[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].

现代投资股份有限公司 2019 年半年度报告全文 现代投资股份有限公司 2019 年半年度报告 2019-036 2019 年 08 月 1 现代投资股份有限公司 2019 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和 连带的法律责任。 公司负责人周志中、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：保证本半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半年报的董事会会议 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 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 中公司面临的风险和应对措施。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 现代投资股份有限公司 2019 年半年度报告全文 2019 年半年度报告 …………………………………………………………………………………………………………………………………………………………………………… ...

现代投资股份有限公司 2019 年第一季度报告全文 现代投资股份有限公司 2019 年第一季度报告 2019-017 2019 年 04 月 1 现代投资股份有限公司 2019 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刘玉新 益声明：保证季度报告中财务报表的真实、准确、完整。 及会计机构负责人(会计主管人员)杨世 2 现代投资股份有限公司 2019 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 | --- | --- | --- | --- | |-----------------------------------------------------|-------------------|-------------------|---------------------------| | | 本报告期 | 上年同 ...

现代投资股份有限公司 2018 年年度报告全文 现代投资股份有限公司 2018 年年度报告 2019-009 1 2019 年 03 月 现代投资股份有限公司 2018 年年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连 带的法律责任。 公司负责人周志中、主管会计工作负责人刘玉新及会计机构负责人(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。 所有董事均已出席了审议本报告的董事会会议。 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 1517828334 股为基数， 向全体股东每 10 股派发现金红利 1.50 元（含税），送红股 0 股（含税），不以公 积金转增股本。 2 现代投资股份有限公司 2018 年年度报告全文 第一节 重要提示、目录和释义 . 第 ...

Financial Performance - Total assets increased by 6.02% to CNY 24,382,315,879.94 compared to the end of the previous year[8] - Net profit attributable to shareholders rose by 22.69% to CNY 304,994,094.74 for the reporting period[8] - Operating revenue for the period reached CNY 4,538,841,021.80, reflecting a growth of 48.28% year-on-year[8] - The basic earnings per share increased by 22.65% to CNY 0.2009[8] - The weighted average return on net assets was 3.32%, up by 10.82% compared to the previous year[8] - The company reported a net cash flow from operating activities of CNY 813,785,681.83, an increase of 13.76% year-on-year[8] - The company reported a cumulative net profit forecast for the year that may indicate a significant loss or a substantial change compared to the same period last year[23] - The company reported a revenue of 25,045 million for the first nine months of 2018, representing a 3.76% increase compared to the previous year[29] - The total revenue for the third quarter of 2018 was 9,053.4 million, representing a 61.74% increase compared to the previous period[31] - The company reported a net profit of 29,391 million for the quarter, showing a significant growth[31] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 63,927[12] - The largest shareholder, Hunan Provincial Highway Construction Development Co., Ltd., holds 27.19% of the shares[12] - The company has not conducted any repurchase transactions among its top shareholders during the reporting period[17] - The company has committed to not reducing shareholdings by its directors and senior management during their tenure[22] Asset Management - The company's financial assets measured at fair value decreased by 33.21% to CNY 153,851,970 from CNY 230,348,520 due to the liquidation of subsidiary asset management products and funds[17] - Prepaid accounts increased significantly by 1,379.50% to CNY 690,452,084, attributed to investments in Baling Rural Commercial Bank and increased prepayments for bulk commodity trading[17] - Interest receivables rose by 74.41% to CNY 13,928,322, driven by increased interest income from deposits and trust investments[17] - Long-term receivables decreased by 53.61% to CNY 111,131,577, as the company recovered principal from BT and BOT projects[17] - The company's construction in progress increased by 38.33% to CNY 2,578,343,235, reflecting higher expenditures on the Huai Zhi Expressway construction[17] Expenses and Losses - Sales expenses surged by 250.66% to CNY 77,975,319, primarily due to increased trading and storage costs for agricultural products[18] - The company reported a public value change loss of CNY 17,634,937, a 266.01% increase in losses from futures positions held by subsidiaries[18] - Non-recurring gains and losses totaled CNY 24,045,639.84 for the year-to-date[10] Investment Activities - The initial investment in domestic and foreign stocks amounted to ¥179,925,346.21, with a fair value of ¥59,676,425.08 at the end of the reporting period[24] - The company holds a total of ¥808,626,000 in various securities investments, with a reported loss of ¥10,283,000 during the reporting period[25] - The company engaged in derivative investments with an initial investment amount of ¥5,685.4 million, resulting in a net asset ratio of 7.76%[28] - The company’s securities investment in the fund "永富10号" had a fair value of ¥50,292,000, reflecting a gain of ¥297,000 during the reporting period[24] - The company’s investment in "南京银行" showed a decrease of ¥135,000, bringing the