二〇二二年九月 安信证券股份有限公司 关于 君亭酒店集团股份有限公司 2022 年度向特定对象发行 A 股股票 之 发行保荐书 保荐机构（主承销商） （深圳市福田区福田街道福华一路 119 号安信金融大厦） 君亭酒店集团股份有限公司向特定对象发行股票 发行保荐书 声 明 安信证券股份有限公司（以下简称"安信证券"、"保荐机构"、"本机构"） 接受君亭酒店集团股份有限公司（以下简称"君亭酒店"、"发行人"、"公司"） 的委托，就发行人 2022 年度向特定对象发行股票事项（以下简称"本次发行"） 出具本发行保荐书。 保荐机构及其保荐代表人根据《中华人民共和国公司法》（以下简称"《公司 法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《创业板上市公司证 券发行注册管理办法（试行）》（以下简称"《注册办法》"）等有关法律、法规和 中国证券监督管理委员会（以下简称"中国证监会"）的有关规定，诚实守信， 勤勉尽责，严格按照依法制订的业务规则、行业执业规范和道德准则出具本发行 保荐书，并保证所出具文件的真实性、准确性和完整性。 除非文中另有所指，本发行保荐书中所使用的词语释义与《君亭酒店集团股 份有限公司 ...

安信证券股份有限公司 关于 君亭酒店集团股份有限公司 2022 年度向特定对象发行 A 股股票 之 上市保荐书 保荐机构（主承销商） （深圳市福田区福田街道福华一路 119 号安信金融大厦） 二〇二二年九月 君亭酒店集团股份有限公司向特定对象发行股票 上市保荐书 声 明 安信证券股份有限公司（以下简称"安信证券"、"保荐机构"、"本机构"） 接受君亭酒店集团股份有限公司（以下简称"君亭酒店"、"发行人"、"公司"） 的委托，就发行人 2022 年度向特定对象发行 A 股股票事项（以下简称"本次发 行"）出具本上市保荐书。 保荐机构及其保荐代表人根据《中华人民共和国公司法》（以下简称"《公司 法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《创业板上市公司证 券发行注册管理办法（试行）》（以下简称"《注册办法》"）等有关法律、法规和 中国证券监督管理委员会（以下简称"中国证监会"）的有关规定，诚实守信， 勤勉尽责，严格按照依法制订的业务规则、行业执业规范和道德准则出具本上市 保荐书，并保证所出具文件的真实性、准确性和完整性。 除非文中另有所指，本上市保荐书中所使用的词语释义与《君亭酒店集团股 份有 ...

君亭酒店集团股份有限公司 2022 年半年度报告全文 君亭酒店集团股份有限公司 2022 年半年度报告 2022-050 2022 年 8 月 27 日 1 君亭酒店集团股份有限公司 2022 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人吴启元、主管会计工作负责人张勇及会计机构负责人(会计主 管人员)姜普婧声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 1、局部地区疫情反复风险：若疫情反复影响商旅需求，防控措施升级加 大人员流动难度，预计公司旗下酒店经营将持续受到压制。 2、委托管理扩张不及预期风险：若宏观经济影响投资回报预期，公司委 托管理扩张可能不及预期，进而影响公司收入。 3、房租及人力成本上涨压缩利润风险：一、二线城市房租及人力成本不 断上涨，公司旗下直营酒店业务占比大，房租及人力成本上涨将显著压缩公 司门店层面经营利润，进而影响公司整体业绩。 4、市场竞争加剧风险：若公司在激烈的市场 ...

Important Notes, Table of Contents, and Definitions [Important Notes](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The Board of Directors, Supervisory Board, and senior management guarantee the report's accuracy, outlining key risks and approving a profit distribution plan including a cash dividend and bonus shares - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the annual report content[3](index=3&type=chunk) - During the reporting period, the company faced five major risks including recurring local epidemics, slower-than-expected expansion of entrusted management, rising rent and labor costs, intensified market competition, and valuation differences[4](index=4&type=chunk) - The profit distribution plan approved by the Board of Directors proposes a cash dividend of **5.00 CNY (tax inclusive)** per 10 shares and a bonus issue of **5 shares** for every 10 shares, based on a total share capital of **80,540,000 shares**[5](index=5&type=chunk)[6](index=6&type=chunk) [Table of Contents](index=4&type=section&id=%E7%9B%AE%E5%BD%95) This section outlines the annual report's overall structure, detailing its ten main chapters from company profile to financial reports - The report is divided into ten main chapters, covering key information such as company operations, financials, governance, and future outlook[8](index=8&type=chunk) [Definitions](index=6&type=section&id=%E9%87%8A%E4%B9%89) This section defines key terms used throughout the report, including company names, financial metrics, and regulatory bodies, to ensure clear understanding - The report defines key hotel industry metrics such as **GOP (Gross Operating Profit)**, **OCC (Occupancy Rate)**, **ADR (Average Daily Rate)**, and **RevPAR (Revenue Per Available Room)** to aid in understanding the company's operational performance[13](index=13&type=chunk)[14](index=14&type=chunk) Company Profile and Key Financial Indicators [Company Information](index=8&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section provides Zhejiang Junting Hotel Management Co., Ltd.'s basic registration details, including stock information, legal representative, and contact addresses - The company's stock abbreviation is "Junting Hotel", stock code is **301073**, and legal representative is Wu Qiyuan[17](index=17&type=chunk) [Contacts and Contact Information](index=8&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides contact details for the Board Secretary and Securities Affairs Representative, facilitating