Financial Performance - The company's operating revenue for the first half of 2021 was ¥8,555,641,705.94, representing a 51.37% increase compared to ¥5,652,316,832.61 in the same period last year[32]. - Net profit attributable to shareholders was ¥465,779,263.70, a significant increase of 210.49% from ¥150,012,916.67 in the previous year[32]. - The net profit after deducting non-recurring gains and losses reached ¥455,973,778.06, up 313.95% from ¥110,150,872.50 year-on-year[32]. - Basic earnings per share were ¥0.3069, reflecting a 210.63% increase from ¥0.0988 in the previous year[32]. - The company achieved total operating revenue of CNY 8.71 billion, a year-on-year increase of 50.81%[43]. - The total profit reached CNY 581 million, reflecting a year-on-year growth of 167.01%[43]. - The company reported a net profit margin improvement, indicating enhanced operational efficiency and profitability[32]. - Operating profit increased to ¥580.41 million, compared to ¥212.42 million in the first half of 2020, reflecting a significant growth[197]. Cash Flow and Assets - The net cash flow from operating activities was ¥874,972,632.99, an increase of 25.64% compared to ¥696,412,402.96 in the same period last year[32]. - Total assets at the end of the reporting period were ¥45,787,337,277.49, a slight increase of 0.51% from ¥45,556,424,753.62 at the end of the previous year[32]. - The company's cash and cash equivalents at the end of the reporting period were ¥3,846,227,561.62, which is 8.40% of total assets, down from 11.92% in the previous year[64]. - The cash flow from investing activities improved significantly, with a net outflow of ¥1,055,360,999.95, a decrease of 80.85% compared to a net outflow of ¥5,511,220,296.77 in the previous year[58]. - The net increase in cash and cash equivalents was a decrease of ¥1,795,939,961.97, which is a 7.33% improvement from a decrease of ¥1,938,032,965.07 in the previous year[58]. Liabilities and Equity - Total liabilities were reported at ¥64,125,762.11, with a decrease of ¥893,545.00 in the current period[69]. - The long-term borrowings increased to ¥16,913,056,370.52, representing 36.94% of total liabilities, up from 36.29% in the previous year[66]. - The total financial liabilities at the end of the period were ¥86,376,337.90, reflecting the current period's financial activities[69]. - The total equity attributable to shareholders increased from CNY 10,866,993,937.04 to CNY 11,068,915,293.95, reflecting a growth of approximately 1.86%[187]. Research and Development - The company’s research and development investment rose to CNY 4.64 million, a 25.73% increase from the previous year[56]. - Research and development expenses rose to ¥4.64 million, an increase of 25.7% from ¥3.69 million in the previous year[195]. Operational Efficiency - The company maintained a high operational efficiency with a collection rate of over 99.3% across its toll collection systems[44]. - The company aims to enhance toll revenue collection rates and amounts through improved management strategies in response to policy changes affecting toll collection[93]. Environmental and Regulatory Compliance - The company reported a total nitrogen discharge of 0.31-0.33 tons in the first half of the year from its environmental subsidiaries, adhering to pollution discharge standards[108]. - The company has faced increased challenges in project expansion due to stricter environmental regulations and regional exclusivity clauses[96]. - The company’s environmental protection facilities are operating normally and meeting discharge standards[110]. Shareholder and Governance - The first temporary shareholders' meeting in 2021 had an investor participation rate of 42.64%[100]. - The company has appointed new board members and management, including a new chairman and general manager, as of May 28, 2021[104]. - The company experienced a change in its board of directors, with all departing members' shares locked up[155]. - The company did not implement any share repurchase during the reporting period[156]. Future Outlook and Strategy - The company aims to leverage carbon trading policies to enhance profitability in waste-to-energy and biomass power generation sectors[97]. - The company is actively seeking business transformation and innovation in product offerings to widen revenue channels[97]. - The company is facing risks related to the expiration of toll collection rights, with plans to seek support for acquiring high-quality road assets and exploring digital transformation initiatives[94].

现代投资股份有限公司 2021 年第一季度报告全文 现代投资股份有限公司 2021 年第一季度报告 2021-026 2021 年 04 月 1 现代投资股份有限公司 2021 年第一季度报告全文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人周志中、主管会计工作负责人曾永长及会计机构负责人(会计主 管人员)吴月鸿声明：保证季度报告中财务报表的真实、准确、完整。 2 现代投资股份有限公司 2021 年第一季度报告全文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|--------|----------------|-----------------------------------------------------|------------------- ...

Financial Performance - The company's operating revenue for 2020 was ¥14,030,665,698.79, representing a 13.84% increase compared to ¥12,324,895,542.98 in 2019[23] - The net profit attributable to shareholders for 2020 was ¥447,713,674.68, a decrease of 50.62% from ¥906,686,076.64 in 2019[23] - The basic earnings per share for 2020 was ¥0.35, down 45.31% from ¥0.64 in 2019[23] - The total assets at the end of 2020 amounted to ¥45,556,424,753.62, an increase of 28.15% from ¥35,548,487,463.24 at the end of 2019[23] - The net cash flow from operating activities for 2020 was -¥337,925,700.19, a decline of 108.28% compared to ¥4,082,297,939.35 in 2019[23] - The weighted average return on net assets for 2020 was 5.13%, down from 10.07% in 2019, a decrease of 4.94%[23] - The company's total revenue for 2020 was 14.309 billion yuan, representing a year-on-year increase of 13.95%[46] - Net profit for 2020 was 561 million yuan, a decrease of 42.04% compared to the previous year[46] - The total assets increased by 28.15% year-on-year, reaching 45.565 billion yuan[46] - The net asset attributable to shareholders was 10.867 billion yuan, up 7.59% from the previous year[26] Cash Flow and Investments - The company reported a net cash flow from operating activities of -2.002 billion yuan in Q4 2020[30] - Cash inflow from operating activities totaled ¥22,001,772,207.64, showing a slight decrease of 0.16% from the previous year[75] - Operating cash flow outflow totaled ¥22,339,697,907.83, an increase of 24.43% year-over-year[79] - Total cash inflow from investing activities reached ¥26,658,780,744.23, up 72.50% year-over-year[79] - Net cash flow from financing activities increased to ¥2,760,549,093.83, a substantial rise of 