Business Focus and Structure - The company reported a significant shift in its main business focus from bridge steel structure to education and related industries since November 2017[16]. - The company’s stock was renamed from Zhongtai Bridge to Kaiwen Education on January 24, 2018[13]. - The company’s controlling shareholder is Ba Da Chu Holdings Group Co., Ltd., which took control in July 2016[16]. - The company has a total of 12 wholly-owned subsidiaries and one controlling subsidiary in the education sector[11]. - The company’s registered capital and operational address are located in Beijing, indicating its strategic positioning in the education market[13]. - The company has established new subsidiaries, including Kaiwen Education US, Inc., and Princeton Westminster International, LLC, expanding its operational footprint[67]. - The company has established several new subsidiaries during the reporting period, including Beijing Chaoyang Kaiwen School and Hunan Kaiwen Xingyi Education Technology Co., Ltd., which have not yet commenced actual operations[97]. Financial Performance - The company does not plan to distribute cash dividends or issue bonus shares for the year[6]. - The company’s financial report is audited by Huapu Tianjian Accounting Firm, ensuring the accuracy and completeness of financial data[17]. - The company has not made any adjustments or restatements to previous years' accounting data[18]. - The company's operating revenue for 2018 was ¥241,794,253.76, a decrease of 61.01% compared to ¥620,212,284.80 in 2017[19]. - The net profit attributable to shareholders was -¥97,954,180.65, representing a decline of 521.14% from ¥23,259,140.11 in the previous year[19]. - The total assets at the end of 2018 were ¥3,808,768,547.68, reflecting a growth of 21.10% from ¥3,145,033,562.10 at the end of 2017[19]. - The net assets attributable to shareholders decreased by 4.41% to ¥2,106,414,505.27 from ¥2,203,626,501.33 in 2017[19]. - The basic and diluted earnings per share were both -¥0.20, a decline of 500.00% from ¥0.05 in 2017[19]. - The weighted average return on equity was -4.55%, down from 1.03% in the previous year[19]. - The total revenue for 2018 was approximately ¥241.79 million, a decrease of 61.01% compared to ¥620.21 million in 2017[59]. - The education sector contributed ¥208.75 million, accounting for 86.34% of total revenue, with a year-on-year increase of 127.84%[59]. - The revenue from miscellaneous fees was ¥191.24 million, representing 79.10% of total revenue, with a growth of 139.12% compared to the previous year[59]. Cash Flow and Investments - The net cash flow from operating activities improved to ¥528,848.08, a significant increase of 100.29% from -¥180,032,497.43 in 2017[19]. - Operating cash inflow decreased by 52.62% to ¥358,146,671.64 compared to ¥755,965,441.47 in the previous year[73]. - Operating cash outflow decreased by 61.79% to ¥357,617,823.56 from ¥935,997,938.90 year-on-year[73]. - Investment cash inflow dropped by 98.12% to ¥24,145,734.62 from ¥1,285,285,518.36 year-on-year[75]. - The total investment amount for the reporting period was ¥55,770,000.00, a decrease of 88.89% from ¥501,879,400.00 in the previous year[83]. - The company plans to raise up to ¥1 billion through a private placement of shares, with the funds aimed at developing a high-quality youth education platform[54]. Educational Offerings and Development - The company operates two K12 international schools in Beijing, focusing on high-quality education and various training programs[28]. - The company has established a comprehensive STEM curriculum and collaborates with multiple science museums for experiential learning[28]. - The company is expanding its sports and arts education offerings, collaborating with international institutions to enhance its program diversity[36]. - The company has developed a proprietary sports curriculum, offering specialized courses in baseball, tennis, golf, fencing, football, ice hockey, swimming, and more, tailored for students at Haidian and Chaoyang Kevin Schools[48]. - The company has introduced a comprehensive curriculum that includes IB programs, which are highly recognized by universities in North America and Europe[45]. - The company is focusing on STEM education development, collaborating with top-tier institutions to enhance its curriculum and teaching methods[49]. Market and Industry Trends - The international education sector is characterized by regional concentration, primarily in economically developed areas such as first-tier cities[30]. - The demand for international education is increasing, driven by globalization and rising household income, making it a key growth area for educational institutions[100]. - The number of international schools in China increased by 11.85% in 2018, totaling 821 schools, with private international schools surpassing public schools for the first time[100]. - The Chinese government aims for the K-12 student population to reach 212 million by 2020, indicating a significant market expansion potential[102]. - The youth sports training market in China is approximately ¥230.6 billion and is expected to continue growing[108]. Governance and Compliance - The company has committed to maintaining transparency in its financial disclosures through designated media and official websites[15]. - The company has ensured compliance with the disclosure obligations and approval procedures as mandated by relevant laws and regulations[124]. - The company has not reported any major asset or equity sales during the reporting period[94][95]. - The company has not encountered any issues regarding the management and use of raised funds, ensuring compliance with regulatory requirements[92]. - The company has confirmed that there are no significant differences between transaction prices and market reference prices[143]. Shareholder and Management Changes - The company has reported significant changes in its board and management personnel, with several key positions being filled or vacated during 2018[189]. - The company experienced a change in management, with three senior executives resigning on November 27, 2017, leading to a lock-up period for their shares[173]. - The company has a total of 12,497 common shareholders as of the end of the reporting period[177]. - The company has implemented a share lock-up policy for departing executives, restricting their share transfers for six months[173]. - The company’s governance structure includes a supervisory board with representatives from various educational backgrounds[197]. Social Responsibility and Compliance - The company emphasizes its commitment to social responsibility, focusing on stakeholder interests and educational contributions[162]. - The company maintains compliance with environmental regulations and is not classified as a key pollutant discharge unit[164]. - The company has not initiated any poverty alleviation programs during the reporting year and has no plans for future initiatives[163].

