Financial Performance - The company's operating revenue for the first half of 2020 was ¥97,395,962.44, a decrease of 65.60% compared to ¥283,124,252.34 in the same period last year[19]. - The net profit attributable to shareholders was a loss of ¥113,288,999.80, representing a decline of 204.54% from a loss of ¥37,199,519.44 in the previous year[19]. - The net cash flow from operating activities was negative at ¥53,847,428.79, a decrease of 170.87% compared to a positive cash flow of ¥75,975,540.53 in the same period last year[19]. - The basic earnings per share were -¥0.82, down 203.70% from -¥0.27 in the previous year[19]. - The net profit after deducting non-recurring gains and losses was a loss of ¥152,554,480.85, a decrease of 259.30% from a loss of ¥42,459,141.50 in the same period last year[19]. - The significant decline in revenue and profit was primarily due to the suspension of operations at over 20 tourism projects across 9 provinces starting January 22, 2020, due to the COVID-19 pandemic[39]. - The company's revenue for the reporting period was ¥97,395,962.44, a decrease of 65.60% compared to ¥283,124,252.34 in the same period last year, primarily due to the impact of COVID-19 which led to the suspension of operations from January 22 for 1 to 3 months[59]. - The operating income from the tourism sector was ¥91,143,344.80, accounting for 93.58% of total revenue, which represents a 66.37% decrease from ¥271,025,894.13 in the previous year[61]. Assets and Liabilities - Total assets at the end of the reporting period were ¥2,565,909,061.69, a decrease of 10.78% from ¥2,876,048,554.68 at the end of the previous year[19]. - The net assets attributable to shareholders decreased by 10.07%, from ¥1,065,755,896.37 to ¥958,428,738.78[19]. - Cash and cash equivalents decreased by 40.91% compared to the beginning of the period, mainly due to loan repayments and interest payments[31]. - Accounts receivable decreased by 32.72% compared to the beginning of the period, primarily due to the collection of 2019 "Great Wuhan Annual Card" settlement payments[31]. - The company's asset-liability ratio for the first half of 2020 was approximately 60.71%, slightly down from the same period last year, but still at a high level[91]. - Total liabilities as of June 30, 2020, were CNY 1.98 billion, a slight decrease from CNY 2.04 billion at the end of 2019, showing a reduction of 2.8%[179]. Operational Adjustments and Strategies - The company plans not to distribute cash dividends or issue bonus shares[6]. - The company does not foresee any significant risks affecting its normal operations[5]. - The company has established a nationwide layout of tourism projects across 9 provinces, including Shaanxi, Guizhou, Hainan, Inner Mongolia, Hubei, and Zhejiang[25]. - The company is focused on expanding its market presence through mergers and acquisitions to enhance profitability and resource control[34]. - The company has implemented various marketing strategies, including over 400 online promotions and 20 cloud tourism videos, achieving a total exposure of 556 million times to boost local tourism demand[47]. - The company is actively applying for government subsidies and engaging in discussions regarding tax and fee reductions to support its operations during the pandemic[87]. - The company has established a special leadership group to coordinate pandemic response efforts and has initiated a comprehensive plan for operational recovery[87]. Community and Social Responsibility - The company reported a total funding of 129.91 million yuan for poverty alleviation efforts[136]. - A total of 61 registered impoverished individuals were helped to escape poverty through the company's initiatives[136]. - The company invested 16.21 million yuan in 10 tourism and e-commerce poverty alleviation projects[136]. - The company provided 39.5 million yuan for vocational skills training to facilitate employment for impoverished individuals[136]. - The company emphasized the importance of tourism as a key industry for poverty alleviation in affected regions[129]. - Over 90% of the company's employees are local residents, contributing to community income during the pandemic[134]. Management and Governance - The management team has undergone a restructuring, with over half of the senior management being from the "post-80s" generation, aiming to enhance operational efficiency and innovation[51]. - The company underwent a significant management change on May 21, 2020, with multiple new appointments and departures, including the election of Zhang Quan as Chairman[166]. - The company has not implemented any stock incentive plans or employee shareholding plans during the reporting period, reflecting a focus on other strategic initiatives[106]. - There were no major lawsuits or arbitration matters during the reporting period, indicating a stable legal environment for the company[102]. Financial Outlook and Future Plans - The company plans to raise ¥363 million through a non-public stock issuance to repay bank loans and supplement working capital, which will help lower the debt-to-asset ratio[49]. - The company aims to capitalize on market opportunities by acquiring and integrating high-quality tourism assets during the industry's consolidation phase[54]. - The company plans to issue up to 41,599,999 A-shares, representing 30% of the total share capital before issuance, to raise a maximum of RMB 391,039,990.60[111]. - The fundraising amount was adjusted to a maximum of RMB 363,165,794.60 due to market conditions and company circumstances[112].

