Market Overview - The real estate market in Wuhan has been booming since the end of 2015, with new home prices rising for 19 consecutive months and transaction volume maintaining the highest in the country [1] - The total land supply has decreased to a five-year low due to high premium transactions, leading to a shortage of new and second-hand housing in central urban areas [1] - Policies in cities like Shanghai and Nanjing have implemented strict purchase and loan limits, while Wuhan has adopted milder measures to help stabilize prices [1] Company Performance - From January to September 2016, key projects such as Fuxing Huiyu · Donghu City and Fuxing Huiyu · Hanyang City sold out on the same day of opening, with a subscription rate exceeding 50% and an average sales price increase of approximately 50% since the initial launch [1] - The company is actively responding to market demand by accelerating urban village development and construction of ongoing projects [1] Future Business Strategy - The company aims for stable long-term development, focusing on risk control and avoiding blind expansion, while maintaining a dual business model of real estate and metal products [2] - Fuxing Zhihua Home, the company's property platform, currently serves over 110 million square meters and approximately 3.5 million people, with plans to expand into various community services [2] Financing Plans - The company has issued bonds totaling 16 billion yuan in August 2014, 10 billion yuan in January 2015, and 30 billion yuan in late 2015, with additional non-public stock issuance planned for 2016 [2] - The controlling shareholder has committed to subscribing to 30% of the new stock issuance, which is expected to enhance investor confidence and solidify the company's market position in Hubei [2] Urban Development Outlook - Wuhan is positioned as a super-large city, expected to experience rapid development due to the aggregation of talent, resources, and capital [2]

Group 1: Company Overview - Hubei Fuxing Technology Co., Ltd. has developed a unique urban village renovation model since 2001, becoming an industry expert in this area [1] - The company has a significant land reserve due to early signing of intention agreements, allowing for cost-effective land acquisition [1] Group 2: Financing Activities - In August 2015, the company issued bonds worth 1.6 billion yuan, followed by a non-public stock issuance of 3 billion yuan at the end of 2015 [1] - The subsidiary Fuxing Huiyu issued bonds worth 1.5 billion yuan and 1.41 billion yuan in non-public debt financing tools [1] - Currently, the company is promoting an additional 3 billion yuan in non-public bonds [1] Group 3: Real Estate Market Performance - In 2015, the Wuhan real estate market saw an overall price increase of over 10%, with 224,000 new housing transactions, making it the top city in residential sales nationwide [2] - The company’s projects, such as Donghu City and Hongqiao City, have shown strong sales performance, with a subscription rate of over 600 units recently launched [1][2] Group 4: Future Development Strategy - The company aims to integrate resources and expand its business model to include residential, commercial, and industrial property development [2] - It plans to maintain a stable growth trajectory over the next 5-6 years, supported by controlled land reserves and ongoing market demand [2]

Group 1: Real Estate Market Insights - The company views the current real estate purchase restrictions in Wuhan as a means to stabilize housing prices and maintain healthy market development, despite a noticeable decline in transaction volume and average prices since the implementation of these policies [1] - Wuhan is experiencing significant national development opportunities, with over 100 billion yuan invested annually in urban construction, enhancing city functions and attracting talent, which drives housing demand [1] - The company is confident in the future of the real estate market in Wuhan, supported by the government's increased supply of residential land and housing [1] Group 2: Smart Community Service Platform - The Smart Home Community Service Platform features six key characteristics: innovative property resource crowdfunding model, comprehensive service offerings, professional expertise, strong operational capabilities, self-contained service systems, and clear positioning as a platform provider [2] - Since its establishment on October 23, 2015, the platform has achieved significant milestones, including over 120 million square meters of crowdfunded property and serving 4.5 million customers [2] - A strategic partnership with a well-known internet financial service platform has been established to enhance financial service offerings and improve customer living quality [2] Group 3: Financing and Stock Incentive Plan - Recent tightening of