Financial Performance - Operating revenue for the period was ¥67,902,028.58, down 68.82% year-on-year[8] - Net profit attributable to shareholders was -¥19,725,912.80, a decrease of 46.13% compared to the same period last year[8] - The company reported a basic earnings per share of -¥0.0396, a decline of 43.48% year-on-year[8] - Operating revenue for the reporting period decreased by ¥291,790,003.76, a decline of 64.98%, due to the divestment of the bridge steel structure business[18] - Cash received from sales of goods and services decreased by ¥272,482,658.3, a decline of 46.17%, due to the divestment of the bridge steel structure business[19] - Cash paid for purchasing goods and services decreased by ¥304,974,284.87, a decline of 82.51%, due to the divestment of the bridge steel structure business[20] - The company expects a net loss for 2018, estimated between ¥98,000,000 and ¥85,000,000, compared to a net profit of ¥23,259,100 in 2017[27] Assets and Liabilities - Total assets increased to ¥3,786,163,555.36, a growth of 20.39% compared to the previous year[8] - Cash and cash equivalents increased by ¥547,297,906.12, a growth of 331.56% due to a bank loan of ¥1 billion received during the period[16] - Accounts receivable increased by ¥13,002,518.78, a staggering growth of 10,070.46% primarily due to increased rental income[16] - As of the end of the reporting period, accounts payable decreased by ¥376,028,823.59, a decline of 77.72%, mainly due to payments for project settlement[17] - The company’s advance receipts increased by ¥133,532,236.74, a growth of 140.06%, primarily due to the pre-collection of tuition fees for the 2018-2019 academic year[17] - The company’s long-term borrowings increased by ¥1,000,000,000, a growth of 100%, due to obtaining a long-term loan[17] - Other payables increased by ¥14,343,767.4, a growth of 47.58%, mainly due to an increase in rental deposits received[17] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 11,963[12] - The largest shareholder, Badachu Holdings Group, holds 32.60% of the shares, totaling 162,547,954 shares[12] Government Support and Future Plans - The company received government subsidies amounting to ¥595,900 during the reporting period[9] - The company plans to raise up to ¥1,000,000,000 through a non-public stock issuance to fund a high-quality youth education platform project[25]

Financial Performance - The company's operating revenue for the reporting period was ¥89,382,042.19, a decrease of 61.35% compared to ¥231,266,909.27 in the same period last year[18]. - The net profit attributable to shareholders was -¥51,679,144.94, representing a decline of 104.15% from -¥25,314,001.34 in the previous year[18]. - The basic and diluted earnings per share were both -¥0.10, a 100% decline from -¥0.05 in the same period last year[18]. - The weighted average return on net assets was -2.37%, down from -1.14% in the previous year[18]. - The company reported a significant increase in cash flow from operating activities, amounting to ¥49,228,891.98, which is a 177.66% increase compared to ¥17,729,918.34 in the previous year[53]. - The company reported a net loss of approximately ¥41.12 million for the period, compared to a net loss of ¥31.04 million in the previous period[77]. - The expected net profit for the first nine months of 2018 is projected to be between -¥75 million and -¥65 million, indicating a worsening performance compared to a net profit of -¥36.62 million in the same period of 2017[78]. - The company reported a total revenue of 15,711.36 million CNY for the first half of 2018[92]. - The total comprehensive loss for the period was -¥51,268,810.87, compared to -¥26,759,356.68 in the previous period[150]. Assets and Liabilities - The total assets at the end of the reporting period were ¥3,184,470,613.66, reflecting a 1.25% increase from ¥3,145,033,562.10 at the end of the previous year[18]. - The company's total liabilities reached CNY 1,026,255,473.86, up from CNY 933,979,332.45 at the start of the period, indicating a significant increase in liabilities[141]. - The total equity attributable to the parent company decreased to CNY 2,152,583,456.07 from CNY 2,203,626,501.33, reflecting a decline of about 2.3%[142]. - The cash and cash equivalents at the end of the reporting period were 165,757,917.4 CNY, representing 5.21% of total assets, a decrease of 2.61% from the previous year[60]. - The company's total liabilities decreased from ¥383,169,282.32 to ¥254,892,231.79, a reduction of 33.5%[149]. Investments and Acquisitions - The acquisition of Westminster Choir College and related assets from Rider University marks a strategic expansion into high-end arts education, enhancing the company's international presence[49]. - The company plans to raise up to ¥1 billion through a private placement of shares to invest in a high-quality youth education platform project[50]. - The company aims to expand its market share and brand influence through acquisitions and partnerships with renowned educational institutions, enhancing its comprehensive strength in international education[38]. - The company has established several new subsidiaries, including Kevin Education US LLC and Hunan Kevin Xingyi Education Technology Co., Ltd., although these have not yet commenced actual operations[77]. - The company’s long-term equity investments were valued at 200,861.58 CNY, representing 0.01% of total assets, with no significant changes reported[60]. Education Sector and Market Position - Kevin Education operates two K12 international schools in Beijing, focusing on cultivating students with a sense of national identity and international perspective[26]. - The company has established a comprehensive international education ecosystem, including K12 education, sports and arts training, camp education, and brand output[25]. - The education sector contributed ¥81,882,042.19, accounting for 91.61% of total revenue, with a year-on-year increase of 232.20%[56]. - The company is positioned to