464.39% year-over-year due to new bank loans[79] - Investment income amounted to ¥560,951,373.41, accounting for 78.12% of total profit[80] - The total investment amount for the reporting period reached ¥3,916,846,975.96, representing a significant increase of 413.83% compared to the previous year's investment of ¥762,281,501.00[93] Revenue Sources and Sector Performance - The revenue from the road transportation sector decreased by 9.97% to CNY 2.28 billion, while the commodity trading sector saw a 21.31% increase, reaching CNY 10.94 billion[58] - The toll revenue from Chang-Yong and Chang-Tan expressways dropped by 24.04% to CNY 581.72 million, and the toll revenue from Tan-Lai expressway decreased by 30.85% to CNY 1.05 billion[58] - The company’s revenue from Hunan Province increased by 46.64% to CNY 5.35 billion, reflecting strong regional performance[58] - The total revenue from commodity trade was ¥10,937,724,343.63, reflecting a year-over-year increase of 2.52%[62] Research and Development - Research and development expenses increased by 135.48% to ¥10,104,053.57, primarily due to new projects in hazardous waste treatment technology[70] - The number of R&D personnel rose to 67, a significant increase of 415.38% compared to the previous year[74] - The company holds a total of 55 patents, including 6 invention patents, with significant advancements in waste treatment technologies[73] Corporate Governance and Compliance - The company has not reported any changes in its main business since its listing[22] - The company has no changes in its controlling shareholders[22] - The company has engaged Xinyong Zhonghe Accounting Firm for auditing services during the reporting period[22] - The company has not engaged in any significant litigation or arbitration matters during the reporting period, with a total amount involved of 25,622.23 million yuan[159] - The company has not experienced any penalties or rectification situations during the reporting period[162] - There were no significant related party transactions during the reporting period[164][165][166] Dividend Policy - The company plans to distribute a cash dividend of ¥1.6 per 10 shares, based on a total of 1,517,828,334 shares[7] - The total cash dividend amount for 2020 was 242,852,533.44 yuan, which accounted for 46.27% of the net profit attributable to ordinary shareholders in the consolidated financial statements[146] - The cash dividend amount for 2019 was also 242,852,533.44 yuan, representing 24.88% of the net profit attributable to ordinary shareholders in the consolidated financial statements[146] - The total distributable profit for 2020 was 365,312,097.31 yuan, with the cash dividend amount constituting 100% of the total profit distribution[146] Social Responsibility and Community Engagement - The company has implemented free policies during the pandemic and provided promotional support for poverty alleviation products[187] - The company successfully helped 2 households and 9 individuals achieve poverty alleviation in 2020, completing the poverty alleviation for all 133 registered poor households in the village[189] - Total funding for targeted poverty alleviation amounted to 9.09 million yuan, with material discounts contributing 80,000 yuan[193] - A total of 12 poverty alleviation projects were initiated, focusing on agricultural and e-commerce industries, with an investment of 537,500 yuan[193] - The number of impoverished individuals assisted in establishing files reached 5,185, indicating significant progress in poverty alleviation efforts[195] - The company has received recognition for its poverty alleviation efforts, with a representative being awarded as the "Most Beautiful Poverty Alleviation Person" in Shaoyang City[195] Environmental Protection - Environmental protection measures are in place, with all pollution control facilities operating normally and meeting discharge standards[200] - Investment in ecological protection poverty alleviation reached 2.0986 million yuan, highlighting the company's commitment to sustainable development[193]

现代投资股份有限公司 2020 年第三季度报告全文 现代投资股份有限公司 2020 年第三季度报告 2020-036 1 2020 年 10 月 现代投资股份有限公司 2020 年第三季度报告全文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完 整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人周志中、主管会计工作负责人颜如意及会计机构负责人(会计主管人员)杨世 益声明：保证季度报告中财务报表的真实、准确、完整。 2 现代投资股份有限公司 2020 年第三季度报告全文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | --- | |------------------------------------------------------|-------------------|-------------------------|-------------------|------------ ...

证券代码：000900 证券简称：现代投资 公告编号：2020-033 现代投资股份有限公司 关于参加湖南辖区上市公司 2020 年度投资者 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内容的真实、准确和完整，没有虚 假记载、误 导性陈述或重大遗漏。 为进一步增强与广大投资者的互动交流，现代投资股份有限公司 （以下简称"公司"）将参加由中国证券监督管理委员会湖南监管局、 湖南省上市公司协会与深圳市全景网络有限公司联合举办的"湖南辖 区上市公司 2020 年度投资者网上集体接待日活动"，现将有关事项公 告如下： 本次投资者网上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"网站 （http://rs.p5w.net）参与本次网上投资者接待日活动。本次活动时间 为 2020 年 9 月 11 日（星期五）下午 15:00—17:00。 公司相关人员将与投资者进行在线沟通与交流。欢迎广大投资者 积极参与！ 特此公告。 现代投资股份有限公司 董事会 2020 年 9 月 9 日 ...

Financial Performance - The company's operating revenue for the first half of 2020 was ¥5,652,316,832.61, a decrease of 14.80% compared to ¥6,634,316,925.65 in the same period last year[35] - The net profit attributable to shareholders was ¥150,012,916.67, down 75.07% from ¥601,782,841.41 in the previous year[35] - The net profit after deducting non-recurring gains and losses was ¥110,150,872.50, a decline of 81.07% compared to ¥581,754,875.82 last year[35] - The total profit amounted to 217 million yuan, down 72.42% year-on-year[50] - Basic earnings per share were ¥0.0988, down 75.08% from ¥0.3964 in the same period last year[35] - Diluted earnings per share were also ¥0.0988, reflecting the same decline of 75.08% compared to the previous year[35] - The weighted average return on net assets was 1.48%, a decrease of 4.78% from 6.26% in the previous year[35] - The company reported a net profit forecast for the period from the beginning of the year to the next reporting period, indicating a potential decline of over 50% compared to the same period last year[98] - The estimated cumulative net profit for the reporting period is 30,000 million yuan, a decrease of 51.34% compared to the previous period[99] - Basic earnings per share decreased by 51.35% to 0.1977 yuan per share from 0.5416 yuan per share[99] Cash Flow and Assets - The net cash flow from operating activities increased by 110.20% to ¥696,412,402.96 from ¥331,316,217.52 in the same period last year[35] - The total assets at the end of the reporting period were ¥47,038,705,950.37, an increase of 32.32% from ¥35,548,487,463.24 at the end of