编号：2022-001 证券代码：002047 证券简称：宝鹰股份 深圳市宝鹰建设控股集团股份有限公司 投资者关系活动记录表 | --- | --- | --- | |---------------------------|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | | □特定对象调研 □分析师会议 | | 投资者关系活动 | | □媒体采访 ☑业绩说明会 | | 类别 | □新闻发布会 | □路演活动 | | | | □现场参观 □其他 | | 活动参与人员 线上参与公司 | | 2021 年度网上业绩说明会的投资者 | | 时间 2022 | 年 5 月 24 | 日（星期二）下午 15:00-17:00 | | | 地点 价值在线（ | https://w ...

证券代码：002047 证券简称：宝鹰股份 深圳市宝鹰建设控股集团股份有限公司 投资者关系活动记录表 编号：2022-002 | --- | --- | --- | |-----------------------|--------------------------------------------|----------------------------------------------------------| | | | | | | ☑ 特定对象调研 □分析师会议 | | | 投资者关系活动 | □媒体采访 □业绩说明会 | | | 类别 | □新闻发布会 | □路演活动 | | | □现场参观 □其他 | | | 活动参与人员 中泰证券 | 王可、万欣怡 | | | 时间 2022 | 年 7 月 5 日（星期二）下午 | 14:30-16:30 | | | 地点 深圳市福田区泰然四路 | 303 栋三楼公司会议室 | | 形式 | ☑ 现场 | □网上 □电话会议 | | 上市公司接待人 | 副总经理/董事会秘书张东辉先生 | | | 员姓名 | 证券事务代表吴仁生先生 | | | | 一、公 ...

Financial Performance - The company's operating revenue for the first half of 2022 was ¥1,813,455,200.77, a decrease of 24.07% compared to ¥2,388,452,378.10 in the same period last year[18]. - The net profit attributable to shareholders of the listed company was -¥51,339,853.02, representing a decline of 184.66% from ¥60,644,185.47 in the previous year[18]. - The net cash flow from operating activities was -¥292,116,138.46, a significant decrease of 238.04% compared to ¥211,620,911.59 in the same period last year[18]. - The basic earnings per share were -¥0.03, down 160.00% from ¥0.05 in the previous year[18]. - Total assets at the end of the reporting period were ¥10,538,298,682.17, a decrease of 1.04% from ¥10,648,920,527.44 at the end of the previous year[18]. - The net assets attributable to shareholders of the listed company increased by 26.00% to ¥3,188,105,614.81 from ¥2,530,183,340.30 at the end of the previous year[18]. - The company's revenue for the decoration and renovation segment was CNY 1,759,483,650, a decrease of 26.10% compared to the same period last year[54]. - The gross profit margin for the decoration engineering construction was 12.20%, down 3.17% year-on-year[54]. - The company reported a net profit of -32,671,796.06 yuan for the period, indicating a significant loss[80]. - The company reported a total profit of -4,422,592.50 yuan, a decline from a profit of 23,731,189.27 yuan in the same period last year[184]. Cash Flow and Financing - The company reported a significant increase in cash flow from financing activities, amounting to ¥311,837,285.41, a 1,693.97% increase compared to -¥19,563,592.83 in the previous period[51]. - The total cash inflow from financing activities reached 3,518,029,478.89 CNY, a significant increase from 2,955,541,394.61 CNY in the previous year[186]. - The net cash flow from financing activities was 311,837,285.41 CNY, contrasting with a negative cash flow of -19,563,592.83 CNY in the first half of 2021[186]. - The company raised approximately 707 million CNY through a private placement in January 2022 to bolster liquidity and enhance capital strength[37]. - The total amount of funds raised through a non-public offering was RMB 706,805,158.88, with a net amount of RMB 697,635,427.62 after deducting related expenses[72]. Strategic Initiatives and Market Position - The company focuses on providing integrated solutions in construction and decoration, targeting large enterprises, high-end hotels, and government institutions, with a commitment to craftsmanship and quality engineering[26]. - The company is actively pursuing high-tech industries related to construction decoration, including photovoltaic buildings and smart construction, in response to national policies promoting carbon neutrality[32]. - A strategic cooperation framework agreement was signed with Aviation City Group to promote distributed photovoltaic power station projects, aligning with national carbon peak and carbon neutrality goals[33]. - The company has expanded its international marketing network to Southeast Asia, North America, and Australia, enhancing its overseas business presence[44]. - The company is leveraging its mixed ownership structure to enhance market development capabilities and risk resistance, focusing on the opportunities presented by the Guangdong-Hong Kong-Macao Greater Bay Area[41]. Risks and Challenges - The company faces significant risks and uncertainties that may impact future performance, as detailed in the risk management section of the report[3]. - The company is facing macroeconomic risks due to a complex global political and economic situation, which may impact demand for construction and decoration services[81]. - The company is exposed to industry policy risks, particularly from government regulations affecting the real estate market, which could increase operational pressures[82]. - The company faces market competition risks due to a low entry barrier in the construction decoration industry, leading to increased competition[83]. - The company is sensitive to price fluctuations in materials and labor, which could affect its gross margin[85]. Research and Development - The company has not disclosed any new product developments or technological advancements in this report[18]. - The company's research and development investment decreased by 26.09% to ¥57,322,816.82 from ¥77,562,053.36 year-on-year[51]. - The company has initiated research in the photovoltaic sector, aiming to integrate building and photovoltaic technologies to enhance market competitiveness[32]. - The company has allocated 80 million yuan for research and development of new products and