Financial Performance - The company's operating revenue for the first half of 2017 was CNY 3,404,658,918.62, representing a 30.84% increase compared to CNY 2,602,127,009.03 in the same period last year[19]. - The net profit attributable to shareholders of the listed company reached CNY 134,436,762.86, a significant increase of 136.11% from CNY 56,937,805.44 in the previous year[19]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 73,671,230.43, up 20.74% from CNY 61,017,848.35 year-on-year[19]. - The basic earnings per share increased to CNY 0.1674, reflecting a growth of 136.11% compared to CNY 0.0709 in the same period last year[19]. - The total assets of the company at the end of the reporting period were CNY 5,852,680,844.15, an increase of 8.36% from CNY 5,401,087,615.08 at the end of the previous year[19]. - The net assets attributable to shareholders of the listed company were CNY 1,925,084,096.28, which is a 2.76% increase from CNY 1,873,385,496.89 at the end of the previous year[19]. - The net cash flow from operating activities improved to CNY -83,941,007.80, a 44.73% improvement from CNY -151,873,980.72 in the previous year[19]. - The weighted average return on net assets was 6.93%, an increase of 3.53% compared to 3.40% in the previous year[19]. - The company reported a net profit margin of 12% for the first half of 2017, an improvement from 10% in the same period last year[99]. Revenue Sources - The tourism service revenue reached 2.92 billion yuan, representing a year-on-year increase of 31.74%[46]. - Revenue from the food business reached 476 million yuan in the first half of 2017, representing a year-on-year growth of 26.19%[54]. - The company's revenue for the reporting period reached ¥3,404,658,918.62, representing a year-on-year increase of 30.84%, primarily driven by growth in tourism and airline catering businesses[56]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion RMB for the first half of 2017, representing a year-on-year growth of 20%[95]. - HNA Caesar Tourism Group reported a significant increase in revenue, achieving a total of 1.2 billion RMB for the first half of 2017, representing a year-on-year growth of 15%[99]. Market Trends and Strategies - The outbound tourism market maintained an upward trend in the first half of 2017, despite challenges from geopolitical events, driven by rising national income levels and sustained travel enthusiasm[31]. - The company is focusing on developing high-quality, customized tourism products, which have received positive market feedback, indicating significant potential for consumer spending upgrades[32]. - The company has expanded its online and offline sales channels, introducing innovative tourism store models to better serve consumers[28]. - The company has maintained a leading position in the outbound tourism industry, leveraging strong upstream resource control and a high-quality research and management team[28]. - The company is actively exploring tourism resources along the "Belt and Road" initiative, integrating these elements into various product lines[46]. - The company has expanded its outbound tourism offerings to new destinations including Kazakhstan, Kyrgyzstan, Uzbekistan, Turkmenistan, Oman, Serbia, and Belarus, with a focus on cultural and culinary experiences along the Silk Road[47]. Investments and Financial Management - The company has implemented measures to reduce inventory and manage exchange rate risks in response to slowing outbound tourism growth[46]. - The company reported an investment income of CNY 59,055,905.30, compared to CNY 3,734,151.38 in the previous year, reflecting a substantial increase[194]. - The company has a total of 300 million in foreign exchange forward contracts, with a reported net loss of -2.2% during the reporting period[69]. - The company plans to conduct foreign exchange hedging business with a cumulative amount not exceeding the equivalent of $300 million to mitigate the impact of exchange rate fluctuations on performance[70]. - The company has established a foreign exchange hedging management system to enhance its ability to withstand market fluctuations and control operational risks[70]. Corporate Governance and Compliance - The company has established a governance structure that complies with relevant laws and regulations, ensuring equal rights for all shareholders[86]. - HNA Caesar Tourism Group reported a commitment to maintain the independence of the listed company, ensuring that senior management is exclusively employed by the company and receives compensation solely from it[85]. - The company is focused on maintaining operational independence and ensuring that its assets are complete and not subject to unauthorized claims[85]. - HNA Group has committed to reducing related party transactions with the listed company and its subsidiaries, ensuring fairness and compliance with legal regulations[89]. - The company has established internal governance structures to ensure compliance with legal and regulatory requirements for its transactions[98]. Future Outlook - The company provided a positive outlook for the second half of 2017, projecting a revenue growth of 25% driven by new product launches and market expansion strategies[95]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by the end of 2018[95]. - The company is set to launch two new travel packages in Q3 2017, expected to contribute an additional 100 million RMB in revenue[95]. - The company aims to strengthen its core business in travel services and related sectors following the completion of the transaction[90]. - The company plans to increase its shareholding by up to 2% of the total share capital, with specific prices and quantities to be determined based on future market conditions[103]. Social Responsibility and Community Engagement - The company initiated preliminary preparations for targeted poverty alleviation in the first half of 2017, identifying targets and needs for further action in the second half[136]. - The company plans to implement targeted poverty alleviation initiatives focusing on education in 1-2 selected impoverished counties in Hebei Province, specifically targeting three national-level poverty-stricken counties[138]. - The company aims to provide material support, including essential goods like clothing and food, to help local production and economic activities[139]. - Educational support will include improvements to school facilities, such as music classrooms and classroom repairs, to enhance the learning environment[139]. Shareholder and Stock Information - The company has committed to a cash dividend distribution of RMB 1.00 per 10 shares for the 2016 fiscal year, totaling approximately RMB 80.3 million[141]. - The total number of shares before the change was 803,000,200, with 69.37% being limited sale shares[145]. - HNA Tourism Group holds 31.79% of shares, amounting to 255,257,200 shares, with 2,468,600 shares pledged[153]. - The company issued bonds totaling 700 million RMB with a coupon rate of 7.20% on June 16, 2017[151]. - The company has not made any interest payments or principal repayments on the bonds during the reporting period[166].