communication with investors and stakeholders - The Board Secretary is Shi Chenning, the Securities Affairs Representative is Zhou Zhiyi, and the contact telephone number for both is **0571-86750888**[18](index=18&type=chunk) [Information Disclosure and Document Availability](index=8&type=section&id=%E4%B8%89%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9) This section specifies the official disclosure platforms for the annual report and its availability at the company's Board of Directors Office - The company's annual report is disclosed on the Shenzhen Stock Exchange website (http://www.szse.cn) and Juchao Information Network (http://www.cninfo.com.cn)[19](index=19&type=chunk) [Other Relevant Information](index=9&type=section&id=%E5%9B%9B%E3%80%81%E5%85%B6%E4%BB%96%E6%9C%89%E5%85%B3%E8%B5%84%E6%96%99) This section discloses information regarding the appointed accounting firm and the sponsor institution, including their details and signing professionals - The company appointed Zhong Shen Zhong Huan Certified Public Accountants (Special General Partnership) for auditing, with signing accountants Lin Jun and Huang Wei[20](index=20&type=chunk) - The company appointed Essence Securities Co., Ltd. as the sponsor institution, with sponsor representatives Zhan Ruifeng and Peng Guojun, for a continuous supervision period from September 30, 2021, to December 31, 2023[20](index=20&type=chunk) [Key Accounting Data and Financial Indicators](index=9&type=section&id=%E4%BA%94%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In 2021, operating revenue grew by **8.39%** to **277.51 million CNY**, and net profit attributable to shareholders increased by **5.28%** to **36.92 million CNY**, alongside significant growth in cash flow, total assets, and net assets 2021 Key Accounting Data and Financial Indicators | Indicator | 2021 (CNY) | 2020 (CNY) | YoY Change | 2019 (CNY) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 277,510,567.12 | 256,033,890.55 | 8.39% | 381,636,174.39 | | Net Profit Attributable to Shareholders | 36,917,591.44 | 35,066,042.12 | 5.28% | 72,253,788.98 | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | 31,166,098.22 | 30,357,453.08 | 2.66% | 64,563,494.53 | | Net Cash Flow from Operating Activities | 134,505,702.35 | 49,324,697.62 | 172.69% | 138,956,030.07 | | Basic Earnings Per Share (CNY/share) | 0.56 | 0.58 | -3.45% | 1.2 | | Diluted Earnings Per Share (CNY/share) | 0.56 | 0.58 | -3.45% | 1.2 | | Weighted Average Return on Net Assets | 11.32% | 12.60% | -1.28% | 30.58% | | Total Assets | 1,372,756,785.56 | 451,651,544.08 | 203.94% | 455,934,595.52 | | Net Assets Attributable to Shareholders | 486,199,714.50 | 295,770,888.59 | 64.38% | 260,704,846.47 | [Quarterly Key Financial Indicators](index=10&type=section&id=%E5%85%AD%E3%80%81%E5%88%86%E5%AD%A3%E5%BA%A6%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In 2021, quarterly operating revenue and net profit fluctuated, with Q2 showing the best performance at **19.11 million CNY** net profit, and operating cash flow remaining positive throughout all quarters 2021 Quarterly Key Financial Indicators | Indicator | Q1 (CNY) | Q2 (CNY) | Q3 (CNY) | Q4 (CNY) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 63,883,624.72 | 82,566,057.20 | 65,477,750.41 | 65,583,134.79 | | Net Profit Attributable to Shareholders | 7,081,665.40 | 19,111,349.24 | 7,518,212.11 | 3,206,364.69 | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | 5,556,320.41 | 17,896,461.05 | 7,322,239.16 | 391,077.60 | | Net Cash Flow from Operating Activities | 28,963,765.30 | 46,396,904.08 | 14,932,109.54 | 44,212,923.43 | [Differences in Accounting Data Under Domestic and International Accounting Standards](index=10&type=section&id=%E4%B8%83%E3%80%81%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) The company reported no significant differences in net profit and net assets between financial statements prepared under domestic and international accounting standards during the period - The company reported no