technologies[195]. Corporate Governance and Management - The company has made changes in its board and management personnel, including the appointment of a new financial director and deputy general manager[91]. - The company has implemented a stock incentive plan to align the interests of shareholders and employees, promoting long-term growth[47]. - The company has established a comprehensive talent development system, focusing on technical talent and professional management[47]. - The company has not encountered any issues or other circumstances regarding the disclosure of fund usage[75]. Legal and Compliance - The semi-annual financial report has not been audited, indicating that the financial results are still subject to review[111]. - There are no significant litigation or arbitration matters reported during the period[113]. - The company has a pending lawsuit regarding a share repurchase amounting to RMB 108 million, with interest calculated at the People's Bank of China’s current loan rate[114]. - The company has initiated legal proceedings to enforce a court ruling for a share repurchase amounting to RMB 30 million, including interest from the investment date until full payment[114]. Environmental and Social Responsibility - The company has not faced any environmental pollution incidents or administrative penalties during the reporting period[106]. - The company actively participates in social welfare activities, including poverty alleviation projects in Guizhou, contributing to community development[106]. - The company has implemented measures to control emissions during construction, adhering to ISO14001 environmental management standards[106].

Financial Performance - The company's operating revenue for Q1 2022 was ¥695,131,630.78, a decrease of 29.23% compared to ¥982,286,207.66 in the same period last year[3]. - The net profit attributable to shareholders was a loss of ¥45,396,011.20, representing a decline of 328.25% from a profit of ¥19,889,056.21 in the previous year[3]. - The net cash flow from operating activities was negative at ¥163,492,370.34, a decrease of 177.17% compared to ¥211,847,112.72 in the same period last year[3]. - Total revenue for the current period was ¥695,131,630.78, a decrease of 29.3% compared to ¥982,286,207.66 in the previous period[24]. - The net profit for the current period was a loss of ¥46,982,247.05, compared to a profit of ¥19,526,498.30 in the previous period[25]. - The total comprehensive income for the period was -47,285,279.06 CNY, compared to 21,292,251.69 CNY in the previous period[26]. - The company reported a basic and diluted earnings per share of -0.03 CNY, compared to 0.01 CNY in the previous period[26]. Assets and Liabilities - The total assets at the end of the reporting period were ¥10,284,970,320.55, down 3.42% from ¥10,648,920,527.44 at the end of the previous year[3]. - Current liabilities totaled ¥6,953,638,821.83, down from ¥7,986,161,992.95, indicating a reduction of 12.9%[22]. - The company's total assets decreased to ¥10,284,970,320.55 from ¥10,648,920,527.44, a decline of 3.4%[22]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 68,908[10]. - The largest shareholder, Zhuhai Aviation City Development Group Co., Ltd., holds 31.00% of the shares, totaling 470,037,095 shares[10]. - The top ten shareholders hold significant stakes, with Zhuhai Aviation City Development Group Co., Ltd. owning 295,085,323 shares, representing a substantial portion of the company's equity[11]. - The company has a total of 10,120,763 shares held by Zheng Weiguang, with a significant portion of shares held through margin trading accounts[11]. - The company reported a total of 4,872,400 shares held by Liu Yunhua, with a portion held through margin trading accounts[11]. Equity and Financing - The equity attributable to shareholders increased by 25.71% to ¥3,180,721,598.59 from ¥2,530,183,340.30 at the end of the previous year[3]. - The company completed a non-public issuance of 174,951,772 shares of common stock to Zhuhai Aviation City Development Group Co., Ltd., raising approximately RMB 706.81 million after deducting related fees[13]. - The company has received approval from the China Securities Regulatory Commission for its non-public stock issuance, indicating regulatory compliance[13]. - The company incurred cash outflows from operating activities totaling 1,243,095,741.98 CNY, slightly down from 1,259,585,665.81 CNY in the previous period[29]. - Cash inflow from financing activities was 440,155,123.29 CNY, a significant improvement from -183,367,481.57 CNY in the previous period[30]. Operational Activities - The company reported a significant increase in contract liabilities, which rose by 89.05% to ¥388,844,180.73, primarily due to an increase in advance payments from customers[7]. - Research and development expenses decreased by 37.63% to ¥20,857,821.11 from ¥33,440,816.47 in the previous year[7]. - The company received government subsidies amounting to ¥711,076.00, which is a decrease of 58.05% compared to ¥1,695,091.32 in the previous year[7]. - The company experienced a credit impairment loss of ¥42,165,707.45, compared to a gain of ¥39,388.01 in the previous period[25]. - The company reported a significant increase in short-term borrowings, rising to ¥1,845,523,127.47 from ¥1,707,052,502.91, an increase of 8.1%[22]. Legal Matters - The company is pursuing arbitration against Mr. Gao Wen'an for unpaid performance compensation related to the acquisition of a 60% stake in Shenzhen Gao Wen'an Design Co., Ltd., with a claim