benefit from the increasing recognition of private education in society, as parents seek international schooling options for their children[30]. - The company focuses on K12 education, leveraging its strong reputation and quality resources in Beijing's education market, particularly through its Haidian and Chaoyang campuses[42]. Risks and Challenges - The company has detailed the major risks it will face in the future in the report[4]. - The company faces risks related to industry policy changes and market competition, which it plans to mitigate by enhancing teaching quality and monitoring regulatory developments[79][80]. - The company has not declared any cash dividends or stock bonuses for the half-year period[87]. - The half-year financial report has not been audited, indicating a potential area of concern for investors[89]. Cash Flow and Financial Management - The net cash flow from investing activities was -CNY 180,099,309.06, an improvement from -CNY 403,155,182.81 in the previous period[157]. - The net cash flow from financing activities was CNY 166,673,259.13, down 60.3% from CNY 420,561,448.23 in the previous period[157]. - The company's investment activities generated a net cash outflow of ¥180,099,309.06, a 56.97% improvement from the previous year's outflow of ¥403,155,182.81[53]. - The company has implemented a talent acquisition strategy to ensure a strong supply of qualified educators, with over 50% of teachers holding master's or doctoral degrees[51]. Shareholder Information - The total number of shares before the change was 498,566,900, with a slight decrease in restricted shares to 187,572,200[118]. - The largest shareholder, Ba Da Chu Holdings Group Co., Ltd., holds 32.60% of the shares, totaling 162,547,954 shares[125]. - The company has not issued any securities during the reporting period[123]. - The total number of ordinary shareholders at the end of the reporting period is 12,336[125]. Legal and Compliance Issues - The company is involved in a legal dispute related to a project with a claimed amount of ¥141.99 million, which is currently in the pre-trial preparation stage[91]. - The company has signed a settlement agreement with China Communications Construction Company, which limits potential liabilities from ongoing litigation[93]. - The company faced a fine of 200,000 CNY due to unauthorized construction activities related to the Kevin International School project, which has since been corrected[95]. Accounting and Financial Reporting - The financial statements are prepared based on the going concern assumption, with no identified issues affecting the company's ability to continue operations[177]. - The company adheres to the accounting standards, ensuring that financial reports accurately reflect its financial position and performance[179]. - The company follows specific accounting treatments for mergers and acquisitions, including fair value measurement for identifiable assets and liabilities[183].

Revenue and Profit - Revenue for Q1 2018 was CNY 40,492,953.37, a decrease of 54.46% compared to CNY 88,910,556.05 in the same period last year[8] - Net profit attributable to shareholders was CNY -30,106,102.86, representing a decline of 2,637.69% from CNY 1,186,358.58 year-over-year[8] - The company's operating revenue decreased by 48,417,602.68, a decline of 54.46%, primarily due to the divestiture of its bridge steel structure business[16] - The company expects a net loss for the first half of 2018, with an estimated loss between -55,000,000 and -45,000,000, compared to a net loss of -25,314,000 in the same period of 2017[24] Cash Flow and Financial Position - The net cash flow from operating activities was CNY -38,973,473.60, an improvement of 12.32% compared to CNY -44,451,239.74 in the previous year[8] - Cash and cash equivalents decreased by CNY 76,026,528.83, a decline of 46.06% due to significant payments for project costs and bank loan repayments[15] - Cash received from sales of goods and services decreased by 239,435,298.04, a decline of 92.07%, attributed to the divestiture of the bridge steel structure business[18] - Cash paid for purchasing goods and services decreased by 139,024,080.71, a decline of 93.02%, also due to the divestiture of the bridge steel structure business[18] - The company’s cash flow from financing activities saw a significant decrease in cash received from borrowings, down by 594,500,000.00, a decline of 74.87%[20] Assets and Liabilities - Total assets at the end of the reporting period were CNY 3,082,728,242.32, down 1.98% from CNY 3,145,033,562.10 at the end of the previous year[8] - The number of ordinary shareholders at the end of the reporting period was 12,698[11] - Accounts receivable increased by CNY 237,214.70, a growth of 183.72%, primarily due to increased catering service revenue[15] - Prepayments surged by CNY 2,106,145.18, a growth of 4,183.25%, mainly due to advance payments for teaching equipment[15] - Other payables increased by CNY 184,559,692.46, a rise of 629.85%, mainly due to an increase in shareholder loans[15] Expenses and Financial Performance - The weighted average return on net assets was -1.38%, down from 0.05% in the previous year[8] - The company’s financial expenses increased by 1,095,972.80, a growth of 36.76%, due to the capitalization of all borrowing interest this period[16] - The company’s tax expenses decreased by 9,597,553.54, a decline of 2909.11%, due to the recognition of deferred tax expenses based on total profit[17] - Investment income decreased by 2,341,284.43, a decline of 97.73%, mainly due to a reduction in the amount of financial products purchased[16] - Cash received from investment decreased by 492,019,909.56, a decline of 100%, as there were no financial products maturing this period[19] - The company's sales expenses increased by 2,755,705.16, a growth of 309.39%, mainly due to increased marketing efforts for school enrollment[16]