fair value to ¥11,475,000[25] - The company’s derivative investment with "国联期货" recorded a loss of ¥17.52 million during the reporting period[28] Strategic Initiatives - The company has engaged in a major asset restructuring, with a purchase agreement signed with Xianggui Holdings and a supplementary agreement finalized in October 2018[19] - The company has not reported any significant changes in its investment strategy or new product developments in the current quarter[25] - New product development efforts have led to the introduction of innovative trading platforms, which are expected to enhance user engagement and retention[30] - The company is actively pursuing market expansion strategies, targeting new geographical regions to increase its market share and customer base[30] - A recent acquisition of a smaller trading firm is anticipated to enhance the company's technological capabilities and broaden its service offerings[30] - The company aims to achieve a market penetration rate of 16.86% in the upcoming fiscal year through aggressive marketing and customer acquisition strategies[30] Risk Management - The company is focusing on enhancing its risk management systems to better navigate market volatility and protect investor interests[30] - The company maintained a strict risk control system for derivative investments, including daily reporting on positions[31] Operational Efficiency - The company reported a significant increase in operational efficiency, with a cost reduction of 2.47% year-over-year, contributing to improved profit margins[30] - The company has invested 3,894.3 million in technology upgrades to support its trading infrastructure and improve user experience[30] Communication and Compliance - The company engaged in communication activities with stakeholders, including interviews with Shanghai Securities Journal[32] - There were no significant changes in accounting policies or principles compared to the previous reporting period[31] - There were no violations regarding external guarantees during the reporting period[33] - The company did not have any non-operating fund occupation by controlling shareholders or related parties during the reporting period[34]

Financial Performance - The company's operating revenue for the first half of 2018 was approximately ¥4.45 billion, a decrease of 2.82% compared to ¥4.58 billion in the same period last year[15]. - Net profit attributable to shareholders increased by 21.73% to approximately ¥495.28 million, up from ¥406.87 million in the previous year[15]. - Basic earnings per share rose by 21.71% to ¥0.3263, compared to ¥0.2681 in the previous year[15]. - The return on equity (ROE) was 5.64%, up by 0.52 percentage points from the previous year[28]. - Net profit attributable to shareholders reached CNY 495 million, an increase of 21.73% year-on-year[28]. - The company reported a net cash flow from operating activities of CNY 444 million, down 9.35% from the previous year[32]. - The total comprehensive income for the current period decreased by 1,152.3 million, reflecting a 42.87% decline compared to the previous period[137]. Assets and Liabilities - Total assets at the end of the reporting period were approximately ¥24.19 billion, an increase of 5.17% from ¥22.99 billion at the end of the previous year[15]. - Total liabilities increased to ¥14,981,207,543.49 from ¥14,143,199,553.74, reflecting a growth of about 5.91%[115]. - The company's equity attributable to shareholders increased to ¥8,875,737,870.02 from ¥8,533,393,750.65, a rise of about 4.02%[116]. - Cash and cash equivalents decreased to CNY 2,672,329,984.52, accounting for 11.05% of total assets, down from 13.06% in the previous year, a decline of 2.01%[38]. - The total amount of securities held at the end of the period was 22,011,800, with a decrease of 140,000 compared to the previous period[45]. Cash Flow - The net cash flow from operating activities was CNY 443,857,846.34, a decrease of 9.3% compared to the previous period[130]. - Cash inflow from financing activities totaled CNY 3,777,915,073.13, while cash outflow was CNY 3,317,338,568.14, resulting in a net inflow of CNY 460,576,504.99[131]. - The net cash flow from investing activities was -CNY 933,572,574.02, indicating a significant increase in cash outflow compared to the previous period[131]. Investment and Expenditure - The company’s research and development expenditure rose by 5.55% to CNY 3.01 million[32]. - Investment income accounted for 36.19% of total profit, primarily from long-term equity investments and financial assets[36]. - The company reported a significant decrease in investment amounting to CNY 0.00, down 100% from CNY 106,018,500.00 in the previous year[43]. Dividends and Shareholder Information - The company plans not to distribute cash dividends or issue bonus shares for this reporting period[3]. - The company has not distributed cash dividends or bonus shares for the half-year period[58]. - Modern Investment Co., Ltd. reported a total of 