Financial Performance - The company's operating revenue for 2016 was CNY 6,636,010,096.37, representing a 34.48% increase compared to CNY 4,934,501,672.41 in 2015[16] - The net profit attributable to shareholders for 2016 was CNY 212,588,082.67, a 3.30% increase from CNY 205,797,145.35 in 2015[16] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 216,540,165.99, showing a significant increase of 200.85% from CNY 71,974,951.61 in 2015[16] - The net cash flow from operating activities for 2016 was CNY 323,050,132.65, up 12.20% from CNY 287,915,758.84 in 2015[16] - The total assets at the end of 2016 reached CNY 5,401,087,615.08, a 52.72% increase from CNY 3,536,514,573.55 at the end of 2015[17] - The net assets attributable to shareholders at the end of 2016 were CNY 1,873,385,496.89, reflecting a 13.83% increase from CNY 1,645,778,703.38 at the end of 2015[17] - The basic earnings per share for 2016 was CNY 0.2647, a decrease of 10.00% compared to CNY 0.2941 in 2015[16] - The weighted average return on equity for 2016 was 12.13%, down 16.37% from 28.50% in 2015[17] Revenue Breakdown - Total revenue for Q1 was ¥1,229,367,437.12, Q2 was ¥1,372,759,571.91, Q3 was ¥2,428,082,859.51, and Q4 was ¥1,605,800,227.83[21] - Net profit attributable to shareholders for Q1 was ¥16,188,516.92, Q2 was ¥40,749,288.52, Q3 was ¥178,706,676.19, and Q4 was -¥23,056,398.96[21] - The tourism service segment generated revenue of 5.791 billion yuan, up 36% year-on-year, with net profit increasing by 24% to 207 million yuan[45] - The revenue from airline catering and services was CNY 651.18 million, accounting for 9.81% of total revenue, with a year-on-year growth of 22.22%[58] - The railway catering and services revenue reached CNY 126.30 million, representing a 45.74% increase compared to the previous year[58] - The company reported a 101.1% year-on-year increase in revenue from corporate incentive travel, reaching 960 million yuan[51] Market Position and Strategy - The company operates a comprehensive outbound tourism service model, serving government, corporate, and individual clients[27] - The company is positioned as a leading outbound tourism service provider in China, leveraging advanced industry practices and a strong operational team[28] - The company aims to develop high-quality, customized tourism products, reflecting a significant potential for consumer spending upgrades in the tourism sector[33] - The company is actively expanding its "tourism+" strategy, integrating tourism with financial services through investments and acquisitions[40] - The company plans to maintain its investment scale in the railway sector, with an expected passenger volume of 3.025 billion in 2017, reflecting a growth of 11.2%[36] Acquisitions and Investments - The company acquired Beijing Xuri Travel Agency for $133.37 million, with a net profit of approximately $19.40 million post-acquisition[66] - The acquisition of Zhejiang Tiantian Travel Agency amounted to $148.59 million, resulting in a goodwill of approximately $99.38 million[67] - The cash payment for the acquisition of Caissa Touristic (UK) Limited was approximately $202.96 million, with a goodwill of approximately $280.92 million[67] - The company invested CNY 550 million in Yisheng Jinfu and led the investment in the mobile travel app "Flight Butler," expanding its travel ecosystem[53] Operational Efficiency and Growth - The company established an integrated operational model through an information management platform, enhancing efficiency and customer satisfaction[34] - The company completed a significant upgrade of its core business management system, expected to save 10-15% in labor costs, enhancing operational efficiency across the entire industry chain[53] - The company has built direct procurement relationships with nearly 7,000 tourism resource providers, enhancing its ability to offer efficient one-stop services for young consumers[52] Risk Management - The company has experienced risks related to intensified market competition, quality control, exchange rate fluctuations, and force majeure events[4] - The company faces foreign exchange risk due to its operations in overseas tourism markets, with plans to continue foreign exchange hedging in 2017 to mitigate this risk[119] - The company is exposed to force majeure risks, including natural disasters and political instability, which could adversely affect its business and sales performance[119] Shareholder Returns and Dividends - The company has implemented a cash dividend policy, aiming to distribute at least 30% of the average distributable profit over the last three years in cash dividends[125] - The proposed cash dividend for 2016 is RMB 1.00 per 10 shares, totaling RMB 80,300,025.80, which represents 100% of the profit distribution[134][132] - The cash dividend for 2016 accounts for 37.77% of the net profit attributable to ordinary shareholders[132] - The company is in a mature development stage and aims to maintain a minimum cash dividend ratio of 40% during profit distribution[133] Future Outlook - The company plans to achieve total revenue of 8.421 billion yuan and a net profit of 355 million yuan in 2017[112] - The tourism business is expected to generate no less than 7.534 billion yuan in revenue and no less than 260 million yuan in net profit in 2017[112] - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 12% to 15%[167] - The company is actively pursuing market expansion strategies through acquisitions and partnerships[87] Compliance and Governance - The company is committed to transparency in its financial practices and governance structures[186] - The company has established a complete decision-making process for cash dividend distribution, ensuring independent directors fulfill their responsibilities[131] - The company has committed to ensuring that related party transactions are conducted at market prices, with a maximum receivable collection period not exceeding 6 months[143]

Financial Performance - The company's operating revenue for Q1 2017 was ¥1,620,115,079.24, representing a 31.78% increase compared to ¥1,229,367,437.12 in the same period last year[8]. - Net profit attributable to shareholders was ¥23,222,085.78, up 43.45% from ¥16,188,516.92 year-on-year[8]. - The net profit after deducting non-recurring gains and losses was ¥23,412,272.40, reflecting a 28.62% increase from ¥18,202,363.44 in the previous year[8]. - The basic earnings per share increased by 44.50% to ¥0.0289 from ¥0.02 in the same period last year[8]. - Operating revenue rose by 31.78% year-over-year, amounting to ¥1,620,115,079.24, driven by increased business activities[16]. - Operating costs increased by 36.1% year-over-year, totaling ¥1,344,821,594.63, attributed to higher business volume[16]. - Financial expenses surged by 75.21% year-over-year, reaching ¥22,346,988.24, mainly due to increased loan interest and exchange losses[16]. - The company has no existing pledges or disputes regarding the equity held in Caesar Tongsheng[29]. Assets and Liabilities - The company's total assets at the end of