Financial Performance - The company's operating revenue for Q1 2020 was ¥29,825,691.75, a decrease of 72.52% compared to ¥108,524,821.52 in the same period last year[8]. - The net profit attributable to shareholders was -¥78,423,261.87, representing a decline of 101.13% from -¥38,991,614.84 year-on-year[8]. - The net cash flow from operating activities was -¥46,147,897.13, a significant drop of 747.35% compared to -¥5,446,168.64 in the previous year[8]. - Total revenue for the reporting period was CNY 29,825,691.75, a decrease of 72.52% compared to CNY 108,524,821.52 in the same period last year, primarily due to the impact of the pandemic which led to the suspension of operations at all scenic spots from January 24[19]. - The company reported a net investment loss of CNY -1,176,885.58, a decrease of 255.69% year-on-year, attributed to last year's gains from the transfer of equity in South Zhang Real Estate and Chongyang Ecological Farm[19]. - The company reported a total comprehensive income for the first quarter of -29,014,181.64 CNY, compared to 199,309,187.86 CNY in the previous year[50]. - The net loss for Q1 2020 was CNY 81,453,802.76, compared to a net loss of CNY 38,608,501.33 in Q1 2019, indicating an increase in losses of 111%[47]. - The company reported an operating profit of CNY -80,524,342.40 for Q1 2020, compared to CNY -28,823,207.63 in the previous year, indicating a decline in operational performance[46]. Assets and Liabilities - The total assets at the end of the reporting period were ¥2,837,677,071.32, down 1.33% from ¥2,876,048,554.68 at the end of the previous year[8]. - The total assets of the company were CNY 2,911,297,034.90 as of Q1 2020, down from CNY 2,988,588,898.74, a decrease of approximately 2.6%[46]. - Total current assets decreased from CNY 634.85 million to CNY 579.52 million, a decline of approximately 8.67%[36]. - Total non-current assets increased from CNY 2.24 billion to CNY 2.26 billion, an increase of about 0.81%[37]. - Total liabilities rose from CNY 1.75 billion to CNY 1.79 billion, an increase of approximately 2.73%[38]. - The company's total liabilities decreased to CNY 1,988,653,728.74 from CNY 2,036,931,410.94, a reduction of approximately 2.4%[46]. - The total equity of the company as of Q1 2020 was CNY 922,643,306.16, down from CNY 951,657,487.80, reflecting a decrease of about 3%[46]. - Total equity attributable to shareholders decreased from CNY 1.07 billion to CNY 993.79 million, a decline of approximately 6.75%[39]. Cash Flow and Financing - Cash received from sales of goods and services was CNY 37,640,491.81, reflecting a decline of 65.96% compared to the previous year, also due to the pandemic-related operational shutdowns[21]. - The company’s cash flow from operating activities showed a significant change, with cash and cash equivalents at CNY 109.17 million compared to CNY 261.23 million previously, a decrease of approximately 58.25%[40]. - The company raised 80,000,000.00 CNY in borrowings during the period, down from 160,000,000.00 CNY in the previous year[52]. - The net cash flow from financing activities was -10,299,595.61 CNY, compared to -66,010,414.61 CNY in the previous year[53]. - The cash outflow from investing activities was 53,372,622.67 CNY, compared to 32,477,383.84 CNY in the previous year[52]. - The company experienced a net decrease in cash and cash equivalents of -55,020,115.41 CNY, compared to -101,168,967.24 CNY in the previous year[53]. Cost Management and Subsidies - The company reduced its sales expenses to CNY 1,866,853.81, down 39.93% from CNY 3,107,662.98, as a result of strict cost control measures during the pandemic[19]. - The company received government subsidies amounting to ¥1,476,166.44, primarily from VAT refunds and employment stabilization subsidies[9]. - The company has actively sought government subsidies and financial support to navigate the challenges posed by the pandemic[25]. - The company reduced its tax expenses to CNY 912,905.04, a decrease of 90.64% compared to CNY 9,751,722.70 in the previous year, due to losses incurred by most subsidiaries during the pandemic[19]. Operational Adjustments - The company has implemented measures to mitigate the impact of the COVID-19 pandemic, including cost reduction, asset disposal, and exploring online marketing strategies[25]. - The company plans to restart its non-public issuance of A-shares, which was previously terminated, pending approval from the China Securities Regulatory Commission[22][23]. - The company has not made any adjustments to the financial statements for the beginning of the year following the implementation of the new revenue recognition standards[64]. - The first quarter report was not audited, indicating that the figures presented are preliminary[64].