Business Focus and Structure - The company reported a shift in its main business focus from bridge steel structures to education and related industries as of November 2017[16]. - The company has undergone a name change from Jiangsu Zhongtai Bridge Steel Structure Co., Ltd. to Beijing Kaiwen Education Technology Co., Ltd. in January 2018[10]. - The company’s controlling shareholder is Ba Dazhu Holding Group Co., Ltd., which took over in July 2016[16]. - The company has a registered capital of RMB 1.2 billion[16]. - The company’s stock is listed on the Shenzhen Stock Exchange under the stock code 002659[13]. - The company has established a comprehensive service system for bridge steel structure engineering, which includes various stages from manufacturing to maintenance[30]. - The company completed the sale of 100% equity in Jiangsu Xinzhongtai Bridge Steel Structure Engineering Co., Ltd. to Tianjin Zhongjing Building Materials Co., Ltd.[56]. - The company divested its bridge steel structure business to focus resources on education and related industries, enhancing asset quality and long-term sustainability[154]. Financial Performance - The company’s operating revenue for 2017 was CNY 620,212,284.80, representing a 91.58% increase compared to CNY 322,638,521.98 in 2016[19]. - The net profit attributable to shareholders was CNY 23,259,140.11, a significant turnaround from a net loss of CNY 96,045,422.92 in 2016, marking a 124.16% improvement[19]. - The net cash flow from operating activities improved by 42.94%, reaching CNY -180,032,497.40 compared to CNY -314,860,000.70 in the previous year[19]. - The total assets decreased by 17.22% to CNY 3,145,033,562.00 from CNY 3,797,416,624.00 in 2016[19]. - The net assets attributable to shareholders slightly decreased by 1.42% to CNY 2,203,626,501.00 from CNY 2,234,753,851.00 in 2016[19]. - The company reported a non-recurring profit of CNY 105,434,986.39 in 2017, a significant recovery from a loss of CNY -4,901,184.93 in 2016[25]. - The basic earnings per share improved to CNY 0.05 from a loss of CNY -0.25 in 2016, reflecting a 120.00% increase[19]. - The company achieved an annual revenue of 620.21 million yuan and a net profit of 23.26 million yuan, representing a 124.16% increase compared to the previous year[45]. Educational Expansion and Services - The company operates two K12 international schools in Beijing, which are positioned as leaders in hardware, faculty, and teaching systems within the industry[29]. - The company plans to expand its educational ecosystem by integrating K12 education, sports training, and brand output[28]. - The company completed the acquisition of Beijing Haidian Kevin School and Beijing Kevin Zhixin Education Investment Co., significantly expanding its educational platform and services[45]. - The company focuses on K12 education, enhancing its core competitiveness with a dual-language curriculum that meets both Chinese national standards and American core curriculum standards[46]. - The company has established partnerships with world-class sports organizations, including MLB and Manchester City Football Club, to enhance its youth sports education platform[51]. - The company promotes a unique "family-style" boarding life to foster self-management and independence among students[50]. - The company has developed a comprehensive sports education industry chain, leveraging top-tier sports facilities and professional coaching[51]. - The international schools under the company offer state-of-the-art sports facilities, including a standard swimming pool and various sports courts[50]. Market Trends and Demand - The number of international schools in China reached 734, with 367 being private international schools, reflecting a growing demand for international education[35]. - The government aims for the sports industry to exceed 5 trillion yuan by 2025, promoting the development of sports education[37]. - The number of Chinese students studying abroad surpassed 600,000 in 2017, indicating a rising demand for international education services[35]. - The international school enrollment in China grew at a compound annual growth rate (CAGR) of 22% from 2009 to 2015, reaching 260,000 students by 2015[102]. - The market size of international schools in China expanded from 9.8 billion RMB in 2010 to 25.1 billion RMB in 2015, with an average annual growth rate of 21%[102]. - The international school market is projected to grow at over 10% annually, potentially reaching 43.6 billion RMB by 2020[102]. - The sports industry in China saw an annual growth rate of over 13% from 2012 to 2016, with a growth rate of 17.8% in 2016, significantly outpacing GDP growth[106]. Strategic Investments and Acquisitions - The company has made significant investments exceeding 100% of its distributable profits by acquiring 100% stakes in Beijing Kevin Zhixin Education Investment Co., Ltd. and Beijing Kevin Xuexin Sports Investment Management Co., Ltd., among others[126]. - The company is focusing on long-term investments in educational technology and consulting sectors to enhance its market position[85]. - The company is exploring further market expansion through strategic acquisitions and partnerships in the education sector[85]. - The company aims to improve its revenue streams by diversifying its investment portfolio in related industries[85]. - The company is committed to ongoing research and development in new educational technologies to stay competitive in the market[85]. Compliance and Governance - The company has fulfilled all commitments made by actual controllers, shareholders, and related parties during the reporting period[128]. - The company has ensured compliance with regulations regarding the management and use of raised funds, with no violations reported[91]. - The company has committed to linking the stock incentive plan's exercise conditions with the company's performance recovery measures[130]. - The company has ensured that no benefits are unfairly transferred to other individuals or entities, protecting the interests of shareholders[131]. - The