the reporting period were ¥5,192,439,720.91, a decrease of 3.86% from ¥5,401,087,615.08 at the end of the previous year[8]. - The net assets attributable to shareholders increased by 1.29% to ¥1,897,638,507.48 from ¥1,873,385,496.89 at the end of the previous year[8]. - Cash and cash equivalents decreased by 23.64% from last year, totaling ¥1,122,450,595.26, primarily due to payments for charter flights, ships, and hotel expenses[16]. - Accounts receivable increased by 25.65% from last year, reaching ¥815,360,853.42, mainly due to business growth[16]. - The net cash flow from operating activities was negative at -¥166,718,518.35, an improvement of 63.84% compared to -¥461,050,431.78 in the same period last year[8]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 37,366[11]. - The top ten shareholders held a combined 99.84% of the company's shares, with HNA Tourism Group Co., Ltd. holding 31.79%[11]. Stock Issuance and Financing - The company plans to raise up to ¥720 million through a non-public stock issuance, with specific allocations for various projects including marketing headquarters and service systems[17]. - The company is actively promoting the non-public stock issuance to support its ongoing projects and business expansion[17]. - The company has guaranteed that the funds used for subscribing to the non-public issuance of shares are legally sourced and do not involve financial assistance from the company or its affiliates[31]. Related Party Transactions and Competition - HNA Group has committed to reducing and regulating related party transactions, ensuring that transactions are conducted at market prices and fair terms[19]. - HNA Group will not engage in any business that constitutes substantial competition with the listed company after asset replacement[19]. - The repayment period for accounts receivable arising from related party transactions should not exceed 6 months, ensuring it meets market average levels[20]. - HNA Group has signed an equity custody agreement with Caesar Tongsheng to manage the operations of six companies that have competitive relations[20]. - The company has confirmed that it will adhere to relevant regulations to avoid any future competition issues[22]. Commitments and Legal Obligations - The company has committed to compensating for any losses incurred due to the failure to obtain creditor consent for debt transfer[20]. - The company has acknowledged and accepted the risks associated with certain assets that have not been transferred, ensuring no claims will be made against Baoshang Group[20]. - The company has established a framework to ensure that any profits from violations of these commitments will belong to the company, protecting its financial interests[26]. - The commitments outlined are independently enforceable, ensuring that any invalidation of one does not affect the others[26]. - The company has committed to transferring its shares in Tuniu to the listed company at fair market value upon request, based on Tuniu's operational and profitability status[27]. Management and Operational Integrity - The management team has maintained a good integrity record over the past five years, with no significant legal or regulatory issues reported[27]. - The company is currently in compliance with all relevant laws and regulations regarding its internal decision-making processes for participating in transactions[27]. - The company is focused on maintaining its operational integrity and preventing any actions that could harm its interests[26]. Future Projections and Commitments - The net profit for the years 2015, 2016, and 2017 after deducting non-recurring gains and losses is committed to be no less than 161.8 million, 208.4 million, and 253.7 million respectively[20]. - The total net profit commitment for the years 2016, 2017, and 2018 is set to be no less than CNY 110.58 million[33]. - If the cumulative audited net profit does not meet the commitment, the parties are obligated to compensate the company within 15 days after the audit report is issued[33].

Financial Performance - The company's operating revenue for 2016 was ¥6,636,010,096.37, representing a 34.48% increase compared to ¥4,934,501,672.41 in 2015[16] - The net profit attributable to shareholders for 2016 was ¥212,588,082.67, a 3.30% increase from ¥205,797,145.35 in 2015[16] - The net profit attributable to shareholders after deducting non-recurring gains and losses surged by 200.85% to ¥216,540,165.99 from ¥71,974,951.61 in 2015[16] - The net cash flow from operating activities increased by 12.20% to ¥323,050,132.65 from ¥287,915,758.84 in 2015[16] - The total assets at the end of 2016 reached ¥5,401,087,615.08, a 52.72% increase from ¥3,536,514,573.55 at the end of 2015[17] - The net assets attributable to shareholders increased by 13.83% to ¥1,873,385,496.89 from ¥1,645,778,703.38 at the end of 2015[17] - The basic earnings per share for 2016 was ¥0.2647, a decrease of 10.00% from ¥0.2941 in 2015[16] - The weighted average return on equity for 2016 was 12.13%, down from 28.50% in 2015, indicating a decline of 16.37%[17] Revenue Breakdown - Total revenue for Q1 was ¥1,229,367,437.12, Q2 was ¥1,372,759,571.91, Q3 was ¥2,428,082,859.51, and Q4 was ¥1,605,800,227.83[21] - Net profit attributable to shareholders for Q1 was ¥16,188,516.92, Q2 was ¥40,749,288.52, Q3 was ¥178,706,676.19, and Q4 showed a loss of ¥23,056,398.96[21] - The tourism service segment generated revenue of 5.791 billion yuan, up 36% year-on-year, with net profit increasing by 24% to 207 million yuan[45] - The airline catering and services segment generated revenue of ¥651.18 million, accounting for 9.81% of total revenue, with a year-on-year growth of 22.22%[58] - The railway catering and services segment saw a significant increase in revenue to ¥126.30 million, up 45.74% from the previous year, and accounted for 1.90% of total revenue[58] - The tourism services segment contributed ¥5.79 billion, making up 87.27% of total revenue, with a growth rate of 35.97% compared to 2015[58] Market and Industry Insights - The tourism industry in China is in a golden development period, with a projected tourism revenue of ¥4.69 trillion in 2016, a year-on-year increase of 13.6%[31] - The number of outbound tourists from China is expected to reach 122 million in 2016, representing a year-on-year growth of 4.3%[31] - In 2016, the national civil aviation passenger transport volume reached 480 million, a year-on-year increase of 12.6%[35] - The domestic outbound tourism market is expected to continue growing, with a focus on high-quality travel experiences and unique cultural offerings[106] Strategic Initiatives and Acquisitions - The company plans to issue non-public A-shares, pending approval from the China Securities Regulatory Commission[4] - The company has made several strategic acquisitions, including a 50% stake in a new partnership and an 8.52% stake in a financial services firm[86] - The acquisition of Zhejiang Tiantian Travel is expected to strengthen the company's market share and brand influence in East China[54] - The