Shareholder Structure and Control - The company reported a change in its controlling shareholder from Wuhan Contemporary Technology Industry Group Co., Ltd. to Wuhan Contemporary Urban Construction Development Co., Ltd. during the reporting period[17]. - The company’s actual controller remains Mr. Ai Luming despite the change in the controlling shareholder[17]. - The company completed the transfer of 27,861,295 shares (20.09% of total shares) from its controlling shareholder, ensuring no change in actual control[162]. - The company’s shareholder structure shows that 4.98% of the shares are held by Wuhan Contemporary Technology Industry Group Co., Ltd., amounting to 6,900,000 shares[173]. - The actual controller of the company is a domestic natural person, Ai Luming, who holds multiple directorships in related companies[177]. - The company has maintained a stable governance structure with no significant changes in its controlling relationships[177]. - The company has not reported any major shareholder changes or restrictions on share reductions during the reporting period[178]. Financial Performance - The company’s operating revenue for 2019 was ¥676,642,192.08, an increase of 4.39% compared to ¥648,200,560.82 in 2018[18]. - The net profit attributable to shareholders for 2019 was ¥11,405,762.62, a significant decrease of 91.53% from ¥134,726,722.18 in 2018[18]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥2,117,166.63, down 57.76% from ¥5,012,607.70 in 2018[18]. - The company reported a basic earnings per share of ¥0.08, down 91.75% from ¥0.97 in 2018[18]. - The company reported a revenue of 676.64 million yuan, an increase of 4.39% year-on-year, while net profit decreased by 12.32 million yuan compared to the previous year[45]. - The company reported a total revenue of 1.2 billion RMB for the fiscal year 2019, representing a year-over-year increase of 15%[193]. Cash Flow and Investments - The net cash flow from operating activities increased by 17.71% to ¥292,282,572.87 from ¥248,305,221.69 in 2018[18]. - The company’s cash and cash equivalents decreased by 48.89% compared to the beginning of the period, primarily due to payments for the acquisition of Donghu Ocean Park and loan repayments[39]. - Cash inflow from investment activities decreased significantly by 85.65% to ¥51,768,468.04 in 2019, down from ¥360,857,715.66 in 2018[77]. - The company reported a significant decline in investment income, with a loss of ¥2,499,382.33, representing -2.86% of total profit[81]. - The company made a significant equity investment of CNY 280 million in Wuhan Longchao Donghu Ocean Park, acquiring an 80% stake[88]. - The total amount of equity investments during the reporting period reached CNY 296 million[88]. Business Operations and Strategy - The company operates multiple tourism projects across nine provinces in China, focusing on comprehensive tourism resource development[27]. - The company has established a project development model of "operating a batch, constructing a batch, and reserving a batch" for its tourism resources[27]. - The company aims for annual growth of around 10% in tourist numbers and over 11% in tourism revenue as per the "13th Five-Year" tourism development plan[33]. - The company is actively seeking external growth through acquisitions to enhance profitability[31]. - The company plans to continue its expansion through mergers and acquisitions to enhance its competitive position in the tourism market[41]. - The company is implementing a strategy of "Tourism+" by integrating tourism with education, sports, and health care, achieving certain results in these collaborative efforts[59]. Risk Management and Compliance - The company emphasizes that future development plans are subject to market conditions and uncertainties, highlighting potential investment risks[5]. - The company is committed to ensuring safety management and risk prevention, particularly in light of potential natural disasters and pandemics that could impact operations[105]. - The company has established a "Safety Production Committee" to oversee safety operations and promote a risk prevention culture[112]. - The company has committed to fulfilling its promises regarding shareholder returns and will adhere to regulatory requirements for any future capital actions[115]. - The company recognizes the importance of understanding policy changes and their potential impacts on operations, emphasizing proactive adaptation to regulatory environments[105]. Social Responsibility and Community Engagement - The company donated approximately 868,500 RMB for social welfare initiatives in 2019[150]. - The company is involved in tourism poverty alleviation projects across 9 provinces, directly creating job opportunities for local impoverished populations[152]. - The company has implemented a "1+N" model for comprehensive tourism poverty alleviation, enhancing local economic development and community living conditions[153]. - The company aims to balance economic benefits with social responsibility and environmental protection in all its projects[154]. - The company reported a total investment of 1,288.3 million yuan in poverty alleviation efforts, helping 279 registered impoverished individuals to escape poverty[157]. Future Outlook and Growth Projections - The company provided a future outlook projecting a revenue growth of 20% for the next fiscal year, driven by new product launches and market expansion[193]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by 2022[193]. - A strategic acquisition of a local competitor is expected to enhance operational capabilities and increase market share by 15%[193]. - The company aims to develop a first-class domestic and internationally recognized tourism brand, promoting local economic and cultural development through various tourism projects[159].

