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)

Financial Performance - The company's operating revenue for the first half of 2020 was ¥2,729,610,967.09, a decrease of 16.69% compared to ¥3,276,381,148.40 in the same period last year[17]. - The net profit attributable to shareholders was ¥105,484,671.50, down 46.58% from ¥197,450,723.00 in the previous year[17]. - The net cash flow from operating activities was negative at ¥293,078,462.64, a decline of 772.08% compared to a positive cash flow of ¥43,607,576.47 in the same period last year[17]. - Basic earnings per share decreased by 46.67% to ¥0.08 from ¥0.15 in the previous year[17]. - The gross profit margin for the decoration and renovation segment was 16.65%, a decrease of 0.96% compared to the previous year[58]. - Revenue from the decoration engineering construction segment was ¥2,698,443,149.94, down 16.03% from ¥3,213,656,284.16 in the previous year[57]. - The overseas revenue dropped significantly by 81.24%, amounting to ¥28,766,801.46 compared to ¥153,312,005.97 in the previous year, mainly due to severe pandemic impacts[57]. - The company reported a significant increase in net cash flow from financing activities, amounting to ¥829,398,878.66, compared to -¥303,506,903.52 in the previous year, reflecting increased borrowings[54]. Assets and Liabilities - Total assets increased by 11.41% to ¥11,373,684,439.60 from ¥10,208,933,593.72 at the end of the previous year[17]. - The company's total liabilities were CNY 7,109,072,800.17, compared to CNY 6,072,431,809.85 at the end of 2019, marking an increase of approximately 17.06%[156]. - Cash and cash equivalents increased to ¥1,495,691,690.89, representing 13.15% of total assets, up from 11.30% in the previous year, a 1.85% increase[63]. - Accounts receivable decreased significantly to ¥3,406,750,446.88, accounting for 29.95% of total assets, down from 66.57%, a reduction of 36.62% due to reclassification under new revenue standards[63]. - Contract assets reached ¥3,682,257,060.00, making up 32.38% of total assets, primarily due to reclassification impacts from new revenue standards[63]. Business Strategy and Development - The company continues to focus on providing integrated solutions for construction and decoration projects without significant changes in its main business[25]. - The company aims to leverage state-owned and mixed ownership advantages to enhance resource allocation and market expansion capabilities[36]. - The company is actively exploring new infrastructure, smart cities, and rail transit sectors to expand its business scope[35]. - The company has established three centers for industrialization, technology research and development, and design research and development to promote the transformation and upgrading of the traditional decoration industry[37]. - The marketing network covers most provincial capitals in China, with a focus on large-scale projects with guaranteed funding and comprehensive benefits[38]. - The company is focusing on optimizing the asset structure of its subsidiary to meet business development needs[129]. Corporate Governance and Shareholder Matters - The company plans not to distribute cash dividends or issue bonus shares[6]. - The company has initiated a non-public offering of A-shares, with the controlling shareholder planning to subscribe to all shares, indicating strong confidence in future development[49]. - The company transferred a total of 295,085,323 shares, representing 22.00% of the total share capital, to Aviation City Group, changing the controlling shareholder to Aviation City Group[124]. - The actual controller changed to Zhuhai Municipal Government State-owned Assets Supervision and Administration Commission on January 20, 2020[138]. - The company has received over 100 national-level innovation achievements and awards, indicating its leading position in technology research and application within the industry[37]. Human Resources and Corporate Culture - The company emphasizes corporate culture and humanistic development, which has significantly enhanced team cohesion and creativity[40]. - The company has established a comprehensive talent system focusing on professional technical talents, management talents, and backup talent development[41]. - The company launched the "Eagle Plan" for talent development, targeting various skill levels to enhance employee capabilities[41]. - The company recognizes a talent gap in management and design roles, which it plans to address through improved incentive mechanisms and internal training programs[87]. Risk Management and Challenges - The company faces risks from ongoing real estate industry regulations, which may impact order volume, construction progress, and customer payments if stricter policies are implemented[82]. - The company is addressing overseas business risks by optimizing market layout and strengthening risk control in response to global political and economic uncertainties[84]. - The COVID-19 pandemic has impacted the company's operations, but it has resumed work in an orderly manner as the situation improves domestically[80]. - The company has implemented measures to mitigate the negative effects of the pandemic, including optimizing construction organization and budget management[81]. Legal and Compliance Matters - The company initiated a lawsuit against Hongyang E-commerce for a share buyback amounting to RMB 108 million, with a court ruling requiring payment within ten days[96]. - The company has received a civil ruling from the Shanghai High People's Court confirming the first-instance judgment, which is now legally effective[97]. - The company’s half-year financial report was not audited, indicating a potential area of concern for investors[94].