differences in net profit and net assets under domestic and international accounting standards during the reporting period[23](index=23&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=10&type=section&id=%E5%85%AB%E3%80%81%E9%9D%9E%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) In 2021, total non-recurring gains and losses amounted to **5.75 million CNY**, primarily from government grants and entrusted investments, positively impacting net profit 2021 Non-Recurring Gains and Losses Items and Amounts | Item | 2021 Amount (CNY) | 2020 Amount (CNY) | 2019 Amount (CNY) | | :--- | :--- | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | -219,602.72 | -198,579.09 | -18,856,678.85 | | Government Grants Recognized in Current Profit/Loss | 3,428,315.43 | 15,614,246.51 | 23,420,523.53 | | Gains from Investment Cost Less Than Fair Value of Identifiable Net Assets Acquired in Business Combinations | 133,091.59 | | 5,056,800.00 | | Gains/Losses from Entrusted Investment or Asset Management | 2,452,056.90 | 1,180,870.81 | 42,531.94 | | Gains/Losses from Fair Value Changes of Trading Financial Assets/Liabilities and Investment Income from Disposal of Trading Financial Assets/Liabilities and Available-for-Sale Financial Assets | 102,107.15 | | | | Other Non-Operating Income and Expenses Apart from the Above | 1,745,850.52 | -11,560,660.70 | -975,376.06 | | Less: Income Tax Impact | 1,827,754.81 | 1,110,107.95 | 1,175,499.12 | | Impact on Minority Interests (After Tax) | 62,570.84 | -782,819.46 | -177,993.01 | | Total | 5,751,493.22 | 4,708,589.04 | 7,690,294.45 | Management Discussion and Analysis [Industry Overview](index=12&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%A4%84%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5) The company operates in the mid-to-high-end chain hotel sector, which, despite pandemic impacts, is dominated by mid-range hotels and is expected to recover with consumption upgrades and increased industry concentration - The company's main business falls under the "H6110 Tourist Hotels" sub-category within the "H61 Accommodation Industry" of "H Accommodation and Catering Industry"[30](index=30&type=chunk) - During the reporting period, the hotel industry was significantly impacted by the pandemic, yet mid-range hotels accounted for nearly **50%** of market supply, and the top 10 enterprises (CR10) held a high market concentration of **59.76%**[31](index=31&type=chunk) - The pandemic accelerated industry consolidation, with leading enterprises expanding rapidly, and long-term growth is expected due to consumption upgrades, improved transportation, and technological advancements[31](index=31&type=chunk) [Main Business](index=12&type=section&id=%E4%BA%8C%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company's core business involves operating (direct management) limited-service mid-to-high-end hotels and providing hotel management services, with revenue primarily from accommodation and management fees - The company's main business includes the operation of limited-service mid-to-high-end hotels (direct management) and hotel management services[32](index=32&type=chunk) - Hotel operation revenue primarily comes from accommodation services, catering to travel, business, and official accommodation needs[32](index=32&type=chunk) - Hotel management services include design and renovation consulting, dispatching management personnel, and authorizing the use of Junting Hotel series trademarks and management systems[32](index=32&type=chunk) [Core Competencies](index=12&type=section&id=%E4%B8%89%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competencies include building a national brand, a clear development strategy, an experienced management team, continuous brand iteration, strong "one-hotel-one-brand" planning, refined business models, and digital platform development for efficiency and cross-regional expansion - The company is dedicated to building a national brand, possessing an experienced and cohesive core management team, and