Financial Performance - Operating revenue for the reporting period was ¥239,413,718.29, up by 1.10% compared to the same period last year[7]. - Net profit attributable to shareholders of the listed company was ¥55,209,819.22, a decrease of 11.40% year-on-year[7]. - Basic earnings per share stood at ¥0.40, down by 11.11% compared to the same period last year[7]. - The net cash flow from operating activities was ¥121,657,513.47, an increase of 9.34% year-on-year[7]. - The weighted average return on net assets was 4.98%, a decrease of 1.35% compared to the previous year[7]. - The total operating revenue for Q3 2019 was CNY 239,413,718.29, a slight increase from CNY 236,799,928.46 in the same period last year, representing a growth of approximately 0.68%[49]. - The net profit for the third quarter was CNY 60.96 million, a decrease from CNY 66.30 million in the same period last year, reflecting a decline of approximately 8.5%[51]. - The total comprehensive income for Q3 2019 was ¥71,090,683.49, compared to ¥164,414,933.09 in the previous year[58]. - The company reported a net investment loss of CNY 44,883.63 in Q3 2019, an improvement from a loss of CNY 500,396.70 in the same period last year[49]. Assets and Liabilities - Total assets at the end of the reporting period reached ¥3,141,126,178.82, an increase of 9.68% compared to the end of the previous year[7]. - Net assets attributable to shareholders of the listed company amounted to ¥1,115,191,193.16, reflecting a growth of 16.08% year-on-year[7]. - The company reported a significant increase in liabilities held for sale by 57026.50% to CNY 19,445,654.43, following asset transfers[16]. - Total liabilities increased to CNY 2,229,471,314.52 in Q3 2019 from CNY 1,755,130,121.07 in Q3 2018, marking an increase of about 26.94%[46]. - The total assets of the company were 2,863,827,356.57 yuan, reflecting a decrease of 125,692,059.82 yuan compared to the previous year[72]. - Total liabilities amounted to CNY 1,887,933,458.97, with a slight increase to CNY 1,920,858,969.70, reflecting a change of CNY 32,925,510.73[73]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 9,785[11]. - The top ten shareholders collectively held 25.65% of the company's shares, indicating a concentration of ownership[12]. - The controlling shareholder of the company changed from Wuhan Contemporary Technology Industry Group Co., Ltd. to Wuhan Contemporary Urban Construction Development Co., Ltd. after transferring 27,861,295 shares, accounting for 20.09% of the total share capital[24]. Investments and Acquisitions - The company acquired 80% of Donghu Ocean Park, resulting in a significant increase in goodwill by 114.85% to CNY 176,336,993.01[16]. - The company increased its investment in Wuyishan Santiao Cableway Co., Ltd. by converting a debt of 16 million RMB into registered capital, raising the registered capital to 92.4 million RMB, with the company's shareholding at 37.99%[27]. - The company acquired 80% equity of Wuhan Longchao Donghu Ocean Park Co., Ltd., which will be included in the company's consolidated financial statements starting from September 2019[25][26]. Cash Flow - The cash inflow from operating activities totaled ¥553,971,039.83, compared to ¥580,603,088.95 in the previous year[64]. - The cash outflow from investment activities was ¥137,135,346.05, compared to ¥105,406,376.25 in the previous year[64]. - The company reported a significant increase in financial expenses, totaling ¥71,441,957.40 for the current period, compared to ¥45,890,699.02 in the previous year[60]. - The company distributed dividends and profits amounting to 63,509,731.09 yuan, compared to 47,564,151.18 yuan in the previous year[68]. Other Financial Metrics - Non-recurring gains and losses totaled ¥5,286,601.08, primarily from asset disposals and government subsidies[8]. - Financial expenses rose by 34.26% to CNY 81,564,419.54, primarily due to increased interest expenses from projects[19]. - Other income increased by 151.89% to CNY 3,966,549.88, attributed to higher government subsidies received[19]. - The company reported a credit impairment loss of CNY 4.80 million for the quarter[50]. - The income tax expense for the quarter was CNY 27.38 million, compared to CNY 24.39 million in the previous year, an increase of about 12.3%[50].

Financial Performance - The company's operating revenue for the first half of 2019 was ¥283,124,252.34, representing a 6.11% increase compared to ¥266,811,256.99 in the same period last year[19]. - The net profit attributable to shareholders of the listed company was -¥37,199,519.44, a decrease of 138.54% from ¥96,533,650.87 in the previous year[19]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥42,459,141.50, a decline of 55.17% compared to -¥27,362,537.42 in the same period last year[19]. - The net cash flow from operating activities was ¥75,975,540.53, down 37.13% from ¥120,844,472.74 in the previous year[19]. - The basic earnings per share were -¥0.27, a decrease of 138.57% from ¥0.70 in the same period last year[19]. - The total assets at the end of the reporting period were ¥2,984,163,214.12, an increase of 4.20% from ¥2,863,827,356.57 at the end of the previous year[19]. - The net assets attributable to shareholders of the listed company were ¥1,103,534,795.50, reflecting a 14.87% increase from ¥960,717,662.85 at the end of the previous year[19]. - The weighted average return on net assets was -3.45%, a decrease of 14.49% from 11.04% in the previous year[19]. Revenue Sources - Revenue from the tourism sector amounted to ¥271,025,894.13, accounting for 95.73% of total revenue, with a year-on-year growth of 5.05%[46]. - The cableway segment generated ¥196,289,533.27 in revenue, which is 69.33% of total revenue, reflecting a 9.82% increase from ¥178,731,498.64 in the previous year[46]. - The scenic area revenue decreased by 11.34% to ¥49,414,300.69, down from ¥55,732,793.17 in the same period last year[47]. - The company’s seven profitable subsidiaries achieved a combined operating revenue of 261.55 million yuan, a year-on-year increase of 9.97%[33]. - The company’s net profit from these subsidiaries was 96.77 million yuan, a year-on-year increase of 10.34%[33]. Investment and Assets - The company achieved an investment income of 384.43 million RMB from the transfer of assets during the reporting period[40]. - The company’s held-for-sale assets increased by 1,045.78% as a result of reclassifying certain