Financial Performance - The company's operating revenue for 2021 was ¥1,377,358,702.34, representing a 21.97% increase compared to ¥1,129,216,378.21 in 2020[17]. - The net profit attributable to shareholders for 2021 was ¥111,513,292.83, an increase of 10.30% from ¥101,096,013.50 in 2020[17]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥105,662,155.26, up 4.67% from ¥100,946,485.90 in 2020[17]. - The basic earnings per share for 2021 was ¥0.88, down 11.11% from ¥0.99 in 2020[17]. - The total assets at the end of 2021 were ¥2,336,684,603.34, an increase of 18.90% from ¥1,965,222,873.28 at the end of 2020[17]. - The weighted average return on net assets for 2021 was 8.50%, a decrease of 5.42% from 13.92% in 2020[17]. - The company reported a gross margin of 22.08% for the geotechnical engineering segment, which decreased by 2.65% compared to the previous year[67]. - The company achieved a total operating revenue of ¥1,377,358,702.34 in 2021, representing a year-on-year growth of 21.97% compared to ¥1,129,216,378.21 in 2020[57][64]. - The company reported a total revenue of 1,310.01 million in 2020, which increased to 1,698.18 million in 2021, representing a growth of approximately 29.6% year-over-year[148]. - The company reported a total revenue of 1.5 billion RMB for the fiscal year 2021, representing a year-over-year growth of 15%[158]. Cash Flow and Investments - The net cash flow from operating activities for 2021 was -¥153,392,685.19, a significant decrease compared to ¥11,909,824.02 in 2020, reflecting a decline of 1,387.95%[17]. - The net cash flow from operating activities showed a significant turnaround in the fourth quarter, reaching ¥200,926,061.65 after negative cash flows in the first three quarters[22]. - Investment cash inflow surged by 80.86% to ¥1,291,862,195.18, with net cash flow from investment activities at ¥87,115,247.87, an increase of 182.39% compared to the previous year[92][93]. - Financing cash inflow dropped by 91.41% to ¥60,891,446.04, leading to a net cash flow from financing activities of ¥16,396,883.39, a decrease of 97.64% year-on-year[92][93]. - The total investment during the reporting period was CNY 116,801,973.47, reflecting a 3.43% increase compared to the previous year[102]. - The company raised CNY 73,270.19 million through its initial public offering, with a net amount of CNY 66,691.35 million after deducting issuance costs[109]. Business Operations and Market Position - The company has established a strong competitive advantage across over 20 provinces and municipalities in China, leveraging its technical expertise and brand influence[36]. - The company's main business includes geotechnical engineering and environmental remediation, providing comprehensive solutions across various sectors such as construction, transportation, and environmental engineering[38]. - The company has expanded its operations to over 20 provinces and municipalities across China, enhancing its national presence in the geotechnical engineering sector[56]. - The geotechnical engineering segment accounted for 97.83% of total revenue, with a revenue increase of 21.25% compared to the previous year[67]. - The environmental remediation segment saw significant growth, with revenue increasing by 117.12% year-on-year, reaching CNY 27.35 million[65]. - The company is positioned to benefit from the ongoing trends in infrastructure development and environmental remediation, as highlighted in the "14th Five-Year Plan" which emphasizes investment in these sectors[29]. Research and Development - The company invested ¥46,668,000 in research and development, accounting for 3.39% of total operating revenue, focusing on advanced geotechnical engineering technologies[60]. - The company holds a total of 495 patent applications, with 232 patents granted, including 30 invention patents and 202 utility model patents[60]. - The company has increased its R&D investment, resulting in multiple patent applications and participation in the formulation of national and industry standards[36]. - The company is developing a high-efficiency composite pile technology aimed at reducing costs and construction time, enhancing its competitive edge in the market[85]. - A new high-pressure jet grouting technology is being researched to improve construction quality and speed, addressing challenges in soft soil conditions[85]. - The company plans to strengthen its R&D capabilities, focusing on information technology, digitalization, and artificial intelligence to enhance core competitiveness[125]. Governance and Compliance - The company has established a comprehensive governance structure, ensuring compliance with legal requirements and protecting shareholder interests[135]. - The board of directors consists of 9 members, including 3 independent directors, ensuring a balanced governance structure[136]. - The company maintains independence from its controlling shareholder in all operational aspects, ensuring autonomous business operations[140]. - The company has established an independent financial department with a complete financial accounting system, ensuring no part-time roles in related enterprises[144]. - The company has independent control over its main assets, with no instances of asset occupation by