1,517,828,334 shares, with 99.93% being unrestricted shares[95]. - The largest shareholder, Hunan Provincial Highway Construction Development Co., Ltd., holds 27.19% of the shares, totaling 412,666,971 shares[97]. Risk Management and Compliance - The company reported a significant risk due to the slowdown of the domestic macroeconomic growth, which may impact toll revenue growth[52]. - The company has not experienced any non-operating fund occupation by controlling shareholders or related parties[69]. - The company has established emergency response plans for all its waste disposal sites, including the屈原, 炎陵, 云溪, and 湘阴 facilities[85]. Environmental and Social Responsibility - The company donated 30,000 CNY for poverty alleviation in Tanjia Town, Hunan, and 200,000 CNY for educational support in Tea Ling County[83]. - A total of 148.3 million CNY was invested in poverty alleviation efforts, benefiting 13,123 registered impoverished individuals[84]. - The company’s pollution control facilities are operating normally and meeting discharge standards[82]. Corporate Governance - The financial report for the first half of 2018 was not audited[111]. - The company has not engaged in any major related party transactions during the reporting period[64]. - There were no changes in the controlling shareholder or actual controller during the reporting period[100]. Accounting Policies - The company adopts RMB as its functional currency for accounting purposes[160]. - The company recognizes foreign exchange differences in profit or loss, except for specific capitalized assets[168]. - The company measures financial assets at fair value without deducting potential transaction costs upon disposal, except for specific cases such as held-to-maturity investments and loans measured at amortized cost[171].

Financial Performance - The company's operating revenue for Q1 2018 was ¥2,079,104,204.37, a decrease of 13.23% compared to ¥2,396,243,165.66 in the same period last year[8] - Net profit attributable to shareholders increased by 43.44% to ¥252,306,539.34 from ¥175,899,942.91 year-on-year[8] - The net profit after deducting non-recurring gains and losses was ¥237,994,797.32, up 38.88% from ¥171,363,848.61 in the previous year[8] - Basic earnings per share rose by 43.40% to ¥0.1662 from ¥0.1159 in the same period last year[8] - The net cash flow from operating activities was ¥432,299,821.77, down 14.86% from ¥507,781,472.45 in the same period last year[8] - The weighted average return on equity was 2.91%, an increase of 0.66% compared to 2.25% in the previous year[8] Assets and Liabilities - The total assets at the end of the reporting period were ¥23,687,970,763.31, reflecting a 3.00% increase from ¥22,998,026,516.40 at the end of the previous year[8] - The net assets attributable to shareholders increased by 2.87% to ¥8,778,297,831.89 from ¥8,533,393,750.65 at the end of the previous year[8] - The fair value of financial assets measured at fair value and included in current profit and loss increased by 27.98% to CNY 294,806,310.74, primarily due to the increase in asset management products and funds purchased[17] - Prepayments surged by 1,366.33% to CNY 684,306,651.46, mainly due to prepayments for investments in agricultural banks and bulk commodity trade[17] - Other current assets rose by 20.29% to CNY 1,849,911,272.45, attributed to increased factoring and trust investments by subsidiaries[17] - Long-term receivables decreased by 32.67% to CNY 161,284,659.02, mainly due to the recovery of BT and BOT principal by Modern Environment[17] Investment and Financing - The company reported a 400.28% increase in investment income to CNY 242,236,145.24, driven by profits from futures trading and increased investment income from agricultural banks[18] - Cash flow from financing activities increased by 2,170.12% to CNY 122,985,945.41, primarily due to increased bank loan inflows compared to the previous year[18] - The company’s long-term borrowings increased by 23.11% to CNY 8,174,262,630.00, reflecting the acquisition of additional long-term loan financing[17] Operational Changes - The company is in the process of a major asset restructuring, with a preliminary agreement to acquire highway assets from Hunan Rail Transit Holding Group[19] - The company’s subsidiary transferred 100% equity of Hunan Xuncai Hang Trading Co., Ltd. to Hunan Modern Financing Guarantee Co., Ltd., completing the registration process[19] - The company reported a significant increase in sales expenses by 137.6% to CNY 21,198,752.07, mainly due to increased trade warehousing and freight costs[17] Market Strategy and Future Plans - The company plans to expand its market presence and enhance its product offerings in the upcoming quarters[27] - The company is focusing on new product development and technological advancements to drive future growth[27] - The company’s investment strategy includes exploring potential mergers and acquisitions to strengthen its market position[27] - The company aims