Financial Performance - The company's operating revenue for 2019 was approximately ¥6.68 billion, a decrease of 2.61% compared to ¥6.86 billion in 2018[16]. - The net profit attributable to shareholders was approximately ¥208.90 million, down 26.73% from ¥285.11 million in the previous year[16]. - The net profit after deducting non-recurring gains and losses was approximately ¥201.75 million, a decline of 29.72% compared to ¥287.09 million in 2018[16]. - Basic earnings per share decreased to ¥0.16, down 23.81% from ¥0.21 in 2018[16]. - The company reported a significant decrease in revenue from other business segments, which fell by 87.89% to approximately ¥34.19 million in 2019[109]. - The company achieved total operating revenue of 667,683.33 million CNY and a net profit attributable to shareholders of 20,890.37 million CNY for the fiscal year 2019[88]. - The company reported a positive profit available for distribution to ordinary shareholders in 2019 but did not propose a cash dividend distribution plan[186]. Cash Flow and Dividends - The net cash flow from operating activities improved significantly to approximately ¥745.37 million, compared to a negative cash flow of ¥799.35 million in 2018, marking a 193.25% increase[16]. - The company plans not to distribute cash dividends or issue bonus shares[6]. - The total cash dividends paid in 2019 were RMB 40,000,676.40, which is considered equivalent to cash dividends for that year[186]. - The cash dividend for 2018 accounted for 11.64% of the net profit attributable to shareholders, while the total cash dividends for 2018 and 2019 were RMB 83,199,021.22, representing 29.18% of the net profit[186]. Business Strategy and Focus - The company has undergone a significant change in its main business focus from producing sanitary ware to comprehensive construction and decoration design and construction since December 2013[15]. - The company aims to enhance its capabilities in technology innovation, focusing on smart construction and prefabricated buildings[28]. - The company is focusing on "new infrastructure" initiatives, which include 5G, data centers, and artificial intelligence, as key growth drivers for the economy[60]. - The company plans to leverage the capital and resource advantages of its controlling shareholder, Aviation City Group, to enhance its capabilities in transportation hub projects and smart city construction[100]. - The company aims to explore new infrastructure and smart city sectors, enhancing its business development in high-value-added areas[75]. Market and Industry Trends - The public building decoration market size reached CNY 2.27 trillion in 2019, with a year-on-year increase of 6.1%, indicating an expanding market share[58]. - The construction decoration industry is expected to reach a total output value of CNY 5.48 trillion by 2022, driven by national strategies and urbanization efforts[59]. - The market size of China's construction decoration industry grew from CNY 1.52 trillion in 2012 to CNY 4.49 trillion in 2019, with a CAGR of 16.73%[64]. - The company is actively expanding its international presence, having completed significant projects in countries such as Myanmar, Indonesia, and Malaysia, enhancing its overseas brand recognition[96]. Risk Management and Challenges - The company emphasizes the importance of risk awareness regarding future plans and market conditions[5]. - The COVID-19 pandemic has impacted the company's operations, with potential risks including delays in project construction and contract signing due to ongoing restrictions[168]. - The company acknowledges potential macroeconomic risks and plans to optimize marketing strategies and resource allocation to safeguard project receivables[166]. - Global political and economic uncertainties pose risks to overseas operations, prompting the company to align with national initiatives like the Belt and Road[174]. Quality Control and Compliance - The company emphasizes quality control, aiming to establish a strong reputation in the industry with its "Quality Baoying" initiative[52]. - The company strictly adheres to ISO9001:2015, ISO14001:2015, and OHSAS18001:2007 standards, establishing a comprehensive quality management system that covers design, construction, and acceptance phases[53]. - The company has committed to avoiding any potential competition with its subsidiaries and ensuring independence from its major shareholders[188]. Research and Development - In 2019, the company's total R&D expenditure was ¥209,912,328.28, accounting for 3.14% of operating revenue, an increase from 3.02% in 2018[129]. - The company has strengthened its BIM technology research and application, forming a core visualization information technology of "BIM+VR" and "BIM+3D scanning" to provide personalized decoration solutions[77]. - The number of R&D personnel increased by 3.35% to 401, representing 19.36% of the total workforce, up from 18.57% in 2018[129]. Corporate Governance - The company has established an independent financial accounting department and maintains a separate financial management system[191]. - The company has committed to conducting any unavoidable related transactions in accordance with national laws and regulations, ensuring fairness and transparency[191]. - The company has established a governance structure that is independent from its controlling shareholders, ensuring operational autonomy[191].

