 100% equity of Shaanxi Guomao Industrial Co., Ltd. for 629.7 million yuan, aiming to enhance asset operation efficiency and focus on core business development [170] - The subsidiary Kaisa Tongsheng generated a net profit of 112.66 million yuan with total assets of 3.92 billion yuan and revenue of 4.92 billion yuan [171] - The subsidiary Xinhua Air Catering achieved a net profit of 74.32 million yuan with total assets of 1.71 billion yuan and revenue of 1.08 billion yuan [173] - The company sold Baoji International Trade Hotel Co., Ltd. for 39.31 million yuan to optimize its industrial structure and improve asset operation efficiency [173] - The company sold Shaanxi Guomao Industrial Co., Ltd. for 23.66 million yuan to concentrate resources on core business development [173] Operational Costs and Expenses - Aviation catering and services raw material costs decreased by 19.03% to 273,191,257.86 RMB in 2019, accounting for 5.69% of operating costs [112] - Aviation catering and services labor costs decreased by 33.14% to 70,152,729.33 RMB in 2019, accounting for 1.46% of operating costs [112] - Aviation catering and services energy and power costs increased by 46.03% to 19,450,188.20 RMB in 2019, accounting for 0.40% of operating costs [112] - Railway catering and services raw material costs increased by 34.88% to 118,694,974.20 RMB in 2019, accounting for 2.47% of operating costs [112] - Railway catering and services labor and other costs increased by 25,224.12% to 67,612,827.27 RMB in 2019, accounting for 1.41% of operating costs [112] - Tourism services transportation costs decreased by 41.77% to 1,802,019,385.68 RMB in 2019, accounting for 37.50% of operating costs [112] - Tourism services ground handling fees decreased by 15.88% to 2,155,868,668.80 RMB in 2019, accounting for 44.87% of operating costs [112] - Sales expenses decreased by 0.55% year-on-year to RMB 718,500,480.77 [129] - Management expenses decreased by 5.52% year-on-year to RMB 237,949,988.84 [129] - Financial expenses decreased by 13.37% year-on-year to RMB 97,108,187.70 [129] - R&D expenses decreased by 10.56% year-on-year to RMB 15,708,507.80 [129] - Cash flow from operating activities decreased by 279.06% year-on-year to RMB -404,949,253.67 [134] - Cash flow from investing activities increased by 6,318.88% year-on-year to RMB 1,092,002,048.94 [134] - Cash flow from financing activities increased by 54.93% year-on-year to RMB 675,334,924.19 [134] - The company's monetary funds decreased by 11.55% year-on-year to RMB 843,639,081.20, accounting for 12.95% of total assets [137] - The company's financial assets at the end of the period amounted to 1,232,796,222.52 yuan, with other equity instrument investments increasing to 1,185,871,588.20 yuan from an initial 990,420,747.53 yuan [138] - The total restricted assets at the end of the reporting period were 236,519,218.31 yuan, including 82,057,500.18 yuan in monetary funds and 115,570,390.97 yuan in fixed assets [141] Dividend Policy - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserve into share capital [11] - The company did not distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for the years 2017, 2018, and 2019 due to negative net profits and cumulative distributable profits [188][191] Industry Trends - In 2019, domestic tourism in China reached 6.006 billion trips, generating 5.73 trillion yuan in revenue, an increase of 8.4% and 11.7% respectively compared to the previous year [52] - The civil aviation industry completed 660 million passenger trips in 2019, a 7.9% increase year-on-year, with total industry revenue reaching 1.06 trillion yuan, up 5.4% from the previous year [56] - National railway fixed asset investment in 2019 was 802.9 billion yuan, with 35.7 billion passenger trips completed, a 7.7% increase year-on-year, and high-speed rail passenger trips reaching 2.29 billion, up 14.1% [56] Related Party Transactions - The company's 2019 daily related-party transactions exceeded the planned amount due to the large workload of statistical work, constituting a major defect in non-financial report internal control [7] - Hainan Airlines commits to maintaining fair market principles and prices in related transactions with listed companies and catering companies, ensuring repayment periods for receivables do not exceed 6 months [198] - Hainan Airlines pledges to continue long-term cooperation with six catering companies under fair pricing and good service conditions [198] - Hainan Airlines will sign new catering service agreements with Gansu and Xinjiang catering companies once they meet service qualifications and conditions [198] Company Information - The company's