for HKD 10 million[18]. - The company is actively pursuing its legal rights to ensure compliance with the performance compensation agreement[18]. Employee Engagement - The company has established a mechanism to enhance employee engagement and competitiveness through the third employee stock ownership plan[15]. - The third employee stock ownership plan involves the repurchase of 7,595,885 shares at a price of RMB 3.24 per share, with total funds raised not exceeding RMB 24.61 million[15]. Cash Flow - The cash and cash equivalents decreased to ¥1,184,898,979.87 from ¥1,457,740,829.08, a decline of 18.7%[20]. - Cash and cash equivalents at the end of the period amounted to 453,316,566.19 CNY, up from 348,342,464.06 CNY in the previous period[30]. - The company reported a net increase in cash and cash equivalents of 255,822,601.24 CNY during the period[30]. - The total cash inflow from operating activities was 1,079,603,371.64 CNY, down from 1,471,432,778.53 CNY in the previous period[29]. - The company received cash from investment activities amounting to 20,656,011.30 CNY, compared to 2,889,117.88 CNY in the previous period[29]. Audit Information - The company did not conduct an audit for the first quarter report[31].

Financial Performance - The company's operating revenue for 2021 was approximately ¥4.67 billion, a decrease of 21.59% compared to ¥5.95 billion in 2020[21]. - The net profit attributable to shareholders for 2021 was approximately -¥1.65 billion, a decline of 1,588.98% from a profit of ¥110.97 million in 2020[21]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately -¥1.68 billion, down 1,737.93% from ¥102.85 million in 2020[21]. - The net cash flow from operating activities was approximately ¥165.09 million, a decrease of 79.26% compared to ¥796.01 million in 2020[21]. - The company's basic earnings per share for 2021 was -1.24 CNY, a decrease of 1,650.00% compared to 0.08 CNY in 2020[22]. - The total assets at the end of 2021 were 10,648,920,527.44 CNY, down 11.47% from 12,028,846,647.65 CNY at the end of 2020[22]. - The net profit attributable to shareholders for Q4 2021 was -1,657,936,475.02 CNY, marking a significant decline from previous quarters[26]. - The weighted average return on equity for 2021 was -49.33%, a drop of 52.01% compared to 2.68% in 2020[22]. - The company reported a significant increase in accounts receivable due to the reclassification of commercial acceptance bills, which contributed to a 12.17% increase in the proportion of accounts receivable[155]. - The company reported a net profit of -161.5 million yuan for the year 2021, with a significant loss in operating profit of -189.2 million yuan[169]. Business Strategy and Transformation - The company has undergone a significant business transformation since 2013, shifting its focus to integrated construction decoration design and construction[20]. - The company plans to leverage management and brand advantages to expand in high-end markets through acquisitions and mergers[33]. - The company aims to enhance its service offerings by focusing on high-end clients and optimizing its business structure for market expansion[50]. - The company is focusing on enhancing the quality of green building development and promoting renewable energy applications as part of its strategic initiatives[44]. - The company is focusing on three main business lines: strengthening construction decoration, optimizing high-tech industries, and refining the Belt and Road Initiative[95]. - The company has initiated a comprehensive reform and transformation process, leveraging the resources of its controlling shareholder to support future development[96]. - The company aims to utilize capital market tools for investment and mergers to strengthen its main business and improve profitability[93]. - The company is committed to improving its asset-liability structure and enhancing its risk resistance capabilities[118]. Market and Industry Outlook - The construction decoration industry in China is expected to see significant growth due to urbanization and infrastructure development, providing opportunities for leading companies[33]. - The "Belt and Road" initiative and the Guangdong-Hong Kong-Macao Greater Bay Area are expected to provide significant growth opportunities for the construction decoration industry[36]. - The domestic construction industry's added value was 8.01 trillion yuan, growing by 2.1% year-on-year, indicating a stable market despite external challenges[35]. - The company recognizes the potential of the construction decoration industry, driven by national strategies like new urbanization and infrastructure development[170]. - The company plans to capitalize on the "Belt and Road" initiative to expand its overseas construction business[177]. Operational Management and Quality Control - The company continues to maintain its operational model and quality control systems without significant changes during the reporting period[65]. - The company implements a centralized procurement model for major construction materials, ensuring quality and cost-effectiveness through supplier selection based on a competitive bidding process[66]. - Quality assurance involves retaining 3%-5% of the contract value as a warranty, which is collected after the warranty period[73]. - The company adheres to ISO9001:2015, ISO14001:2015, and OHSAS18001:2007 standards for quality management, environmental management, and occupational health and safety[76]. - A dedicated quality control team is established to ensure compliance with