财信地产发展集团股份有限公司 2020 年第三季度报告全文 财信地产发展集团股份有限公司 2020 年第三季度报告 2020 年 10 月 2 财信地产发展集团股份有限公司 2020 年第三季度报告全文 1 第二节 公司基本情况 一、主要会计数据和财务指标 财信地产发展集团股份有限公司 2020 年第三季度报告全文 公司是否需追溯调整或重述以前年度会计数据 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。 公司负责人鲜先念、主管会计工作负责人闫大光及会计机构负责人(会计主 管人员)李建英声明：保证季度报告中财务报表的真实、准确、完整。 □ 是 √ 否 | | 本报告期末 | 上年度末 | | 本报告期末比上年度末增减 | | --- | --- | --- | --- | --- | | 总资产（元） | 17,979,439,299.76 | | 17,690,697,005.22 | 1.63% | | 归属于上市公司股东的净资产（元） | ...

Financial Performance - The company's operating revenue for the first half of 2020 was RMB 1,559,360,440.38, representing a 220.81% increase compared to RMB 486,072,969.79 in the same period last year[16]. - The net profit attributable to shareholders of the listed company was RMB 24,247,882.76, a significant turnaround from a loss of RMB 33,021,618.48 in the previous year, marking a 173.43% improvement[16]. - The net profit after deducting non-recurring gains and losses was RMB 20,839,656.42, compared to a loss of RMB 39,560,726.37 in the same period last year, reflecting a 152.68% increase[16]. - The basic earnings per share increased to RMB 0.0220 from a loss of RMB 0.0300, showing a 173.33% improvement[16]. - The total operating revenue for the first half of 2020 reached CNY 1,559,360,440.38, a significant increase from CNY 486,072,969.79 in the same period of 2019, representing a growth of approximately 221.5%[153]. - Net profit for the first half of 2020 was CNY 58,219,827.51, compared to a net loss of CNY 47,362,339.18 in the first half of 2019, marking a turnaround in profitability[154]. - Operating profit for the first half of 2020 was CNY 96,047,095.97, a recovery from an operating loss of CNY 42,163,167.98 in the same period of 2019[153]. - The total operating costs for the first half of 2020 were CNY 1,464,711,155.92, up from CNY 532,452,522.51 in the first half of 2019[153]. Assets and Liabilities - The total assets at the end of the reporting period were RMB 18,568,978,013.17, up 4.96% from RMB 17,690,697,005.22 at the end of the previous year[16]. - The total liabilities reached CNY 15,824,190,944.00, compared to CNY 14,876,123,975.85, reflecting an increase of about 6.4%[148]. - The company's equity attributable to shareholders decreased to RMB 1,880,297,934.54 from RMB 1,979,293,724.34, a decline of about 5%[148]. - The company reported a significant increase in contract liabilities, totaling RMB 7,859,305,745.84, indicating a new strategy in revenue recognition[147]. - The company's total liabilities amounted to CNY 1,682,559,289.19, an increase from CNY 1,129,039,213.42 year-on-year[152]. Cash Flow - The net cash flow from operating activities was RMB 343,986,750.09, down 7.73% compared to RMB 372,808,522.69 in the same period last year[16]. - The total cash inflow from operating activities for the first half of 2020 was CNY 2,960,301,410.37, a slight decrease of 0.9% compared to CNY 2,988,664,661.64 in the same period of 2019[161]. - The total cash outflow from investing activities was CNY 1,426,809,695.07, an increase of 17.8% compared to CNY 1,210,293,344.94 in the first half of 2019[161]. - The net cash flow from investing activities was -CNY 784,238,527.18, improving from -CNY 1,178,716,781.77 in the same period last year[161]. - The total cash inflow from financing activities was CNY 2,419,300,000.00, down 10.8% from CNY 2,711,446,455.27 in the first half of 2019[162]. - The net cash flow from financing activities was -CNY 125,404,066.99, a significant decline compared to CNY 720,320,881.90 in the previous year[162]. Inventory and Real Estate - The company's inventory turnover period for residential properties in Weihai was approximately 16 months[38]. - The company reported a total signed sales area of 211,000 square meters and a sales amount of 193,304 million yuan for the first half of 2020[41]. - The company’s total land reserve area is 96.09 million square meters, with a remaining developable area of 84.97 million square meters[41]. - The company has a total of 15 ongoing projects, with a completion progress ranging from 0% to 100%, and an overall investment amount of approximately ¥2.1 billion across these projects[43]. - The company is focusing on optimizing its environmental sector's resource allocation to seize development opportunities while managing risks[75]. Government and Regulatory Compliance - The company received government subsidies amounting to RMB 1,819,190.16 during the reporting period[20]. - The company has received environmental impact assessment approval from Chongqing City for its construction projects[113]. - The company has a valid pollution discharge permit effective from December 25, 2019, to December 24, 