the previous year[35] - Cash and cash equivalents at the end of the reporting period amounted to ¥2,983,493,769.41, representing 6.34% of total assets, a decrease of 3.95% compared to the previous year[62] - The company reported a net decrease in cash and cash equivalents of -¥1,938,032,965.07, an increase of 263.52% compared to the previous year, mainly due to higher cash outflows from investment activities[54] - The company's current assets totaled RMB 10,503,902,717.12, down from RMB 11,453,671,451.16 at the end of 2019, indicating a decrease of about 8.3%[200] - The company's short-term borrowings increased significantly to RMB 3,967,468,478.27 from RMB 1,856,628,600.00, marking an increase of about 113.0%[200] - The total non-current assets rose to RMB 36,534,803,233.25 from RMB 24,094,816,012.08, which is an increase of approximately 51.5%[200] Investments and Acquisitions - The company successfully acquired 100% equity of Changsha-Loudi Expressway Company during the reporting period[50] - The total investment amount for the reporting period was ¥3,825,090,800.00, a substantial increase of 415.77% compared to ¥741,626,570.00 in the same period last year[70] - The company completed a significant equity investment of ¥3,825,090,800.00 in the Changsha to Shaoyang highway project, acquiring 100% ownership[70] - The company issued short-term financing bonds amounting to 900 million yuan at the lowest interest rate in three years[50] Environmental and Social Responsibility - The company has invested 63.42 million yuan in poverty alleviation efforts, including 16.05 million yuan specifically for industrial development projects[149] - The company has successfully helped 9 individuals from registered impoverished households achieve poverty alleviation status, awaiting verification[148] - The company has reported no exceedances in pollutant discharge limits across its subsidiaries, demonstrating compliance with environmental regulations[140] - The company has established a comprehensive environmental monitoring plan, ensuring all pollution control facilities are operating normally and meeting discharge standards[143] - The company has allocated 16.27 million yuan towards improving educational resources in impoverished areas as part of its poverty alleviation initiatives[149] Corporate Governance and Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 60,643, with the largest shareholder, Hunan Provincial Highway Construction Development Company, holding 27.19% of shares[164] - The company’s total share capital at the end of the reporting period was 1,517,828,334 shares, with 99.96% being unrestricted shares[160] - The company reported a decrease of 87,581 shares in restricted shares due to changes in the board of directors and supervisors[160] - The company did not distribute cash dividends or issue new shares during the reporting period[106] - The financial report for the first half of 2020 was not audited[196] Risk Management and Future Outlook - The significant decline in revenue and profit is attributed to the COVID-19 pandemic, which led to the implementation of toll-free policies on highways[99] - The company faces risks related to macroeconomic conditions and policy changes, particularly due to the ongoing impact of the pandemic on transportation demand[101] - The company plans to maintain communication with government departments to seek policy support and accelerate business transformation[101] - The company has implemented strict risk control measures for derivative investments, focusing on liquidity and active trading varieties[91]

现代投资股份有限公司 2020 年第一季度报告全文 现代投资股份有限公司 2020 年第一季度报告 2020-017 1 2020 年 04 月 现代投资股份有限公司 2020 年第一季度报告全文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完 整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 除下列董事外，其他董事亲自出席了审议本次年报的董事会会议 未亲自出席董事姓名 未亲自出席董事职务 未亲自出席会议原因 被委托人姓名 靳勇 董事 因公务 无 公司负责人周志中、主管会计工作负责人颜如意及会计机构负责人(会计主管人员)杨世 益声明：保证季度报告中财务报表的真实、准确、完整。 2 现代投资股份有限公司 2020 年第一季度报告全文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | |-----------------------------------------------------------|-------------------|--- ...

现代投资股份有限公司 2019 年年度报告全文 现代投资股份有限公司 2019 年年度报告 2020-015 1 2020 年 04 月 现代投资股份有限公司 2019 年年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实、准确、完 整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人周志中、主管会计工作负责人颜如意及会计机构负责人(会计主管人员)杨世 益声明：保证年度报告中财务报告的真实、准确、完整。 除下列董事外，其他董事亲自出席了审议本次年报的董事会会议 未亲自出席董事姓名 未亲自出席董事职务 未亲自出席会议原因 被委托人姓名 靳勇 董事 因公 无 本年度报告涉及公司经营计划等前瞻性陈述，不构成对公司投资者的实质性承诺，请投 资者注意投资风险。 公司在本报告中描述的存在的风险，敬请查阅第四节经营情况讨论与分析中公司未来发 展的展望之公司业务风险分析。 公司经本次董事会审议通过的利润分配预案为：以 1,517,828,334 为基数，向全体股东每 10 股派发现金红利 1.6 元（含税），送红股 0 股（含税），不以 ...

[Important Notes](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's management guarantees the truthfulness, accuracy, and completeness of this quarterly report and assumes legal responsibility - The Board of Directors, Supervisory Committee, and senior management have committed to the authenticity, accuracy, and completeness of the quarterly report's content and will bear legal responsibility[5](index=5&type=chunk) - Director Jin Yong was unable to attend the board meeting in person due to official business and has delegated another individual to attend on his behalf[6](index=6&type=chunk) - The company's responsible person Zhou Zhizhong, chief accounting officer Yan Ruyi, and head of the accounting department Yang Shiyi declare that the financial statements are true, accurate, and complete[6](index=6&type=chunk) [Company Profile](index=3&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) This section discloses key financial data, indicators, and shareholder information, noting asset growth alongside a decline in current period revenue and net profit [Key Accounting Data and Financial Indicators](index=3&type=section&id=%E4%B8%80%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) The company's total assets and net assets increased, while current period revenue and net profit saw a year-over-year decline **Key Accounting Data and Financial Indicators (as of September 30, 2019)** | Indicator | End of Current Reporting Period (RMB Yuan) | End of Previous Year (RMB Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 34,918,230,569.60 | 24,707,125,162.97 | 41.33% | | Net Assets Attributable to Shareholders | 9,916,631,918.36 | 9,301,203,202.54 | 6.62% | **Key Accounting Data and Financial Indicators (Current Period vs. Year-to-Date)** | Indicator | Current Reporting Period (RMB Yuan) | YoY Change (%) | Year-to-Date (RMB Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 3,151,552,560.10 | -30.56% | 9,785,869,485.75 | 8.83% | | Net Profit Attributable to Shareholders | 220,244,949.53 | -27.79% | 