assets[29]. - The company’s other current assets increased by 1,101.68% mainly due to an increase in input VAT credits[29]. - The company’s investment properties decreased by 99.56% due to the transfer of certain assets to held-for-sale assets[29]. - The total actual investment across all projects reported is 35,948.78 million CNY, with a planned total investment of 40,397 million CNY[66]. Financial Strategy and Risks - The company plans not to distribute cash dividends or issue bonus shares[6]. - The company has received feedback from the China Securities Regulatory Commission regarding its non-public issuance of A shares, which is still subject to approval, indicating uncertainty in the process[5]. - The company plans to issue non-public A-shares to raise up to 54.5 million RMB for repaying long-term loans and supplementing working capital[39]. - The company faces policy risks related to tourism industry regulations, which may impact financing and project resources[71]. - Market risks are influenced by consumer behavior and economic conditions, necessitating the company to adapt its marketing strategies accordingly[71]. Social Responsibility and Community Impact - The company reported a total investment of 745.1 million yuan in poverty alleviation efforts, with an additional 2.9 million yuan in material donations[105]. - A total of 164 registered impoverished individuals were helped to escape poverty through the company's initiatives[105]. - The company has successfully helped counties such as Jiangkou and Baokang exit from poverty status, as approved by local governments[101]. - The company emphasizes sustainable development by using environmentally friendly transportation methods in its projects[102]. - The company has created numerous job opportunities through its tourism projects, significantly improving local economic conditions[100]. Corporate Governance and Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 9,257[116]. - The controlling shareholder, Wuhan Contemporary Technology Industry Group, holds 25.07% of the shares, with 34,761,295 shares pledged[116]. - The company has completed the transfer of 27,861,295 shares, representing 20.09% of the total share capital, from its controlling shareholder to another entity under the same actual controller[109]. - The company reported no cash dividends or stock bonuses for the half-year period, indicating a focus on retaining earnings[77]. - The company did not engage in any significant related party transactions during the reporting period, maintaining a focus on transparency[86]. Operational Efficiency - The company reported a gross margin of 52.21% for the tourism sector, which is an improvement of 3.39% year-on-year[48]. - The company experienced a substantial increase in cash inflow from operating activities, reflecting improved operational efficiency and revenue generation[149]. - The cash inflow from operating activities was primarily driven by receipts from other operating activities amounting to ¥322,315,860.20, compared to ¥49,777,939.12 in the previous year[149]. - The company’s management expenses increased to CNY 24,248,375.49 from CNY 18,617,356.37 year-on-year[143]. - The company has established a safety management system and a safety production committee to ensure operational safety in its cable car services[73].

Financial Performance - The company's operating revenue for the first quarter of 2019 was ¥108,524,821.52, a decrease of 1.04% compared to ¥109,670,074.96 in the same period last year[7] - The net profit attributable to shareholders of the listed company was -¥38,991,614.84, representing a decline of 41.63% from -¥27,529,808.82 year-on-year[7] - The basic earnings per share were -¥0.28, down 40.00% from -¥0.20 in the same period last year[7] - Net loss for the current period was ¥38,608,501.33, compared to a net loss of ¥28,201,310.68 in the previous period, representing a deterioration of 36.5%[44] - Operating profit for the current period is -50,387,554.14, compared to -34,205,739.62 in the previous period, representing an increase in losses of approximately 47.5%[46] - Net profit for the current period is -50,387,554.14, compared to -34,221,869.62 in the previous period, indicating a loss increase of approximately 47.5%[46] Cash Flow - The net cash flow from operating activities was -¥5,446,168.64, a significant decrease of 128.90% compared to ¥18,846,304.99 in the previous year[7] - Cash flow from operating activities for the current period is -5,446,168.64, a decrease from 18,846,304.99 in the previous period[50] - The company received 217,040,863.38 in cash from operating activities, a significant increase from 20,105,728.94 in the previous period[53] - Total cash outflow from operating activities is 91,994,532.59, compared to 88,051,613.07 in the previous period, indicating an increase in cash outflows[53] - Cash flow from investing activities for the current period is -29,712,383.99, compared to -64,894,155.91 in the previous period, showing a reduction in losses[51] - Cash inflow from financing activities totaled 160,000,000.00, while cash outflow was 222,517,239.61, resulting in a net cash flow of -62,517,239.61[54] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥3,000,708,790.42, an increase of 4.78% from ¥2,863,827,356.57 at the end of the previous year[7] - The total liabilities decreased to CNY 1,818,195,124.88 from CNY 1,887,933,458.97, indicating a reduction of about 3.7%[36] - Total operating costs increased to ¥139,890,805.24, up 12.16% from ¥124,669,669.66 in the previous period[43] - Total assets increased to ¥3,032,220,963.05, up from ¥2,652,513,630.23, reflecting a growth of 14.34%[40] - Total liabilities rose to ¥1,935,528,266.03, an increase of 10.3% from ¥1,755,130,121.07[41] - The company's total current liabilities amounted to 845,681,038.26, indicating the company's short-term financial obligations[58] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 9,065[11] - The largest shareholder, Wuhan Contemporary Technology Industry Group, held 25.07% of the shares, amounting to 34,761,295 shares, with 22,900,000 shares pledged[11] - The company did