2022[113]. - The company is classified as a key pollutant discharge unit by environmental protection authorities[110]. Strategic Initiatives - The company aims to leverage joint ventures to reduce land investment costs and shorten project launch times, enhancing capital expansion at lower costs[25]. - The operational strategy emphasizes rapid turnover and cash flow recovery, with a focus on pre-sale processes to shorten the time from land acquisition to project launch[48]. - The company plans to enhance cash flow management and accelerate project turnover to mitigate inventory risks, focusing on a "strong sales" strategy[74]. - The company aims to strengthen its financing channels and improve capital management to meet the funding needs for project development amid tightening financing conditions[74]. Shareholder and Equity Information - The company holds 678,220,207 shares, representing 61.63% of total shares, with 668,220,207 shares pledged, accounting for 98.53% of its holdings and 60.72% of total shares[120]. - The total number of shareholders at the end of the reporting period was 57,723, with the largest shareholder, Chongqing Caixin Real Estate Development Co., Ltd., holding 61.63% of the shares[128]. - The company did not experience any changes in its controlling shareholder or actual controller during the reporting period[130]. Environmental Performance - The total annual discharge of chemical oxygen demand is 3.07 tons, which is within the standard limits[110]. - The total annual discharge of suspended solids is 1.02 tons, compliant with the regulatory standards[110]. - The total annual discharge of oil pollutants is 0.016 tons, which does not exceed the limits[110]. - The company has not exceeded any of the pollutant discharge limits set by the relevant standards[110][111].

Financial Performance - The company's operating revenue for Q1 2020 was ¥161,150,995.25, representing a 56.26% increase compared to ¥103,127,840.45 in the same period last year[7]. - The net profit attributable to shareholders was -¥28,079,458.81, a decrease of 42.71% from -¥19,675,714.15 year-on-year[7]. - The net cash flow from operating activities was -¥303,478,408.85, showing an improvement of 41.80% compared to -¥521,474,163.05 in the previous year[7]. - Operating costs increased by 66.74% to ¥127,852,909.19 in Q1 2020 from ¥76,677,755.29 in Q1 2019, also due to increased delivery scale[18]. - The net profit for Q1 2020 was a loss of CNY 37,002,801.01, compared to a loss of CNY 24,820,522.13 in Q1 2019, indicating an increase in losses of about 49.0%[40]. - The total comprehensive loss for Q1 2020 was CNY -37,002,801.01, compared to CNY -24,820,522.13 in the previous year, indicating a worsening of approximately 49.0%[41]. Assets and Liabilities - Total assets at the end of the reporting period were ¥18,591,329,789.94, an increase of 5.09% from ¥17,690,697,005.22 at the end of the previous year[7]. - The company's inventory increased by 7.89% to ¥14,186,932,066.87, primarily due to rising development costs of ongoing projects[15]. - Total liabilities rose to CNY 15,748,199,177.17 from CNY 14,876,123,975.85, an increase of about 5.8%[32]. - The company's total equity reached CNY 2,843,130,612.77, up from CNY 2,814,573,029.37, indicating a growth of around 1.0%[33]. - The company's contract liabilities amounted to CNY 7,602,905,618.13, with no previous figure provided for comparison[32]. Cash Flow - The net cash flow from financing activities decreased by 89.44%, totaling ¥129,665,153.44 in Q1 2020, down from ¥1,228,012,222.70 in Q1 2019, primarily due to reduced financing amounts[18]. - The cash inflow from operating activities was CNY 1,137,336,927.19, down from CNY 1,336,523,398.92 in the previous year, reflecting a decrease of approximately 14.8%[46]. - The total cash inflow from financing activities was 1,153,600,000.00 yuan, while the cash outflow was 1,023,934,846.56 yuan, resulting in a net cash flow of 129,665,153.44 yuan[49]. - The cash and cash equivalents decreased to ¥1,475,769,717.08 as of March 31, 2020, from ¥2,112,707,159.56 as of December 31, 2019[30]. Shareholder Information - The total number of shareholders at the end of the reporting period was 60,350, with the largest shareholder holding 61.63% of the shares[10]. - The company reported a basic and diluted earnings per share of -0.0255 for Q1 2020, compared to -0.0179 in Q1 2019[41]. Changes in Accounting Policies - The company reported a significant decrease in advance receipts, down 99.75% to ¥16,816,240.18, due to changes in accounting policies[15]. - The company has implemented new revenue and leasing standards starting in 2020, affecting prior comparative data[58].