822,027,790.94 | 2.72% | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | 208,633,429.76 | -30.48% | 790,388,305.58 | 1.82% | | Net Cash Flow from Operating Activities | -- | -- | 1,027,453,203.60 | 26.26% | | Basic Earnings Per Share (RMB Yuan/Share) | 0.1451 | -27.78% | 0.5416 | 2.73% | | Diluted Earnings Per Share (RMB Yuan/Share) | 0.1451 | -27.78% | 0.5416 | 2.73% | | Weighted Average Return on Equity | 2.25% | -32.36% | 8.49% | -5.19% | **Non-Recurring Gains and Losses (Year-to-Date)** | Item | Amount (RMB Yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | -171,511.21 | | Government Grants | 12,521,044.44 | | Capital Occupation Fees from Non-Financial Enterprises | 1,373,695.13 | | Fair Value Change Gains/Losses and Investment Income | 19,445,536.80 | | Other Non-Operating Income and Expenses | 8,647,399.16 | | Less: Income Tax Impact | 10,475,188.20 | | Less: Minority Interest Impact (After Tax) | -298,509.24 | | **Total** | **31,639,485.36** | - The company classifies certain non-recurring items as recurring, including capital occupation fees, fair value change gains, and investment income from subsidiaries' normal operations[13](index=13&type=chunk) [Total Shareholders and Top 10 Shareholders at the End of the Reporting Period](index=4&type=section&id=%E4%BA%8C%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E8%82%A1%E4%B8%9C%E6%80%BB%E6%95%B0%E5%8F%8A%E5%89%8D%E5%8D%81%E5%90%8D%E8%82%A1%E4%B8%9C%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5%E8%A1%A8) The company had 62,550 common shareholders, with Hunan Expressway Construction and Development Corporation being the largest shareholder - At the end of the reporting period, the total number of common shareholders was **62,550**[14](index=14&type=chunk) **Top 10 Shareholders (as of September 30, 2019)** | Shareholder Name | Shareholder Type | Shareholding Ratio (%) | Number of Shares | | :--- | :--- | :--- | :--- | | Hunan Expressway Construction and Development Corporation | State-owned Legal Entity | 27.19% | 412,666,971 | | China Merchants Expressway Network & Technology Holdings Co, Ltd | State-owned Legal Entity | 7.04% | 106,867,207 | | Tongliao Mengguwang Industry & Trade Co, Ltd | Domestic Non-State-owned Legal Entity | 3.29% | 50,000,000 | | Central Huijin Asset Management Ltd | State-owned Legal Entity | 3.17% | 48,180,150 | | Hong Kong Securities Clearing Company Ltd | Overseas Legal Entity | 1.27% | 19,348,626 | | Bai Guoyi | Domestic Natural Person | 0.95% | 14,460,000 | | Harvest Fund - ABC - Harvest CSI Financial Asset Management Plan | Other | 0.94% | 14,300,694 | | GF Fund - ABC - GF CSI Financial Asset Management Plan | Other | 0.89% | 13,466,034 | | Yinhua Fund - ABC - Yinhua CSI Financial Asset Management Plan | Other | 0.89% | 13,446,750 | | Southern Fund - ABC - Southern CSI Financial Asset Management Plan | Other | 0.87% | 13,206,900 | - Tongliao Mengguwang Industry & Trade Co, Ltd and Bai Guoyi are parties acting in concert[21](index=21&type=chunk) - The company's top 10 common shareholders and top 10 unrestricted common shareholders did not engage in agreed repurchase transactions during the reporting period[21](index=21&type=chunk) [Significant Events](index=7&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section details significant changes in financial data, progress on major corporate actions, and specifics of securities and derivatives investments [Changes in Key Financial Data and Indicators and Their Reasons](index=7&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%95%B0%E6%8D%AE%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87%E5%8F%91%E7%94%9F%E5%8F%98%E5%8A%A8%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%8E%9F%E5%9B%A0) Significant fluctuations in balance sheet and income statement items were primarily driven by the acquisition of Yueyang Baling Rural Commercial Bank and adjustments in trade business models **Major Balance Sheet Item Changes and Reasons (End of Sep 2019 vs. Beginning of 2019)** | Item | End of Sep 2019 (RMB Yuan) | Beginning of 2019 (RMB Yuan) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 3,594,740,383.02 | 28,479,992.26 | 12521.99% | A subsidiary's settlement method of using structured deposits to issue bank acceptance bills for supplier payments increased both trading financial assets and notes payable | | Financial Assets at Fair Value Through Profit or Loss | - | 92,032,680.00 | -100.00% | Reclassified to trading financial assets under new financial instrument standards | | Prepayments | 519,291,486.92 | 70,444,452.46 | 637.16% | Increase in trade prepayments by a subsidiary | | Interest Receivable | 55,298,900.27 | 21,194,172.97 | 160.92% | Addition of new subsidiary Yueyang Baling Rural Commercial Bank | | Net Inventories | 422,193,407.03 | 892,341,724.29 | -52.69% | Decrease in a subsidiary's commodity trade inventory | | Available-for-Sale Financial Assets | - | 64,971,968.44 | -100.00% | Reclassified to other equity investments, etc, under new financial instrument standards | | Loans and Advances | 2,940,217,997.10 | - | New this period | Addition of new subsidiary Yueyang Baling Rural Commercial Bank | | Debt Investments | 2,322,259,228.27 | - | New this period | Addition of new subsidiary Yueyang Baling Rural Commercial Bank | | Other Debt Investments | 1,207,541,024.08 | - | New this period | Addition of new subsidiary Yueyang Baling Rural Commercial Bank | | Other Equity Investments | 68,988,350.47 | - | New this period | New item under new financial instrument standards | | Net Construction in Progress | 2,060,862,323.34 | 2,973,058,164.50 | -30.68% | Sections of the Huai-Zhi Expressway became operational, reclassifying construction in progress to intangible assets | | Goodwill | 302,352,327.78 | 7,336,245.04 | 4021.35% | Goodwill increased from the acquisition of Yueyang Baling Rural Commercial Bank | | Deferred Tax Assets | 80,804,110.74 | 31,356,270.83 | 157.70% | Addition of new subsidiary Yueyang Baling Rural Commercial Bank | | Other Non-Current Assets | 276,143,080.52 | 1,043,865,678.64 | -73.55% | Addition of new subsidiary Yueyang Baling Rural Commercial Bank | | Trading Financial Liabilities | 95,758,714.65 | 31,835,848.85 | 200.79% | Change in the value of a subsidiary's futures positions | | Notes Payable | 2,900,882,845.00 | 423,000,000.00 | 585.79% | A subsidiary's settlement method of using structured deposits to issue bank acceptance bills for supplier payments increased both trading financial assets and notes payable | | Accounts Payable | 506,695,216.20 | 370,290,033.81 | 36.84% | Increase in a subsidiary's payables for construction projects | | Advances from Customers | 209,551,810.35 | 