internal standards and effective management of construction quality[77]. - The company has developed a comprehensive quality management system covering design, construction, and acceptance phases[76]. Research and Development - The total R&D expenditure was CNY 146,058,768.13, a decrease of 22.96% from CNY 189,600,312.33 in the previous year[146]. - The company has completed the research and development of functional decorative materials, which will enhance indoor environment quality and energy efficiency[143]. - The company has established a research and development team for smart and prefabricated buildings to enhance efficiency in design, production, and construction[184]. - The application of BIM technology has been strengthened, providing personalized decoration solutions through "BIM+VR" and "BIM+3D scanning" technologies[185]. - The company is committed to promoting sustainable development in the construction industry through innovative technologies[144]. Social Responsibility and Corporate Culture - The company actively engaged in social responsibility initiatives, donating ¥50,000 to support poverty alleviation efforts in Shenzhen[125]. - The company integrates party culture and core socialist values into its corporate culture, enhancing its social responsibility and ethical standards[88]. Challenges and Risks - The company has experienced a continuous uncertainty regarding its ability to continue as a going concern, as indicated by the negative net profits over the last three years[22]. - The company faces significant risks from price fluctuations in materials and labor, which are sensitive to national policies, pandemic conditions, and trade wars[198]. - The pandemic has adversely affected the company's operations, leading to risks and uncertainties in financial performance[200]. - The global political and economic uncertainties in 2021, along with ongoing pandemic challenges, have increased risks for international business operations[199].

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 重要内容提示： 1、董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、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。 2、公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度 报告中财务信息的真实、准确、完整。 3、第三季度报告是否经过审计 深圳市宝鹰建设控股集团股份有限公司 2021 年第三季度报告 证券代码：002047 证券简称：宝鹰股份 公告编号：2021-091 深圳市宝鹰建设控股集团股份有限公司 2021 年第三季度报告 □ 是 √ 否 一、主要财务数据 (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 □ 是 √ 否 | | 本报告期 | 本报告期比上年同 | 年初至报告期末 | 年初至报告期末 | | --- | --- | --- | --- | --- | | | | 期增减 | | 比上年同期增减 | | 营业收入（元） | 1,167,080,680.29 | -24.82% | 3,555,533, ...

Financial Performance - The company's operating revenue for the first half of 2021 was ¥2,388,452,378.10, a decrease of 12.50% compared to the same period last year[21]. - The net profit attributable to shareholders was ¥60,644,185.47, down 42.51% year-on-year[21]. - The net profit after deducting non-recurring gains and losses was ¥30,473,184.20, reflecting a significant decline of 69.21% compared to the previous year[21]. - The basic earnings per share decreased to ¥0.05, down 37.50% year-on-year[21]. - The diluted earnings per share also fell to ¥0.04, a decrease of 50.00% compared to the same period last year[21]. - The weighted average return on equity was 1.77%, down from 2.55% in the previous year[21]. - The company's operating revenue for the reporting period was ¥2,388,452,378.10, a decrease of 12.50% compared to ¥2,729,610,967.09 in the previous year[59]. - The company's net profit attributable to shareholders was ¥60,644,185.47, down 42.51% from ¥105,484,671.50 in the same period last year, primarily due to a decline in operating revenue and increased material costs[59]. - The company reported a net profit of CNY 23,731,189.27, recovering from a net loss of CNY -9,799,686.10 in the previous year[176]. - The company reported a net loss of approximately 13.32 million yuan for the first half of 2021, compared to a loss of 9.8 million yuan in the same period of 2020, indicating a worsening financial performance[193]. Cash Flow and Liquidity - The net cash flow from operating activities improved to ¥211,620,911.59, a turnaround from a negative cash flow of ¥293,078,462.64 in the same period last year, representing a 172.21% increase[21]. - The company focused on accelerating cash collection, increasing quality orders, and optimizing financing structure to ensure stable cash flow during the reporting period[44]. - The company's cash and cash equivalents decreased by 85.56% to ¥61,320,588.38 from ¥424,776,390.46, impacted by comprehensive activities in operations, investments, and financing[59]. - The total cash inflow from financing activities was CNY 2,955,541,394.61, compared to CNY 2,501,813,426.04 in the same period last year[180]. - The cash flow from operating activities showed a significant decline compared to the previous period, indicating potential operational challenges[183]. - The company is focusing on improving cash flow management to enhance liquidity in the upcoming periods[186]. Assets and Liabilities - The total assets at the end of the reporting period were ¥12,748,940,430.23, an increase of 5.99% from the end of the previous year[21]. - The total liabilities reached CNY 8,475,898,210.84, compared to CNY 7,810,286,002.66 at the end of 2020, indicating an increase of about 8.5%[163]. - The company's total assets amounted to CNY 12,748,940,430.23, up from CNY 12,028,846,647.65, which is an increase of approximately 5.97%[164]. - The accounts receivable amounted to CNY 2,762,361,512.03, representing 21.67% of total