Dividend Distribution - The company plans to distribute a cash dividend of 1.32 RMB per 10 shares to all shareholders, based on a total of 1,100,462,170 shares[4]. - The company reported a cash dividend of 145.26 million RMB in 2019, representing 133.83% of the net profit attributable to ordinary shareholders[107]. - The total cash dividend distributed to shareholders amounted to CNY 145,261,006.44, representing 100% of the total profit distribution[110]. - The cash dividend per 10 shares is CNY 1.32 (including tax), based on a total share capital of 1,100,462,170 shares[110]. - The retained earnings at the end of 2019 were CNY 581,624,041.81 after accounting for dividends and reserves[110]. - The company plans to carry forward the remaining undistributed profits to the next fiscal year[110]. Financial Performance - The company's operating revenue for 2019 was ¥3,394,143,161.78, representing an increase of 11.36% compared to ¥3,047,865,857.15 in 2018[6]. - The net profit attributable to shareholders decreased by 4.56% to ¥108,540,301.37 from ¥113,723,165.55 in the previous year[6]. - The net profit after deducting non-recurring gains and losses increased by 19.50% to ¥81,652,762.87, up from ¥68,329,312.93 in 2018[6]. - The net cash flow from operating activities rose significantly by 46.84% to ¥1,826,484,238.30, compared to ¥1,243,832,957.14 in 2018[6]. - Total revenue for 2019 reached ¥3,394,143,161.78, an increase of 11.36% compared to ¥3,047,865,857.15 in 2018[58]. - Real estate sales accounted for ¥3,313,794,881.34, representing 97.63% of total revenue, with a year-on-year growth of 13.22%[58]. - The environmental protection segment revenue decreased by 34.62% to ¥56,767,853.70, down from ¥86,825,259.23 in 2018[58]. Business Strategy and Focus - The company has undergone changes in its main business focus, shifting towards real estate development and sales of self-developed properties[16]. - The company plans to optimize urban layout and upgrade product and service levels to adapt to market changes and regulatory policies[46]. - The company is focusing on optimizing its customer relationship management system to improve the entire real estate development process[29]. - The company plans to increase the proportion of just-demand products from 20% in 2020 to 40% by 2025, focusing on green and intelligent product development[54]. - The company intends to diversify its project types and strengthen information screening capabilities for land acquisition[54]. - The company plans to strengthen project type diversification and improve land value assessment accuracy in its project acquisition strategy[98]. Market Conditions - The overall real estate market in China faced tightening policies, with a focus on stabilizing the market and preventing financial risks, leading to a slowdown in investment and sales growth[33]. - In 2019, the total sales area of commercial housing in China was 1.716 billion square meters, a slight decrease of 0.1% year-on-year, with total sales revenue reaching 15.97 trillion yuan, a year-on-year decline of 5.7 percentage points[33]. - The average land premium rate across 300 cities in China was 13% in 2019, down by 0.02 percentage points from the previous year, indicating a decrease in investment willingness in the real estate market[33]. - The inventory turnover period for the real estate market in Weihai was 14 months, indicating ongoing inventory reduction challenges[40]. - The company faces risks related to market regulation policies and financing, necessitating enhanced financing management and sales strategies[46][47]. Project Development and Management - The company has enhanced its project cooperation efforts, reducing land investment and leveraging partners' development advantages[29]. - The company is expanding its land reserves and project portfolio despite current operational challenges[49][50]. - The company has several ongoing projects, including the Financial City project with a cumulative investment of 280 million CNY and a completion rate of 39%[50]. - The company acquired land parcels in various locations, including a 53,936 square meter plot in Changzhou and a 62,781 square meter plot in Zhenjiang[48]. - The company achieved a signed sales area of 81.10 million square meters, with a sales amount of 702.33 million yuan[48]. Financial Management and Risks - The company faces risks from real estate market regulation policies, which may impact operations if not adapted to changes in national policies[99]. - The financing cost for bank loans ranges from 4.99% to 7.98%, with a total balance of 209,031.05 CNY[53]. - The company aims to achieve a 2A+ credit rating by 2022, with a strategy to reduce financing costs year by year[53]. - The company plans to optimize cash flow and improve profitability by enhancing accounts receivable management and ensuring timely project delivery[55]. - The company reported a significant increase in short-term borrowings to ¥1,503,259,734.87, which is 8.50% of total liabilities, due to growth in development scale and financing[73]. Environmental Commitment - The environmental protection sector is expected to see unprecedented growth opportunities, with