company has established partnerships with numerous airlines, cruise lines, international hotel groups, and tourism financial service platforms to enhance resource control[28] - The company has expanded its online and offline sales channels, introducing innovative travel store models to better serve consumers[28] Risk Management - The company has identified risks including intensified market competition, quality control risks, and exchange rate fluctuations, urging investors to be cautious[4] - The company is exposed to foreign exchange risk due to its international tourism operations, and it will continue to engage in foreign exchange hedging to mitigate potential impacts[120] - The company is enhancing safety management processes to address risks from natural disasters and geopolitical instability that could affect tourism demand[120] Future Outlook and Goals - The company plans to achieve total operating revenue of 8.421 billion yuan and a net profit of 355 million yuan in 2017, with the tourism business expected to generate no less than 7.534 billion yuan in revenue and 260 million yuan in net profit[112] - The company will continue to explore opportunities in inbound and domestic tourism markets, launching new travel products that highlight China's cultural heritage[114] - The company aims to enhance its integration of upstream resources such as hotels and flights to improve product quality and profitability in outbound tourism[106] - The company is focusing on the "Tourism+" strategy, integrating tourism with finance, sports, and other sectors to enhance resource coordination and market competitiveness[110] Dividend Policy and Shareholder Commitments - The company has implemented a cash dividend policy, aiming for cumulative cash distributions to be no less than 30% of the average distributable profit over the last three years[126] - The proposed cash dividend for 2016 is RMB 1.00 per 10 shares, totaling RMB 80,300,025.80, which represents 37.77% of the net profit attributable to shareholders[133][135] - The company plans to maintain a stable dividend strategy to reward shareholders while considering future business development needs[135] Compliance and Governance - The company has a clear and compliant decision-making process for profit distribution, ensuring the protection of minority shareholders' rights[132] - The company is actively engaged in ensuring compliance with all regulatory requirements related to its shareholdings and transactions[149] - The company has committed to improving its information disclosure practices following regulatory feedback[178] Operational Efficiency and Cost Management - The company completed a major upgrade of its business management system, expected to reduce labor costs by approximately 10-15%[53] - Ongoing cost optimization initiatives are projected to reduce operational expenses by 15% over the next year[151] - The company aims to integrate its supply chain and build a travel ecosystem through strategic collaborations and resource sharing[54]

Financial Performance - Total assets increased by 17.44% to CNY 4,153,303,743.40 compared to the end of the previous year[8] - Net profit attributable to shareholders increased by 35.98% to CNY 178,706,676.19 for the current period[8] - Operating revenue rose by 23.45% to CNY 2,428,082,859.51 for the current period[8] - The net profit attributable to shareholders after deducting non-recurring gains and losses surged by 4,144.04% to CNY 180,391,567.33[8] - Basic earnings per share increased by 14.93% to CNY 0.2225[8] - The net profit for the year-to-date period increased by 41.10% to CNY 235,644,481.63[8] - Operating revenue rose by 35% year-on-year, from CNY 3,725,267,634.87 to CNY 5,030,209,868.54, while operating costs increased by 36%[18] - The company reported a 52.5% increase in tourism service revenue, reaching CNY 2,216,750,249.82, with total service users growing by 93.5%[21] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 39,960[12] - The largest shareholder, HNA Tourism Group Co., Ltd., holds 31.79% of the shares[12] Cash Flow and Investments - The company reported a net cash flow from operating activities of -CNY 114,950,037.43, a decrease of 254.96%[8] - The cash balance decreased by 47% from CNY 1,940,547,033.54 to CNY 1,038,011,142.27, primarily due to investments made during the period[16] - Accounts receivable increased by 79%, from CNY 360,505,801.93 to CNY 645,873,373.71, attributed to increased business activities[16] - Long-term equity investments increased by 90%, from CNY 7,662,414.13 to CNY 14,588,734.02, due to additional equity investments[17] - The company’s accounts payable increased by 56%, from CNY 386,320,883.76 to CNY 602,287,433.13, due to unpaid service fees[17] Corporate Governance and Compliance - The company committed to strictly adhere to laws and regulations regarding related party transactions, ensuring fair pricing and compliance with disclosure obligations[24] - The company will avoid engaging in businesses that constitute substantial competition with the listed company after asset swaps, and will supervise its controlled enterprises to comply with this commitment[25] - The company guarantees that all related party transactions are conducted in accordance with normal commercial practices[35] - The company has established a commitment to avoid any conflicts of interest in its operations and to maintain transparency in its dealings[36] - The company is focused on maintaining compliance with all relevant laws and regulations regarding related party transactions and ensuring proper disclosure of such transactions[37] Strategic Plans and Future Outlook - The company is actively progressing with a non-public stock issuance plan, having received acceptance from the China Securities Regulatory Commission[20] - The company is also advancing investments in Easy Life Financial Holdings Group and Zhejiang Tiantian Travel International, with agreements signed for capital increases[21] - The company plans to maintain stable operations in its catering business, continuing to fulfill service agreements with four catering companies post major asset swaps[27] - The company aims to enhance its market position by leveraging its subsidiaries in various sectors, including aviation, tourism, and real estate development[42] - The company is actively pursuing strategies for market expansion and new product development as part of its growth initiatives[73] Performance Commitments - The company committed to achieving net profits of no less than CNY 161.8 million, CNY 208.4 million, and CNY 253.7 million for the years 2015, 2016, and 2017 respectively[31] - The net profit commitment for the years 2016, 2017, and 2018 is set to achieve a minimum average growth rate of 30%[84] - If the cumulative audited net profit does not meet the commitment, the company is obligated to compensate in cash within 15 days after the audit report is issued[86] - The company has a performance compensation obligation, with penalties for failure to meet profit commitments, including a 1% late