a clear development strategy[33](index=33&type=chunk) - The company continuously explores the upgrade and optimization of its brands (Junting, Yebo, Pagoda Junting), strengthening brand market competitiveness, and has "one-hotel-one-brand" customized development capabilities to achieve good investment returns[34](index=34&type=chunk)[35](index=35&type=chunk) - The company adheres to the philosophy of "selected product content, selected culture, and selected service content" and, through digital platform construction, enhances management efficiency, reduces operating costs, and strengthens cross-regional operational capabilities[36](index=36&type=chunk)[37](index=37&type=chunk) [National Brand and Team Advantage](index=12&type=section&id=%E8%87%B4%E5%8A%9B%E4%BA%8E%E6%B0%91%E6%97%8F%E5%93%81%E7%89%8C%E5%BB%BA%E8%AE%BE%EF%BC%8C%E5%9B%A2%E9%98%9F%E5%87%9D%E8%81%9A%E5%8A%9B%E5%BC%BA%EF%BC%8C%E5%8F%91%E5%B1%95%E6%88%98%E7%95%A5%E6%B8%85%E6%99%B0) Junting Hotel focuses on building a national brand with cultural characteristics and a clear development strategy, supported by an experienced and cohesive management team from high-end hotel backgrounds - Junting Hotel is committed to building a national brand, creating a hotel management group with cultural characteristics and contemporary features[33](index=33&type=chunk) - The company's core management team has extensive experience from high-end hotel backgrounds, long-term collaboration, and efficient teamwork, ensuring product and service design reach the highest industry standards[33](index=33&type=chunk) [Brand Positioning and Iteration Upgrade](index=13&type=section&id=%E8%81%9A%E7%84%A6%E5%93%81%E7%89%8C%E5%AE%9A%E4%BD%8D%EF%BC%8C%E7%A0%94%E5%8F%91%E5%90%84%E5%93%81%E7%89%8C%E7%9A%84%E8%BF%AD%E4%BB%A3%E5%8D%87%E7%BA%A7%EF%BC%8C%E5%A2%9E%E5%BC%BA%E5%93%81%E7%89%8C%E5%B8%82%E5%9C%BA%E7%AB%9E%E4%BA%89%E5%8A%9B) The company continuously optimizes the positioning of its "Junting", "Yebo", and "Pagoda Junting" brands through multi-path upgrades to enhance market competitiveness - The company continuously optimizes the positioning of its "Junting" brand (focusing on artistic oriental style, immersive urban retreats), "Yebo" brand (exploring urban humanistic aesthetics, regenerating urban historical and cultural buildings), and "Pagoda Junting" brand (emphasizing the fusion of Eastern and Western aesthetics)[34](index=34&type=chunk) - Brand upgrade paths include property upgrades, product upgrades, technology upgrades, and management upgrades, aiming to enhance brand market competitiveness[34](index=34&type=chunk) ["One-Hotel-One-Brand" Planning and Investment Return](index=13&type=section&id=%E5%BC%BA%E5%8C%96%E2%80%9C%E4%B8%80%E5%BA%97%E4%B8%80%E5%93%81%E2%80%9D%E7%AD%96%E5%88%92%E8%83%BD%E5%8A%9B%EF%BC%8C%E9%80%9A%E8%BF%87%E6%8A%95%E8%B5%84%E6%A8%A1%E5%9E%8B%E3%80%81%E5%AE%9A%E4%BB%B7%E7%AD%96%E7%95%A5%E3%80%81%E8%90%A5%E9%94%80%E6%B8%A0%E9%81%93%E5%BB%BA%E8%AE%BE%EF%BC%8C%E5%85%85%E5%88%86%E6%8F%90%E9%AB%98%E9%A1%B9%E7%9B%AE%E6%8A%95%E8%B5%84%E5%9B%9E%E6%8A%A5) The company excels in customized mid-to-high-end hotel development, leveraging innovative concepts like brand spillover and high-efficiency design to achieve strong single-store profitability and investment returns - The company possesses customized and diversified mid-to-high-end hotel development capabilities, including the renovation of traditional star-rated hotels, hotels supporting urban high-end commercial complexes, and hotels supporting urban cultural blocks and characteristic towns[35](index=35&type=chunk) - Through innovative concepts such as brand spillover, high-efficiency design, overall renovation of traditional properties, and customized design based on target consumer needs, the company has achieved strong single-store profitability and investment returns[35](index=35&type=chunk) [Selected Business and Service