to improve its operational efficiency and reduce costs in response to the current market challenges[27] Compliance and Governance - There were no instances of non-compliance with external guarantees during the reporting period, reflecting the company's adherence to regulatory standards[30] - The company reported no non-operating fund occupation by controlling shareholders or related parties, indicating a strong governance structure[31] Derivative Investments - The company's derivative investment funding sources are primarily from self-owned funds, ensuring a stable financial base for operations[28] - The derivative investments are primarily for the daily operations of subsidiaries, focusing on hedging and arbitrage strategies to manage market risks effectively[28] - The company has implemented strict risk control measures for derivative trading, including daily reporting and monitoring of positions to mitigate operational risks[28] - The company has not reported any significant changes in its derivative accounting policies compared to the previous period, ensuring stability in financial practices[28]

Financial Performance - The company's operating revenue for 2017 was ¥10,592,858,420.25, representing an increase of 11.23% compared to ¥9,523,690,191.91 in 2016[16] - The net profit attributable to shareholders for 2017 was ¥864,932,316.92, a growth of 5.26% from ¥821,683,144.42 in the previous year[16] - The net profit after deducting non-recurring gains and losses was ¥742,278,443.75, up by 4.86% from ¥707,878,192.93 in 2016[16] - The basic earnings per share for 2017 was ¥0.57, reflecting a 5.56% increase from ¥0.54 in 2016[16] - Total revenue reached 10.593 billion yuan, an increase of 11.23% year-on-year[30] - Net profit attributable to shareholders was 0.865 billion yuan, up 5.26% compared to the previous year[30] - The company reported a net profit of ¥887,635,248.05 for the year 2017, with distributable profits available for shareholders amounting to ¥798,871,723.24[86] Assets and Liabilities - The total assets at the end of 2017 amounted to ¥22,998,026,516.40, which is a 4.46% increase from ¥22,016,578,622.07 at the end of 2016[16] - The net assets attributable to shareholders increased by 10.44% to ¥8,533,393,750.65 from ¥7,726,457,840.62 in 2016[16] - The total liabilities stood at CNY 14,143,199,553.74, slightly up from CNY 14,076,218,714.69, marking an increase of about 0.48%[200] - Owner's equity increased to CNY 8,854,000,000.00, up from CNY 8,000,000,000.00, showing a growth of approximately 10.68%[200] - The total equity attributable to shareholders increased to CNY 5,539,949,945.18, compared to CNY 4,817,018,617.61, representing a growth of about 15%[200] Cash Flow - The cash flow from operating activities net amount was ¥641,517,399.49, a significant decrease of 57.00% compared to ¥1,492,041,718.43 in 2016[16] - Operating cash inflow totaled ¥11,914,171,765.13, up 6.04% from the previous year[49] - The net increase in cash and cash equivalents was negative at -¥268,474,847.50, a decline of 145.86%[49] - The cash and cash equivalents at the end of the period were CNY 2,566,293,338.96, down from CNY 2,845,379,346.38 at the beginning of the period[198] Dividends and Shareholder Information - The company plans to distribute a cash dividend of ¥1.00 per 10 shares, totaling approximately ¥151,782,833.40 based on the share base of 1,517,828,334 shares[4] - The cash dividend payout ratio for 2017 is 100% of the total profit distribution[85] - The total number of shares for the 2017 dividend distribution is 1,517,828,334 shares[84] - The company has maintained a consistent cash dividend policy over the past three years, with dividends of ¥40,475,422.24 in 2015 and ¥50,594,277.80 in 2016[87] Operational Efficiency and Management - The company implemented 36 new management regulations to strengthen internal controls and improve operational efficiency[32] - The company reduced management levels by 4, optimizing management processes and improving efficiency[32] - The company aims to enhance its asset securitization level and improve the sustainable operating capacity of its highway sector[73] - The company plans to enhance its management efficiency through the implementation of excellent performance management and comprehensive budget management[75] Research and Development - R&D personnel increased from 13 to 16, a growth of 23.08%[48] - R&D investment amounted to ¥5,484,275.32, representing a year-on-year increase of 7.62%[49] - The proportion of R&D investment to operating revenue remained stable at 0.05%[49] - The company holds over ten patents and participates in numerous national and provincial research projects[48] Social Responsibility and Community Engagement - The company participated in poverty alleviation initiatives, signing cooperation agreements with local governments to improve education resources and support impoverished students[116] - The company invested a total of 2.7845 million yuan in poverty alleviation