the company holding qualifications for handling 24 types of hazardous waste[29]. - The company is committed to environmental protection and adheres to the wastewater discharge standards set by the authorities[165]. - The company has maintained compliance with all pollutant discharge standards, with no instances of exceeding limits reported[165][166]. - The company has established an emergency response plan for environmental incidents, which has been reviewed and filed with the government[170]. Corporate Governance and Compliance - The company has established a governance structure that includes checks and balances among the shareholders' meeting, board of directors, and supervisory board[162]. - The company has committed to social responsibility, ensuring compliance with laws and regulations while contributing to public welfare[162]. - The company has not reported any major litigation or arbitration matters during the reporting period[136]. - The company has not undergone any bankruptcy reorganization during the reporting period[134]. Shareholder Structure and Changes - The largest shareholder, Chongqing Caixin Real Estate Development Co., Ltd., holds 61.63% of the shares, totaling 678,220,207 shares[185]. - The company reported a total of 1,100,462,170 shares outstanding, with no new shares issued during the reporting period[182]. - The number of shareholders holding more than 5% of the shares remains unchanged, with no new strategic investors added to the top 10 shareholders[185]. - The company has not implemented any share buyback or repurchase programs during the reporting period[181]. - The actual controller, Lu Shengju, remains unchanged and continues to serve as the chairman of Chongqing Caixin Enterprise Group Co., Ltd.[189]. Management Changes - The company experienced significant management turnover, with multiple directors and executives resigning or completing their terms in 2019[198]. - The total number of resignations included three directors and two vice presidents, indicating potential shifts in strategic direction[199]. - The current chairman, Xian Xian Nian, has extensive experience in real estate and investment management, which may influence future company strategies[200]. - The management changes may lead to new strategic initiatives aimed at enhancing operational efficiency and market competitiveness[199].

证券代码：000838 证券简称：财信发展 公告编号：2019-118 财信地产发展集团股份有限公司 关于参加重庆辖区上市公司 2019 年投资者 网上集体接待日活动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 为进一步做好投资者关系管理工作，增强与广大投资者的互动交 流，财信地产发展集团股份有限公司（以下简称"公司"）将参加在 重庆证监局指导下，由重庆上市公司协会联合深圳市全景网络有限公 司举办的"重庆辖区上市公司2019年投资者网上集体接待日活动"（以 下简称"本次活动"），现将有关事项公告如下： 1、本次活动的时间： 2019年11月6日（星期三）15:00-17:00。 2、本次活动的交流网址：本次集体接待日活动将通过深圳市全景网 络有限公司提供的互联网平台举行，投资者可以登录"全景.路演天下" （http://rs.p5w.net）进入本公司专区页面参与互动交流。 3、公司出席本次活动的相关人员：届时，公司高管人员将通过网络 在线交流形式，就公司治理、发展战略、经营情况，可持续发展等投资 者所关心的问题，与投资者进行"一对多"形式的沟通与交 ...

Financial Performance - Operating revenue for the reporting period reached CNY 447,691,998.87, a year-on-year increase of 32.38%[7] - Net profit attributable to shareholders surged by 828.44% to CNY 63,289,051.23 compared to the same period last year[7] - Basic earnings per share rose by 827.42% to CNY 0.0575[7] - Total operating revenue for Q3 2019 was CNY 447,691,998.87, an increase of 32.5% compared to CNY 338,183,838.00 in the same period last year[41] - Net profit for Q3 2019 reached CNY 45,928,425.70, compared to a net profit of CNY 2,852,223.90 in the previous year, marking a significant increase[42] - The net profit attributable to the parent company was CNY 30,267,432.75, compared to CNY 23,328,950.85 in the previous period, marking an increase of 29.5%[49] - The total profit for the period was CNY 21,381,707.71, compared to CNY 12,032,524.14 in the previous period, indicating a growth of 77.5%[49] Cash Flow - Net cash flow from operating activities increased by 119.10% to CNY 1,249,697,203.31 year-to-date[7] - The total cash inflow from operating activities was CNY 5,305,551,413.25, an increase from CNY 4,845,286,714.84 in the previous period, reflecting a growth of approximately 9.5%[56] - The net cash flow from operating activities was CNY 1,249,697,203.31, significantly higher than CNY 570,383,455.19 in the same period last year, indicating a year-over-year increase of about 119%[57] - The cash inflow from financing activities was CNY 3,285,674,892.36, up from CNY 2,072,407,407.11, representing an increase of about 58.5%[58] - The net cash flow from financing activities was CNY 47,499,502.58, compared to CNY 27,740,834.48 in the previous period, indicating an increase of approximately 71%[58] Assets and Liabilities - Total assets increased by 33.82% to CNY 16,693,914,092.73 compared to the end of the previous year[7] - The total assets amounted to CNY 16.69 billion, up from CNY 12.47 billion, indicating a growth of about 33.5%[34] - Total current assets increased to CNY 16.39 billion as of September 30, 2019, up from CNY 11.79 billion as of December 31, 2018, representing a growth of approximately 39.5%[31] - Total liabilities rose to CNY 14.10 billion, compared to CNY 10.50 billion in the previous year, marking an increase of approximately 34.0%[33] - The