assets, with no significant changes compared to the previous year[67]. - The company's total equity attributable to shareholders increased to CNY 4,236,009,440.78 from CNY 4,180,840,100.75, showing a growth of about 1.32%[164]. Business Operations and Strategy - The company operates primarily through its wholly-owned subsidiary, Baoying Construction, providing integrated solutions in construction and decoration engineering, with no significant changes in main business during the reporting period[29]. - The company has expanded its business scope to include smart systems, smart city projects, and prefabricated decoration, focusing on technological innovations such as BIM and 3D applications in the construction decoration field[30]. - The company has established a comprehensive system covering nine major product types, including transportation hub projects and high-end hotel engineering, enhancing its capabilities in project financing, design, procurement, construction, and investment operation[31]. - The company aims to further promote intelligent, prefabricated, and low-carbon construction practices in line with national development strategies, enhancing its growth prospects[36]. - The company plans to focus on market expansion and new product development to enhance future growth prospects[169]. Market Environment and Challenges - The domestic GDP for the first half of 2021 was CNY 532,167 billion, with a year-on-year growth of 12.7%, indicating a robust economic environment for the construction decoration industry[37]. - The construction decoration industry is characterized by its cyclical nature, requiring repeated renovations and maintenance, which supports sustainable market demand[36]. - The company faces risks from changes in domestic and international macroeconomic conditions and real estate industry policies, which may impact growth in the real estate market[79]. - The ongoing global pandemic continues to affect the company's business operations, with potential delays in overseas project progress and contract signings[82]. - The company acknowledges the impact of government real estate policies on its operations and is adjusting its strategies accordingly[80]. Talent and Human Resources - The company implemented a talent development strategy, successfully reducing talent turnover and enhancing leadership capabilities among middle and senior management[46]. - The company has established a comprehensive talent system focusing on professional technical talents and management talents, with initiatives like the "Eagle Plan" for employee development[56]. - The company is enhancing its talent management strategies to address the demand for skilled personnel amid industry competition[87]. Corporate Governance and Compliance - The company has not engaged in any external guarantees that violate regulations during the reporting period[109]. - The company has not reported any environmental pollution incidents or violations during the reporting period[105]. - The company has passed the ISO 14001 environmental management system certification, ensuring compliance with national environmental laws and regulations[104]. - The company faced an administrative penalty of RMB 1 million for violating air pollution regulations during construction activities, specifically for outdoor stone cutting without proper dust control measures[104]. Shareholder and Equity Information - The company will not distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for the semi-annual period[92]. - The largest shareholder, Zhuhai Aviation City Development Group Co., Ltd., holds 22.00% of the shares, totaling 295,085,323 shares[146]. - The company has a total share capital of 150.33 million shares, with a par value of 1.00 yuan per share, established in 2001[197]. - The company has initiated legal proceedings against Hongyang E-commerce, seeking a share repurchase amounting to RMB 108 million and corresponding bank interest[113].

Financial Performance - The company's operating revenue for 2020 was approximately ¥5.95 billion, a decrease of 10.81% compared to ¥6.68 billion in 2019[16]. - The net profit attributable to shareholders for 2020 was approximately ¥111 million, down 46.88% from ¥209 million in 2019[16]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately ¥103 million, a decrease of 49.02% from ¥202 million in 2019[16]. - The basic earnings per share for 2020 was ¥0.08, a decline of 50% from ¥0.16 in 2019[16]. - The total assets at the end of 2020 were approximately ¥12.03 billion, an increase of 17.83% from ¥10.21 billion at the end of 2019[16]. - The net assets attributable to shareholders at the end of 2020 were approximately ¥4.18 billion, a slight increase of 2.24% from ¥4.09 billion at the end of 2019[16]. - The weighted average return on net assets for 2020 was 2.68%, down 2.46% from 5.14% in 2019[16]. - The revenue from the decoration and renovation segment accounted for 99.38% of total revenue, amounting to approximately ¥5.92 billion, down 10.91% from ¥6.64 billion in 2019[115]. - The gross profit margin for the decoration and renovation segment was 16.15%, slightly down from the previous year[118]. - The company reported a significant decline in overseas revenue, which dropped by 80.76% to approximately ¥52.94 million from ¥275.22 million in 2019[115]. Cash Flow and Investments - The net cash flow from operating activities increased by 6.79% to approximately ¥796 million in 2020, compared to ¥745 million in 2019[16]. - The company reported a significant decrease of 742.61% in net cash