financing policies for real estate companies has had a limited impact on the company, which maintains sufficient capital reserves for project development [3] - The company successfully raised 5 billion yuan through bond issuance in 2016 and plans to raise an additional 3.3 billion yuan through a non-public stock issuance [3] - The stock incentive plan involves granting 23.9 million shares to 56 key personnel, with specific performance-based unlocking conditions tied to net profit growth [3] Group 4: Future Development Strategies - The company aims to expand its real estate operations primarily in Wuhan, with a secondary focus on Beijing, and plans to invest 1.8 billion yuan to enhance its subsidiary's financial structure [3] - Future strategies include increasing land reserves, improving urban renewal projects, and expanding the Smart Home Community O2O crowdfunding model [3] - The company is exploring options to divest from its metal products sector and enhance its real estate industry chain through partnerships and acquisitions [3]

Company Overview - The company has undergone three main development phases: initial metal industry focus, transition to a dual business model of real estate and metal, and a strategic upgrade emphasizing real estate as the core business [1]. - The real estate segment achieved over 10 billion RMB in sales for the first time in 2016, with notable projects including "Fuxing City Garden" and "Golden Huafu" [1]. Business Strategy - The company is shifting its focus towards real estate, planning to divest from the metal products sector to strengthen its property development capabilities [1]. - The urban village redevelopment model is adopted for its cost-effectiveness and operational flexibility, allowing the company to secure land with lower initial investments [2]. Financial Situation - The company has a strong cash flow due to successful fundraising, with over 10 billion RMB raised through bond issuance in the past two years, and a debt structure optimized to reduce interest expenses [3]. - A new round of private stock issuance is planned to raise 3.3 billion RMB at a minimum price of 12.70 RMB per share to support project development [3]. Stock Price Management - Measures are in place to stabilize stock prices post-unlocking of previously issued shares, including major shareholder buybacks and extending employee lock-up periods [3]. - Future strategies to boost market confidence include continued share buybacks, equity incentives, and accelerating project development to ensure consistent operational performance [3].

Financial Performance - In 2016, total assets reached 45.54 billion CNY, with a year-on-year growth of 6.79% [1] - Net profit attributable to shareholders was 9.17 billion CNY, reflecting a growth of 4.06% [1] - Revenue for the year was 10.48 billion CNY, an increase of 30.59% [1] - The company achieved a sales revenue of 11.29 billion CNY, up by 33.17% [3] - The balance of pre-receipts (mainly pre-sold housing) was 8.23 billion CNY, growing by 29.09% [1] - The company maintained a debt-to-asset ratio lower than the industry average [1] Business Model and Market Position - The company focuses on self-development and sales in real estate, emphasizing rapid production and sales [1] - It has developed a unique "first and second level linkage development" model, allowing for controlled land costs and payment schedules [1] - The company has completed over 30 development projects, establishing a mixed operation model of residential and commercial properties [1] - In the Wuhan real estate market, the company ranks third in market share and first in comprehensive strength [3] Future Market Outlook - The Wuhan real estate market is expected to continue its growth due to urban development strategies and government investments [4] - In 2016, the number of commodity housing transactions in Wuhan reached 290,000 units, with a total area of 3 million square meters, ranking first in the country for three consecutive years [4] - Despite potential short-term impacts from government policies, the overall inventory in Wuhan remains low, and demand from improving and first-time buyers is anticipated to increase [4] Financing and Shareholder Plans - The company has successfully issued public and private bonds, as well as non-public stock offerings, enhancing its cash flow [4] - The controlling shareholder plans to increase their stake by approximately 47 million shares within eight months, with 30 million shares already acquired [4] - The company aims to boost market confidence through continued shareholder support, operational improvements, and strategic project acquisitions in emerging industries [4]