Financial Performance - The company's operating revenue for Q1 2020 was ¥927,167,680.14, a decrease of 37.42% compared to ¥1,481,647,499.54 in the same period last year[8] - Net profit attributable to shareholders was ¥17,305,821.33, down 79.66% from ¥85,069,119.89 year-on-year[8] - Basic and diluted earnings per share both decreased by 83.33% to ¥0.01 from ¥0.06 in the same period last year[8] - Revenue decreased by 37.42% to CNY 927,167,680.14, primarily due to project delays caused by the COVID-19 pandemic[15] - Net profit fell by 80.58% to CNY 16,552,009.70, attributed to a significant decline in operating income while fixed costs remained unchanged[16] - Total operating revenue for Q1 2020 was CNY 927,167,680.14, a decrease from CNY 1,481,647,499.54 in the previous period[43] - Net profit for Q1 2020 was CNY 16,552,009.70, compared to CNY 85,234,645.97 in the same period last year[45] Cash Flow - The net cash flow from operating activities improved by 29.33%, reaching -¥243,288,407.10 compared to -¥344,254,283.11 in the previous year[8] - Cash flow from financing activities increased by 464.27% to CNY 329,372,534.75, mainly due to new bank loans[16] - Cash flow from operating activities shows a net outflow of -243,288,407.10, an improvement from -344,254,283.11 in the previous period[53] - Cash inflow from operating activities totals 1,468,490,258.04, compared to 1,060,695,959.31 in the previous period[52] - Cash outflow from operating activities is 1,711,778,665.14, up from 1,404,950,242.42 in the previous period[53] - Cash flow from financing activities shows a net inflow of 329,372,534.75, compared to 58,371,690.57 in the previous period[54] Assets and Liabilities - Total assets at the end of the reporting period were ¥10,073,208,755.49, a decline of 1.33% from ¥10,208,933,593.72 at the end of the previous year[8] - The company's current assets totaled CNY 9,696,441,025.28, down from CNY 9,876,928,135.89, indicating a decrease of about 1.83%[34] - The total liabilities decreased to CNY 5,921,847,084.63 from CNY 6,072,431,809.85, indicating a decline of about 2.48%[36] - The company's equity remained stable at CNY 4,151,361,670.86, unchanged from the previous reporting period[36] - The total assets as of March 31, 2020, amounted to CNY 4,667,512,557.49, slightly up from CNY 4,661,697,712.16 at the end of 2019[41] - The total liabilities as of March 31, 2020, were CNY 671,027,456.12, compared to CNY 660,731,548.47 at the end of 2019[41] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 42,265[11] - The largest shareholder, Zhuhai Aviation City Development Group Co., Ltd., holds 22.00% of the shares[11] Government Support - The company received government subsidies amounting to ¥1,131,334.33 during the reporting period[9] Legal Matters - The company is pursuing legal action to recover CNY 108 million from the actual controllers of Hongyang E-commerce for equity buyback[17] - The company has received a court ruling mandating the repayment of CNY 108 million, which is now enforceable following the withdrawal of the defendants' appeal[18] Accounting Changes - The implementation of new revenue recognition standards has resulted in a reclassification of inventory and contract assets, impacting the balance sheet significantly[62] - The company has adjusted its accounting policies in accordance with the new revenue standards effective from January 1, 2020[62] - The company adopted new revenue recognition standards effective January 1, 2020, which will not affect the financial statements for the year ended December 31, 2019[66] Other Financial Metrics - The company reported a decrease in research and development expenses to CNY 32,724,193.43 from CNY 44,051,927.82 in the previous period[44] - The company’s other comprehensive income showed a tax-adjusted net gain of CNY 1,187,047.71 compared to a loss of CNY 1,701,576.93 in the previous period[45] - The company reported a significant amount in other receivables, totaling approximately 1.22 billion[64] - The company has a substantial long-term equity investment of approximately 3.31 billion[64]