37,812,775.22 | 454.18% | Increase in a subsidiary's commodity trade prepayments from customers | | Employee Benefits Payable | 32,761,771.70 | 90,567,226.13 | -63.83% | Payment of employee compensation accrued at the end of 2018 | | Taxes Payable | 147,321,048.97 | 102,268,899.17 | 44.05% | Corporate income tax payable for Q3 2019 was higher than in Q4 2018 | | Interest Payable | 105,766,353.30 | 32,471,035.27 | 225.73% | Addition of new subsidiary Yueyang Baling Rural Commercial Bank | | Dividends Payable | - | 41,266,697.10 | -100.00% | Payment of 2017 dividends payable to Hunan Expressway Construction and Development Corporation | | Non-Current Liabilities Due within One Year | 159,800,000.00 | 427,212,720.00 | -62.59% | Decrease in long-term borrowings due within one year | | Borrowings from Central Bank | 200,000,000.00 | - | New this period | Addition of new subsidiary Yueyang Baling Rural Commercial Bank | | Deposits from Customers and Interbank Deposits | 6,385,695,055.19 | - | New this period | Addition of new subsidiary Yueyang Baling Rural Commercial Bank | | Deferred Tax Liabilities | 47,206,849.65 | 13,860,315.34 | 240.59% | Valuation surplus from the acquisition of Yueyang Baling Rural Commercial Bank increased deferred tax liabilities | | Other Comprehensive Income | 63,740,753.26 | 42,665,578.28 | 49.40% | Increase in the stock price of Founder Securities held by the company | | Minority Interest | 799,903,586.89 | 380,123,410.50 | 110.43% | Addition of new subsidiary Baling Rural Commercial Bank | **Major Income Statement and Cash Flow Statement Item Changes and Reasons (Jan-Sep 2019 vs. Jan-Sep 2018)** | Item | Jan-Sep 2019 (RMB Yuan) | Jan-Sep 2018 (RMB Yuan) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Administrative Expenses | 249,419,482.48 | 159,000,665.80 | 56.87% | Addition of new subsidiary Baling Rural Commercial Bank | | Other Income | 8,528,218.74 | 3,746,485.07 | 127.63% | A subsidiary received new government grants related to daily operations | | Fair Value Change Gains (Losses marked with "-") | -130,342,764.48 | -17,634,936.51 | 639.12% | Significant losses from fair value changes in futures positions due to price differences between domestic and international spot markets | | Credit Impairment Losses | 86,994,709.21 | - | New this period | Addition of new subsidiary Baling Rural Commercial Bank | | Net Cash Flow from Investing Activities | -1,186,651,540.73 | -655,920,126.68 | 80.91% | Subsidiary Yueyang Baling Rural Commercial Bank made significant investments in bank interest rate bonds | | Net Cash Flow from Financing Activities | -750,186,005.43 | 239,397,993.64 | -413.36% | Increased repayment of bank loans during the period | [Progress and Impact of Significant Events](index=8&type=section&id=%E4%BA%8C%E3%80%81%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9%E8%BF%9B%E5%B1%95%E6%83%85%E5%86%B5%E5%8F%8A%E5%85%B6%E5%BD%B1%E5%93%8D%E5%92%8C%E8%A7%A3%E5%86%B3%E6%96%B9%E6%A1%88%E7%9A%84%E5%88%86%E6%9E%90%E8%AF%B4%E6%98%8E) The company expanded its environmental technology business by establishing two new subsidiaries and delisted another from the NEEQ system - The company's wholly-owned subsidiary, Modern Environmental Technology Investment Co, Ltd, jointly established Hunan Modern Shouyi Environmental Technology Co, Ltd, which has completed its business registration[29](index=29&type=chunk) - Wholly-owned second-tier subsidiary Hunan Modern Environmental Technology Co, Ltd established Jilin Jixiang Ecological Development Co, Ltd, which has completed its business registration[29](index=29&type=chunk) - Wholly-owned second-tier subsidiary Hunan Modern Environmental Technology Co, Ltd applied to delist from the National Equities Exchange and Quotations (NEEQ) system[29](index=29&type=chunk) [Overdue Commitments by Related Parties](index=9&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) There were no overdue unfulfilled commitments from the company's controlling shareholders, affiliates, or other related parties during the reporting period - The company had no overdue unfulfilled commitments during the reporting period[32](index=32&type=chunk) [Securities Investments](index=9&type=section&id=%E5%9B%9B%E3%80%81%E8%AF%81%E5%88%B8%E6%8A%95%E8%B5%84%E6%83%85%E5%86%B5) The company holds shares in Founder Securities and has invested in several funds and trust products, with total securities valued at 309.45 million RMB Yuan **Securities Investments During the Reporting Period** | Security Name | Ticker | Accounting Method | Initial Book Value (RMB Yuan) | Fair Value Change (RMB Yuan) | Ending Book Value (RMB Yuan) | Funding Source | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Founder Securities | 601901 | Cost Method | 53,168,090.13 | 15,820,260.34 | 68,988,350.47 | Own Funds | | Yongfu No. 10 Fund | N/A | Fair Value | 45,391,500.00 | -- | 59,845,500.00 | Own Funds | | ICBC Cash Money Market Fund | N/A | Fair Value | 0.00 | -- | 67,130,079.75 | Own Funds | | Bosera Cash Income Money Market Fund | N/A | Fair Value | 0.00 | -- | 19,068,039.42 | Own Funds | | Zhongrong Cash Value-added Money Market Fund A | N/A | Fair Value | 0.00 | -- | 4,029,891.22 | Own Funds | | Huatai-PineBridge Tian Tian Bao B Fund | N/A | Fair Value | 0.00 | -- | 20,115,277.51 | Own Funds | | GF Money Market B Fund | N/A | Fair Value | 0.00 | -- | 20,141,008.84 | Own Funds | | ICBC Money Market Fund | N/A | Fair Value | 0.00 | -- | 15,114,427.21 | Own Funds | | ICBC Ruyi Money Market A Fund | N/A | Fair Value | 0.00 | -- | 35,013,982.89 | Own Funds | | Huaxin Trust * Fuxing No. 38 Trust Plan | N/A | Cost Method | 30,000,000.00 | 0.00 | 30,000,000.00 | Own Funds | - The total ending book value of the company's securities investments was **309,446,557.31 RMB Yuan**, with a fair value change of **15,820,260.34 RMB Yuan** during the period[36](index=36&type=chunk) [Entrusted Wealth Management](index=10&type=section&id=%E4%BA%94%E3%80%81%E5%A7%94%E6%89%98%E7%90%86%E8%B4%A2) The company did not engage in any entrusted wealth management activities during the reporting period - The company had no entrusted wealth management during the reporting period[37](index=37&type=chunk) [Derivatives Investments](index=10&type=section&id=%E5%85%AD%E3%80%81%E8%A1%8D%E7%94%9F%E5%93%81%E6%8A%95%E8%B5%84%E6%83%85%E5%86%B5) The company engaged in futures derivatives investments for arbitrage and hedging, resulting in a total realized gain of 154.58 million RMB Yuan - The company's derivatives investments are part of its subsidiaries' daily operations, focusing on spot-futures arbitrage, hedging, and offsetting transactions with liquid and active contracts[48](index=48&type=chunk) - A daily