flow from investment activities, primarily due to payments for land use rights[138]. - The cash and cash equivalents increased by 116.37% in 2020, mainly due to the combined effects of operating, investing, and financing activities[138]. - The company has a total of ¥15.19 billion in unfinished projects, with approximately ¥9.96 billion remaining to be completed[123]. - The company raised up to 708,554,676.60 yuan through a non-public stock issuance, which is pending approval from the China Securities Regulatory Commission[106]. Business Operations and Strategy - The company has expanded its business scope to include smart systems and intelligent construction, aiming to enhance its technological capabilities in the construction industry[27]. - The company has established a comprehensive project financing, design, procurement, construction, and investment operation capability, positioning itself as a competitive international engineering enterprise[28]. - Major projects completed include the Beijing Daxing International Airport and the Hong Kong-Zhuhai-Macao Bridge, showcasing the company's capability in large-scale infrastructure[30]. - The company plans to further promote the application of innovative technologies such as BIM and 3D in the construction and decoration sectors[27]. - The company maintains a diversified portfolio with nine major product categories, including high-end hotels and public cultural projects, to meet varying market demands[28]. - The company is actively expanding its business model to include total package management, enhancing its competitive edge in the construction decoration sector[79]. - The company aims to leverage the combination of state-owned and private capital to enhance market development, financing capabilities, and risk resistance, focusing on the Guangdong-Hong Kong-Macao Greater Bay Area opportunities[81]. Risk Management and Compliance - The company acknowledges potential risks in future operations and has outlined corresponding countermeasures in its report[5]. - The company recognizes potential risks from macroeconomic changes and real estate policy adjustments, which could impact its operations and market expectations[178]. - The company plans to closely monitor economic and policy changes, adjusting its marketing strategies and project management to enhance its risk resilience[179]. - The company is addressing overseas business risks due to ongoing global political and economic uncertainties, including debt defaults and geopolitical threats, which challenge market development and project execution[183]. - The company has established a pandemic prevention leadership group and emergency command team to manage the impact of COVID-19, ensuring orderly resumption of work and minimizing adverse effects on business development[180]. Corporate Governance and Social Responsibility - The company has committed to enhancing its corporate culture and social responsibility initiatives, reflecting its dedication to quality and community engagement[112]. - The company plans to strengthen its integration of party building and business operations to foster a positive work environment[112]. - The company has received recognition as an "Advanced Grassroots Party Organization" and several employees were honored as "Outstanding Communist Party Members" during the reporting period[112]. - The company has implemented a "career partner mechanism" and introduced stock option and employee shareholding plans to create a balanced value distribution system[88]. - The company has established partnerships with various universities to enhance talent development and has initiated the "Eagle Plan" for employee capability improvement[88]. Future Outlook and Development - The company aims to enhance operational strength and improve risk resistance and profitability, focusing on "quality and efficiency" growth in 2021[159]. - The company plans to optimize its client structure by leveraging experiences from major national projects like Beijing Daxing International Airport and Hong Kong-Zhuhai-Macao Bridge[159]. - The company intends to establish itself as an "airport construction expert" by enhancing project management and expanding its market presence through key projects[160]. - The company will focus on high-tech industries, leveraging its background in construction and decoration to explore opportunities in smart cities and urban rail transit[163]. - The company is committed to sustainable development by adopting innovative construction methods and focusing on high-quality, eco-friendly building products[163]. - The company will capitalize on the "Belt and Road" initiative to expand its international engineering projects, particularly in Southeast Asia and Australia[164].