company has actively monitored Zhongjing Building Materials to ensure compliance with payment obligations[129]. - The company has not faced any bankruptcy reorganization or delisting issues during the reporting period[144]. - The company has not reported any significant changes in its financial status that would affect its operations[144]. Shareholder and Capital Management - The controlling shareholder, Ba Da Chu Holdings Group Co., Ltd., increased its stake by acquiring 9,952,503 shares, representing 1.99% of the total shares, bringing its total ownership to 160,006,093 shares or 32.09%[178]. - The total number of shares outstanding remained at 498,566,900 shares, with no new shares issued during the reporting period[182]. - The company has not engaged in any entrusted loans during the reporting period[174]. - The company has not initiated any targeted poverty alleviation efforts nor has it planned any for the future[177]. - The company emphasizes its commitment to social responsibility, focusing on the development of leaders with a global perspective[176]. - The company reported a slight increase in the proportion of limited sale condition shares from 37.62% to 37.72%[182]. - The total number of ordinary shareholders at the end of the reporting period was 13,676, an increase from 12,698 at the end of the previous month[186].

Financial Performance - Operating revenue for the period reached CNY 217,807,165.26, representing a significant increase of 239.16% year-on-year[8] - Net profit attributable to shareholders was a loss of CNY 36,618,633.63, a decrease of 6.58% compared to the same period last year[8] - Basic earnings per share were reported at -CNY 0.07, an improvement of 36.36% compared to -CNY 0.12 in the same period last year[8] - The weighted average return on net assets was -1.67%, a decrease of 2.02% year-on-year[8] - The company reported non-recurring gains and losses totaling CNY 4,008,327.48 for the year-to-date[9] - The company reported a net loss leading to a decrease in undistributed profits by ¥61,932,634.97, a decline of 530.02%[19] - The company expects to turn a profit in 2017, with a projected net profit of 35 million yuan compared to a loss of 96.05 million yuan in 2016[28] Assets and Liabilities - Total assets increased by 15.52% to CNY 4,386,672,013 compared to the end of the previous year[8] - The company's accounts receivable decreased by ¥135,990,747.53, a decline of 37.91%, mainly due to increased collections from bridge business projects[16] - The company's inventory increased by ¥231,853,955.61, a growth of 58.68%, primarily due to new bridge projects and increased raw material stock[16] - The company's short-term borrowings increased by ¥111,200,000.00, a growth of 76.01%, due to additional loans for bridge business projects[17] - The company's goodwill increased by ¥214,366,462.77, a staggering growth of 68,693.68%, resulting from the acquisition of several subsidiaries[17] - The company's net cash received from the acquisition of subsidiaries increased by ¥139,904,172.56, a growth of 100%, due to the acquisition of equity in subsidiaries[22] Revenue and Costs - The company's operating revenue increased by ¥201,291,455.86, a growth of 81.24%, attributed to higher business volume in bridge operations and the commencement of education services[20] - The company's operating costs rose by ¥154,667,806.19, an increase of 61.4%, due to the same factors as the revenue increase[20] - The company's cash received from sales and services increased by ¥210,617,363.49, a growth of 55.49%, driven by increased collections from bridge projects and education service fees[21] Shareholder Information - The total number of shareholders at the end of the reporting period was 13,531[12] - The largest shareholder, Ba Da Chu Holdings Group, holds 32.09% of the shares, amounting to 160,006,093 shares[12] - The company did not engage in any repurchase transactions among the top shareholders during the reporting period[13] - The company’s employee compensation payable increased by ¥7,895,904.70, a growth of 197.86%, due to the addition of new subsidiaries and corresponding salary increases[18] Future Outlook - The anticipated profit includes potential gains from the sale of 100% equity in Xinzhongtai, which was approved by the board on October 16, 2017, pending shareholder approval[28] - There are uncertainties regarding the transaction related to the sale of Xinzhongtai's equity[28]

Financial Performance - The company's operating revenue for the reporting period was ¥231,266,909.27, representing a 25.99% increase compared to ¥183,562,142.41 in the same period last year[16]. - The net profit attributable to shareholders was -¥25,314,001.34, a decrease of 332.04% from -¥5,859,166.15 in the previous year[16]. - Basic and diluted earnings per share were both -¥0.05, a decline of 150.00% compared to -¥0.02 in the same period last year[16]. - The company reported a total comprehensive loss of CNY -84,690,908.75 for the current period, indicating a significant loss[196]. - The total equity attributable to shareholders at the end of the reporting period was RMB 2,207,336,000.00, reflecting a decrease of RMB 723,690,000.45 compared to the previous period[194]. Cash Flow - The net cash flow from operating activities was ¥17,729,918.34, which is a 31.24% increase from ¥13,509,798.91 in the same period last year[16]. - The net cash flow from investment activities was -¥403,155,182.81, worsening from -¥46,626,954.99 in the previous period[181]. - Cash inflow from financing activities totaled CNY 1,002,000,000.00, compared to CNY 253,784,700.95 in the previous period[181]. - The ending balance of cash and cash equivalents was CNY 149,511,505.89, up from CNY 74,494,461.92 in the previous period[181]. Assets and Liabilities - Total assets at the end of the reporting period were ¥4,457,664,870.51, reflecting a 17.39% increase from ¥3,797,416,624.93 at the end of the previous year[16]. - The company’s total liabilities at the end