reporting system is in place for derivatives investments to strictly control unilateral position and operational risks, with all transactions conducted through major futures companies to manage financial and legal risks[48](index=48&type=chunk) **Derivatives Investments During the Reporting Period (Unit: 10,000 RMB Yuan)** | Operator Name | Derivative Type | Initial Investment Amount | Ending Investment Amount | Realized Gain/Loss | | :--- | :--- | :--- | :--- | :--- | | Dayou Futures Co, Ltd | Futures | 3,777.42 | 5,075.94 | 11,886.94 | | Dayou Futures Co, Ltd | Futures | 99.98 | 2,433.94 | -1,038.37 | | COFCO Futures Co, Ltd | Futures | 900 | -- | -286.2 | | Guosen Futures Co, Ltd | Futures | 400 | -- | 0 | | Sinosteel Futures Co, Ltd | Futures | 500 | -- | 0.7 | | Jingyi Gold Industry Co, Ltd | Futures | 1,000 | -- | 456.8 | | Tongguan Jinyuan Futures Co, Ltd | Futures | 600 | -- | -- | | Xinhu Futures Co, Ltd | Futures | 300 | -- | -0.98 | | CITIC Futures Co, Ltd | Futures | 10 | -- | -441.47 | | AMT Offshore Futures | Futures | 489.38 | -- | -744.78 | | Straits Financial (SG) Pte Ltd | Futures | 330.17 | -- | -1,166.41 | | GF FUTURES | Futures | 665.11 | -- | 2.56 | | Bank of China Limited OTC | Futures | 200 | 6,179.6 | 280.94 | | GF Futures Co, Ltd | Futures | 200 | 782.87 | 7.07 | | CCB Futures Co, Ltd | Futures | 200 | -- | 0.59 | | Founder CIFCO Futures Co, Ltd | Futures | 300 | 6,679.32 | -572.88 | | Guotai Junan Futures Co, Ltd | Futures | 250 | -- | 99.68 | | Jianghai Huixin Futures Co, Ltd | Futures | 500 | -- | 1,497.05 | | ICBC OTC | Futures | 356.85 | 22,578.23 | -5,753.54 | | Galaxy Futures Co, Ltd | Futures | 200 | 2,578.14 | 495.04 | | Wuxi Stainless Steel Electronic Trading Center Co, Ltd | Futures | 700 | -- | -10.89 | | Luzheng Futures Co, Ltd | Futures | 200 | 2,627.51 | 333.71 | | SDIC Anxin Futures Co, Ltd | Futures | 2 | 35.76 | 1,434.07 | | Minmetals & Jingyi Futures Co, Ltd | Futures | 200 | 2,706.36 | -381 | | Haitong Futures Co, Ltd | Futures | 400 | 5,787.46 | 889.26 | | Shanghai Futures Exchange | Futures | 450 | 0.39 | 0.49 | | INTC FCSTONE LTD | Futures | 672.35 | -- | -5,629.77 | | Bohai Futures Co, Ltd | Futures | 1,500 | 4,905.66 | 13,235.49 | | Shandong Zhaojin Group Co, Ltd | Futures | 300 | -- | 26.28 | | Dayou Futures Co, Ltd | Futures | 200 | 190.66 | 292.47 | | Jianghai Huixin Futures Co, Ltd | Futures | 200 | 0.03 | -130.99 | | CITIC Futures Co, Ltd | Futures | 372 | 162.56 | 179.73 | | SDIC Anxin Futures Co, Ltd | Futures | 1,050 | 0.98 | -121.81 | | Haitong Futures Co, Ltd | Futures | 200 | 107.44 | 239.72 | | Yongan Futures | Futures | 300 | 38.56 | 378.76 | | **Total** | -- | **14,247.84** | **62,871.41** | **15,458.26** | [Investor Relations Activities](index=14&type=section&id=%E4%B8%83%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A5%E5%BE%85%E8%B0%83%E7%A0%94%E3%80%81%E6%B2%9F%E9%80%9A%E3%80%81%E9%87%87%E8%AE%BF%E7%AD%89%E6%B4%BB%E5%8A%A8%E7%99%BB%E8%AE%B0%E8%A1%A8) No research visits, communications, interviews, or other similar activities were conducted during the reporting period - The company did not conduct any research visits, communications, or interviews during the reporting period[52](index=52&type=chunk) [Irregular External Guarantees](index=14&type=section&id=%E5%85%AB%E3%80%81%E8%BF%9D%E8%A7%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[53](index=53&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholders](index=14&type=section&id=%E4%B9%9D%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E5%85%B3%E8%81%94%E6%96%B9%E5%AF%B9%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) There was no non-operating fund occupation by the controlling shareholder or its related parties during the reporting period - The company reports no non-operating fund occupation by its controlling shareholder or related parties[54](index=54&type=chunk) [Financial Statements](index=15&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the unaudited consolidated and parent company financial statements for Q3 2019 and details adjustments made due to the adoption of new financial instrument standards [Financial Statements](index=15&type=section&id=%E4%B8%80%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This part includes the consolidated and parent company balance sheets, income statements, and cash flow statements, providing a comprehensive view of the company's financial position and performance [1. Consolidated Balance Sheet](index=15&type=section&id=1%E3%80%81%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of September 30, 2019, the company's consolidated total assets reached 34.92 billion RMB Yuan, a 41.33% increase from the end of 2018 **Key Consolidated Balance Sheet Data (as of September 30, 2019)** | Item | Amount (RMB Yuan) | | :--- | :--- | | Total Assets | 34,918,230,569.60 | | Total Current Assets | 9,895,360,829.51 | | Total Non-Current Assets | 25,022,869,740.09 | | Total Liabilities | 24,201,695,064.35 | | Total Current Liabilities | 14,770,025,103.49 | | Total Non-Current Liabilities | 9,431,669,960.86 | | Total Equity Attributable to Parent Company | 9,916,631,918.36 | | Minority Interest | 799,903,586.89 | | Total Equity | 10,716,535,505.25 | [2. Parent Company Balance Sheet](index=18&type=section&id=2%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of September 30, 2019, the parent company's total assets were 20.00 billion RMB Yuan, with total liabilities of 10.26 billion RMB Yuan **Key Parent Company Balance Sheet Data (as of September 30, 2019)** | Item | Amount (RMB Yuan) | | :--- | :--- | | Total Assets | 20,002,505,148.59 | | Total Current Assets | 2,421,663,767.00 | | Total Non-Current Assets | 17,580,841,381.59 | | Total Liabilities | 10,259,872,900.60 | | Total Current Liabilities | 3,783,072,900.60 | | Total Non-Current Liabilities | 6,476,800,000.00 | | Total Equity | 9,742,632,247.99 | [3. Consolidated Income Statement for the Reporting Period](index=21&type=section&id=3%E3%80%81%E5%90%88%E5%B9%B6%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E8%A1%A8) For Q3 2019, consolidated total operating revenue was 3.21 billion RMB Yuan, and net profit attributable to the parent company was 220.24 million RMB Yuan **Key Consolidated Income Statement Data (July-Sep 2019)** | Item | Current Period Amount (RMB Yuan) | Prior Period Amount (RMB Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 3,206,808,118.35 | 4,538,841,021.80 | -29.48% | | Operating Profit | 294,779,930.06 | 376,358,600.19 | -21.70% | | Total Profit | 294,400,634.65 | 377,323,178.63 | -22.00% | | Net Profit | 213,897,612.83 | 306,555,630.41 | -30.28% | | Net Profit Attributable to Parent Company | 220,244,949.53 | 304,994,094.74 | -27.79% | | Minority Interest Gain/Loss | -6,347,336.70 | 1,561,535.67 | -506.43% | | Fair Value Change Gains | -140,992,217.90 | -872,802.34 | -16059.97% | | Basic Earnings Per Share (RMB Yuan/Share) | 0.1451 | 0.2009 | -27.78% | [4. Parent Company Income Statement for the Reporting Period](index=23&type=section&id=4%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E8%A1%A8) For Q3 2019, the parent company's operating revenue was 730.90 million RMB Yuan, with a net profit of 295.85 million RMB Yuan **Key Parent Company Income Statement Data (July-Sep 2019)** | Item | Current Period Amount (RMB Yuan) | Prior Period Amount (RMB Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 730,896,398.34 | 720,035,740.01 | 1.51% | | Operating Profit | 381,479,861.69 | 368,711,170.77 | 3.46% | | Total Profit | 380,386,787.79 | 367,906,148.80 | 3.39% | | Net Profit | 295,847,087.20 | 291,020,244.09 | 1.66% | [5. Consolidated Year-to-Date Income Statement](index=25&type=section&id=5%E3%80%81%E5%90%88%E5%B9%B6%E5%B9%B4%E5%88%9D%E5%88%B0%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E5%88%A9%E6%B6%A6%E8%A1%A8) From January to September 2019, consolidated total operating revenue was 9.94 billion RMB Yuan, and net profit attributable to the parent company was 822.03 million RMB Yuan **Key Consolidated Year-to-Date Income Statement Data (Jan-Sep 2019)** | Item | Current Period Amount (RMB Yuan) | Prior Period Amount (RMB Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 9,940,204,787.03 | 8,992,171,325.12 | 10.54% | | Operating Profit | 1,070,410,817.79 | 1,013,537,025.85 | 5.61% | | Total Profit | 1,082,788,479.85 | 1,029,538,607.81 | 5.17% | | Net Profit | 819,897,716.11 | 802,247,311.71 | 2.19% | | Net Profit Attributable to Parent Company | 822,027,790.94 | 800,273,390.38 | 2.72% | | Minority Interest Gain/Loss | -2,130,074.83 | 1,973,921.33 | -207.95% | | Fair Value Change Gains | -130,342,764.48 | -17,634,936.51 | -639.12% | | Basic Earnings Per Share (RMB Yuan/Share) | 0.5416 | 0.5272 | 2.73% | [6. Parent Company Year-to-Date Income Statement](index=27&type=section&id=6%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E5%B9%B4%E5%88%9D%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E5%88%A9%E6%B6%A6%E8%A1%A8) From January to September 2019, the parent company's operating revenue was 2.06 billion RMB Yuan, with a net profit of 841.50 million RMB Yuan **Key Parent Company Year-to-Date Income Statement Data (Jan-Sep 2019)** | Item | Current Period Amount (RMB Yuan) | Prior Period Amount (RMB Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,060,911,545.77 | 1,980,835,723.89 | 4.04% | | Operating Profit | 1,072,112,750.75 | 975,199,284.72 | 9.94% | | Total Profit | 1,081,925,620.07 | 986,581,953.50 | 9.66% | | Net Profit | 841,499,928.48 | 777,471,923.19 | 8.24% | [7. Consolidated Year-to-Date Cash Flow Statement](index=28&type=section&id=7%E3%80%81%E5%90%88%E5%B9%B6%E5%B9%B4%E5%88%9D%E5%88%B0%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) From January to September 2019, net cash flow from operating activities was 1.03 billion RMB Yuan, while financing activities saw a net outflow of 750.19 million RMB Yuan **Key Consolidated Year-to-Date Cash Flow Statement Data (Jan-Sep 2019)** | Item | Current Period Amount (RMB Yuan) | Prior Period Amount (RMB Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 1,027,453,203.60 | 813,785,681.83 | 26.26% | | Net Cash Flow from Investing Activities | -1,186,651,540.73 | -655,920,126.68 | -80.91% | | Net Cash Flow from Financing Activities | -750,186,005.43 | 239,397,993.64 | -413.36% | | Net Increase in Cash and Cash Equivalents | -908,546,136.35 | 396,929,902.63 | -328.17% | | Ending Balance of Cash and Cash Equivalents | 1,593,266,805.76 | 2,617,732,024.34 | -39.13% | [8. Parent Company Year-to-Date Cash Flow Statement](index=30&type=section&id=8%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E5%B9%B4%E5%88%9D%E5%88%B0%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) From January to September 2019, the parent company's net operating cash flow increased by 73.19% to 1.62 billion RMB Yuan **Key Parent Company Year-to-Date Cash Flow Statement Data (Jan-Sep 2019)** | Item | Current Period Amount (RMB Yuan) | Prior Period Amount (RMB Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 1,615,492,330.28 | 932,872,212.84 | 73.19% | | Net Cash Flow from Investing Activities | -50,046,669.97 | -238,929,784.81 | 79.05% | | Net Cash Flow from Financing Activities | -1,555,745,731.36 | -591,110,249.67 | -163.19% | | Net Increase in Cash and Cash Equivalents | 9,699,928.95 | 102,832,178.36 | -90.56% | | Ending Balance of Cash and Cash Equivalents | 359,646,678.28 | 726,849,389.15 | -50.53% | [Explanation of Financial Statement Adjustments](index=31&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E8%B0%83%E6%95%B4%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company adjusted opening balance sheet items as of January 1, 2019, to reflect the adoption of new financial instrument standards without restating prior periods [1. Adjustments to Opening Financial Statement Items upon Adoption of New Standards in 2019](index=31&type=section&id=1%E3%80%812019%20%E5%B9%B4%E8%B5%B7%E6%89%A7%E8%A1%8C%E6%96%B0%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E5%87%86%E5%88%99%E3%80%81%E6%96%B0%E6%94%B6%E5%85%A5%E5%87%86%E5%88%99%E6%88%96%E6%96%B0%E7%A7%9F%E8%B5%81%E5%87%86%E5%88%99%E8%B0%83%E6%95%B4%E6%89%A7%E8%A1%8C%E5%BD%93%E5%B9%B4%E5%B9%B4%E5%88%9D%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9B%B8%E5%85%B3%E9%A1%B9%E7%9B%AE%E6%83%85%E5%86%B5) The adoption of new financial instrument standards led to the reclassification of several financial assets and liabilities on the opening balance sheet - The company has implemented the new financial instrument standards since January 1, 2019, adjusting only the opening balance sheet data without restating comparative period information[129](index=129&type=chunk) - Key adjustments include reclassifying "Financial assets at fair value through profit or loss" to "**Trading financial assets**"[129](index=129&type=chunk) - "Available-for-sale financial assets" were reclassified to "**Other equity investments**," "**Other current assets**," and "**Other non-current assets**"[129](index=129&type=chunk) **Key Consolidated Balance Sheet Adjustments (as of January 1, 2019)** | Item | December 31, 2018 (RMB Yuan) | January 1, 2019 (RMB Yuan) | Adjustment (RMB Yuan) | | :--- | :--- | :--- | :--- | | Trading Financial Assets | -- | 301,225,083.89 | 301,225,083.89 | | Financial Assets at Fair Value Through Profit or Loss | 120,512,672.26 | -- | -120,512,672.26 | | Other