Financial Performance - Operating revenue decreased by 6.70% to CNY 1,619,823,385.47 for the current period, and decreased by 4.20% to CNY 4,896,204,533.87 year-to-date[7] - Net profit attributable to shareholders decreased by 11.67% to CNY 86,699,180.00 for the current period, and decreased by 6.68% to CNY 284,149,903.00 year-to-date[7] - Basic earnings per share decreased by 14.29% to CNY 0.06 for the current period[7] - The weighted average return on equity was 2.08%, down by 0.42% compared to the previous year[7] - Total operating revenue for Q3 2019 was CNY 1,619,823,385.47, a decrease of 6.7% compared to CNY 1,736,232,689.61 in the same period last year[48] - Net profit for Q3 2019 was CNY 84,878,588.47, a decline of 15.0% from CNY 99,881,323.50 in Q3 2018[49] - Total operating revenue for the period was CNY 4,896,204,533.87, a decrease of 4.18% from CNY 5,110,606,493.92 in the previous period[55] - Net profit for the period was CNY 281,663,379.70, compared to CNY 295,744,926.44 in the previous period, reflecting a decrease of 4.77%[57] Assets and Liabilities - Total assets increased by 12.51% to CNY 10,409,764,239.35 compared to the end of the previous year[7] - Total current assets increased to CNY 10,032,481,982.59 as of September 30, 2019, up from CNY 8,887,113,808.87 at the end of 2018, representing a growth of approximately 12.9%[39] - Total liabilities increased to CNY 6,179,223,605.55 from CNY 5,241,092,408.22, marking an increase of around 17.9%[40] - The company’s total assets reached CNY 10,409,764,239.35, up from CNY 9,252,030,260.65, which is an increase of approximately 12.5%[41] - The total liabilities amounted to ¥5,241,092,408.22, with current liabilities at ¥4,632,648,019.53[74] - Total liabilities amounted to CNY 5,241,092,408.22, with non-current liabilities at CNY 608,444,388.69[75] Cash Flow - Net cash flow from operating activities increased significantly by 397.47% to CNY 120,065,939.13 for the current period[7] - Net cash flow from operating activities improved by 127.81% to CNY 163,673,515.60, resulting from optimized supplier settlement methods[15] - Cash flow from operating activities generated a net inflow of 163,673,515.60 CNY, a turnaround from a net outflow of -588,528,224.46 CNY in the same quarter last year[66] - Total cash inflow from operating activities was 4,208,342,582.97 CNY, while cash outflow was 4,044,669,067.37 CNY, resulting in a positive cash flow[66] - The net cash flow from operating activities was ¥34,098,633.02, a significant improvement compared to the previous year's negative cash flow of -¥386,231,198.21[69] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 44,092[11] - The largest shareholder, Gu Shaoming, holds 24.48% of the shares, with 328,356,191 shares pledged[11] - The company has completed the first phase of its share repurchase plan, buying back 13,895,885 shares, which is 1.036% of the total share capital, for a total amount of CNY 90,023,021.66[25] - The maximum purchase price during the share repurchase was CNY 7.50 per share, and the minimum was CNY 5.69 per share[25] - The company planned to use between CNY 50 million and CNY 250 million for the share repurchase program, with a maximum price of CNY 9 per share[24] - The second phase of the share repurchase was terminated due to the suspension of the convertible bond project review by the China Securities Regulatory Commission[26] Financial Standards and Compliance - The company did not classify any non-recurring gains and losses as recurring during the reporting period[9] - The company has implemented new financial instrument standards since January 1, 2019, affecting accounting policies[81] - The third-quarter report was not audited, indicating preliminary financial data[81] - The company has not reported any non-compliance with external guarantees during the reporting period[31] - There were no non-operating fund occupations by controlling shareholders or related parties during the reporting period[32] - The company has not engaged in any entrusted financial management during the reporting period[33] - The company has not conducted any research, communication, or interview activities during the reporting period[34] Investment and Impairment - Investment income decreased by 83.29% to CNY 1,233,233.13, mainly due to the sale of an associate in the previous period[15] - The company recorded a credit impairment loss of CNY -80,972,440.79 due to the implementation of new financial instrument standards[15] - The company has recorded a long-term investment impairment provision of CNY 130,011,531.01 related to a lawsuit against Hongyang E-commerce[17] - The net profit of Gaowen An Design from 2015 to 2017 was CNY 80.43 million, which is CNY 69.57 million short of the promised net profit of CNY 150 million by Mr. Gaowen An[22] - As of the report date, Mr. Gaowen An has paid CNY 10 million as compensation, but has not fulfilled the remaining commitment due to macroeconomic factors and personal reasons[22]