not engage in any repurchase transactions among the top 10 ordinary shareholders during the reporting period[12] Investments and Other Income - Non-recurring gains and losses totaled ¥3,302,970.43, primarily from non-current asset disposal gains and government subsidies received during the reporting period[8] - Other income increased by 404.65% to ¥1,617,254.51, mainly from higher government subsidies received[16] - Investment income improved by 134.23% to ¥755,906.77, attributed to gains from the transfer of equity in Nanzhang Real Estate Company[16] Financial Adjustments and Standards - The company adjusted its financial statements in accordance with new financial instrument standards effective from January 1, 2019[56] - The company is subject to new financial instrument standards and new lease standards, which may impact future financial reporting[63] - The first quarter report has not been audited, indicating that the financial data may be subject to further review[63]

Financial Performance - The company reported a total revenue of 1.2 billion RMB for the year 2018, representing a year-on-year increase of 15%[13]. - The net profit attributable to shareholders was 150 million RMB, an increase of 10% compared to the previous year[13]. - The company's operating revenue for 2018 was ¥648,200,560.82, representing a 20.16% increase compared to ¥539,440,636.97 in 2017[18]. - Net profit attributable to shareholders reached ¥134,726,722.18, a significant increase of 2,348.96% from ¥5,501,395.78 in the previous year[18]. - The net cash flow from operating activities was ¥248,305,221.69, up 51.24% from ¥164,181,040.76 in 2017[18]. - Basic and diluted earnings per share were both ¥0.97, a 2,325.00% increase from ¥0.04 in 2017[18]. - The total assets at the end of 2018 amounted to ¥2,863,827,356.57, a 7.17% increase from ¥2,672,184,867.32 in 2017[18]. - The company reported a gross profit margin of 55.01% for the tourism segment, which is an increase of 3.54% compared to the previous year[58]. - The company reported a significant decrease in total assets, with cash and cash equivalents accounting for 22.58% of total assets at year-end, up from 3.25% the previous year[74]. Market Expansion and Development - The company plans to expand its market presence by opening three new tourist attractions in 2019, aiming for a 25% increase in visitor numbers[13]. - The company has established a nationwide layout with tourism projects across 9 provinces, focusing on comprehensive development of tourism resources[28]. - The company is actively expanding its market presence, with Fanjingshan being recognized as a UNESCO World Heritage site and awarded a national 5A-level tourist area[44]. - The company is exploring new tourism models, such as combining tourism with sports and educational projects, to enhance visitor engagement and revenue[48]. - The company is focused on integrating scenic transportation, operations, and leisure services to create star-level tourist destination projects[92]. Investment and Financing - A non-public offering of A-shares is pending approval from the China Securities Regulatory Commission, which could raise up to 300 million RMB for expansion projects[6]. - The company is in the process of a non-public issuance of A-shares, aiming to raise up to ¥54,500,000.00, primarily for repaying long-term loans and supplementing working capital[52]. - The asset securitization plan involves the issuance of asset-backed securities totaling up to ¥800,000,000.00, with a term not exceeding 5 years[52]. - The company raised 800 million RMB through an asset-backed securities plan, which was officially established on December 11, 2018[150]. Operational Efficiency and Management - The company has optimized its organizational structure to enhance management efficiency and align with industry trends[51]. - The company has implemented measures to mitigate operational safety risks associated with its cable car services, which involve complex design and operational challenges[96]. - The company is committed to improving operational efficiency and effectiveness through standardized service processes and supplier integration[93]. - The company has established a transparent information disclosure system, adhering to legal requirements for timely and accurate reporting[196]. Social Responsibility and Community Engagement - The company donated approximately 1.84 million yuan for social welfare initiatives and actively participated in poverty alleviation efforts[136]. - The company operates tourism projects across 9 provinces, contributing to local economic development and directly creating job opportunities for impoverished populations[137]. - The company has implemented a "1+N" tourism poverty alleviation model, enhancing local infrastructure and creating employment opportunities through tourism development[138]. - The company invested a total of 6,673.8 million RMB in poverty alleviation efforts, helping 1,627 registered impoverished individuals to escape poverty[141]. Governance and Leadership - The company has a diverse board with members holding advanced degrees in economics and management, contributing to strategic decision-making[170]. - The company continues to prioritize governance and oversight with a structured board and supervisory committee[169]. - The company has seen a turnover in its executive team, with multiple resignations and appointments in late 2018 and early 2019, indicating a potential shift in strategic direction[179]. - The company is committed to maintaining a strong governance structure with independent directors and experienced management overseeing its operations[173]. Challenges and Risks - The company recognizes policy risks related to tourism and environmental regulations that could impact financing and operational performance[96]. - The company faces market risks influenced by consumer behavior and economic conditions, necessitating targeted marketing strategies[96]. - The tourism industry in China is expected to experience a slowdown in growth, with the tourism economic operation composite index showing a decline in the first half of 2018[90].