company's total liabilities amounted to CNY 1,193,885,766.06, compared to CNY 870,252,996.56 in the previous year, indicating a year-over-year increase of 37.1%[39] - The company reported total liabilities of CNY 10,497,216,484.95, with current liabilities totaling CNY 8,285,816,143.36[67] Shareholder Information - The total number of shareholders at the end of the reporting period was 65,786[11] - The largest shareholder, Chongqing Caixin Real Estate Development Co., Ltd., holds 61.63% of the shares, with 466,963,150 shares pledged[11] Inventory and Prepayments - Inventory increased by 35.49% to ¥12,861,395,363.28, reflecting higher construction costs for new development projects[16] - Prepaid accounts increased by 78.26% to ¥7,264,319,391.95, driven by new pre-sale projects and increased collections from various projects[16] - Prepayments grew to CNY 7.26 billion, up from CNY 4.08 billion, which is an increase of around 78.0%[33] Financial Expenses - Financial expenses increased by 132.41% to ¥11,222,129.77, primarily due to higher interest expenses from financial institution borrowings[18] - The company experienced a significant increase in financial expenses, which rose to CNY 11,222,129.77 from CNY 4,828,582.95, an increase of 132.5%[47] Research and Development - Research and development expenses for Q3 2019 were CNY 307,185.67, indicating ongoing investment in innovation[41] - Research and development expenses increased to CNY 954,427.61 from CNY 346,930.36, indicating a growth of 174.5%[47] Investment Income - The company reported a significant increase in non-recurring gains and losses, including government subsidies totaling CNY 854,454.23[8] - Investment income rose by 81.55% to ¥2,851,763.20, resulting from increased returns on newly purchased financial products[18] - The company recorded an investment income of CNY 2,851,763.20, compared to CNY 1,570,811.66 in the previous period, representing an increase of 81.3%[47] Market Strategy - The company is focusing on market expansion and new product development to drive future growth, although specific figures were not disclosed in the report[34] - The company is focusing on market expansion and new strategies, although specific details were not disclosed in the financial data[67]

Financial Performance - The company's operating revenue for the reporting period was ¥486,072,969.79, a decrease of 5.59% compared to ¥514,831,122.21 in the same period last year[18]. - The net profit attributable to shareholders of the listed company was -¥33,021,618.48, representing a decline of 299.98% from ¥16,512,272.92 in the previous year[18]. - Basic earnings per share were -¥0.0300, down 300.00% from ¥0.0150 in the same period last year[18]. - The diluted earnings per share were also -¥0.0300, reflecting the same decline of 300.00% compared to ¥0.0150 in the previous year[18]. - The weighted average return on net assets was -1.77%, a decrease of 2.70% from 0.93% in the same period last year[18]. - The company achieved operating revenue of 486.07 million yuan, a year-on-year decrease of 5.59%[34]. - The net profit attributable to shareholders was -33.02 million yuan, a year-on-year decrease of 299.98%[34]. - The company reported a significant decrease in accounts payable, which fell to RMB 849,071,043.34 from RMB 1,200,849,932.33, a reduction of approximately 29.2%[134]. - The company reported a total comprehensive income of CNY -10,991,874.35 for the current period[180]. Cash Flow and Liquidity - The net cash flow from operating activities was ¥372,808,522.69, a significant increase of 1,046.17% compared to -¥39,401,752.02 in the same period last year[18]. - The net cash flow from operating activities for the first half of 2019 was CNY 372,808,522.69, recovering from a negative cash flow of CNY -39,401,752.02 in the same period of 2018[150]. - Cash inflow from operating activities totaled CNY 2,988,664,661.64, while cash outflow was CNY 2,615,856,138.95, resulting in a net cash flow from operations[150]. - The total cash and cash equivalents at the end of the first half of 2019 were CNY 1,393,663,627.50, down from CNY 1,479,251,004.68 at the beginning of the period[151]. - The company reported cash inflow from financing activities of CNY 2,711,446,455.27, compared to CNY 1,499,247,097.00 in the first half of 2018[151]. - The net cash flow from financing activities for the first half of 2019 was CNY 720,320,881.90, a significant increase from CNY 63,893,444.00 in the previous year[151]. - The cash outflow from operating activities decreased to 1,745,533,323.85 in the first half of 2019 from 2,419,563,091.47 in the same period of 2018[153]. Assets and Liabilities - Total assets at the end of the reporting period reached ¥15,364,860,550.93, an increase of 23.17% from ¥12,474,897,138.37 at the end of the previous year[18]. - The total assets of the company amounted to RMB 15,364,860,550.93, an increase from RMB 12,474,897,138.37 at the end of 2018, representing a growth of approximately 23.1%[135]. - Total liabilities rose to RMB 12,872,110,375.93 from RMB 10,497,216,484.95, which is an increase of approximately 22.6%[135]. - The company's total equity reached