本次集体接待日活动将在深圳市全景网络有限公司提供的网上平台，采取网 证券代码：002047 证券简称：宝鹰股份 公告编号：2019-077 深圳市宝鹰建设控股集团股份有限公司 关于参加 2019 年深圳上市公司投资者 网上集体接待日活动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 为进一步加强与投资者的互动交流工作，深圳市宝鹰建设控股集团股份有限 公司（以下简称"公司"）将参加由深圳上市公司协会、深圳市全景网络有限公司 共同举办的"改革创新发展 沟通互信共赢"——深圳辖区上市公司 2019 年度投 资者网上集体接待日主题活动，现将有关事项公告如下： | --- | |----------------------------------------------------------------------------| | | | 络远程的方式举行，投资者可以登录"全景 • 路演天下"网站（ http://rs.p5w.net/ | | 或关注微信公众号：全景财经，参与公司本次投资者集体接待日活动，活动时间 | | 为 2019 年 9 月 3 日 ...

Financial Performance - The company's operating revenue for the first half of 2019 was CNY 3,276,381,148.40, a decrease of 2.90% compared to the same period last year[18]. - The net profit attributable to shareholders of the listed company was CNY 197,450,723.00, down 4.30% year-on-year[18]. - The net cash flow from operating activities improved significantly to CNY 43,607,576.47, a 107.96% increase compared to a negative cash flow in the previous year[18]. - The company's operating revenue for the reporting period was CNY 3,276,381,148.40, a decrease of 2.90% compared to CNY 3,374,373,804.31 in the same period last year[61]. - The company's operating costs decreased by 2.87% to CNY 2,696,000,354.03 from CNY 2,775,531,832.54 year-on-year[61]. - The gross profit margin for the decoration and renovation segment was 17.61%, with a year-on-year increase of 9.18%[66]. - The company achieved operating revenue of 327,638.11 million yuan and a net profit attributable to shareholders of 19,745.07 million yuan during the reporting period[48]. - The total comprehensive income for the first half of 2019 was CNY 201,579,966.87, compared to CNY 189,323,782.13 in the first half of 2018, reflecting an increase of approximately 6.7%[181]. - The company reported a comprehensive income of CNY 5,799,000, with a decrease in special reserves of CNY -7,723,000[197]. Assets and Liabilities - Total assets at the end of the reporting period reached CNY 10,560,477,515.09, reflecting a growth of 14.14% from the end of the previous year[18]. - The total liabilities reached CNY 6,428,166,245.45, compared to CNY 5,241,092,408.22, which is an increase of approximately 22.7%[172]. - The total equity as of June 30, 2019, was CNY 4,132,311,269.64, up from CNY 4,010,937,852.43, indicating an increase of approximately 3.0%[172]. - The company's total assets amounted to CNY 4,647.56 million, showing a significant increase from the previous period[200]. - The total liabilities at the end of the period were 3,420 million, indicating a decrease from the previous period[200]. Cash Flow - The cash and cash equivalents net increase was CNY -221,096,030.80, an improvement of 59.54% compared to CNY -546,404,820.23 in the previous year[62]. - The company’s operating cash flow outflow was CNY 2.35 billion, a decrease from CNY 3.47 billion in the first half of 2018[189]. - The net cash flow from financing activities was -CNY 40,006,726.09, with cash outflows for debt repayment and dividend distribution totaling CNY 40,006,726.09 and CNY 25,771,263.00 respectively[193]. - The company received CNY 1.48 billion from financing activities, an increase from CNY 967.75 million in the same period of 2018[190]. Shareholder Information - The company plans not to distribute cash dividends or issue bonus shares for this period[6]. - The company initiated a share repurchase program, buying back 13,895,885 shares to support its equity incentive plan[56]. - The total number of common shareholders at the end of the reporting period was 44,703[134]. - Major shareholders include Gu Shaoming with 271,642,980 shares (24.48% stake) and Shenzhen Baoxian Investment Co., Ltd. with 158,510,535 shares (11.82% stake)[135]. Business Operations and Strategy - The company operates primarily in the construction decoration industry, providing comprehensive design and construction solutions for high-end hotels, large enterprises, government agencies, and major real estate projects[26]. - The company has established six key product lines: public cultural projects, sports venue projects, high-end hotel projects, airport and subway projects, hospital renovation projects, and smart home projects[27]. - The company has been actively responding to the "Belt and Road" initiative, aiming to solidify its overseas business platform and expand quality overseas business resources[27]. - The company has integrated BIM technology into its operations, focusing on "BIM+VR" and "BIM+3D scanning" to enhance visualization and information technology in construction solutions[27]. - The company has maintained a leading position in the public building decoration industry, recognized as one of the top five enterprises in