Financial Performance - Operating revenue for the reporting period was ¥236,799,928.46, representing a year-on-year growth of 32.31%[8] - Net profit attributable to shareholders was ¥62,310,527.24, up 30.91% year-on-year[8] - Net profit after deducting non-recurring gains and losses increased by 74.54% to ¥62,279,177.34[8] - Basic earnings per share rose by 32.35% to ¥0.45, while diluted earnings per share also increased by 32.35% to ¥0.45[8] - The weighted average return on net assets improved to 6.33%, up from 0.46% in the previous year[8] - The company reported a 72.14% increase in tax payments to ¥61,397,230.60, driven by higher profits[22] - The estimated net profit attributable to shareholders for 2018 is projected to be between 120 million and 150 million CNY, representing a year-on-year increase of 2,081.26% to 2,626.58%[37] - The net profit for 2017 was 5.50 million CNY, indicating significant growth in 2018[37] - The increase in profit is attributed to the transfer of equity in Xianfeng Pingba Camp Company, resulting in an investment gain of 131.71 million CNY[37] - Major profit subsidiaries have shown performance growth contributing to the overall increase in net profit[37] Asset and Liability Management - Total assets at the end of the reporting period reached ¥2,697,523,961.67, an increase of 0.95% compared to the end of the previous year[8] - Net assets attributable to shareholders increased by 19.23% to ¥984,835,118.78 compared to the previous year[8] - Cash and cash equivalents increased by 420.86% to ¥452,123,082.86, primarily due to receiving ¥342 million from the equity transfer of Xianfeng Pingba Camp[17] - Accounts receivable decreased by 36.34% to ¥6,697,124.66 as the company collected some receivables[17] - Short-term borrowings rose by 41.46% to ¥580,000,000 due to increased bank loans[17] - Prepayments increased by 74.34% to ¥16,730,177.54, attributed to refinancing and asset securitization activities[17] - The company’s minority interest decreased by 34.18% to ¥28,096,649.44 due to dividend distributions[17] Cash Flow and Investments - Net cash flow from operating activities surged by 369.57% to ¥111,265,090.79[8] - Investment income surged by 1,082.57% to ¥13,171,000 from the transfer of 100% equity in Xianfeng Pingba Camp[19] - Other cash received from operating activities increased by 2,480.33% to ¥51,418,462.51, mainly from the recovery of receivables from Xianfeng Pingba Camp[22] - The company’s cash flow from the disposal of subsidiaries increased by 462.62% to ¥334,884,069.87, reflecting the equity transfer proceeds[22] Corporate Actions and Changes - The company plans to continue its non-public issuance of A-shares, pending approval from the China Securities Regulatory Commission[24] - The company approved the transfer of 100% equity of Xianfeng Santour Tourism Development Co., Ltd. for a price of 36 million yuan[28] - The company agreed to transfer 70% equity of Wuhan Mulan Ecological Real Estate Co., Ltd. for 1,988.18 million yuan[29] - The company approved the transfer of 100% equity of Nanzhang Santour Real Estate Development Co., Ltd. for 1,124.32 million yuan[30] - The company has completed the industrial and commercial registration of the transfer of 100% equity of Xianfeng Pingbaying Company[31] - The company has canceled 4 subsidiaries and is in the process of canceling 5 more subsidiaries to reduce losses[33] Compliance and Governance - There were no overdue commitments from actual controllers, shareholders, or related parties during the reporting period[36] - The company reported no violations regarding external guarantees during the reporting period[38] - There were no non-operating fund occupations by controlling shareholders or related parties during the reporting period[39] - The company did not engage in entrusted financial management during the reporting period[40] - No research, communication, or interview activities were conducted during the reporting period[41]

Financial Performance - The company's operating revenue for the first half of 2018 was CNY 266,811,256.99, representing a 24.18% increase compared to CNY 214,866,324.32 in the same period last year[23]. - The net profit attributable to shareholders of the listed company reached CNY 96,533,650.87, a significant increase of 387.56% from a loss of CNY 33,570,432.64 in the previous year[23]. - The net cash flow from operating activities was CNY 120,844,472.74, up 123.93% from CNY 53,965,452.94 in the same period last year[23]. - Basic earnings per share improved to CNY 0.70, compared to a loss of CNY 0.24 per share in the previous year, marking a 391.67% increase[23]. - The weighted average return on net assets was 11.04%, an increase of 15.21% from -4.17% in the previous year[23]. - The company reported a total investment of 13,640.368 million yuan, with a cumulative actual investment of 941,446.06362 million yuan[69]. - The company reported a total cash inflow from financing activities of 680,850,000.00 yuan, up from 278,000,000.00 yuan in the previous period, reflecting enhanced capital raising efforts[170]. Asset Management - Total assets at the end of the reporting period were CNY 2,541,501,777.93, a decrease of 4.89% from CNY 2,672,184,867.32 at the end of the previous year[23]. - The net assets attributable to shareholders of the listed company increased to CNY 922,524,591.54, reflecting an 11.69% increase from CNY 825,990,940.67 at the end of the previous year[23]. - The company plans to reduce its asset-liability ratio from 67.49% at the end of 2017 to 62.69% by mid-2018 through asset management and repayment of bank loans[81]. - The total liabilities amounted to CNY 1,593,357,311.96, down from CNY 1,803,509,603.66, representing a decrease of 11.6%[152]. - The total liabilities to equity ratio improved, indicating a stronger financial position for future investments[152]. Revenue Sources - Revenue from the tourism sector reached CNY 257,998,403.06, an increase of 26.14% year-on-year, with a gross margin of 48.82%[58]. - Revenue from the cableway operations segment was CNY 178,731,498.64, up 29.20% year-on-year, with a gross margin of 66.49%[58]. - The revenue from the Guizhou region increased by 46.38% year-on-year, amounting to CNY 88,781,595.77, driven by a significant rise in visitor numbers[56]. - The revenue from the Shaanxi region also saw a 46.17% increase year-on-year, totaling CNY 65,063,525.82, attributed to higher visitor reception at the Huashan cableway[57]. - The company's revenue from the hot spring business surged by 