RMB 2,492,750,175.00, up from RMB 1,977,680,653.42, representing an increase of about 26.0%[135]. - The company's short-term borrowings surged to RMB 676,641,770.69 from RMB 25,020,000.00, indicating a substantial increase[134]. Investments and Projects - The company has a total of 14 major real estate projects under development, with a total planned investment amounting to approximately CNY 2.5 billion[36]. - The company’s total actual investment in major projects reached CNY 1.5 billion by the end of the reporting period[36]. - The company has suspended construction on the Dazhu Caixin project due to changes in government planning, pending further communication with local authorities[37]. - The company’s major project, Beian Jiangshan, has a total construction area of 1,108,631 square meters, with a completion area of 908,650 square meters as of the reporting date[36]. Environmental Compliance - The company reported no significant environmental pollution issues during the reporting period[99]. - The company is classified as a key pollutant discharge unit by environmental protection authorities[99]. - The chemical oxygen demand (COD) discharge was recorded at 3.4771 tons for the first half of the year, which is within the permitted limits[99]. - The company completed the construction of pollution prevention facilities as per environmental impact assessment requirements, and they are operating normally[103]. - The company received environmental impact assessment approval and various pollution discharge permits, including wastewater and air discharge permits[103]. Corporate Governance and Management - The company appointed new executives, including Wang Fushun as CEO and Wang Shaoyu as Vice President, in May and June 2019 respectively, indicating a strategic leadership change[125]. - The company has established several new subsidiaries during the reporting period, including Shijiazhuang Rongchuang Caixin Real Estate Development Co., Ltd., with no significant impact on overall operations[64]. - The company has not implemented any stock incentive plans or employee shareholding plans during the reporting period[80]. - The company has not conducted any repurchase transactions among the top 10 shareholders during the reporting period[119]. Risks and Challenges - The company faces risks related to real estate market regulation policies, which could adversely affect operations if not properly managed[64]. - The company is facing financing risks due to tightening policies in the real estate sector, leading to increased financing costs and a need to enhance financing management and channels[65]. - The company plans to adopt a "strong sales" approach to manage sales risks and inventory turnover, especially in competitive areas like suburban Chongqing[65].

Financial Performance - The company's operating revenue for Q1 2019 was ¥103,127,840.45, a decrease of 66.44% compared to ¥307,259,621.52 in the same period last year[7]. - The net profit attributable to shareholders was a loss of ¥19,675,714.15, representing a decline of 244.28% from a profit of ¥13,637,504.84 in the previous year[7]. - Revenue for Q1 2019 was CNY 103.13 million, a decrease of 66.44% compared to CNY 307.26 million in Q1 2018 due to reduced delivery area[17]. - The company reported a net loss attributable to shareholders of CNY 19.68 million in Q1 2019, a decline from a profit of CNY 13.64 million in Q1 2018, due to a 244.28% decrease in delivery area[18]. - The net profit for the current period is a loss of ¥24,820,522.13, compared to a profit of ¥9,691,561.92 in the previous period, representing a significant decline[42]. - The company reported a gross loss of ¥24,926,176.07 in operating profit, compared to a profit of ¥10,885,265.19 in the previous period[42]. Cash Flow - The net cash flow from operating activities was negative at ¥521,474,163.05, a decrease of 339.86% compared to ¥217,410,858.17 in the same period last year[7]. - Cash received from operating activities rose by 107.44% to CNY 196.58 million compared to CNY 94.77 million in Q1 2018, indicating a substantial increase[20]. - The cash flow from operating activities for the current period is ¥1,139,939,612.99, slightly up from ¥1,137,606,826.25 in the previous period[48]. - The net cash flow from operating activities was -521,474,163.05 CNY, a decrease compared to 217,410,858.17 CNY in the previous period, indicating a significant decline in operational performance[49]. - The company received 1,336,523,398.92 CNY in cash inflows from operating activities, compared to 1,232,374,672.74 CNY in the previous period, showing a slight increase in operational cash inflows[49]. - Cash outflows from operating activities totaled 1,857,997,561.97 CNY, significantly higher than 1,014,963,814.57 CNY in the previous period, highlighting increased operational costs[49]. Assets and Liabilities - Total assets increased by 15.64% to ¥14,425,647,683.58 from ¥12,474,897,138.37 at the end of the previous year[7]. - Current liabilities rose to CNY 9.11 billion, compared to CNY 8.29 billion in the previous quarter, marking an increase of about 9.9%[33]. - Non-current liabilities increased to CNY 2.77 