Model](index=13&type=section&id=%E7%B2%BE%E9%80%89%E4%B8%9A%E5%8A%A1%E5%92%8C%E6%9C%8D%E5%8A%A1%E6%A8%A1%E5%9E%8B%EF%BC%8C%E6%9C%89%E9%99%90%E7%B2%BE%E9%80%89%E6%88%90%E4%B8%BA%E5%BD%93%E4%B8%8B%E9%85%92%E5%BA%97%E6%9E%81%E5%85%B7%E5%B8%82%E5%9C%BA%E7%89%B9%E5%BE%81%E7%9A%84%E6%A0%87%E7%AD%BE) Junting Hotel adheres to a "selected content" philosophy, offering high-quality, distinctive accommodation and services through personalized spaces and high-end hotel standards, enhancing brand premium and core competitiveness - The company adheres to the philosophy of "selected product content, selected culture, and selected service content", providing high-level and distinctive accommodation products and services[36](index=36&type=chunk) - By creating personalized spatial elements and implementing high-end hotel SOPs and service standards, the company has developed differentiated cultural characteristics, which are a key manifestation of its core competitiveness[36](index=36&type=chunk) [Digital Platform Construction](index=13&type=section&id=%E5%8F%91%E5%8A%9B%E6%95%B0%E5%AD%97%E5%8C%96%E5%B9%B3%E5%8F%B0%E5%BB%BA%E8%AE%BE%EF%BC%8C%E9%99%8D%E6%9C%AC%E5%A2%9E%E6%95%88%EF%BC%8C%E6%8F%90%E5%8D%87%E8%B7%A8%E5%8C%BA%E5%9F%9F%E7%BB%8F%E8%90%A5%E8%83%BD%E5%8A%9B) The company is enhancing its integrated information management platform using raised funds to improve efficient control, management efficiency, cost reduction, and cross-regional operational capabilities - The company is utilizing raised funds to establish an integrated information management platform centered on "standardized, efficient, and intelligent full-process hotel business management"[37](index=37&type=chunk) - This platform will help the company efficiently control its directly operated hotels and entrusted management projects, improve management efficiency, reduce operating costs, and enhance cross-regional operational capabilities[37](index=37&type=chunk) [Main Business Analysis](index=13&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) In 2021, the company's main business achieved steady recovery despite recurring pandemic impacts, with operating revenue growing by **8.39%** and net profit by **5.28%**, while financial expenses significantly increased due to new lease accounting standards - In 2021, the company achieved consolidated operating revenue of **277.51 million CNY**, a year-on-year increase of **8.39%**; net profit attributable to shareholders was **36.92 million CNY**, a year-on-year increase of **5.28%**[39](index=39&type=chunk) - The company's hotel comprehensive operating indicators significantly increased, with occupancy rate up by **16%**, average daily rate up by **8%**, and RevPAR up by **26%**, recovering to **86%**, **93%**, and **80%** of pre-pandemic levels, respectively[41](index=41&type=chunk) - Financial expenses increased significantly by **2229.13%** year-on-year, primarily due to the recognition of financing lease expenses for lease liabilities under the new lease accounting standards[43](index=43&type=chunk) [Main Business Overview](index=13&type=section&id=1%E3%80%81%E6%A6%82%E8%BF%B0) Despite recurring pandemic impacts on the domestic business travel market in 2021, the company achieved **277.51 million CNY** in operating revenue, a **8.39%** increase, and **36.92 million CNY** in net profit, a **5.28%** increase, with operating cash flow significantly up by **172.69%** - In 2021, the company's consolidated operating revenue was **277.51 million CNY**, a year-on-year increase of **8.39%**; net profit attributable to shareholders was **36.92 million CNY**, a year-on-year increase of **5.28%**[39](index=39&type=chunk) - Net cash flow from operating activities was **134.51 million CNY**, a year-on-year increase of **172.69%**, primarily due to improved hotel operations and the implementation of new lease accounting standards[39](index=39&type=chunk) 2019-2021 Average Daily Rate, Occupancy Rate, and RevPAR | Indicator | 2021 Full Year | 2020 Full Year | 2019 Full Year | | :--- | :--- | :--- | :--- | | Occupancy Rate | 58.03% | 49.89% | 67.22% | | Average Daily Rate | 398.33 | 367.14 | 427.15 | | RevPAR | 231.15 | 183.18 | 287.14 | [Revenue and Cost Analysis](index=15&type=section&id=2%E3%80%81%E6%94%B6%E5%85%A5%E4%B8%8E%E6%88%90%E6%9C%AC) In 2021, total operating revenue reached **277.51 million CNY**, an **8.39%** increase, driven by growth in accommodation and hotel management services, while operating costs decreased due to new lease accounting standards and changes in consolidation scope 2021 Operating Revenue Composition | Item | 2021 Amount (CNY) | 2021 Proportion of Operating Revenue | 2020 Amount (CNY) | 2020 Proportion of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Operating Revenue | 277,510,567.12 | 100% | 256,033,890.55 | 100% | 8.39% | | Accommodation Services | 202,375,712.13 | 72.93% | 180,802,739.11 | 70.62% | 11.93% | | Hotel Management | 30,509,338.97 | 10.99% | 14,840,414.86 | 5.80% | 105.58% | | Shanghai Revenue | 102,900,494.88 | 37.08% | 78,412,847.78 | 30.63% | 31.23% | - In 2021, the company's main business cost was **185.18 million CNY**, a year-on-year decrease of **3.39%**, primarily due to the implementation of new lease accounting standards leading to a reduction in other ancillary service lease costs[54](index=54&type=chunk) - During the reporting period, the company deregistered Yiwu Chengzhongcheng Hotel Co., Ltd. and established Chengdu Yujian Junting Hotel Co., Ltd., resulting in a change in the scope of consolidation[55](index=55&type=chunk) [Operating Revenue Composition](index=15&type=section&id=%EF%BC%881%EF%BC%89%E8%90%A5%E4%B8%9A%E6%94%B6%E5%85%A5%E6%9E%84%E6%88%90) In 2021, total operating revenue was **277.51 million CNY**, an **8.39%** increase, with accommodation services accounting for **72.93%** and hotel management revenue growing by **105.58%** 2021 Operating Revenue Composition | Item | 2021 Amount (CNY) | 2021 Proportion of Operating Revenue | 2020 Amount (CNY) | 2020 Proportion of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Operating Revenue | 277,510,567.12 | 100% | 256,033,890.55 | 100% | 8.39% | | Accommodation Services | 202,375,712.13 | 72.93% | 180,802,739.11 | 70.62% | 11.93% | | Catering Services | 24,376,019.88 | 8.78% | 22,429,582.24 | 8.76% | 8.68% | | Other Ancillary Services | 20,249,496.14 | 7.30% | 37,961,154.34 | 14.83% | -46.66% | | Hotel Management | 30,509,338.97 | 10.99% | 14,840,414.86 | 5.80% | 105.58% | | Zhejiang Province | 132,822,850.90 | 47.86% | 138,054,545.04 | 53.92% | -3.79% | | Shanghai City | 102,900,494.88 | 37.08% | 78,412,847.78 | 30.63% | 31.23% | [Main Business Revenue and Gross Profit Margin](index=16&type=section&id=%EF%BC%882%EF%BC%89%E5%8D%A0%E5%85%AC%E5%8F%B8%E8%90%A5%E4%B8%9A%E6%94%B6%E5%85%A5%E6%88%96%E8%90%A5%E4%B8%9A%E5%88%A9%E6%B6%A6%2010%25%E4%BB%A5%E4%B8%8A%E7%9A%84%E8%A1%8C%E4%B8%9A%E3%80%81%E4%BA%A7%E5%93%81%E3%80%81%E5%9C%B0%E5%8C%BA%E3%80%81%E9%94%80%E5%94%AE%E6%A8%A1%E5%BC%8F%E7%9A%84%E6%83%85%E5%86%B5) Hotel operations and management achieved a gross profit margin of **33.27%** in 2021, with accommodation services at **32.62%** and hotel management at **84.03%**, while Shanghai's business gross profit margin reached **44.95%** 2021 Main Business Revenue, Cost, and Gross Profit Margin | Item | Operating Revenue (CNY) | Operating Cost (CNY) | Gross Profit Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hotel Operations and Management | 277,510,567.12 | 185,179,681.19 | 33.27% | 8.39% | -3.39% | 8.13% | | Accommodation Services | 202,375,712.13 | 136,359,622.99 | 32.62% | 11.93% | 1.98% | 6.58% | | Hotel Management | 30,509,338.97 | 4,872,680.18 | 84.03% | 105.58% | 41.70% | 7.20% | | Zhejiang Province | 132,822,850.90 | 102,436,872.87 | 22.88% | -3.79% | -9.94% | 5.27% | | Shanghai City | 102,900,494.88 | 56,643,618.05 | 44.95% | 31.23% | 14.31% | 8.15% | | Hotel Operations | 247,001,228.15 | 180,307,001.01 | 27.00% | 2.41% | -4.21% | 5.05% | [Operating Cost Composition](index=17&type=section&id=%EF%BC%885%EF%BC%89%E8%90%A5%E4%B8%9A%E6%88%90%E6%9C%AC%E6%9E%84%E6%88%90) In 2021, the company's main business cost was **185.18 million CNY**, a **3.39%** decrease