fee for overdue payments[87] Legal and Regulatory Matters - The company is actively involved in transactions that comply with the Company Law and other relevant regulations, ensuring legal validity and enforceability[66] - The company has mechanisms in place to lock shares in case of legal investigations, ensuring protection for investors[68] - The company has committed to transparency, stating that any misleading information or significant omissions will be addressed legally[68] - The company has not engaged in any improper means to influence the main board's issuance review committee[77] Market Engagement and User Growth - HNA Caesar Tourism Group reported a significant increase in revenue for Q3 2016, reaching approximately 1.5 billion RMB, representing a year-over-year growth of 20%[51] - The company has successfully expanded its user base, with active users increasing by 15% to 2 million in the same quarter[52] - The company reported a significant increase in user engagement, with a year-over-year growth of 25% in active users[93] Operational Changes - The company confirmed that it will cease all external ticketing agency services and will not engage in new ticketing agency contracts or related business projects[62] - The company has committed to terminate existing ticketing agency contracts and ensure proper communication with partners for contract termination[63] - The company will continue to focus on its internal airline passenger sales agency services and tourism product-related ticketing agency business[63]

Financial Performance - The company's operating revenue for the first half of 2016 was ¥2,602,127,009.03, an increase of 47.14% compared to the same period last year[21]. - The net profit attributable to shareholders was ¥56,937,805.44, representing a growth of 60.25% year-on-year[21]. - The net profit after deducting non-recurring gains and losses was ¥61,017,848.35, up by 50.22% compared to the previous year[21]. - The basic earnings per share were ¥0.0709, an increase of 35.56% year-on-year[21]. - The diluted earnings per share were also ¥0.0709, reflecting the same growth of 35.56% compared to the previous year[21]. - The weighted average return on equity was 3.40%, down by 1.45% from the previous year[21]. - The company achieved a revenue of ¥2,602,127,009.03, representing a year-on-year growth of 47.14%, and a net profit attributable to shareholders of ¥56,937,805.44, up 60.25% year-on-year[37]. - Catering business revenue was ¥377,144,361.15 with a gross margin of 46.37%, while tourism services generated ¥2,216,750,249.82 with a gross margin of 14.29%[38]. - The company reported a comprehensive income total of CNY 73,867,755.50, up from CNY 47,628,190.23 in the previous year, an increase of 55.0%[176]. - The total equity attributable to shareholders of the parent company rose to CNY 1,721,193,529.04, compared to CNY 1,645,778,703.38 at the start of the year, marking an increase of 4.6%[171]. Cash Flow and Investments - The net cash flow from operating activities was -¥151,873,980.72, a decrease of 204.51% compared to the same period last year[21]. - The cash flow from investment activities showed a significant decline of 3,355.23%, primarily due to investments totaling 850 million yuan in various projects[36]. - The company reported a significant investment payment of 850,000,000.00 CNY during the period, indicating ongoing capital expenditures[187]. - The cash flow from financing activities resulted in a net inflow of 106,954,871.76, compared to 24,733,379.46 in the previous period, indicating a significant increase in financing activities[184]. - The company has committed to investing 200 million RMB in technology upgrades to improve operational efficiency and customer service[122]. Business Expansion and Strategy - The company opened 8 new branches and 73 experience centers, increasing the total number of branches to 48 and experience centers to 241, with retail business accounting for 74.5% of total revenue, up 8% year-on-year[28]. - The company launched the "Happiness Private Group" product series, covering 5 outbound ports and 20 destinations, with nearly 50 product types by June 30[29]. - The cruise product line was expanded to over 100 voyages from five home ports, achieving a market share of 28.6% in the polar cruise market, the highest in China[29]. - The company is planning to expand its market presence in Southeast Asia, targeting a 10% market share by the end of 2017[120]. - Future strategies include diversifying service offerings to include eco-tourism and personalized travel packages, expected to attract a broader customer base[118]. Related Party Transactions and Legal Matters - The company engaged in related party transactions, with total sales to related parties amounting to RMB 261,174,594.08 and purchases totaling RMB 315,139,104.18[77]. - The company faced a lawsuit from Meijia Charter Limited, claiming damages of RMB 6,214,548 due to breach of contract as of September 10, 2012[69]. - Additional claims from Meijia Charter Limited included losses of RMB 52,370,172 for breach of exclusivity terms, demanding compensation[70]. - The company has no related party debt or other related transactions during the reporting period[81][82]. Shareholder and Equity Information - The company’s total share capital remains at 803,000,200 shares, with 69.36% being restricted shares and 30.64% being unrestricted shares[146]. - During the reporting period, directors and supervisors increased their holdings by 280,200 shares, reflecting confidence in the company's future prospects[147]. - The company’s major shareholders have committed to not reducing their holdings for a period of six months following their share increase[138]. - HNA Tourism Group holds 31.79% of the shares, amounting to 255,257,200 shares, with 2,468,600 shares pledged[150]. Compliance and Regulatory Matters - The company is under investigation by the China Securities Regulatory Commission for potential violations, with no clear conclusions reached yet[128]. - The company has committed to providing accurate and truthful information regarding the transaction, and will bear compensation responsibilities if any misleading information causes losses to investors[131]. - The company has emphasized the importance of internal approvals for all agreements related to the transaction[129]. - The company has committed to ensuring that related transactions with Hainan Airlines will be conducted at fair market prices[101]. Future Outlook - The company provided a positive outlook for the second half of 2016, projecting a revenue growth of 25% driven by new product launches and market expansion strategies[118]. - The company aims to achieve a net profit margin of 15% by the end of 2016, up from 12% in the previous year[117]. - The company plans to raise a total of RMB 800 million through a private placement, with specific allocations for various projects including RMB 124.816 million for the domestic marketing headquarters phase II project and RMB 296.202 million for the international travel project[142].