billion, up from CNY 2.21 billion, reflecting a growth of approximately 25.3%[33]. - The total liabilities of the company reached CNY 11.88 billion, compared to CNY 10.50 billion, reflecting an increase of approximately 13.1%[33]. - The total equity of the company reached CNY 2.55 billion, compared to CNY 1.98 billion in the previous quarter, indicating a significant increase of about 28.9%[34]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 71,186[11]. - The largest shareholder, Chongqing Caixin Real Estate Development Co., Ltd., held 61.63% of the shares, amounting to 678,220,207 shares[11]. - The company did not engage in any repurchase transactions during the reporting period[12]. Investment Activities - Investment income increased significantly by 651.55% to CNY 1.50 million from CNY 0.20 million, driven by increased principal in financial products[18]. - The cash flow from investment activities increased by 39.34% to CNY 852.78 million, reflecting a rise in financial product investments compared to the previous year[21]. - Total cash inflow from investment activities was 358,832,090.58 CNY, down from 470,448,002.71 CNY in the previous period, reflecting reduced investment returns[50]. - The company reported cash inflows from investment activities of 420,260,435.34 CNY, compared to 252,320,000.00 CNY in the previous period, indicating a positive trend in investment recovery[53]. Other Financial Metrics - The weighted average return on equity was -1.13%, down by 1.93% from 0.80% in the previous year[7]. - The basic and diluted earnings per share for the current period are both -0.0179, compared to 0.0124 in the previous period[43]. - Management expenses increased to ¥32,770,891.12 from ¥28,721,094.16, reflecting a rise of 7.1%[40]. - Tax payments increased by 212.57% to CNY 254.16 million from CNY 81.31 million, reflecting higher prepayment tax expenses due to project launches[20]. - Tax expenses decreased to ¥85,039.21 from ¥474,174.15, a reduction of 82.1%[42].

Dividend Distribution - The company plans to distribute a cash dividend of 0.21 CNY per 10 shares to all shareholders, based on a total of 1,100,462,170 shares[4]. - The total cash dividend distributed in 2018 amounted to RMB 23,109,705.57, representing 20.32% of the net profit attributable to ordinary shareholders[102]. - The cash dividend for the 2016 fiscal year was RMB 0.21 per 10 shares, with a total cash dividend of RMB 39,616,638.12, which accounted for 20.23% of the net profit[102]. - The company did not propose a cash dividend distribution plan for the fiscal year 2018 despite having positive distributable profits[103]. - The cash dividend policy complies with the company's articles of association and shareholder resolutions[99]. - The company has maintained a consistent cash dividend distribution policy over the past three years[101]. - The cash dividend for the 2017 fiscal year was approved at the annual general meeting held on March 5, 2018[100]. - The cash dividend distribution for 2018 is based on the same total share capital of 1,100,462,170 shares[101]. Financial Performance - The company's operating revenue for 2018 was ¥3,047,865,857.15, representing a 69.00% increase compared to ¥1,803,479,373.79 in 2017[16]. - The net profit attributable to shareholders decreased by 41.92% to ¥113,723,165.55 from ¥195,790,204.51 in the previous year[16]. - The net profit after deducting non-recurring gains and losses was ¥68,329,312.93, down 37.03% from ¥108,506,360.57 in 2017[16]. - The net cash flow from operating activities improved significantly to ¥1,243,832,957.14, a 190.84% increase from a negative cash flow of ¥1,369,219,520.36 in 2017[16]. - Total assets at the end of 2018 reached ¥12,474,897,138.37, a 44.79% increase from ¥8,615,770,505.79 at the end of 2017[18]. - The net assets attributable to shareholders increased by 5.78% to ¥1,885,640,403.96 from ¥1,782,627,202.48 in 2017[18]. - Total revenue for 2018 reached ¥3,047,865,857.15, a 69.00% increase compared to ¥1,803,479,373.79 in 2017[49]. - Real estate sales accounted for ¥2,926,951,299.38, representing 96.03% of total revenue, with a slight decrease of 1.55% from 2017[49]. - The total signed sales amount for real estate was ¥526,820.22 million, reflecting a 51.83% increase from ¥346,979.96 million in 2017[53]. - The gross profit margin for real estate sales improved to 30.54%, compared to 50.84% in the previous year[52]. Business Strategy and Development - The company has undergone changes in its main business focus, shifting towards real estate development and sales of self-developed properties[16]. - The company aims to innovate in business by exploring areas such as characteristic towns and long-term rental apartments, in line with national policies[30]. - The company has expanded its real estate development projects in various regions, including Chongqing, Jiangsu, and Shandong, acquiring several new projects in 2018[27]. - The company plans to continue expanding its market presence through new projects and acquisitions, as indicated by the establishment of multiple new subsidiaries[58]. - The company aims to enhance its financing management and diversify funding sources