year-on-year, primarily due to a **96.94%** reduction in other ancillary service lease costs following the implementation of new lease accounting standards 2021 Operating Cost Composition | Product Category | Item | 2021 Amount (CNY) | 2021 Proportion of Operating Cost | 2020 Amount (CNY) | 2020 Proportion of Operating Cost | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Accommodation Services | Subtotal | 136,359,622.99 | 73.64% | 133,714,453.31 | 69.76% | 0.11% | | Catering Services | Subtotal | 40,194,608.83 | 21.71% | 33,965,197.16 | 17.72% | 18.34% | | Other Ancillary Services | Lease Cost | 565,475.05 | 0.31% | 18,456,806.28 | 9.63% | -96.94% | | Hotel Management | Subtotal | 4,872,680.18 | 2.63% | 3,438,744.07 | 1.79% | 41.70% | | Total Operating Cost | Total | 185,179,681.19 | 100.00% | 191,675,489.50 | 100.00% | -3.39% | [Changes in Consolidation Scope](index=18&type=section&id=%EF%BC%886%EF%BC%89%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E6%98%AF%E5%90%A6%E5%8F%91%E7%94%9F%E5%8F%98%E5%8A%A8) During the reporting period, the company deregistered Yiwu Chengzhongcheng Hotel Co., Ltd. and established Chengdu Yujian Junting Hotel Co., Ltd., resulting in a change in the scope of consolidation - The Group deregistered Yiwu Chengzhongcheng Hotel Co., Ltd. on April 14, 2021, and it is no longer included in the scope of consolidation[55](index=55&type=chunk) - The Group established Chengdu Yujian Junting Hotel Co., Ltd. on March 25, 2021, with a registered capital of **10 million CNY**, increasing the scope of consolidation[55](index=55&type=chunk) [Major Customers and Suppliers](index=18&type=section&id=%EF%BC%888%EF%BC%89%E4%B8%BB%E8%A6%81%E9%94%80%E5%94%AE%E5%AE%A2%E6%88%B7%E5%92%8C%E4%B8%BB%E8%A6%81%E4%BE%9B%E5%BA%94%E5%95%86%E6%83%85%E5%86%B5) The company's top five customers accounted for **21.84%** of total annual sales, and the top five suppliers accounted for **45.37%** of total annual purchases, with no related party transactions in either category 2021 Major Sales Customers | Indicator | Amount (CNY) | | :--- | :--- | | Total Sales to Top Five Customers | 60,613,949.76 | | Proportion of Total Annual Sales from Top Five Customers | 21.84% | | Proportion of Total Annual Sales from Related Party Sales within Top Five Customers | 0.00% | 2021 Major Suppliers | Indicator | Amount (CNY) | | :--- | :--- | | Total Purchases from Top Five Suppliers | 67,246,150.93 | | Proportion of Total Annual Purchases from Top Five Suppliers | 45.37% | | Proportion of Total Annual Purchases from Related Party Purchases within Top Five Suppliers | 0.00% | [Expense Analysis](index=19&type=section&id=3%E3%80%81%E8%B4%B9%E7%94%A8) In 2021, sales expenses increased by **33.61%** to **13.50 million CNY** due to higher revenue, management expenses rose by **45.17%** to **23.14 million CNY** due to Chengdu hotel renovation rent, and financial expenses surged by **2229.13%** to **19.39 million CNY** due to new lease accounting standards 2021 Major Expense Changes | Item | 2021 (CNY) | 2020 (CNY) | YoY Change | Significant Change Explanation | | :--- | :--- | :--- | :--- | :--- | | Selling Expenses | 13,500,513.90 | 10,104,296.13 | 33.61% | Company revenue increased, leading to a corresponding increase in commission expenses | | Administrative Expenses | 23,137,762.97 | 15,938,617.02 | 45.17% | Chengdu hotel was under renovation in 2021, and the corresponding rent was included in administrative expenses | | Financial Expenses | 19,393,823.73 | 832,663.44 | 2,229.13% | Implementation of new lease accounting standards led to an increase in interest expenses from lease liabilities compared to the same period last year | [Cash Flow Analysis](index=19&type=section&id=5%E3%80%81%E7%8E%B0%E9%87%91%E6%B5%81) In 2021, net cash flow from operating activities significantly increased by **172.69%** to **134.51 million CNY**, while investment activities resulted in a net outflow of **118.45 million CNY**, and financing activities generated a net inflow of **100.69 million CNY** due to public