Financial Performance - The company's operating revenue for the first half of 2022 was CNY 8,136,448,393.87, representing a 154.60% increase compared to CNY 3,195,773,768.34 in the same period last year[19]. - The net profit attributable to shareholders decreased by 38.88% to CNY 74,108,985.50 from CNY 121,254,837.01 year-on-year[19]. - The net cash flow from operating activities dropped by 69.00% to CNY 1,022,089,189.78, down from CNY 3,296,742,348.72 in the previous year[19]. - The basic earnings per share fell by 38.46% to CNY 0.08, compared to CNY 0.13 in the same period last year[19]. - Total assets at the end of the reporting period were CNY 44,009,204,603.00, a decrease of 9.35% from CNY 48,548,279,242.24 at the end of the previous year[19]. - The weighted average return on equity decreased to 0.66% from 1.09% in the previous year[19]. - The company reported a significant loss in non-recurring gains and losses amounting to CNY -105,549,449.23[24]. - The company’s net assets attributable to shareholders increased slightly by 0.47% to CNY 11,251,949,660.01 from CNY 11,198,804,866.66 at the end of the previous year[19]. Business Segments and Market Conditions - The company's main business segments are real estate and metal products, with real estate development as the primary profit source, focusing on essential and improved housing[28]. - In the first half of the year, national real estate development investment was CNY 6.83 trillion, a year-on-year decrease of 5.4%, while new housing starts fell by 34.4% to 664 million square meters[29]. - In Wuhan, the supply of real estate development land decreased by 26.36% to 364.07 hectares, with residential land supply down by 13.47%[30]. - The overall real estate market is entering a period of policy relaxation, with nearly 500 optimization policies implemented nationwide[29]. Project Development and Delivery - The company successfully delivered several projects, including Moon Bay No. 1 Phase I and Hanyang City, enhancing its delivery performance[31]. - The company implemented a personalized marketing strategy, resulting in the rapid sale of Moon Bay No. 1 Phase II, which sold out in two openings[31]. - The company is actively tracking land reserve projects in areas with net population inflow, focusing on core and industrial cluster regions[32]. - The total area of land reserves includes 28.54 hectares for East Lake City and 30.01 hectares for Water International, among others[33]. - The company is actively expanding its project portfolio, with multiple projects in various stages of development across Wuhan and Hubei[34]. Financial Strategy and Outlook - The company emphasizes financial stability and cash flow security, leveraging policy opportunities to enhance asset liquidity[32]. - Future outlook includes continued focus on residential and commercial projects to drive revenue growth and market expansion[34]. - The company plans to enhance cost management and financial risk management to maintain profitability amid low growth in the real estate industry[39]. - The company aims to optimize its organizational management model and improve team efficiency through talent acquisition and training[39]. User Engagement and Market Expansion - User data indicates an increase in active users by 20% compared to the previous year, reaching 2 million active users[35]. - Market expansion plans include entering three new provinces, projected to increase market share by 5%[35]. - The company is considering strategic acquisitions to enhance its product portfolio, with a budget of 200 million allocated for potential deals[35]. Environmental and Social Responsibility - The company has actively supported public welfare and environmental protection initiatives since its establishment[79]. - The company emphasizes the importance of social responsibility, aiming for collaborative development with cities and stakeholders[66]. Shareholder and Equity Information - The controlling shareholder, Fuxing Group, holds 233,928,648 shares, accounting for 24.64% of the total share capital, and has committed to not reducing its holdings below CNY 14.55 per share[110]. - The total number of ordinary shareholders at the end of the reporting period was 57,105[118]. - The company reported a total of 474 shares with no changes in the share capital structure[115]. Financial Reporting and Compliance - The financial statements are prepared based on the going concern assumption and comply with the relevant accounting standards[171]. - The company follows the accrual basis of accounting, with historical cost as the measurement basis for most assets[171]. - The company adheres to specific accounting policies for revenue recognition and other transactions based on actual operating characteristics[173]. Risk Management - The company is facing risks related to macroeconomic cycles, real estate market adjustments, and project development challenges[64][65]. - The company plans to strengthen internal controls and improve management levels to address industry challenges[67].