of the reporting period were RMB 1,763,312,000.00, reflecting a stable financial position[196]. - The total owner's equity decreased to CNY 2,468,794,323.00 from CNY 2,490,877,984.00, indicating a decrease of approximately 0.89%[187]. Business Operations - The company is actively developing two main businesses: international education and steel structure engineering, achieving significant progress in operations[24]. - The steel structure engineering business includes services such as manufacturing, transportation, and installation of bridge steel structures, with a focus on technological research and development[26]. - The company has established a comprehensive international education ecosystem, integrating physical schools, sports training, camp education, and brand output as its business model[24]. Investments and Acquisitions - The company completed the acquisition of Beijing Kaiwen Education Investment Management Co., Ltd. for a total investment of 16,520 million CNY, holding a 100% stake[52]. - The company has made a strategic investment in Beijing Haicheng Education Technology Co., Ltd., with a 20% stake and an investment of 1,000 million CNY[54]. - The company has increased its investment in the Kevin International School, leading to a rise in construction in progress[29]. Market Outlook - The international education market in China is expected to grow significantly due to rising household spending on education and a shift towards quality and internationalized education[27]. - Future outlook includes plans for further market expansion and potential mergers and acquisitions in the education sector[54]. Risk Management - The company has outlined major risks and corresponding countermeasures in the report, emphasizing the importance of investor awareness regarding investment risks[4]. - The company has enhanced risk prevention awareness by managing costs effectively and diversifying its supplier base to mitigate raw material price fluctuations[40]. Shareholder Relations - The company is focused on maintaining a strong relationship with its controlling shareholder while ensuring the protection of minority shareholder interests[86]. - The company has established a commitment to not utilize its shareholder position to seek preferential treatment in transactions with the listed company[87]. Compliance and Governance - The company has committed to strict adherence to disclosure obligations and regulatory procedures in related party transactions[88]. - The financial report was approved by the board of directors on August 4, 2017[200].

Financial Performance - The company's revenue for Q1 2017 was ¥88,910,556.05, representing a 6.72% increase compared to ¥83,313,911.18 in the same period last year[8] - Net profit attributable to shareholders was ¥1,186,358.58, a significant turnaround from a loss of ¥3,417,212.67, marking a 134.72% improvement[8] - The net cash flow from operating activities improved to -¥44,451,239.74, a 33.18% reduction in cash outflow compared to -¥66,524,286.17 in the previous year[8] - Total assets increased by 9.06% to ¥4,141,454,644.89 from ¥3,797,416,624.93 at the end of the previous year[8] - The weighted average return on net assets improved to 0.05%, up from -0.57% in the same period last year, reflecting a 0.62% increase[8] - The company reported a basic earnings per share of ¥0, recovering from a loss of ¥0.01 per share in the previous year, indicating a 100% improvement[8] Shareholder Information - The total number of shareholders at the end of the reporting period was 16,482[11] - The largest shareholder, Yada Group, holds 32.09% of the shares, amounting to 160,006,093 shares[11] - There were no significant changes in the shareholding structure or any repurchase transactions among the top shareholders during the reporting period[12] Cash Flow and Investments - The company reported non-recurring gains of ¥1,795,221.50 during the reporting period[9] - The company's cash and cash equivalents increased by ¥171,139,515.38, a growth of 63.58%, mainly due to the redemption of financial products[15] - Accounts receivable decreased by ¥129,005,702.29, a decline of 35.97%, attributed to increased project collections during the period[15] - The company reported a 100% increase in investment income, amounting to ¥2,395,550.55, primarily due to higher returns from financial products[16] - Cash received from investment increased by ¥492,019,909.56, a growth of 100%, mainly from the redemption of financial products[17] Acquisitions and Future Plans - The company plans to acquire a 20.22% stake in Beijing Wenkai Education Investment Co., Ltd. for ¥250,700,800, with funding of up to ¥250,000,000 to be raised through a private placement[18] - The company plans to assist Wenkaixing and Chaoyang Kaiwen School in obtaining necessary permits for establishing an international school, aiming for all qualifications to be secured by June 2017[24] - The company will assist in the establishment of the international school, targeting to start classes in September 2017[24] Financial Obligations and Risks - If the school fails to commence classes as scheduled, the company will pay a cash compensation of 50 million yuan within 10 working days from the occurrence of the relevant situation[24] - The company expects a net loss of between -20 million to -30 million CNY for the first half of 2017, compared to a net profit of -5.86 million CNY in the same period of 2016[27] - The increase in operating costs is primarily due to the preparatory expenses for the Chaoyang Kaiwen School, leading to higher financial expenses from shareholder loans[27] - The company plans to make a one-time compensation payment of 50 million CNY to Chaoyang Kaiwen School if the actual start of classes is delayed beyond 12 months[25] - A similar one-time compensation payment of 50 million CNY will be made if the delay exceeds 24 months[25] Compliance and Governance - The company has committed to avoiding any business activities that may compete with