to meet the capital demands of project development[92]. - The company plans to focus on regional and core business strategies, emphasizing rapid turnover and efficient marketing management to drive sales and investment[91]. Market Conditions - The residential market in Chongqing experienced a decline in supply, transaction volume, and prices, with an inventory turnover period of 5.1 months[34]. - In Lianyungang, the real estate market entered a plateau phase from March 2018, with a noticeable decline in transaction volume in the second half of the year[35]. - The Weifang market saw a year-on-year increase in monthly transaction prices, but the transaction area was lower than in 2017, indicating a trend of reduced volume with increased prices[35]. - The real estate market is expected to see a sales area decline of 5.0% to 7.0% in 2019, with first-tier cities showing slight recovery while third and fourth-tier cities face greater downward pressure[85]. - New construction starts are projected to grow at a rate of 4.6% to 6.6% in 2019, supported by high land reserves, while investment growth is expected to be between 3.7% and 5.7%[85]. Environmental Compliance - The company has complied with environmental regulations and is classified as a key pollutant discharge unit, ensuring adherence to standards[164]. - The total chemical oxygen demand discharged was 1.6612 tons per year, which is below the permitted limit of 3.07 tons[164]. - The company completed the construction of pollution control facilities in accordance with environmental impact assessment and "three simultaneous" design requirements, and they are operating normally[168]. - The company obtained the environmental impact assessment approval document for construction projects, numbered 渝（双）环准[2015]003号[169]. - The company received multiple pollution discharge permits in 2018, including for water, air, and noise emissions[169]. - The company has developed an emergency response plan for environmental incidents, which has been reviewed by experts and filed with the government[170]. Corporate Governance - The company has a diverse board with members holding various professional qualifications, including registered accountants and lawyers[200]. - The company is focused on expanding its market presence and enhancing its operational capabilities through strategic leadership[199]. - The company has maintained a stable shareholding structure among its senior management, indicating confidence in its future performance[196]. - The company is committed to ongoing development and innovation in the real estate sector, leveraging the expertise of its board members[200]. - The company aims to avoid and minimize related party transactions with its controlling shareholder and subsidiaries, ensuring fair and transparent decision-making processes[112]. Subsidiaries and Acquisitions - The company established several new subsidiaries, including a 51% stake in Chongqing Xinchang Real Estate Co., Ltd. and a 100% stake in Sichuan Caixin Cultural Industry Development Co., Ltd.[55][56]. - The company completed the acquisition of 50% equity in Chongqing Zhongliang Kunwei Real Estate Development Co., Ltd. through capital increase, investing ¥50 million[56]. - The company acquired 100% equity and 21,651.85 million CNY debt of Chongqing Xingjie Real Estate Co., Ltd. for a total consideration of 105,600.00 million CNY[172]. - The company signed an equity acquisition agreement for the 100% stake in Chongqing Hanyu, with performance compensation arrangements in place[109]. Financial Management - The company has a total loan balance of 338,316.05 million CNY, with interest rates ranging from 4.75% to 12%[45]. - The company has a guarantee amount of 1,063,957 million yuan approved during the reporting period, with an actual guarantee amount of 100,826.20 million yuan[145]. - The company has a total approved external guarantee amount of 1,889,557 million yuan at the end of the reporting period[145]. - The actual total guarantee amount accounted for 378.59% of the company's net assets[147]. - The company has no overdue amounts that have not been recovered from entrusted wealth management[150]. Related Party Transactions - The company conducted related party transactions, including property management services amounting to CNY 1,626.73 million, which accounted for 76.56% of similar transaction amounts[131]. - The actual amount of related party transactions during the reporting period was 1,924.70 million yuan[137]. - The company expects to have annual related party transactions not exceeding 2,032.15 million yuan for 2018[133]. - The company has no significant related party transactions that contributed to over 10% of the total profit during the reporting period[139]. Risk Management - The company has identified risks related to real estate market regulations and financing, and plans to adjust its strategies accordingly to mitigate these risks[92]. - The company is focused on expanding its environmental business and ensuring compliance with industry regulations[112]. - The company has made commitments to avoid illegal transfer of funds and profits through related party transactions[112].