Financial Performance - The company's operating revenue for Q1 2022 was ¥1,655,726,417.91, a decrease of 11.48% compared to ¥1,870,545,057.57 in the same period last year[3]. - The net profit attributable to shareholders was ¥37,047,192.02, down 46.93% from ¥69,802,460.74 year-on-year[3]. - The company reported a basic earnings per share of ¥0.04, a decrease of 42.86% from ¥0.07 in the same period last year[3]. - Net profit for the current period is ¥54,484,097.08, a decline of 24.29% compared to ¥71,885,529.94 in the previous period[18]. - The total comprehensive income attributable to the parent company was ¥52,822,230.45, down from ¥61,559,325.74[19]. Cash Flow - The net cash flow from operating activities was -¥1,326,407,402.52, a decline of 243.61% compared to ¥923,619,979.10 in the previous year[3]. - Cash flow from operating activities showed a net outflow of ¥1,326,407,402.52, compared to a net inflow of ¥923,619,979.10 in the previous period[20]. - Cash flow from investment activities generated a net inflow of ¥577,539,294.48, up from ¥49,086,919.54 in the previous period[22]. - Cash flow from financing activities resulted in a net outflow of ¥397,686,440.40, compared to a larger outflow of ¥2,259,386,872.07 in the previous period[22]. Assets and Liabilities - Total assets at the end of the reporting period were ¥48,321,535,217.71, a decrease of 0.47% from ¥48,548,279,242.24 at the end of the previous year[3]. - The company's total liabilities were reported at ¥35,857,961,773.95, down from ¥36,130,364,933.97[15]. - The company's current assets totaled ¥39,023,384,440.47, slightly down from ¥39,251,903,595.00 at the start of the year[14]. - The total equity attributable to shareholders of the parent company was ¥11,251,627,097.11, up from ¥11,198,804,866.66[15]. Expenses - Management expenses decreased by 35.90% to ¥58,232,691.28 from ¥90,843,319.77 in the previous year[7]. - Total operating costs decreased to ¥1,537,277,104.83, down 13.04% from ¥1,768,372,523.53[17]. - The company reported a decrease in sales expenses to ¥52,845,452.08 from ¥69,075,185.15, a reduction of 23.49%[17]. - Research and development expenses decreased to ¥9,619,990.55 from ¥14,330,044.34, reflecting a decline of 32.5%[17]. - The company reported a decrease in employee compensation payable from ¥75,140,221.94 to ¥36,949,601.64, a reduction of approximately 50.8%[15]. Receivables and Inventory - The company experienced a significant increase in receivables, with accounts receivable rising by 32.94% to ¥254,995,548.11 from ¥191,808,028.01[7]. - Accounts receivable increased to ¥398,873,834.46 from ¥431,990,299.87, indicating a decrease of about 7.7%[13]. - The company's inventory increased to ¥28,623,616,861.85 from ¥27,818,419,174.96, reflecting a growth of about 2.9%[14]. Borrowings and Cash Equivalents - The company experienced a significant increase in short-term borrowings, which rose by 86.18% to ¥1,043,629,816.66 from ¥560,552,750.00[7]. - Short-term borrowings rose significantly to ¥1,043,629,816.66 from ¥560,552,750.00, marking an increase of approximately 86%[15]. - Cash and cash equivalents decreased to ¥3,755,561,996.22 from ¥4,717,516,551.59, reflecting a decline of approximately 20.4%[13]. Other Information - The first quarter report of Hubei Fuxing Technology Co., Ltd. is unaudited[23]. - The non-current assets totaled ¥9,298,150,777.24, slightly up from ¥9,296,375,647.24[14].