efforts, with 1.68 million yuan specifically allocated to industrial development projects[117] - The company plans to support poverty alleviation through various initiatives, including establishing scholarships in Hunan Province and expanding agricultural projects in national-level poverty-stricken counties[119] Governance and Compliance - The company has not disclosed any significant unpublicized information during investor communications[78] - The company has not faced any major litigation or arbitration matters during the reporting period[95] - The company has not made any changes to its accounting policies compared to the previous year[90] - The audit opinion issued was a standard unqualified opinion[183] Future Outlook and Risks - The company anticipates risks from slowing domestic economic growth, which may impact toll revenue and overall performance[75] - The company is addressing risks related to government pricing policies that could affect toll income growth[75] - The company recognizes the competitive pressures from internet finance and is working to enhance the competitiveness of its financial subsidiaries[76]

Financial Performance - Net profit attributable to shareholders increased by 25.30% to CNY 248,593,616.73 for the reporting period[8] - Operating revenue for the reporting period reached CNY 3,060,969,032.29, reflecting a growth of 9.63% year-on-year[8] - Basic earnings per share rose by 25.33% to CNY 0.1638[8] - The company reported a net profit excluding non-recurring gains and losses of CNY 234,183,878.07, up 28.00% year-on-year[8] - The weighted average return on equity was 3.00%, an increase of 0.36% compared to the previous year[8] Asset and Liability Management - Total assets increased by 5.55% to CNY 23,237,457,854.06 compared to the end of the previous year[8] - The company’s short-term borrowings decreased by 52.29% to ¥789,413,650.00, reflecting a reduction in operational business volume[16] - The company’s long-term receivables increased by 58.03% to ¥637,034,343.15, driven by growth in the leasing business of subsidiaries[16] - The company’s non-current liabilities due within one year increased by 74.79% to ¥423,000,000.00, primarily due to an increase in long-term borrowings maturing within the year[16] Cash Flow Analysis - Cash flow from operating activities decreased by 30.96% to CNY 715,336,385.29 year-to-date[8] - Operating cash flow decreased by 30.96% to ¥715,336,385.29, mainly due to a reduction in receivable monetary guarantees[17] - The company’s cash flow from investment activities improved by 67.20%, with a net outflow of ¥620,609,183.27, significantly less than the previous period[17] Shareholder Information - The total number of shareholders at the end of the reporting period was 62,108[12] - The largest shareholder, Hunan Provincial Highway Construction Development Co., Ltd., holds 27.19% of the shares[12] - The company did not engage in any repurchase transactions during the reporting period[13] Investment and Growth Strategies - The fair value of financial assets increased by 79.10% to ¥549,127,818.45, primarily due to the acquisition of funds and asset management products by subsidiaries[16] - Prepayments surged by 574.06% to ¥697,396,731.13, mainly due to increased prepayments for investments in rural commercial banks and highway construction projects[16] - Investment income increased by 182.70% to ¥238,472,892.76, primarily from enhanced returns on investments in rural commercial banks[16] - The company completed the acquisition of 100% equity in Hunan Xuncai Hang Trading Co., Ltd., enhancing its market presence[18] - The company plans to expand its market presence and is focusing on new product development to drive future growth[23] - The company is exploring potential mergers and acquisitions to enhance its competitive position in the market[23] Operational Efficiency and Risk Management - The company aims to improve its operational efficiency through strategic initiatives and cost management[23] - The company maintained strict risk control measures for derivative investments, including daily position monitoring and limiting single-sided position risks[28] - The derivative trading was conducted with major futures companies to effectively control financial and legal risks[28] Market Outlook and Guidance - Future guidance suggests a cautious outlook due to market volatility and economic uncertainties[23] Miscellaneous - The company did not report any issues related to poverty alleviation responsibilities during the reporting period[32] - There were no significant changes in accounting policies or principles compared to the previous reporting period[28] - The company did not have any violations regarding external guarantees during the reporting period[30] - There were no non-operating fund occupations by controlling shareholders or related parties during the reporting period[31] - The company engaged in investor relations activities, including site visits on July 21 and August 30, 2017[29]