Receivables | 357,154,554.16 | 347,730,922.42 | -9,423,631.74 | | Other Current Assets | 1,117,970,950.37 | 946,682,170.48 | -171,288,779.89 | | Available-for-Sale Financial Assets | 64,971,968.44 | -- | -64,971,968.44 | | Other Equity Investments | -- | 53,168,090.13 | 53,168,090.13 | | Other Non-Current Financial Assets | -- | 11,803,878.31 | 11,803,878.31 | | Trading Financial Liabilities | -- | 31,835,848.85 | 31,835,848.85 | | Financial Liabilities at Fair Value Through Profit or Loss | 31,835,848.85 | -- | -31,835,848.85 | [2. Explanation of Retrospective Adjustments to Prior Period Comparative Data](index=38&type=section&id=2%E3%80%812019%20%E5%B9%B4%E8%B5%B7%E6%89%A7%E8%A1%8C%E6%96%B0%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E5%87%86%E5%88%99%E6%88%96%E6%96%B0%E7%A7%9F%E8%B5%81%E5%87%86%E5%88%99%E8%BF%BD%E6%BA%AF%E8%B0%83%E6%95%B4%E5%89%8D%E6%9C%9F%E6%AF%94%E8%BE%83%E6%95%B0%E6%8D%AE%E8%AF%B4%E6%98%8E) The company did not retrospectively adjust prior period comparative data, only adjusting the opening balance sheet figures for January 1, 2019 - The company did not retrospectively adjust prior period comparative data[140](index=140&type=chunk) [Audit Report](index=38&type=section&id=%E4%B8%89%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's third-quarter 2019 financial report has not been audited - The third-quarter report is unaudited[140](index=140&type=chunk)

Financial Performance - The company's operating revenue for the first half of 2019 was CNY 6,634,316,925.65, representing a 48.97% increase compared to CNY 4,453,330,303.32 in the same period last year[25]. - The net profit attributable to shareholders of the listed company was CNY 601,782,841.41, up 21.50% from CNY 495,279,295.64 in the previous year[25]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 581,754,875.82, reflecting a 22.19% increase from CNY 476,101,591.32 year-on-year[25]. - The basic earnings per share for the reporting period was CNY 0.3964, an increase of 21.48% compared to CNY 0.3263 in the same period last year[25]. - The diluted earnings per share also stood at CNY 0.3964, reflecting a 21.48% increase year-on-year[25]. - The weighted average return on equity was 6.26%, up from 5.64% in the previous year, indicating a 0.62% increase[25]. - The company achieved operating revenue of RMB 6.634 billion, an increase of 48.97% compared to the same period last year[45]. - Net profit attributable to shareholders reached RMB 602 million, up 21.50% year-on-year[45]. - Earnings per share (EPS) increased to RMB 0.396, reflecting a growth of 21.48% year-on-year[45]. Cash Flow and Assets - The net cash flow from operating activities was CNY 331,316,217.52, a decrease of 25.36% compared to CNY 443,857,846.34 in the same period last year[25]. - The total assets at the end of the reporting period were CNY 32,875,835,290.33, which is a 33.06% increase from CNY 24,707,125,162.97 at the end of the previous year[25]. - Cash and cash equivalents increased by ¥3,382,008,515.39, representing 10.29% of total assets, compared to 11.05% in the previous year[57]. - The company reported a significant increase in cash and cash equivalents net increase of -¥533,129,607.02, a rise of 1,603.20% compared to -¥31,301,708.83 from the previous year[53]. - The company's current assets totaled RMB 8,897,148,626.59, up from RMB 6,426,637,419.42 in the previous year, indicating a year-over-year increase of about 38.5%[182]. - The company's non-current assets reached RMB 23,978,686,663.74, compared to RMB 18,280,487,743.55 in the previous year, which is an increase of approximately 31.1%[185]. Investments and Acquisitions - The company is actively expanding its financial and industrial investment sectors, including new product development in risk management and financing leasing[46]. - The acquisition of Hunan Yueyang Baling Rural Commercial Bank resulted in an additional operating income of 110,343,462.86 yuan and a net profit of 15,291,887.57 yuan[89]. - The company reported a profit from investment of ¥228,388,611.34, accounting for 28.97% of total profit, primarily from long-term equity investments and financial assets measured at fair value[54]. - The company has implemented strict risk control measures for derivative investments, focusing on market, liquidity, credit, operational, and legal risks[81]. Risk Management and Compliance - The company is focusing on compliance and risk management, implementing a comprehensive risk assessment and internal control measures[48]. - The company plans to closely monitor policy changes and strengthen communication with government departments to address industry policy risks, including the impact of the cancellation of provincial toll stations[92]. - The company reported a risk to its financial subsidiaries' performance due to the US-China trade war and market fluctuations, which may affect cash flow in its environmental subsidiaries[92]. - The company has a daily reporting system for monitoring positions to control single-sided position risks and operational risks[81]. Social Responsibility and Environmental Impact - The company has actively participated in poverty alleviation efforts, with a total investment of 968,300 in various projects[138]. - A total of 76 impoverished students received educational support, with an investment of 382,300 in improving educational resources in impoverished areas[138]. - The company has implemented a pig feed cost insurance project in collaboration with China Life Insurance, aimed at supporting local farmers[136]. - The company has completed environmental impact assessments for all its landfill sites, with the latest being for the Xuyuan landfill in February 2018[133]. - The total actual discharge amounts for various pollutants were within the regulatory limits, with no exceedances reported[130]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 64,946[156]. - The largest shareholder, Hunan Provincial Highway Construction Development Company, holds 27.19% of the shares, totaling 412,666,971 shares[156]. - The company’s total share capital is 1,517,828,334 shares, with 99.95% being unrestricted shares[150]. - The company did not undergo any changes in its controlling shareholder or actual controller during the reporting period[162][163]. Other Notable Points - The company plans not to distribute cash dividends or issue bonus shares for this reporting period[7]. - The company has not experienced any major litigation or arbitration matters during the reporting period[102]. - The company has not engaged in any significant related party transactions during the reporting period[112]. - The semi-annual financial report was not audited[181].