China's construction decoration sector[30]. Risk Management - The company faced risks related to macroeconomic conditions and real estate industry policies, which could impact its operational performance and revenue[86]. - Global political and economic uncertainties pose risks to overseas operations, prompting the company to align with the "Belt and Road" initiative and enhance risk control measures[88]. - The construction and decoration industry is capital-intensive, leading to significant accounts receivable and potential operational risks; the company plans to optimize its business structure and diversify financing channels to mitigate these risks[88]. Talent Development - The company emphasizes talent development, having cultivated a strong technical team and a comprehensive management talent system to support its growth[36]. - The company has initiated the "Eagle Plan" for fresh graduates, aiming to cultivate talent across various departments after two years of training, with a subsequent selection for the "Flying Eagle Plan" for further development[37]. - The company is committed to strengthening team building and talent development, with nearly 100 graduates joining its "Eagle" program during the reporting period[55]. Corporate Governance - The company promotes a strong corporate culture based on integrity and mutual benefit, receiving several honors for its contributions to corporate culture and social responsibility[44][45]. - The company has not experienced any changes in its controlling shareholder or actual controller during the reporting period[137]. - The company reported no penalties or rectification situations during the reporting period[100]. Future Plans - Future plans include leveraging capital market tools for strategic investments and acquisitions to optimize industry layout and enhance overall asset quality and profitability[46]. - The company plans to expand its market presence and invest in new technologies to enhance operational efficiency[196].

Financial Performance - The company's operating revenue for 2018 was CNY 6,855,820,254.12, a decrease of 4.31% compared to CNY 7,164,451,374.80 in 2017[15] - The net profit attributable to shareholders for 2018 was CNY 285,109,642.39, down 22.26% from CNY 366,767,683.49 in 2017[15] - The net cash flow from operating activities was negative CNY 799,352,429.64, representing a decline of 101.49% compared to negative CNY 396,716,558.14 in 2017[15] - The basic earnings per share for 2018 was CNY 0.21, a decrease of 27.59% from CNY 0.29 in 2017[16] - The diluted earnings per share for 2018 was also CNY 0.21, reflecting the same decrease of 27.59% from CNY 0.29 in 2017[16] - The weighted average return on equity for 2018 was 7.41%, down from 12.32% in 2017, a decrease of 4.91%[16] - The total revenue for 2018 was 6,853,000,000.00 CNY, with a year-on-year decrease of 14.42% in operating cash inflow to 5,710,858,419.88 CNY[111] - The total revenue for the decoration engineering construction segment was CNY 6,476,797,776.38, accounting for 94.47% of total revenue, with a year-over-year decrease of 3.91%[88] - The gross profit margin for the decoration engineering construction segment was 17.39%, reflecting a decrease of 4.58% compared to the previous year[90] - The revenue from the decoration engineering design segment was CNY 96,785,702.53, accounting for 1.41% of total revenue, with a year-over-year decrease of 12.49%[88] Assets and Liabilities - Total assets at the end of 2018 were CNY 9,252,030,260.65, an increase of 10.45% from CNY 8,377,046,608.90 at the end of 2017[16] - The net assets attributable to shareholders increased by 6.05% to CNY 3,955,231,423.43 from CNY 3,729,618,423.06 in 2017[16] - As of the end of 2018, cash and cash equivalents amounted to ¥1,174,662,844, representing 12.70% of total assets, a decrease of 7.14% from the previous year[120] - Accounts receivable reached ¥6,083,480,713, accounting for 65.75% of total assets, an increase of 4.53% compared to the end of 2017[120] - The company reported a long-term equity investment impairment of 133 million RMB during the reporting period[58] - The company’s short-term borrowings increased to ¥2,091,927,731, accounting for 22.61% of total assets, up by 5.76% from the previous year[120] Business Strategy and Market Position - The company has undergone a significant business transformation since 2013, shifting its focus to comprehensive construction decoration design and construction[14] - The company continues to focus on the construction decoration industry, providing comprehensive solutions for high-end