Financial Performance - The company's operating revenue for 2021 was ¥12,543,502,445.54, representing a 67.22% increase compared to ¥7,501,140,799.28 in 2020[19] - The net profit attributable to shareholders for 2021 was ¥170,824,846.67, a decrease of 44.25% from ¥306,395,992.62 in 2020[19] - The net cash flow from operating activities was ¥5,078,956,276.56, down 5.29% from ¥5,362,661,281.29 in the previous year[19] - Basic earnings per share for 2021 were ¥0.18, a decline of 43.75% compared to ¥0.32 in 2020[19] - Total assets at the end of 2021 were ¥48,548,279,242.24, a decrease of 7.45% from ¥52,454,852,156.90 at the end of 2020[20] - The company's net assets attributable to shareholders increased by 0.98% to ¥11,198,804,866.66 at the end of 2021 from ¥11,090,061,602.08 at the end of 2020[20] - The weighted average return on net assets for 2021 was 1.54%, down from 2.72% in 2020[19] Business Strategy and Focus - The company has undergone changes in its main business focus, shifting from manufacturing steel wire products to real estate development and high-tech project investment[18] - The company plans to continue exploring new development models and emphasizes the importance of maintaining stable land prices and housing prices in the future[31] - The company is focusing on residential development and urban renewal, with a strategic emphasis on project feasibility analysis and asset revitalization[37] - The company plans to focus on stabilizing the real estate market and enhancing consumer rights, with an emphasis on meeting reasonable housing demand in 2022[45] - The company aims to enhance product quality and upgrade offerings, with a focus on green, intelligent, and high-quality development standards[48] - The company is actively pursuing investment opportunities and adjusting its development and marketing strategies in response to government policies aimed at stabilizing the real estate market[45] Market and Industry Insights - The real estate market in 2021 showed a total investment of CNY 14.8 trillion, with a year-on-year growth of 4.4%, indicating a slowdown in growth[32] - The average transaction price of residential land in 300 cities reached CNY 5,450 per square meter, a year-on-year increase of 22.3%, marking a historical high[32] - The overall transaction price of new residential properties began to rise in September due to the impact of the new housing sale contract, with a stable upward trend in prices driven by relaxed price controls and new high-priced projects entering the market[35] Project Development and Operations - The company accelerated the demolition of urban village projects and the development of ongoing projects, ensuring stable operations and normal cash flow, with all bonds successfully redeemed during the reporting period[36] - The company maintained a stable main business with normal sales and collections, and achieved a significant increase in the total area delivered, reaching a record high for the year[38] - The company’s land reserve projects include multiple key sites, with a total land area of 65.82 million square meters and a total construction area of 168.5 million square meters[40] - The company has multiple ongoing projects across various cities, indicating a strong market expansion strategy[42] Financial Management and Stability - The company plans to maintain a low debt ratio, aiming to control it at a level lower than the industry average, while enhancing financial risk management[47] - The company’s asset-liability ratio and net cash flow indicators remained stable, reflecting a sound financial condition and effective asset management[38] - The company is optimizing its debt structure and reducing financial leverage to enhance financial safety[90] - The company emphasizes the importance of maintaining cash flow safety and stability while expanding financing channels[85] Research and Development - The company’s R&D investment increased by 35.29% from 38,483,412.91 yuan in 2020 to 52,064,931.49 yuan in 2021[66] - The number of R&D personnel rose by 5.12% from 254 in 2020 to 267 in 2021, with R&D personnel accounting for 10.73% of the total workforce[66] - The company plans to develop new steel cord products, expecting to generate additional sales revenue of over ¥10 million annually[64] Corporate Governance and Compliance - The company has established a sound governance structure, ensuring compliance with relevant laws and regulations, with no significant discrepancies noted[94] - The company maintains complete independence from its controlling shareholders in business, personnel, assets, and financial matters, ensuring autonomous operational capabilities[95] - The company has implemented a performance assessment system for determining the remuneration of directors and senior management[106] Social Responsibility and Environmental Initiatives - The company is committed to social