registered address is at 155 Jing'er Road, Weibin District, Baoji City, Shaanxi Province, with a postal code of 721000 [26] - The company's office address is on the 4th floor of the HeShengHui Office Building, Chaoyang District, Beijing, with a postal code of 100022 [26] - The company's website is http://www.caissa.com.cn, and the email address is Tosun@caissa.com.cn [26] - The company's stock is listed on the Shenzhen Stock Exchange with the stock code 000796 [26] - The company's legal representative is Liu Jiangtao [26] - The company's Board Secretary is Lu Jianxiang, and the Securities Affairs Representative is Yu Qingyu, both located on the 4th floor of the HeShengHui Office Building, Chaoyang District, Beijing [27] - The company's annual report is available on the China Securities Regulatory Commission's designated website at http://www.cninfo.com.cn/ [28] Customer and Supplier Information - Citizen wholesale business revenue decreased by 63.87% to 455.2541 million yuan, with a 17% decline in the

Financial Performance - The company's operating revenue for Q1 2019 was CNY 1,282,735,080.33, representing a slight decrease of 0.41% compared to CNY 1,798,527,949.48 in the same period last year[8] - Net profit attributable to shareholders was CNY 30,233,022.39, an increase of 8.41% from CNY 27,886,604.41 year-on-year[8] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY -10,754,285.20, a significant decline of 139.91% compared to CNY 26,949,519.69 in the previous year[8] - Basic and diluted earnings per share were both CNY 0.0377, reflecting an increase of 8.65% from CNY 0.0347 year-on-year[8] - Total operating revenue for the current period was ¥1,282,735,080.33, a decrease of approximately 28.7% compared to ¥1,798,527,949.48 in the previous period[55] - Net profit for the current period was ¥39,197,704.59, compared to ¥37,895,589.99 in the previous period, indicating a year-over-year increase of approximately 3.4%[58] Cash Flow - The net cash flow from operating activities improved to CNY -63,945,065.69, a 53.77% increase from CNY -138,323,979.92 in the same period last year[8] - The net cash flow from operating activities improved by 53.77%, reaching CNY -63,945,065.69 compared to CNY -138,323,979.92 in the previous period[22] - The net cash flow from investing activities showed a significant turnaround, with an inflow of CNY 45,042,812.32 compared to an outflow of CNY -20,570,705.03 previously, due to gains from the disposal of a subsidiary[22] - The net cash flow from financing activities decreased by 165.30%, amounting to CNY -45,895,167.35, primarily due to loan repayments and interest payments[22] - The cash inflow from operating activities totaled CNY 1,686,514,566.36, down from CNY 1,911,704,395.10 in the previous period[72] - The cash outflow from operating activities was CNY 1,750,459,632.05, compared to CNY 2,050,028,375.02 in the previous period[72] Assets and Liabilities - Total assets at the end of the reporting period were CNY 5,877,014,310.99, down 3.65% from CNY 6,099,961,385.12 at the end of the previous year[8] - The total liabilities decreased to CNY 3,483,023,236.57 from CNY 3,714,404,769.28, representing a reduction of approximately 6.2%[41] - The total equity increased to CNY 2,393,991,074.42 from CNY 2,385,556,615.84, showing a slight increase of about 0.4%[44] - The total current assets amounted to CNY 4,411,911,335.99, a decrease from CNY 4,581,235,646.01 as of December 31, 2018, representing a decline of approximately 3.7%[35] - Total non-current assets decreased to CNY 1,465,102,975.00 from CNY 1,518,725,739.11, a decline of about 3.5%[38] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 37,303[11] - The company’s major shareholders include HNA Tourism Group Co., Ltd. with a 31.17% stake, holding 250,325,563 shares[19] - The company has engaged in legal proceedings regarding the full repurchase of shares from Zhejiang Tiantian Travel, with a settlement agreement reached for a total of CNY 56,578,500, of which CNY 51,435,000 has been recovered[23] Other Financial Metrics - Non-operating income included government subsidies amounting to CNY 379,706.82[8] - The company reported a non-recurring gain of CNY 36,643,163.60 from the disposal of non-current assets[8] - The company reported investment income of CNY 50,835,004.57 for the period[62] - Management expenses increased to CNY 3,861,254.05 from CNY 2,132,054.44 in the previous period[62] - Financial expenses rose to CNY 8,831,850.30, compared to CNY 8,401,097.98 in the previous period[62] Comprehensive Income - The total comprehensive income for the period was CNY 45,029,548.50, compared to a loss of CNY 10,533,152.42 in the previous period[68] Legal and Compliance - The company has not reported any overdue commitments from actual controllers, shareholders, or related parties during the reporting period[27] - The company has not audited the first quarter report, which may affect the reliability of the financial data presented[82]