Financial Performance - The company's operating revenue for Q1 2021 was ¥982,286,207.66, representing a 5.94% increase compared to ¥927,167,680.14 in the same period last year[8] - The net profit attributable to shareholders of the listed company was ¥19,889,056.21, up 14.93% from ¥17,305,821.33 year-on-year[8] - The basic earnings per share remained stable at ¥0.01, unchanged from the same period last year[8] - Net profit for Q1 2021 was ¥19.53 million, up from ¥16.55 million in Q1 2020, indicating an increase of about 18.0%[51] - Operating profit rose to ¥24.76 million in Q1 2021 compared to ¥22.12 million in Q1 2020, reflecting a growth of approximately 11.9%[51] - The company reported a total comprehensive income of ¥21.29 million in Q1 2021, compared to ¥17.74 million in Q1 2020, marking an increase of approximately 20.0%[52] Cash Flow - The net cash flow from operating activities improved significantly to ¥211,847,112.72, a 187.08% increase from a negative cash flow of ¥243,288,407.10 in the previous year[8] - Operating cash inflow for the current period was CNY 1,471,432,778.53, slightly up from CNY 1,468,490,258.04 in the previous period[59] - Cash outflow from operating activities decreased to CNY 1,259,585,665.81 from CNY 1,711,778,665.14, resulting in a net cash flow from operating activities of CNY 211,847,112.72, compared to a negative CNY 243,288,407.10 last period[59] - The ending balance of cash and cash equivalents was CNY 348,342,464.06, up from CNY 287,574,466.77 at the end of the previous period[60] Assets and Liabilities - The total assets at the end of the reporting period were ¥12,194,023,846.41, reflecting a 1.37% increase from ¥12,028,846,647.65 at the end of the previous year[8] - The net assets attributable to shareholders of the listed company increased to ¥4,207,585,376.79, a 0.64% rise from ¥4,180,840,100.75 at the end of the last year[8] - Current liabilities totaled CNY 7,949,020,437.29, an increase from CNY 7,810,286,002.66[42] - The company’s total liabilities remained stable at CNY 7,949,020,437.29 compared to the previous period[42] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 42,787[11] - The largest shareholder, Zhuhai Aviation City Development Group Co., Ltd., held 22.00% of the shares, totaling 295,085,323 shares[11] Expenses - Total operating costs increased to ¥939.90 million in Q1 2021 from ¥892.19 million in Q1 2020, representing a growth of approximately 5.9%[50] - Management expenses rose by 68.67% to RMB 47,048,576.76, attributed to increased fixed costs such as rent and salaries[16] - The company experienced a decrease in financial expenses, which fell to ¥31.81 million in Q1 2021 from ¥49.20 million in Q1 2020, a reduction of about 35.3%[50] - Tax expenses for Q1 2021 were ¥5.46 million, slightly down from ¥5.53 million in Q1 2020, indicating a decrease of about 1.3%[51] Investments and Legal Matters - The company is pursuing legal action to recover RMB 10,800,000 and RMB 3,000,000 from Shanghai Hongyang E-commerce Co., Ltd. for equity buyback agreements[22][23] - The company has received preliminary approval for a non-public stock issuance, with the application accepted by the China Securities Regulatory Commission[20] - The company reported an investment loss of ¥480,497.31 in Q1 2021, compared to a gain of ¥27,006.63 in Q1 2020, reflecting a significant decline[50] Other Information - The company received government subsidies amounting to ¥1,695,091.32 during the reporting period[9] - There were no overdue commitments or violations of external guarantees during the reporting period[33] - The company reported no securities or derivative investments during the reporting period[29][30] - The company did not adjust the beginning balance of the balance sheet due to the new leasing standards, as it only has short-term or low-value leases[65]

Important Notice [Board of Directors' Statement](index=2&type=section&id=Board%20of%20Directors%27%20Statement) The company's Board of Directors, Supervisory Board, and senior management affirm the truthfulness, accuracy, and completeness of this quarterly report, assuming legal responsibility - The company's management guarantees the report's content is true, accurate, and complete, and assumes legal responsibility[3](index=3&type=chunk) - The company's head, chief accountant, and head of accounting department all declare the financial statements are true, accurate, and complete[4](index=4&type=chunk) Company Profile [Key Accounting Data and Financial Indicators](index=3&type=section&id=I.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) As of Q3 2020, total assets increased by 14.06% year-over-year, while revenue and net profit attributable to shareholders significantly declined by 12.55% and 48.13% respectively Key Financial Indicators (Year-to-Date) | Indicator | Year-to-Date (YTD) | YTD Change vs. Prior Year (%) | | :--- | :--- | :--- | | Operating Revenue (RMB) | 4,281,959,531.60 | -12.55% | | Net Profit Attributable to Shareholders (RMB) | 147,376,598.31 | -48.13% | | Net Cash Flow from Operating Activities (RMB) | 136,258,693.09 | -16.75% | | Basic Earnings Per Share (RMB/share) | 0.11 | -47.62% | Key Financial Indicators (Period-End) | Indicator | As of Report Period End | Change vs. Prior Year-End (%) | | :--- | :--- | :--- | | Total Assets (RMB) | 11,643,978,657.42 | 14.06% | | Net Assets Attributable to Shareholders (RMB) | 4,252,330,923.41 | 3.99% | - From the beginning of the year to the end of the reporting period, the company's non-recurring gains and losses totaled **6.05 million RMB**, primarily from government subsidies[8](index=8&type=chunk) [Shareholder Information](index=4&type=section&id=II.%20Shareholder%20Information%20at%20Period-End%20and%20Top%20Ten%20Shareholders%27%20Holdings) As of the reporting period end, the company had 42,318 common shareholders, with Zhuhai Aviation City Development Group Co., Ltd. as the largest shareholder at 22.00% Top Ten Shareholders' Holdings | Shareholder Name | Shareholder Nature | Holding Percentage (%) | Number of Shares Held | | :--- | :--- | :--- | :--- | | Zhuhai Aviation City Development Group Co., Ltd. | State-owned Legal Entity | 22.00% | 295,085,323 | | Shenzhen Baoxian Investment Co., Ltd. | Domestic Non-state-owned Legal Entity | 9.73% | 130,447,745 | | Shenzhen Baoxin Investment Holding Co., Ltd. | Domestic Non-state-owned Legal Entity | 6.58% | 88,261,176 | | Gu Shaoming | Domestic Natural Person | 4.57% | 61,333,658 | - Shareholders Gu Shaoming, Wu Yuqiong, and Shenzhen Baoxian Investment Co., Ltd. are parties acting in concert; Li Suyu and Luo Shizhuo have a mother-son relationship[11](index=11&type=chunk) - Portions of shares held by Shenzhen Baoxian Investment Co., Ltd., Shenzhen Baoxin Investment Holding Co., Ltd., Gu Shaoming, Li Suyu, and Luo Shizhuo are pledged[10](index=10&type=chunk) Important Matters [Analysis of Major Financial Data Changes](index=6&type=section&id=I.