controlling shareholders or related parties[142]. - The company has established a robust governance structure to ensure fair and equitable treatment of all shareholders[199]. Employee Development and Compensation - The company has established a comprehensive talent development program through the Zhongyan Academy, including various training plans for different employee levels[176]. - The company has implemented a stock incentive plan, granting 1.51 million restricted shares to 59 employees, including senior and middle management[183]. - The total remuneration for directors, supervisors, and senior management during the reporting period amounted to CNY 3.9199 million[162]. - The company has a structured training program for new employees, including a 60-day on-the-job online mentoring[176]. - The company has a digital learning platform to enhance employee skills and knowledge through online resources and community interaction[177]. Challenges and Risks - The company faces challenges such as a relatively single financing channel, which may impact its ability to undertake large-scale projects[36]. - The company anticipates ongoing adjustments in the real estate sector, which may negatively impact its operating performance, and plans to adapt its strategies accordingly[128]. - Rising prices of raw materials and labor could affect the company's operating performance, prompting it to enhance market monitoring and implement centralized procurement strategies[130]. - The company is experiencing an increase in accounts receivable, which may pose risks of bad debts, and is focusing on strengthening project risk assessments and credit management[131]. Future Outlook - Future performance guidance indicates a positive outlook, with expectations for continued revenue growth and market expansion in the coming years[149]. - The company expects a revenue growth forecast of 10% for the next fiscal year, targeting 1.65 billion RMB[158]. - The company plans to expand its market presence in Southeast Asia, aiming for a 30% increase in market share within the next two years[158]. - A strategic acquisition of a local engineering firm is anticipated to be completed by Q3 2022, which is expected to add 200 million RMB in annual revenue[158].

Revenue and Profitability - The company's revenue for Q3 2021 reached ¥356,315,462.32, representing a 20.38% increase year-over-year[2] - Net profit attributable to shareholders decreased by 10.47% to ¥19,179,317.64 for the quarter, and by 14.52% to ¥73,872,492.50 for the year-to-date[2] - The basic earnings per share (EPS) fell by 34.79% to ¥0.15 for the quarter and by 36.96% to ¥0.58 year-to-date[2] - Total operating revenue for Q3 2021 reached CNY 1,023,807,743.70, an increase of 27.4% compared to CNY 803,493,198.42 in the same period last year[21] - Net profit for Q3 2021 was CNY 73,719,832.23, a decrease of 14.1% from CNY 85,817,446.18 in Q3 2020[22] - Basic and diluted earnings per share were both CNY 0.58, down from CNY 0.92 in the previous year[23] - The total comprehensive income for the period was CNY 73,833,204.58, down from CNY 85,514,271.19 in the same quarter last year[22] Assets and Liabilities - Total assets increased by 9.35% to ¥2,148,924,917.86 compared to the end of the previous year[2] - As of September 30, 2021, total assets reached CNY 2,148,924,917.86, an increase from CNY 1,965,222,873.28 at the end of 2020, reflecting a growth of approximately 9.3%[17] - The total liabilities increased to CNY 825,008,457.53, compared to CNY 685,912,708.14 in the previous year, reflecting a growth of 20.3%[22] - Total current liabilities increased to CNY 1,020,000,000.00, up from CNY 607,000,000.00, reflecting a growth of approximately 68%[18] - The total equity attributable to shareholders reached CNY 1,319,854,902.90, an increase of 3.1% from CNY 1,275,209,959.14 year-over-year[22] Cash Flow - Cash flow from operating activities showed a negative net amount of -¥354,318,746.84, a decline of 192.77% year-over-year[8] - Cash flow from operating activities was CNY 670,010,069.51, slightly up from CNY 665,573,045.47 in the same period last year[24] - The net cash flow from operating activities was -354,318,746.84 CNY, compared to -121,021,695.10 CNY in the previous year, indicating a decline in operational cash flow[25] - The company reported a total cash outflow from operating activities of 1,024,328,816.35 CNY, compared to 786,594,740.57 CNY in the previous year[25] - The ending balance of cash and cash equivalents was 517,039,005.15 CNY, down from 829,833,217.70 CNY year-over-year[26] - The company experienced a net decrease in cash and cash equivalents of -374,865,627.97 CNY during the quarter[25] Investments and Expenses - The company recorded a 166.52% rise in investment income to ¥3,593,617.26, driven by higher returns from financial products[8] - Management expenses surged by 115.93% to ¥46,374,029.37, primarily due to increased salaries and stock incentive costs[8] - Research and development expenses were CNY 38,318,290.38, compared to CNY 36,130,269.25 in the previous year, indicating a 6.1% increase[21] - The company reported a credit impairment loss of CNY -36,730,365.15, worsening from CNY -32,433,806.95 in the previous year[22] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 