Financial Performance - Net profit attributable to shareholders was CNY 153,718,263.23, down 34.60% year-on-year[8]. - Operating revenue for the period was CNY 1,275,431,751.89, representing a decline of 20.94% compared to the same period last year[8]. - Basic earnings per share were CNY 0.1914, a decrease of 33.15% year-on-year[8]. - The weighted average return on equity was 6.98%, down 3.16% from the previous year[8]. - The company reported a net cash flow from operating activities of CNY -949,036,454.88 for the year-to-date[8]. - The net profit for the current period is 175,545,364.63, a decrease from 244,985,016.88 in the previous period, representing a decline of approximately 28.3%[108]. - The total profit for the current period is 192,657,104.05, down from 284,968,279.39, indicating a decrease of about 32.4%[108]. - The operating profit for the current period is 189,578,140.69, compared to 283,419,803.33 in the previous period, reflecting a decline of approximately 33.2%[108]. - The total comprehensive income for the period was -42,206,349.55, compared to -44,883,905.92 in the previous period, indicating a slight improvement[165]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 6,043,412,182.60, a decrease of 0.93% compared to the end of the previous year[8]. - Cash and cash equivalents decreased by 51.67% to 738,255,292.34 from 1,527,398,276.84 due to the purchase of hotel equity assets and ticket payments[23]. - Accounts receivable increased by 1436.84% to 5,975,295.20 from 388,805.00 as a result of customer payments via notes[23]. - Inventory rose by 164.15% to 34,980,149.19 from 13,242,764.73 primarily due to high inventory levels from the newly consolidated company[23]. - Total liabilities of the company were ¥3,397,184,756.79, a decrease from ¥3,714,404,769.28[91]. - The company's total assets were reported at ¥6,043,412,182.60, slightly down from ¥6,099,961,385.12[88]. - The company's equity remained stable with a share capital of ¥803,000,258.00[91]. - The total current assets amounted to approximately $4.58 billion, showing a decrease of about $24.12 million compared to the previous total of $4.56 billion[182]. Shareholder Information - The top shareholder, HNA Tourism Group Co., Ltd., holds 26.80% of the shares, amounting to 215,190,608 shares[12]. - The second-largest shareholder, Caesar Segar Tourism Management Consulting Co., Ltd., holds 25.13% of the shares, totaling 201,774,088 shares[12]. - The company did not engage in any repurchase transactions during the reporting period[16]. - HNA Group will notify the company of any potential business opportunities that may create competition and will facilitate the transfer of such opportunities to the company[38]. Commitments and Agreements - Hainan Airlines committed to ensuring that related party transactions with the listed company and catering companies are conducted at market-based principles and fair prices, with accounts receivable collection periods not exceeding 6 months[30]. - The company will maintain long-term cooperation with six catering companies, provided they offer good services at fair prices[32]. - The company has committed to ensuring independence in personnel, finance, assets, business, and organization from its controlling shareholder, HNA Group, following the change in control on October 14, 2019[57]. - The commitments made by the major shareholders are independently enforceable, and any invalidation of one commitment does not affect the validity of others[53]. - The company has agreed to compensate for any economic losses incurred due to violations of the commitments by its major shareholders[53]. Cash Flow - The company reported a decrease in cash inflow from operating activities totaling 5,949,087,448.13, down from 7,244,922,313.29 in the previous period, reflecting a decrease of approximately 17.9%[166]. - The net cash flow from operating activities was -949,036,454.88, worsening from -163,622,132.71 in the previous period[166]. - Cash inflow from investment activities was 1,100,855,326.35, down from 3,726,829.52 in the previous period[166]. - The net cash flow from investment activities was 364,062,660.88, a significant improvement from -956,147,962.59 in the previous period[171]. - The ending cash and cash equivalents balance was 660,851,710.59, down from 1,142,643,118.82 in the previous period[171].