146.15% year-on-year, primarily due to increased visitor numbers and marketing efforts[56]. Visitor Statistics - The total number of visitors to the Fanjing Mountain Scenic Area increased by 105,100 compared to the same period last year, resulting in both revenue and net profit growth[40]. - Huashan Cableway Company saw an increase of 240,200 visitors compared to the same period last year, leading to revenue and net profit growth[40]. - Hainan Company experienced an increase of 68,100 visitors and a rise in per capita spending, resulting in revenue and net profit growth[40]. - Lushan Sandiequan Company faced a decrease in operating days by 20 days due to heavy snowfall, but managed to achieve a nearly 20% increase in net profit despite a decline in revenue[40]. Investment and Financing - The company is in the process of a non-public issuance of A-shares, pending approval from the China Securities Regulatory Commission, which carries uncertainty[9]. - The company plans to issue asset-backed securities through a special plan with a total scale not exceeding ¥800 million[103]. - The company approved a loan guarantee of 50 million yuan for its subsidiary to secure funding from a trust company[129]. - The company has a financing lease agreement for ¥50 million with a term of 5 years, with the company providing a guarantee for the subsidiary's obligations[107]. Corporate Governance - The company plans not to distribute cash dividends or issue bonus shares for the half-year period[6]. - The company’s controlling shareholder committed to not interfere in the company's management and not to infringe on company interests during their tenure[90]. - The company’s controlling shareholder also committed to not invest in any competing businesses during their tenure[91]. - The company’s controlling shareholder pledged to increase their shareholding by at least RMB 150 million through legal means within six months starting from February 7, 2018[92]. Social Responsibility - The company has engaged in tourism poverty alleviation projects, directly employing 1,544 registered impoverished individuals[117]. - The total investment in tourism poverty alleviation projects reached 5,363 million, with three projects initiated[117]. - The company has provided vocational skills training to 470 individuals, with an investment of 264.4 million[117]. - The company has assisted 324 registered impoverished households in achieving employment[117]. - The company has been recognized for its contributions to local poverty alleviation efforts and was invited to become a vice-chair unit of the National Poverty Alleviation Office's tourism poverty alleviation promotion association[116]. Operational Challenges - The company suspended operations of its travel agency business, leading to a significant revenue decline of 61.46% in that segment[56]. - The company closed or transferred four subsidiaries and is in the process of closing five more, reducing losses by approximately ¥3 million[48]. - The company is actively researching transformation paths for scenic areas under the "de-ticket economy" initiative, following national guidelines to lower ticket prices[83]. Future Outlook - The company expects a net profit for the first nine months of 2018 to range between USD 2.1 million and USD 2.4 million, representing a year-on-year increase of 898.08% to 1,040.67%[82]. - The company anticipates continued growth in its main subsidiaries, contributing to overall profitability despite the challenges faced in the tourism industry[82]. - The company plans to continue tourism project investments and operations in 2018, aiming to create a world-class tourism destination[121].

Financial Performance - The company's operating revenue for Q1 2018 was ¥109,670,074.96, representing a 19.25% increase compared to ¥91,969,428.86 in the same period last year[8] - The net profit attributable to shareholders was a loss of ¥27,529,808.82, an improvement of 6.68% from a loss of ¥29,501,412.07 in the previous year[8] - The net cash flow from operating activities was ¥18,846,304.99, a significant increase of 242.22% compared to a negative cash flow of ¥13,251,723.06 in the same period last year[8] - The basic earnings per share improved slightly to -¥0.20 from -¥0.21, reflecting a 4.76% increase[8] - The weighted average return on net assets was -3.39%, an improvement of 0.26% from -3.65% in the previous year[8] - The company expects to turn a profit in the first half of 2018, projecting a net profit of CNY 9,500,000 to CNY 11,500,000, compared to a loss of CNY 3,357,040 in the same period last year[30] Assets and Shareholder Information - Total assets at the end of the reporting period were ¥2,660,045,526.35, a decrease of 0.45% from ¥2,672,184,867.32 at the end of the previous year[8] - The net assets attributable to shareholders decreased by 3.33% to ¥798,461,131.85 from ¥825,990,940.67 at the end of the previous year[8] - The company had a total of 7,114 ordinary shareholders at the end of the reporting period[12] - The largest shareholder, Wuhan Contemporary Technology Industry Group Co., Ltd., held 19.97% of the shares, totaling 27,697,958 shares[12] Tax and Expenses - The company reported a significant increase in tax payable, which rose by 36.29% to ¥14,247,631.88 due to increased income tax liabilities[16] - The company’s income tax expenses increased by 49.84% to CNY 11,463,281.68, attributed to higher profits from subsidiaries[18] - The company reported a significant increase in operating taxes and additional charges, totaling CNY 1,290,416.47, up 48.14% year-over-year due to new land use taxes and property taxes[18] Cash Flow and Expenditures - Cash received from operating activities decreased by 49.32% to CNY 413,044.41, primarily due to reduced government subsidies[20] - The company’s cash paid for goods and services was CNY 16,059,533.48, down 47.33% year-over-year, reflecting reduced development costs[20] Asset Management and Future Plans - Asset impairment losses were reported at CNY 1,490,988.28, a decrease of 159.86% compared to the previous year, primarily due to a reversal of bad debts from the prior period[18] - The company plans to raise up to CNY 54,500,000 through a non-public offering of A-shares to repay long-term loans and supplement working capital[22] - The company is pursuing asset securitization with a plan to issue asset-backed securities totaling up to CNY 800,000,000[23] - The company has completed the deregistration of four subsidiaries as part of its strategy to streamline operations[24]