15,558[10] - The company completed the first grant of restricted stock for equity incentives on April 23, 2021, raising CNY 18,004,800.00 in capital[12] - The registered capital was increased from CNY 97,175,312 to CNY 127,537,903 following the completion of the capital increase and stock distribution[14] Other Financial Information - The company experienced a 151.90% increase in short-term borrowings, totaling ¥40,230,165.16, due to increased bill discounting and transfers[8] - The company reported a significant increase in contract assets, up 83.32% to ¥481,374,332.96, attributed to completed but unsettled contracts[7] - The company reported a significant increase in contract assets to CNY 481,374,332.96 from CNY 262,582,209.12, representing a growth of approximately 83.2%[18] - The company’s short-term borrowings rose to CNY 40,230,165.16 from CNY 15,970,484.40, an increase of about 151.5%[18] - The third quarter report was not audited, which may affect the reliability of the financial data presented[28] - The company did not require adjustments to the balance sheet for the new leasing standards as there were no significant leasing activities[27]

Financial Performance - The company's operating revenue for the first half of 2021 was ¥667,492,281.38, representing a 31.53% increase compared to ¥507,499,325.55 in the same period last year[21]. - The net profit attributable to shareholders of the listed company decreased by 15.85% to ¥54,693,174.86 from ¥64,995,802.75 in the previous year[21]. - The net profit after deducting non-recurring gains and losses fell by 22.86% to ¥49,739,170.26 compared to ¥64,482,636.94 in the same period last year[21]. - Basic earnings per share decreased by 21.74% to ¥0.54 from ¥0.69 in the same period last year[21]. - The total profit for the first half of 2021 was ¥61,187,395.21, down 19.3% from ¥75,795,237.41 in the same period of 2020[148]. - The company reported a net profit of 30.36 million yuan for the first half of 2021, which is a decrease of 34.98 million yuan compared to the same period last year[169]. Cash Flow and Liquidity - The net cash flow from operating activities was negative at -¥277,240,228.15, a decline of 169.07% from -¥103,038,140.36 in the previous year[21]. - Cash and cash equivalents decreased by 40.25% to CNY 537,108,397, primarily due to increased capital investment for business expansion[55]. - The company's cash and cash equivalents decreased to ¥533,268,248.51 from ¥895,289,421.59 at the end of 2020, representing a decline of 40.5%[140]. - The company reported a net decrease in cash and cash equivalents of -365,803,673.31 CNY for the first half of 2021, compared to -96,889,647.45 CNY in the same period of 2020, highlighting cash management issues[157]. Assets and Liabilities - Total assets at the end of the reporting period were ¥2,086,288,743.16, an increase of 6.16% from ¥1,965,222,873.28 at the end of the previous year[21]. - The total liabilities rose to CNY 783,948,623.30 from CNY 685,912,708.14, indicating an increase of approximately 14%[136]. - The company's total liabilities at the end of the reporting period were 435.08 million yuan, indicating a manageable debt level[169]. Investment and R&D - Research and development expenses rose by 86.22% to ¥30,988,453.05, reflecting the company's increased investment in R&D[44]. - The company reported a significant increase in research and development expenses, which rose to ¥30,988,453.05 from ¥16,640,973.49 in the previous year, marking an increase of 86.1%[143]. - The company plans to continue investing in new technologies and market expansion strategies to drive future growth[168]. Market and Competitive Position - The company has a strong competitive advantage in providing comprehensive geotechnical engineering solutions across various sectors[28]. - The company’s core business includes geotechnical engineering and environmental remediation services, catering to diverse industries[28]. - The company emphasizes a unified procurement strategy for high-cost materials, ensuring quality control in construction projects[31]. Shareholder and Equity Information - The company plans not to distribute cash dividends or issue bonus shares[6]. - The company's equity increased by 31.25% to CNY 127,537,903, mainly due to stock incentives and capital reserve transfers[56]. - Major shareholder Wang Lijian holds 27.05% of the shares, totaling 34,504,227 shares[121]. Risks and Challenges - The company is facing risks related to macroeconomic policy changes, particularly due to its reliance on the real estate sector for revenue[69]. - Increased competition in the geotechnical engineering market is anticipated, prompting the company to enhance R&D investments and talent acquisition[71]. - Rising prices of raw materials and labor could impact operational costs, leading the company to implement centralized procurement strategies[72]. Corporate Governance and Compliance - The company did not experience any major litigation or arbitration matters during the reporting period[94]. - There were no significant environmental penalties or issues reported during the period[85]. - The company has not engaged in any related party transactions during the reporting period[96].