the listed company's operations, ensuring no direct or indirect competition[21] - The company will not engage in any related transactions that are unnecessary with the listed company and will ensure compliance with relevant laws and regulations[22] - The company has established a commitment to not utilize its shareholder position to seek preferential treatment in transactions with the listed company[22] - The company will prioritize notifying the listed company of any business opportunities that may compete with its main business[21] - The company has pledged to avoid any illegal occupation of the listed company's funds or assets[22] - The company aims to complete the non-public issuance of shares by July 30, 2015, and will ensure compliance with all relevant regulations[23] - The company has committed to ensuring that any related transactions are conducted at market fair prices to protect the interests of the listed company[23] Investor Relations - The company has conducted multiple investor relations activities, including site visits and performance briefings, throughout the reporting period[30][31] - The company has no violations regarding external guarantees during the reporting period[28] - There are no non-operating fund occupations by controlling shareholders or their affiliates during the reporting period[29] - The company has committed to maintaining substantial control over its operations and ensuring no actions detrimental to minority shareholders' interests[26]

Financial Performance - The company's operating revenue for 2016 was approximately ¥322.64 million, a decrease of 57.73% compared to ¥763.35 million in 2015[18]. - The net profit attributable to shareholders was a loss of approximately ¥96.05 million, representing a decline of 3,453.75% from a profit of ¥2.86 million in 2015[18]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of approximately ¥91.14 million, down 2,591.02% from a profit of ¥3.66 million in 2015[18]. - The basic earnings per share for 2016 was -¥0.25, a decrease of 2,600% compared to ¥0.01 in 2015[19]. - The total assets at the end of 2016 were approximately ¥3.80 billion, an increase of 48.07% from ¥2.56 billion at the end of 2015[19]. - The net assets attributable to shareholders at the end of 2016 were approximately ¥2.23 billion, up 270.21% from ¥603.64 million at the end of 2015[19]. - The net cash flow from operating activities was approximately -¥314.86 million, a decline of 280.58% from ¥174.36 million in 2015[18]. - The total non-recurring losses for the year were -4,901,184.93 CNY, highlighting the impact of various non-operational factors on the company's financial performance[25]. Business Strategy and Operations - The company has shifted its main business to dual operations in bridge steel structures and international education, adding "education information consulting" to its main business[16]. - The company is focusing on expanding its international education business, particularly through K12 international schools, leveraging resources from major shareholders to capture market opportunities[28]. - In the steel structure engineering business, the company aims to contribute to national infrastructure and is actively developing new technologies while expanding into new project areas along the "Belt and Road" initiative[30]. - The company aims to establish a K12 international school as the core of its international education strategy, focusing on both internal development and external expansion[40]. - The company plans to enhance its brand influence and market competitiveness through strategic partnerships and increased brand promotion in the steel structure sector[30]. - The company plans to actively participate in government PPP projects and expand into key investment areas along the "Belt and Road" initiative[42]. - The company is implementing a dual business model focusing on international education and steel structure engineering, aiming to enhance overall value and provide good returns to shareholders[94]. Market and Industry Trends - The international education market is expected to grow significantly due to increasing demand for quality education and the tightening of regulations on public international classes[31]. - The education sector is experiencing rapid growth, with increasing demand for high-end education and international schools in China, driven by changing family spending patterns and government policies[91]. - The sports industry is also growing, with a significant increase in sports consumption and demand for professional sports training, indicating a market potential for youth sports programs[92]. Risks and Challenges - The company has detailed the major risks it will face in the future, which can be found in the report's section on future development outlook[4]. - The company faces risks from increasing competition in the international education market, with the number of private schools rising to 162,700, an increase of 7,435 from the previous year[100]. - The company is aware of macroeconomic risks affecting the steel structure business and plans to explore PPP models and strategic partnerships to mitigate these risks[102]. - The company is addressing the risk of talent competition in the education sector by maintaining a strong position in teacher recruitment through its favorable teaching conditions and compensation levels[101]. Governance and Compliance - The company has committed to avoiding any actions that may harm the interests of minority shareholders during the reporting period[113]. - The company has ensured that independent directors have fulfilled their responsibilities and that minority shareholders have had opportunities to express their opinions[110]. - The company has maintained compliance with decision-making procedures regarding related transactions as per legal and regulatory requirements[116]. - The company emphasizes compliance with laws and regulations, maintaining transparent communication with investors, and actively managing