responsibility, ensuring accountability to customers, investors, and stakeholders, promoting collaborative development with cities and society[90] - The company has implemented pollution control measures, including desulfurization and SNCR denitrification projects, which are currently operational[132] - The company received no administrative penalties related to environmental issues during the reporting period[136] Employee Management and Development - The total number of employees at the end of the reporting period was 3,101, with 2,071 in production, 182 in sales, and 173 in technical roles[114][115] - The company aims to strengthen performance evaluation and incentive mechanisms to foster a competitive culture and enhance overall employee productivity[118] - The employee training programs included various initiatives aimed at improving management skills and technical knowledge, supporting the company's strategic needs[117]

Financial Performance - The company's operating revenue for Q3 2021 reached ¥5,212,554,430.49, an increase of 467.22% compared to the same period last year[3]. - The net profit attributable to shareholders was -¥5,239,735.35, a decrease of 70.60% year-on-year, while the net profit excluding non-recurring items was ¥3,667,306.95, up 128.88%[3]. - The operating income for the first nine months of 2021 was ¥8,408,328,198.83, a 105.72% increase from ¥4,087,256,026.64 in the same period of 2020[8]. - Total operating revenue for the current period reached ¥8,408,328,198.83, a significant increase from ¥4,087,256,026.64 in the previous period[18]. - Operating profit for the current period was ¥396,579,156.50, slightly up from ¥382,489,613.45 year-over-year[19]. - Net profit for the current period was ¥221,252,566.17, down from ¥240,139,042.41 in the previous period, reflecting a decrease of approximately 7.7%[19]. - Basic earnings per share decreased to ¥0.12 from ¥0.22 in the previous period, indicating a decline in profitability per share[20]. Assets and Liabilities - The total assets at the end of the reporting period were ¥48,366,193,340.72, representing a decrease of 7.79% from the end of the previous year[3]. - As of September 30, 2021, total assets amounted to RMB 48.37 billion, a decrease of 7.9% from RMB 52.45 billion at the end of 2020[14]. - Current assets totaled RMB 38.20 billion, down 9.4% from RMB 42.14 billion at the end of 2020[15]. - Total liabilities were RMB 36.07 billion, a decrease of 10.4% from RMB 40.17 billion at the end of 2020[16]. - Total liabilities increased from CNY 31,126,417,972.91 to CNY 31,132,975,971.59, indicating a slight rise in financial obligations[25]. - Total liabilities amounted to CNY 40,171,805,718.60, a decrease of CNY 81,648,316.08 compared to the previous period[26]. Cash Flow - The cash flow from operating activities for the year-to-date was ¥4,015,671,968.47, an increase of 49.73% compared to the same period last year[3]. - Cash inflow from operating activities totaled ¥10,198,137,880.44, an increase from ¥9,080,027,243.36 in the prior period[21]. - The net cash flow from operating activities for Q3 2021 was CNY 4,015,671,968.47, an increase of 49.7% compared to CNY 2,681,911,233.60 in Q3 2020[22]. - The company reported a decrease in cash flow from financing activities primarily due to increased debt repayment obligations[22]. Equity - The company's total equity attributable to shareholders increased by 0.50% to ¥11,145,380,503.85 compared to the previous year[4]. - The company's equity attributable to shareholders reached RMB 11.15 billion, a slight increase from RMB 11.09 billion at the end of 2020[16]. - Total equity attributable to shareholders of the parent company was CNY 11,090,061,602.08, a decrease of CNY 7,918,255.61 from the previous period[26]. - Total equity reached CNY 12,283,046,438.30, down by CNY 7,918,255.61 compared to the last report[26]. Expenses - The company's sales expenses increased by 87.96% to ¥335,601,233.66, primarily due to increased sales commissions[9]. - The company reported a significant increase in tax expenses, with a rise of 185.78% in taxes and surcharges to ¥269,862,679.93, mainly due to increased land value tax[8]. - Total operating costs amounted to ¥8,058,614,115.78, compared to ¥3,964,814,739.30 in the prior period, indicating a rise in costs[18]. Other Information - The company has not identified any other non-recurring profit and loss items beyond those reported[6]. - The company held 34,338,538 shares in its repurchase account, accounting for 3.57% of the total share capital[12]. - The company reported a significant reduction in interest payable, decreasing to RMB 57.32 million from RMB 165.63 million, a decline of 65.4%[16]. - The company plans to continue focusing on market expansion and new product development to drive future growth[19]. - The report was released by the board of directors on October 28, 2021[28].