Financial Performance - The company's operating revenue for the first half of 2016 was ¥2,602,127,009.03, representing a 47.14% increase compared to ¥1,768,437,336.44 in the same period last year[21]. - The net profit attributable to shareholders of the listed company was ¥56,937,805.44, a 60.25% increase from ¥35,531,357.70 year-on-year[21]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥61,017,848.35, up 50.22% from ¥40,618,910.37 in the previous year[21]. - The basic earnings per share increased by 35.56% to ¥0.0709 from ¥0.0523 in the same period last year[21]. - The total assets at the end of the reporting period were ¥4,120,524,367.97, a 16.51% increase from ¥3,536,514,573.55 at the end of the previous year[21]. - The net assets attributable to shareholders of the listed company rose by 4.58% to ¥1,721,193,529.04 from ¥1,645,778,703.38 at the end of the previous year[21]. - The gross margin for the tourism service segment was 14.29%, a decrease of 0.68% from the previous year[39]. - The company reported a total comprehensive income for the period of ¥73,867,755.50, up 55.0% from ¥47,628,190.23 in the same period last year[177]. Cash Flow and Investments - The net cash flow from operating activities was negative at -¥151,873,980.72, a decline of 204.51% compared to a positive cash flow of ¥145,326,995.48 in the same period last year[21]. - Investment cash flow was significantly negative at CNY -912,558,965.11, an increase of 3,355.23% year-on-year, primarily due to investments in Shenzhen Vitality Tianhui Technology Co., Ltd. and Jiaxing Yongwen Mingti Investment Partnership[39]. - Financing cash flow increased by 332.43% to CNY 106,954,871.76, driven by an increase in borrowings[39]. - The company invested CNY 880,588,734.02 during the reporting period, a staggering increase of 2,799.61% compared to CNY 30,379,727.25 in the same period last year[43]. - The cash flow from financing activities shows a net inflow of 106,954,871.76, compared to 24,733,379.46 in the previous period, indicating improved financing[185]. Business Expansion and Strategy - The tourism service revenue for the first half of 2016 was approximately 2.22 billion yuan, with a year-on-year growth of 52.47%, and the total net profit for this segment was 36.34 million yuan, up 76.79%[29]. - The company opened 8 new branches and 73 experience centers, increasing the total number of branches to 48 and experience centers to 241[29]. - The company launched a full range of cruise products, completing sales for 30 cruise voyages in the first half of the year, with a market share in the polar cruise segment reaching 28.6%[30]. - The company reported a 102% growth in its Asia region business, driven by the integration of air and travel services, with over 250,000 passengers served across multiple new routes[30]. - The company expanded its corporate client base, achieving a revenue of 235 million yuan from large project awards, a year-on-year increase of 96.6%[32]. - The company is actively developing online tourism business and expanding its offline operations[39]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by the end of 2017[121]. Regulatory Compliance and Governance - The company emphasizes that forward-looking statements in the report do not constitute a substantive commitment to investors, urging them to be aware of investment risks[6]. - The company has committed to ensuring that its operations do not harm the legal rights of other shareholders[100]. - The company has pledged to uphold all commitments made in the letter of undertaking, which are independently enforceable[128]. - The management emphasized the importance of maintaining compliance with regulatory requirements in all business activities[124]. - The company is under investigation by the China Securities Regulatory Commission for potential violations, with no clear conclusions reached yet[129]. Related Party Transactions and Commitments - The company has no significant related party transactions reported during the period[77]. - The company has committed to reducing and regulating related party transactions in accordance with legal and regulatory requirements[97]. - The company guarantees that accounts receivable from related transactions will not exceed six months repayment cycle, ensuring liquidity and financial stability[102]. - The company has no guarantees provided to shareholders or related parties, nor to entities with a debt ratio exceeding 70%[91]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 803,000,258[151]. - HNA Tourism Group holds 31.79% of the shares, amounting to 255,257,200 ordinary shares[151]. - The largest shareholder, Daji Holdings Co., Ltd., owns 42,847,964 ordinary shares, representing 5.34%[152]. - The company has a lock-up period for newly issued shares, which will last for 12 months post-issuance[138]. - The company has confirmed that no personnel involved have invested in or held positions in competing businesses[125]. Legal Matters - The lawsuit amount involved with Meijia Charter Company is RMB 7,911.64 million, with no expected liabilities formed[69]. - Meijia Charter Company claims damages of RMB 6,214,548 due to breach of contract by Caesar International Travel Agency[70]. - Additional claims from Meijia Charter Company amount to RMB 52,370,172 for further damages caused by contract violations[71]. Future Outlook - The company provided a positive outlook for the second half of 2016, projecting a revenue growth of 25% driven by new product launches and market expansion initiatives[119]. - Future guidance indicates a focus on sustainable growth, with an emphasis on customer satisfaction and loyalty programs[126].

Financial Performance - The company's operating revenue for 2015 was CNY 4,934,501,672, representing a 51.92% increase compared to CNY 3,248,151,959 in 2014[19] - Net profit attributable to shareholders for 2015 was CNY 205,797,145, a 129.72% increase from CNY 89,587,793 in 2014[19] - The net cash flow from operating activities increased by 83.65% to CNY 287,915,758 in 2015 from CNY 156,773,245 in 2014[20] - Total assets at the end of 2015 reached CNY 3,536,514,573, a 68.01% increase from CNY 2,104,989,188 at the end of 2014[20] - The weighted average return on equity for 2015 was 28.50%, significantly up from 6.78% in 2014[20] - The net profit excluding non-recurring gains and losses was CNY 71,974,951, a 9.74% increase from CNY 65,586,609 in 2014[19] - The company reported a total operating revenue of ¥4,934,501,672.41 in 2015, representing a 51.92% increase from ¥3,248,151,959.56 in 2014[46] - The company achieved a net profit of 17,495.75 million yuan for the year 2015, exceeding the original profit forecast of 16,180 million yuan[178] Business Expansion and Strategy - The company expanded its main business to include outbound tourism products, wholesale and retail, and destination tourism resource services[5] - The company completed a major asset restructuring in 2015, acquiring Caesar Tongsheng (Beijing) Investment Co., Ltd. as a wholly-owned subsidiary[5] - The acquisition of Caesar Tongsheng (Beijing) Investment Co., Ltd. has been fully integrated, contributing to the company's new outbound tourism business model[25] - The company’s outbound tourism business is now the primary revenue source, leveraging a comprehensive operational model that includes product development and destination services[29] - The company has established a global strategic layout with destination service companies in major cities, enhancing its ability to provide high-quality tourism services[30] - The company has established a comprehensive operational model in the outbound tourism sector, enhancing its competitive advantage[37] - The company plans to expand its strategic layout globally, with service and management companies in key cities such as Hamburg, Munich, and Los Angeles[37] - The company is actively pursuing market expansion through strategic acquisitions and investments in related sectors[178] Tourism Market Insights - In 2015, the total number of domestic and international tourists exceeded 4.1 billion, with tourism revenue reaching ¥4.13 trillion, highlighting the growth potential in the tourism sector[31] - The tourism industry in China is in a golden development phase, with government support and increasing consumer demand driving growth[31] - The outbound tourism market is expected to continue its rapid and stable growth, supported by the ongoing economic development and rising disposable income in China[32] - The company anticipates continued growth in the outbound tourism market, with domestic tourists' overseas spending reaching 229 billion USD in 2015, a 23% increase year-over-year[96] Operational Performance - The company reported a significant increase in costs for tourism services, with the cost of ground transportation rising to approximately ¥1.47 billion, up 60.67% year-over-year[52] - The company’s food business generated revenue of ¥619 million, a year-on-year increase of 13.35%, with airline food service revenue reaching ¥533 million, up by 1%[44] - The company’s railway catering service saw a significant revenue increase of 59% to ¥87 million, with a catering volume increase of 53%[44] - The company reported a total revenue of 4.26 billion for the tourism services segment, with a net profit of 163.52 million, reflecting a strong performance in the sector[94] Cash Flow and Investments - Cash and cash equivalents rose by 132.94% year-on-year, attributed to funds raised from a targeted issuance and increased operational cash flow[34] - The net increase in cash and cash equivalents was ¥1,119,297,519.32, a significant increase of 1,045.47%[70] - The total investment amount during the reporting period was ¥485,840,543.54, reflecting a substantial increase of 2,568.53%[73] - The company reported a loss of CNY 8.088 million from the newly established tourism service company, which has a total investment of CNY 5 billion[76] Dividend Policy and Shareholder Returns - The company plans to not distribute cash dividends or issue bonus shares for the year[6] - The company has not distributed any cash dividends in the last three years, with a total cash dividend amount of 0.00 for 2015, 2014, and 2013, representing 0.00% of the net profit attributable to ordinary shareholders[119] - The company has a cash dividend policy that prioritizes cash dividends, aiming for a minimum of 30% of the average distributable profit over the last three years[112] Risks and Challenges - The company faces risks including intensified market competition, quality control issues, and exchange rate fluctuations[5] - The ongoing legal disputes may impact the financial liabilities of Caesar International Travel Agency in the future[198] - The outcomes of these lawsuits could influence the company's operational strategies and market expansion plans[198] Related Party Transactions and Governance - HNA Group has committed to maintaining the independence of the listed company and ensuring that its personnel remain independent[122] - The company has promised to avoid any related party transactions that could harm the interests of other shareholders[124] - The company has established measures to ensure compliance with the commitments outlined in the letter[158] - The company is currently fulfilling its commitments regarding non-competition and related transactions[161] Future Outlook - The company plans to achieve total revenue of 6.755 billion RMB and a net profit of 243 million RMB in 2016[100] - The tourism business is expected to generate no less than 6 billion RMB in revenue and a net profit of at least 210 million RMB, with expenses controlled within 660 million RMB[100] - The company is investing in an online platform for outbound tourism, enhancing service quality and user experience through big data analysis[101]

Financial Performance - The company's operating revenue for Q1 2016 was ¥1,229,367,437.12, representing a 56.88% increase compared to ¥783,635,958.73 in the same period last year[8]. - Net profit attributable to shareholders was ¥16,188,516.92, up 64.24% from ¥9,856,878.13 year-on-year[8]. - The net profit after deducting non-recurring gains and losses was ¥18,202,363.44, an 86.01% increase from ¥9,785,600.92 in the previous year[8]. - Basic earnings per share increased by 39.31% to ¥0.0202 from ¥0.0145 year-on-year[8]. - Total assets at the end of the reporting period were ¥3,797,283,883.20, a 7.37% increase from ¥3,536,514,573.55 at the end of the previous year[8]. - The net assets attributable to shareholders were ¥1,657,696,386.43, reflecting a slight increase of 0.72% from ¥1,645,778,703.38 at the end of the previous year[8]. - The company reported a weighted average return on equity of 0.98%, down 0.66% from 1.64% in the previous year[8]. - Operating revenue increased by 56.88% to CNY 1,229,367,437.12 compared to the previous period[17]. - Operating costs rose by 60.01% to CNY 988,090,561.57, primarily due to increased business activities[17]. - Financial expenses surged by 833.95% to CNY 12,754,561.56, attributed to increased loan interest and exchange losses[17]. - Net cash flow from operating activities decreased by 950.37% to CNY -461,050,431.78, mainly due to increased cash payments related to operating activities[17]. - Cash flow from investing activities improved by 58.67% to CNY -27,205,695.29, primarily due to reduced cash payments for investments[19]. - Cash flow from financing activities increased by 648.26% to CNY 148,030,323.55, mainly due to new short-term borrowings[19]. Shareholder and Ownership Structure - The total number of shareholders at the end of the reporting period was 28,452[12]. - The largest shareholder, HNA Tourism Group Co., Ltd., held 31.79% of the shares, amounting to 255,257,202 shares[12]. - The ownership structure of Caesar Tongsheng is confirmed, with HNA Tourism holding 51% and Caesar Seagull holding 49%[41]. - The company guarantees the authenticity, accuracy, and completeness of all documents related to the major asset restructuring[41]. - There are no existing or potential disputes regarding the ownership of shares in Caesar Tongsheng, and no legal obstacles to the transfer of shares[41]. Related Party Transactions and Compliance - HNA Group committed to reducing related party transactions and ensuring fair pricing in transactions with listed companies[26]. - The company is committed to ensuring that related transactions are conducted at or above market fair prices[27]. - The company emphasizes that all related party transactions will be conducted at fair market prices, adhering to legal and regulatory requirements[29]. - The company commits to gradually reduce related party transactions with its subsidiaries, ensuring fairness and compliance with legal standards[29]. - The company has established a framework to notify and redirect any potential competitive business opportunities to ensure alignment with its interests[30]. - The company has committed to bear all litigation costs and compensation liabilities arising from contractual disputes with Meijia Charter Company and Shanghai Tianli International Travel Agency[40]. - The company is in compliance with all social insurance and housing fund payment obligations, ensuring no penalties or economic losses arise from non-compliance[40]. Strategic Initiatives and Future Plans - The company plans to expand its market presence by entering three new regions by the end of 2016, aiming for a 10% market share in these areas[39]. - New product launches are expected to contribute an additional 300 million RMB in revenue for the upcoming quarter[39]. - The company is investing 200 million RMB in research and development for new technologies aimed at enhancing user experience[39]. - A strategic acquisition is in progress, which is projected to increase the company's overall market capitalization by 5%[39]. - The company has set a performance guidance of 1.5 billion RMB in revenue for the next quarter, reflecting a 20% growth target[39]. - The company is exploring opportunities for market expansion and potential acquisitions to enhance its competitive position in the tourism sector[43]. Commitments and Legal Obligations - The company has established a compensation arrangement for performance shortfalls if the promised net profits are not met[27]. - The commitments outlined in the letter are independently enforceable, ensuring that the validity of one does not affect others[33]. - The commitments will remain effective as long as HNA Tourism is the largest shareholder of the listed company, ensuring ongoing compliance[33]. - The company has committed to a 36-month lock-up period for shares issued in connection with the asset purchase, starting from the issuance date[41]. - The company has confirmed that the shares held do not have any encumbrances or guarantees attached[41]. - The company has pledged to avoid any new competition with the listed company, both domestically and internationally, ensuring no direct or indirect involvement in competing activities[33]. Operational Performance and User Engagement - The company reported a significant increase in user engagement, with a year-over-year growth of 25% in active users[38]. - Customer satisfaction ratings improved to 90%, up from 85% in the previous quarter, indicating enhanced service quality[39]. - The company confirmed that as of the date of the commitment letter, HNA Tourism had no competing business activities with the listed company, maintaining a clear operational boundary[33]. - The company is under no obligation to disclose any significant changes in its operational strategy at this time, maintaining a consistent approach to its business model[45].