Financial Performance - The company's revenue for Q1 2021 was ¥235,470,224.15, representing a 123.83% increase compared to ¥105,202,326.87 in the same period last year[8] - Net profit attributable to shareholders was ¥15,769,865.00, up 24.00% from ¥12,717,412.77 year-over-year[8] - The net profit excluding non-recurring gains and losses was ¥14,932,046.89, reflecting a 16.60% increase from ¥12,806,699.76 in the previous year[8] - The company's operating revenue increased by 123.83% to ¥235,470,224.15, driven by expanded scale and increased output[19] - The net profit for the first quarter of 2021 was CNY 16,315,258, an increase of 20.7% compared to CNY 13,510,584.86 in the same period last year[54] - Operating profit reached CNY 16,703,787.49, up from CNY 15,194,143.61, reflecting a growth of 9.9% year-over-year[54] - The company reported a total comprehensive income of CNY 16,315,258 for the quarter, compared to CNY 13,510,584.86 in the same quarter last year[55] Cash Flow - The net cash flow from operating activities was -¥218,551,715.90, a decline of 30.09% compared to -¥168,000,419.51 in the same period last year[8] - Cash flow from operating activities showed a net outflow of CNY -218,551,715.90, worsening from CNY -168,000,419.51 in the prior year[58] - The net cash flow from financing activities increased by 173.04% to ¥30,289,824.56, mainly due to the receipt of stock incentive subscription funds[22] - The net cash flow from financing activities was CNY 30,289,824.56, an increase from CNY 11,093,613.99 in the previous year[59] - The net increase in cash and cash equivalents was -240,135,618.36 CNY, compared to -206,519,415.84 CNY in the same period last year[62] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,877,871,334.00, down 4.44% from ¥1,965,222,873.28 at the end of the previous year[8] - The company's total assets were CNY 1,875,111,307.45, a decrease from CNY 1,960,581,028.07 in the previous period[46] - The total liabilities decreased to CNY 563,979,022.71 from CNY 683,768,801.33, showing a reduction of about 17.5%[46] - The total current liabilities decreased to ¥560,191,431.22 from ¥680,847,435.33, indicating a reduction of approximately 17.7%[42] Shareholder Information - The company reported a total of 17,133 common shareholders at the end of the reporting period[12] - The largest shareholder, Wang Lijian, holds 27.39% of the shares, totaling 26,617,257 shares[12] - The company plans to distribute a cash dividend of ¥3.6 per 10 shares, totaling ¥34,983,112.32, based on the total share capital of 97,175,312 shares[25] Research and Development - Research and development expenses surged by 181.57% to ¥19,801,894.01, reflecting the company's increased investment in R&D[19] - Research and development expenses for the quarter were CNY 19,801,894.01, compared to CNY 7,032,671.26 in the previous year, representing an increase of about 182.5%[49] - The company has not engaged in any major research and development activities or new product launches during the reporting period[35] Other Financial Metrics - The basic earnings per share decreased by 5.88% to ¥0.16 from ¥0.17 in the same period last year[8] - The weighted average return on equity was 1.23%, down 1.24% from 2.47% in the previous year[8] - The company's cash and cash equivalents decreased to ¥659,584,026.14 from ¥898,942,890.78, representing a decline of about 26.6%[40] - The company's inventory increased to ¥32,705,203.59 from ¥22,913,697.64, reflecting an increase of approximately 42.7%[40] - The company's accounts receivable increased to ¥504,255,143.83 from ¥520,104,896.08, showing a slight decrease of about 3.4%[40]

Financial Performance - The company's operating revenue for 2020 was ¥1,129,216,378.21, representing a 10.31% increase compared to ¥1,023,649,164.20 in 2019[14] - The net profit attributable to shareholders for 2020 was ¥101,096,013.50, a decrease of 21.34% from ¥128,515,100.79 in 2019[14] - The net cash flow from operating activities was ¥11,909,824.02, down 87.65% from ¥96,449,854.79 in the previous year[14] - The basic earnings per share for 2020 was ¥1.28, a decline of 27.27% compared to ¥1.76 in 2019[14] - Total assets at the end of 2020 reached ¥1,965,222,873.28, an increase of 81.04% from ¥1,085,544,558.07 at the end of 2019[14] - The net assets attributable to shareholders increased by 150.53% to ¥1,275,209,959.14 from ¥509,012,641.67 in 2019[15] - Total revenue for the year