%20Analysis%20of%20Major%20Financial%20Data%20Changes) During the reporting period, the company experienced significant changes in financial indicators, including a surge in intangible assets, repayment of non-current liabilities, and a substantial decline in operating profit due to reduced revenue Major Financial Data Changes and Reasons | Item | Change (%) | Primary Reason for Change | | :--- | :--- | :--- | | Intangible Assets | 28632.22% | Due to the acquisition of land use rights for the headquarters base in this period | | Non-current Liabilities Due Within One Year | -100.00% | Due to the repayment of "17 Baoying 01" corporate bonds in this period | | Operating Profit | -46.21% | Due to the impact of the COVID-19 pandemic, operating revenue decreased compared to the same period last year, while fixed costs did not decrease accordingly | | Net Cash Flow from Investing Activities | -392.19% | Due to payment for land use rights in this period | | Net Cash Flow from Financing Activities | 109.12% | Due to an increase in bank borrowings in this period | [Progress of Significant Matters](index=7&type=section&id=II.%20Progress%20of%20Significant%20Matters%20and%20Analysis%20of%20Their%20Impact%20and%20Solutions) The company advanced several key initiatives, including the private placement of shares, progress in a lawsuit, bond redemption, and the listing of restricted shares - The 2020 private placement of shares has been approved in principle by Zhuhai SASAC and the company's shareholders' meeting, pending approval from the China Securities Regulatory Commission[16](index=16&type=chunk) - Regarding the lawsuit with Hongyang E-commerce: a lawsuit involving **108 million RMB** has received a final judgment and entered the enforcement phase; a lawsuit involving **30 million RMB** had its first hearing on October 26, 2020[19](index=19&type=chunk) - The company completed the principal and interest repayment and delisting of the "17 Baoying 01" corporate bonds (totaling **610 million RMB**) on July 13, 2020[20](index=20&type=chunk) - Restricted shares from the 2017 private placement were listed for trading on October 26, 2020[21](index=21&type=chunk) [Wealth Management](index=9&type=section&id=VIII.%20Wealth%20Management) During the reporting period, the company invested **15 million RMB** of its own funds in bank wealth management products, with an outstanding balance of **16.96 million RMB** Wealth Management Products | Specific Type | Source of Funds | Amount of Wealth Management (RMB in 10,000s) | Unmatured Balance (RMB in 10,000s) | Overdue Unrecovered Amount (RMB in 10,000s) | | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 1,500 | 1,695.58 | 0 | [Investor Relations Activities](index=10&type=section&id=XI.%20Investor%20Relations%20Activities%20Log) On July 21, 2020, the company hosted a site visit by Huachuang Securities to discuss post-control transfer plans and the 2020 private placement of shares - On July 21, 2020, the company hosted a site visit by Huachuang Securities, primarily discussing post-control transfer plans and private placement of shares[30](index=30&type=chunk) Financial Statements [Financial Statements](index=11&type=section&id=I.%20Financial%20Statements) This section presents the company's consolidated and parent company financial statements for Q3 2020, including balance sheets, income statements, and cash flow statements - This section includes consolidated and parent company balance sheets, income statements, and cash flow statements[33](index=33&type=chunk)[34](index=34&type=chunk)[39](index=39&type=chunk)[43](index=43&type=chunk)[48](index=48&type=chunk)[52](index=52&type=chunk)[56](index=56&type=chunk)[60](index=60&type=chunk)[64](index=64&type=chunk) [Explanation of Financial Statement Adjustments](index=29&type=section&id=II.%20Explanation%20of%20Financial%20Statement%20Adjustments) Effective January 1, 2020, the company adopted new revenue recognition standards, reclassifying certain accounts receivable and inventory to contract assets, and prepayments to contract liabilities and taxes payable - The company adopted new revenue recognition standards effective January 1, 2020, and retrospectively adjusted the opening financial statements[68](index=68&type=chunk)[72](index=72&type=chunk) Financial Statement Adjustments | Item | Before Adjustment (2019-12-31) (RMB) | After Adjustment (2020-01-01) (RMB) | Adjustment Amount (RMB) | | :--- | :--- | :--- | :--- | | Accounts Receivable | 6,796,473,313.15 | 2,575,881,757.80 | -4,220,591,555.35 | | Inventory | 377,825,568.79 | 76,381,178.74 | -301,444,390.05 | | Contract Assets | - | 4,522,035,945.40 | 4,522,035,945.40 | | Prepayments | 227,624,685.08 | - | -227,624,685.08 | | Contract Liabilities | - | 214,865,235.94 | 214,865,235.94 | [Audit Report](index=35&type=section&id=III.%20Audit%20Report) The company's third-quarter 2020 report is unaudited - The third-quarter report is unaudited[79](index=79&type=chunk)