Financial Performance - The company's operating revenue for 2015 was CNY 4,934,501,672.41, representing a 51.92% increase compared to CNY 3,248,151,959.56 in 2014[21]. - The net profit attributable to shareholders for 2015 was CNY 205,797,145.35, a significant increase of 129.72% from CNY 89,587,793.81 in 2014[21]. - The net cash flow from operating activities reached CNY 287,915,758.84, up 83.65% from CNY 156,773,245.66 in the previous year[21]. - The total assets of the company at the end of 2015 were CNY 3,536,514,573.55, marking a 68.01% increase from CNY 2,104,989,188.27 at the end of 2014[22]. - The net assets attributable to shareholders increased by 176.92% to CNY 1,645,778,703.38 from CNY 594,317,267.85 in 2014[22]. - The basic earnings per share for 2015 were CNY 0.2941, reflecting a 53.34% increase from CNY 0.1918 in 2014[21]. - The weighted average return on net assets was 28.50%, an increase of 12.27% compared to 16.23% in 2014[21]. - The company reported a government subsidy of CNY 1.50 million in 2015, which is closely related to its business operations[28]. - The total non-recurring gains for the company in 2015 amounted to CNY 133.82 million, reflecting various non-operational income sources[29]. - The company achieved a revenue of CNY 4,934.50 million, representing a year-on-year growth of 51.92%[43]. - The net profit attributable to shareholders reached CNY 205.80 million, a significant increase of 129.72% compared to the previous year[43]. Business Expansion and Strategy - The company expanded its main business to include outbound tourism products wholesale and retail, as well as destination tourism resource services and management[6]. - The main business revenue now comes from outbound tourism, with Caesar Tongsheng being a leading outbound tourism operator in China[32]. - The company has established a global strategic layout with destination service companies in major cities like Hamburg, Munich, and Los Angeles, enhancing its operational capabilities[33]. - The company aims to expand its online and offline sales channels, introducing innovative tourism store concepts to enhance customer satisfaction[33]. - The company plans to implement the fourth generation of retail stores in 2016, further expanding its retail network[45]. - The company is focused on integrating online and offline sales channels to enhance retail operational efficiency[44]. - The company plans to continue focusing on tourism as its core business, aiming to expand its global market presence and enhance outbound tourism services[100]. - The company will invest in an online management and service platform for outbound tourism, leveraging internet technology and big data to improve service quality and market competitiveness[102]. - The company aims to launch a series of tourism products related to the 2016 Rio Olympics, including ticket and hotel packages, to cater to high-demand events[103]. Acquisitions and Mergers - The company completed a major asset restructuring in 2015, acquiring 100% of Caesar Tongsheng (Beijing) Investment Co., Ltd., which significantly impacted its financial results[26]. - The company completed the acquisition of Beijing Shangyou for CNY 3,162,753 and Chongqing Caesar for CNY 268,759, both through cash purchases[55]. - The total assets of the merged entity Caesar Tongsheng were valued at CNY 1,315,669,708.85 as of the merger date, with total liabilities of CNY 141,241,200[59]. - The company reported a net profit of 163,520,123 CNY from its subsidiary, Caesar Tongsheng, contributing significantly to overall performance[93]. - The merger with Caesar Tongsheng was completed on September 30, 2015, with an initial cost of 257,722,056.11 CNY recognized based on the net assets at the merger date[156]. - The company confirmed that all assets related to travel agency services will be injected into the listed company following the completion of the transaction[132]. Risks and Challenges - The company faces risks including intensified market competition, quality control issues, exchange rate fluctuations, and force majeure risks[6]. - The company has planned to conduct foreign exchange hedging activities up to an equivalent of $300 million to mitigate currency fluctuation risks[107]. - The company anticipates that the tourism industry will continue to evolve towards consolidation, enhancing the competitive landscape[98]. Shareholder and Dividend Policies - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for the reporting period[123]. - The company did not distribute any cash dividends in 2015, 2014, and 2013, with cash dividend amounts of 0.00 for each year[123]. - The company has a cash dividend policy that requires at least 30% of the average distributable profit over the last three years to be distributed in cash, but this was not met due to negative retained earnings in the previous two years[116]. - The company’s cash dividend distribution policy emphasizes prioritizing cash dividends, especially when there are no significant capital expenditures planned[116]. Compliance and Governance - HNA Group committed to not signing financial service agreements with Baoshang Group after acquisition, ensuring no fund occupation or infringement of other shareholders' interests[124]. - HNA Commercial Holdings promised to maintain the independence of the listed company, ensuring that senior management only holds positions within the listed company and receives compensation solely from it[124]. - The company confirmed that its management team has not faced any administrative or criminal penalties in the last five years, indicating a strong compliance record[136]. - The company is focused on maintaining shareholder rights and fulfilling obligations as per the Company Law and its articles of association[137]. Legal Matters - The company has received commitments to bear litigation risks related to disputes with both Meijia Charter Company and Tianli Company[169]. - The lawsuit amount involved in the dispute with Meijia Charter Company is RMB 7,911.64 million, with no expected liabilities formed[165]. - The Shanghai branch of Caesar International Travel Agency is involved in a lawsuit with Tianli Company, claiming RMB 6,642,200 for unreturned payments[167]. Operational Efficiency - The overall operating cost ratio for airline catering services decreased to 5.17% in 2015 from 7.38% in 2014, indicating improved operational efficiency[54]. - The company reported a significant increase in sales expenses, which rose by 62.99% to CNY 369,385,094.78 in 2015, compared to CNY 226,628,252.93 in 2014[65]. - The company has committed to strengthening food safety management and will implement a comprehensive food safety control system[106].