was approximately 1.83 billion yuan, with a quarterly breakdown of 105.20 million yuan in Q1, 402.30 million yuan in Q2, 295.99 million yuan in Q3, and 325.72 million yuan in Q4[18] - Net profit attributable to shareholders for the year was approximately 101.10 million yuan, with quarterly figures of 12.72 million yuan in Q1, 52.28 million yuan in Q2, 21.42 million yuan in Q3, and 14.68 million yuan in Q4[18] Market and Industry Overview - The construction industry in China saw a total output value of 26.39 trillion yuan in 2020, representing a year-on-year growth of 6.2%[24] - The total value of new contracts signed in the construction industry reached 32.52 trillion yuan in 2020, reflecting a year-on-year increase of 12.4%[24] - The soil remediation engineering market maintained a stable scale of around 10 billion yuan, with 668 new projects initiated in 2020, totaling approximately 10.30 billion yuan[27] - The company operates in the geotechnical engineering and environmental remediation sectors, providing comprehensive solutions including design, consulting, and construction services[23] Research and Development - The company invested a total of 66.61 million yuan in R&D, accounting for 5.9% of total operating revenue, with a year-on-year increase of 99.13%[68] - The company applied for 118 national patents and was granted 46, including 8 invention patents and 38 utility model patents during the reporting period[32] - The company has developed several core technologies, including complex engineering calculation analysis technology and pollution site remediation technology, which have been successfully applied in various projects[60] - The company has launched the "Smart Geotechnics Safety Monitoring Management Cloud Platform," enhancing project management capabilities through automation and real-time data monitoring[69] Business Strategy and Growth - The company has established long-term partnerships with well-known real estate companies such as Vanke, China Resources, and China State Construction, enhancing its market share and customer loyalty[32] - The company is positioned in the environmental remediation industry, which is expected to grow significantly due to increasing government focus on ecological protection and pollution prevention[35] - The company aims to enhance its R&D capabilities and attract high-end talent through strategic adjustments in project locations[120] - The company plans to strengthen its new business areas, particularly in environmental remediation and urban underground space development, with a focus on providing integrated solutions for soil and groundwater pollution[132] Financial Management and Investments - Cash and cash equivalents increased by 192.44% compared to the beginning of the period, mainly due to funds raised from the initial public offering[50] - The company has established a dedicated account for the storage of raised funds, ensuring proper management and oversight[117] - The total amount raised from the public offering was ¥73,270.19 million, with a net amount of ¥66,691.35 million after deducting issuance costs of ¥6,578.84 million[116] - The company has committed to several investment projects, with a total committed investment of ¥66,691.35 million, of which ¥46,484.09 million has been utilized[119] Risk Management - The company has outlined potential risks and countermeasures in its future development outlook, emphasizing the importance of risk awareness for investors[4] - The company faces challenges such as a relatively single financing channel, which may impact its ability to undertake large-scale projects[36] - The company recognizes the risk of revenue dependency on the real estate sector, which constitutes a significant portion of its income, and plans to diversify its business to mitigate this risk[136] Corporate Governance and Compliance - The company has established a governance structure that protects the rights of shareholders and creditors, ensuring fair and transparent information disclosure[192] - The company has not engaged in any significant related party transactions during the reporting period[179] - The company has committed to transparency and accountability in its financial disclosures and actions regarding shareholding intentions[159] Shareholder Relations and Dividends - The company plans to distribute a cash dividend of 3.6 CNY per 10 shares, totaling 34,983,112.32 CNY (including tax) for the fiscal