Financial Performance - The company's operating revenue for the first half of 2021 was CNY 3,195,773,768.34, representing a year-on-year increase of 0.87% compared to CNY 3,168,292,042.31 in the same period last year[18]. - The net profit attributable to shareholders of the listed company decreased by 46.55% to CNY 121,254,837.01 from CNY 226,840,386.23 in the previous year[18]. - The net profit after deducting non-recurring gains and losses was CNY 30,493,232.60, down 13.72% from CNY 35,340,688.04 in the same period last year[18]. - The total sales revenue for the first half of 2021 reached approximately 3.203 billion, showing a significant increase compared to the previous period[38]. - The company reported a total of 233,465 square meters of sales area for the projects, with a sales amount of 4.5907 billion[38]. - The net profit for the first half of 2021 was CNY 153,896,458.85, compared to CNY 255,242,134.43 in the first half of 2020, indicating a decrease of about 39.6%[152]. - The total profit for the first half of 2021 was CNY 223,593,594.12, down from CNY 365,564,710.43 in the previous year, reflecting a decline of approximately 38.8%[152]. Cash Flow and Financial Position - The net cash flow from operating activities increased significantly by 86.74% to CNY 3,296,742,348.72, compared to CNY 1,765,375,392.13 in the previous year[18]. - The cash flow from operating activities for the first half of 2021 was CNY 6,808,617,876.88, compared to CNY 5,088,829,186.24 in the first half of 2020, indicating an increase of approximately 33.8%[158]. - The ending balance of cash and cash equivalents was CNY 2,959,702,947.37, down from CNY 3,678,605,916.63, reflecting a decrease of 19.5%[160]. - The company reported a total financing balance of RMB 13.20 billion, with bank loans accounting for RMB 6.04 billion at an interest rate of 3.25%-7.9%[39]. - The company's total liabilities as of June 30, 2021, were CNY 39,998,239,088.89, slightly down from CNY 40,171,805,718.60 at the end of 2020[144]. - The company's long-term borrowings were CNY 3,450,892,079.80, remaining stable compared to CNY 3,456,300,000.00 at the end of 2020[144]. Assets and Investments - The total assets at the end of the reporting period were CNY 52,253,887,681.85, a decrease of 0.38% from CNY 52,454,852,156.90 at the end of the previous year[18]. - The total amount of restricted assets reached CNY 4,880,562,920.33, including cash and cash equivalents of CNY 1,083,165,707.46 and investment properties of CNY 3,661,142,281.44[61]. - The company reported a significant increase in investment cash flow by 250.95% to CNY 83,038,118.19, primarily due to the recovery of investment funds[50]. - The company has a total of 95 subsidiaries included in the consolidated scope as of June 30, 2021, which is a decrease of 4 compared to the previous year[187]. Market and Operational Strategy - The company plans to focus on real estate development and metal products, with a primary emphasis on affordable and improved housing[26]. - The company is focusing on urban renewal and residential development, actively pursuing land acquisition opportunities in core and rapidly developing areas[32]. - The overall market outlook remains positive, with continued demand for residential and commercial properties in the regions where the company operates[38]. - The company is adapting to the "two concentration" land supply policy and continuously monitoring population inflow and industrial concentration in key regions[32]. Risks and Challenges - The company faces risks related to macroeconomic cycles and real estate market adjustments, which could adversely affect profitability and debt repayment capacity[69]. - Project development risks arise from the need for multiple government approvals, potentially leading to delays and increased costs[70]. - Land investment risks include fierce competition for quality land in hot cities, which may raise acquisition costs and extend project timelines[71]. - The company has implemented measures to monitor and respond to real estate market dynamics to mitigate risks associated with market adjustments[69]. Environmental and Social Responsibility - The company is actively addressing environmental responsibilities and has implemented pollution control measures in compliance with regulations[81]. - The company emphasizes energy conservation and emission reduction, establishing an environmental protection department and a technology center to promote clean production and technological innovation[85]. - Since its establishment, the company has paid over 10 billion yuan in taxes and has contributed over 100 million yuan to public welfare and charity[84]. Shareholder and Equity Information - The controlling shareholder, Fuxing Group, held 233,928,648 shares, accounting for 24.31% of the total share capital of 962,462,474 shares[112]. - The total number of ordinary shareholders at the end of the reporting period is 38,810[121]. - The company has a total of 15,664,792 restricted shares at the end of the reporting period, with 58,150 shares released during the period[118]. - The company has not engaged in any significant related party transactions during the reporting period[95].