investor relations[153]. Shareholder and Capital Structure - The company completed a non-public offering of 187,566,987 shares, enhancing its capital strength and supporting its dual business layout in bridge steel structures and international education[42]. - The company raised a total of RMB 39,390.00 million from its initial public offering, with a net amount of RMB 36,186.13 million after deducting issuance costs of RMB 3,203.87 million[79]. - The shareholding structure post-placement shows that the largest shareholder, Ba Da Chu Holdings, holds 79.78% of the subsidiary Wen Kai Xing, while the company itself holds 30.10% of the state-owned shares[156]. - The company’s stock was listed on July 20, 2016, at an issuance price of 9.33 RMB per share[164]. Employee and Management - The company has a total of 345 employees, with 205 in production, 18 in sales, 28 in technical roles, 13 in finance, and 81 in administration[192]. - The company adheres to a competitive compensation policy aligned with job value, aiming to enhance employee satisfaction and loyalty[194]. - The company conducts ongoing training programs tailored to different job roles to improve employee skills and support sustainable development[195]. - The company’s management team has seen changes, with several executives leaving their positions in 2016, including the chairman and general manager[179]. Legal and Regulatory Matters - The company is involved in a lawsuit regarding the Xi Jiang Si Qiao project, with a claim amounting to 141.9935 million yuan, which has not formed an expected liability[127]. - The company has initiated legal action against Hongyu Construction Group and others for contract termination and claims for project payments and penalties, totaling 157.1136 million yuan[128]. - The company has faced regulatory scrutiny, receiving a public reprimand from the Shenzhen Stock Exchange in July 2014 for failing to timely disclose changes in profit and loss nature for the 2013 fiscal year[187].

Financial Performance - Operating revenue for the reporting period was ¥64,220,476.26, down 71.68% compared to the same period last year[8] - Net profit attributable to shareholders of the listed company was -¥39,197,524.15, a decrease of 657.82% year-on-year[8] - The net cash flow from operating activities for the year-to-date was -¥155,556,673.20, a decline of 169.22%[8] - Basic earnings per share were -¥0.11, a decrease of 650.00% compared to the same period last year[8] - The weighted average return on net assets was -3.69%, down 415.38% year-on-year[8] - The company expects a net loss for the year 2016, projected between -85 million and -75 million RMB, compared to a net profit of 2.86 million RMB in 2015[30] - The decline in performance is attributed to unclear macroeconomic conditions, reduced government infrastructure investment, and a decrease in new orders, leading to lower revenue and net profit[30] - The company has reported a decrease in completed engineering volume, which has negatively impacted revenue and net profit[30] Assets and Shareholder Information - Total assets at the end of the reporting period reached ¥3,879,815,121.74, an increase of 51.29% compared to the previous year[8] - Net assets attributable to shareholders of the listed company amounted to ¥2,285,403,613.54, reflecting a significant increase of 278.60% year-on-year[8] - The total number of ordinary shareholders at the end of the reporting period was 12,296[11] - The largest shareholder, Badachu Holdings Group, held 30.10% of the shares, totaling 150,053,590 shares[11] - Jiangsu Huanyu Investment Development Co., Ltd. held 13.19% of the shares, with 65,771,400 shares pledged[11] Cash Flow and Expenses - The company's cash and cash equivalents increased by ¥779,989,145.94, a growth of 231.03%, primarily due to funds raised from a private placement of shares[15] - The company reported a significant increase in cash paid for purchasing goods and services, which rose by ¥235,640,291.66, a growth of 105.05%[20] - The company's accounts receivable increased by ¥1,000,000, mainly from project payments settled via notes[15] - The company's prepaid expenses rose by ¥49,397,151.21, a growth of 193.87%, due to early procurement of materials for new projects[15] - The company's deferred income tax assets increased by ¥1,471,719,838.15, a growth of 61.26%, mainly due to unutilized losses for the period[16] - The company's operating revenue decreased by ¥213,798,179.58, a decline of 46.32%, due to a reduction in new orders and completed project volumes[18] - The company's operating costs decreased by ¥150,143,055.19, a decline of 37.35%, reflecting the same reasons as the revenue decline[19] Corporate Governance and Compliance - The company has not engaged in any non-operating fund occupation by controlling shareholders or their affiliates during the reporting period[32] - There are no violations regarding external guarantees during the reporting period[31] - The company has committed to not engaging in any business that competes with its main operations, ensuring the protection of minority shareholders' interests[29] - The company has maintained compliance with its commitments regarding related party transactions and has not utilized its shareholder position to gain advantages over the market[28] - The company is committed to adhering to legal and regulatory requirements to ensure fair transactions and protect shareholder interests[28] - The company has confirmed that it will not engage in any similar business activities that could harm its main business interests[28] Business Strategy and Transition - The company completed a private placement of 187,566,987 shares, increasing registered capital to ¥498,566,987[22] - The company is transitioning its main business focus from traditional bridge steel structure to a dual focus on bridge steel structures and education[22] - The company has not conducted any research, communication, or interview activities during the reporting period[33]