hotels, large enterprises, and government projects[27] - The company aims to deepen its involvement in the "Belt and Road" initiative and optimize its overseas business platform[27] - The company is enhancing its R&D in BIM technology, integrating it with AR technology to provide innovative decoration solutions[27] - The company has established six key product lines in the construction decoration market, including public cultural projects and high-end hotel engineering[27] - The company is recognized as one of the earliest engaged in construction decoration engineering in China, ranking among the top five in the national construction decoration industry[38] - The company has established a marketing network across major cities in China and is expanding its international presence in Southeast Asia, North America, and Australia[70] Challenges and Risks - The company faces challenges such as small enterprise scale, low industry organization, and difficulties in financing for private enterprises, which restrict rapid development[37] - The macroeconomic slowdown and real estate regulation are impacting the growth of the construction decoration industry, with potential declines in residential renovation orders[37] - The company acknowledges risks related to macroeconomic conditions, noting that fluctuations in GDP growth (6.9%, 6.7%, 6.9%, 6.6% from 2015 to 2018) could impact its performance[154] - The company faces potential risks from real estate policy adjustments, which could affect order volumes and project progress in the residential decoration sector[154] - The company recognizes management risks associated with rapid growth, emphasizing the need to improve management systems to adapt to business expansion[156] - The company is aware of integration risks from acquisitions and plans to enhance pre-investment research and post-investment management to mitigate these risks[156] - The company is addressing funding risks inherent in the capital-intensive construction industry by diversifying financing channels and improving cash flow management[156] Corporate Governance and Compliance - The company has committed to not engaging in related party transactions unless necessary, and such transactions will comply with legal regulations[168] - The company has established independent financial accounting departments and maintains its own financial management system[169] - The company ensures that its senior management personnel are exclusively employed by the company and do not hold positions in other controlled enterprises[169] - The company has committed to ensuring that its subsidiaries operate independently and are not influenced by the controlling entities[169] - The company has completed its first employee stock ownership plan, purchasing 10,096,100 shares, which represented 0.7993% of the total share capital at that time[182] - The company has not faced any situations that could lead to suspension or termination of its listing during the reporting period[176] Talent and Human Resources - The company aims to enhance its talent acquisition and retention strategies to address the demand for management and technical personnel amid industry competition[6] - The company has faced challenges in talent retention due to industry competition, prompting the need for improved incentive mechanisms and a conducive work environment[6] - The company has cultivated a comprehensive talent system, emphasizing professional technical talent and management expertise, with a focus on continuous training and development[66] - The company is implementing an incentive mechanism to attract and retain top management and core personnel, including equity incentives and a new partnership model[150] Dividend and Profit Distribution - The company plans to distribute a cash dividend of RMB 0.25 per share (including tax), totaling RMB 33,185,025.90, based on a total share capital of 1,341,296,921 shares, excluding 13,895,885 treasury shares[166] - The cash dividend distribution for 2018 represents 11.64% of the net profit attributable to the company's ordinary shareholders, which was RMB 285,109,642.39[164] - The company has established a stable profit distribution policy, emphasizing cash dividends while ensuring compliance with relevant regulations and shareholder rights[160] - The company’s profit distribution plan for the next three years (2018-2020) emphasizes maintaining a consistent and stable cash dividend policy[160] - The cash dividend total, including other methods such as share buybacks, amounts to RMB 83,207,371.16, representing 100% of the distributable profit[165]