year 2020[153] - The cash dividend distribution represents 34.60% of the net profit attributable to shareholders for 2020, which was 101,096,013.50 CNY[150] - The company has maintained a consistent cash dividend policy over the past three years, with the 2018 cash dividend being 9,037,304 CNY, which was 9.84% of that year's net profit[150] Environmental and Social Responsibility - The company emphasizes environmental protection by adopting the ISO9001 environmental management system and aims for harmonious coexistence with nature[195] - In response to the COVID-19 pandemic, the company donated over 200,000 medical supplies for epidemic prevention[196] - The company implements various pollution control measures at construction sites, including dust suppression and wastewater treatment[198][199]

Financial Performance - Operating revenue for the current period was CNY 295,993,872.87, a 22.75% increase year-on-year[7] - Net profit attributable to shareholders decreased by 4.84% to CNY 21,421,190.72 compared to the same period last year[7] - Basic earnings per share for the current period was CNY 0.2939, a decrease of 4.83% year-on-year[7] - The company reported a 31.26% increase in undistributed profits, reaching ¥362,856,359.73, driven by increased net profit[15] - Net profit for Q3 2020 was CNY 21,172,845.67, compared to CNY 22,475,924.34 in Q3 2019, reflecting a decrease of approximately 5.8%[40] - The total profit for the period was ¥23,202,089.60, down from ¥26,866,906.19, indicating a decrease of about 13.0%[44] - The total comprehensive income for the quarter was CNY 20,761,369.62, down from CNY 22,419,171.05 in the same period last year[41] - The total comprehensive income for the period was ¥21,817,071.85, slightly lower than ¥22,757,504.99 from the previous period[48] Assets and Liabilities - Total assets increased by 72.08% to CNY 1,868,007,155.76 compared to the end of the previous year[7] - Total current assets reached ¥1,710,132,958.67, compared to ¥955,483,102.64 at the end of 2019, reflecting a growth of approximately 79%[30] - Total liabilities increased to ¥601,918,028.55 from ¥574,433,530.95, which is an increase of about 4.3%[32] - Total liabilities rose to CNY 599,934,947.66, compared to CNY 569,482,549.88 in the previous year[36] - Total liabilities amounted to CNY 569,482,549.88, with current liabilities at CNY 563,423,179.36[67] Cash Flow - Net cash flow from operating activities was negative CNY 17,983,554.74, a 21.42% decrease compared to the same period last year[7] - Cash inflow from operating activities totaled ¥665,573,045.47, up from ¥561,796,416.12 in Q3 2019, reflecting a growth of approximately 18.5%[55] - The net cash flow from operating activities was -¥121,021,695.10, worsening from -¥81,874,154.88 in Q3 2019[55] - Cash inflow from financing activities reached ¥705,388,919.04, significantly higher than ¥9,904,702.12 in the same period last year[56] - The net cash flow from financing activities was ¥703,941,911.74, a substantial improvement from -¥505,661.95 in Q3 2019[56] Shareholder Information - The total number of shareholders at the end of the reporting period was 53,092[11] - The top three shareholders held a combined 52.12% of the shares, with the largest shareholder holding 27.39%[11] Research and Development - Research and development expenses surged by 86.98% to ¥36,130,269.25, reflecting higher investment in R&D[16] - Research and development expenses for the quarter were CNY 19,489,295.76, a substantial increase from CNY 4,214,438.70 in the same quarter last year[39] Financial Management - The company reported no overdue or unrecoverable amounts in its entrusted financial management activities, indicating a stable financial management strategy[24] - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties during the reporting period, ensuring financial integrity[25] - The company has a total of ¥13,000,000 in entrusted financial management, with a remaining balance of ¥4,000,000, indicating active management of financial resources[24] Changes in Accounting Standards - The company adopted new revenue and leasing standards starting January 1, 2020, impacting the classification of certain assets and liabilities[69] - The company has implemented a new accounting standard from January 1, 2020, affecting the classification of certain assets and liabilities, specifically reclassifying completed but unbilled assets to contract assets[64]