stock issuance and new lease accounting standards 2021 Key Cash Flow Indicators | Item | 2021 (CNY) | 2020 (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 134,505,702.35 | 49,324,697.62 | 172.69% | | Net Cash Flow from Investing Activities | -118,445,557.00 | -32,376,455.94 | Not Applicable | | Net Cash Flow from Financing Activities | 100,692,826.38 | -5,634,531.50 | Not Applicable | | Net Increase in Cash and Cash Equivalents | 116,752,971.73 | 11,313,710.18 | 931.96% | - Net cash flow from operating activities increased by **172.69%**, primarily due to improved hotel operations and the reclassification of lease cash payments to financing activities under new lease accounting standards[63](index=63&type=chunk) - Net cash flow from financing activities significantly increased, mainly due to the company's public issuance of shares to raise funds and the inclusion of lease liability cash expenditures in financing activities under new lease accounting standards[64](index=64&type=chunk) [Asset and Liability Status](index=20&type=section&id=%E5%85%AD%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) At the end of 2021, total assets reached **1.37 billion CNY**, a **203.94%** increase, with significant growth in monetary funds, receivables, construction in progress, and financial assets, while right-of-use assets and lease liabilities also increased due to new leases - At the end of 2021, the company's total assets amounted to **1.37 billion CNY**, a year-on-year increase of **203.94%**[20](index=20&type=chunk) - Monetary funds, accounts receivable, construction in progress, trading financial assets, and other non-current assets all showed significant growth, primarily influenced by public stock issuance, revenue growth, increased construction projects, and bank wealth management products[65](index=65&type=chunk)[67](index=67&type=chunk) - Right-of-use assets and lease liabilities increased due to new leased properties, with lease liabilities accounting for **53.10%** of total assets[67](index=67&type=chunk) [Significant Changes in Asset Composition](index=20&type=section&id=1%E3%80%81%E8%B5%84%E4%BA%A7%E6%9E%84%E6%88%90%E9%87%8D%E5%A4%A7%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) At the end of 2021, monetary funds increased by **6.58%** to **222.36 million CNY** due to public stock issuance, while accounts receivable, construction in progress, trading financial assets, and other non-current assets also significantly increased, and right-of-use assets and lease liabilities grew due to new leases 2021 Year-End Significant Changes in Asset Composition | Item | 2021 Year-End Amount (CNY) | Proportion of Total Assets | 2021 Year-Beginning Amount (CNY) | Proportion of Total Assets | Proportion Change | Significant Change Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 222,364,435.70 | 16.20% | 105,611,463.97 | 9.62% | 6.58% | Cash received from the company's public stock issuance during the current period | | Accounts Receivable | 28,564,605.57 | 2.08% | 21,655,821.32 | 1.97% | 0.11% | Company revenue increased during the current period, leading to a corresponding increase in accounts receivable | | Construction in Progress | 27,455,883.58 | 2.00% | 747,583.00 | 0.07% | 1.93% | Due to an increase in construction projects | | Right-of-Use Assets | 492,277,982.31 | 35.86% | 434,557,647.32 | 39.58% | -3.72% | Due to newly leased properties during the current period | | Lease Liabilities | 728,883,613.94 | 53.10% | 686,285,133.08 | 62.50% | -9.40% | Due to newly leased properties during the current period | | Trading Financial Assets | 76,702,107.15 | 5.59% | | | 5.59% | Unredeemed bank wealth management products during the current period | | Other Non-Current Assets | 31,756,494.94 | 2.31% | 1,268,037.95 | 0.12% | 2.19% | Large-denomination certificates of deposit unredeemed during the current period | [Assets Measured at Fair Value](index=21&type=section&id=2%E3%80%81%E4%BB%A5%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E8%AE%A1%E9%87%8F%E7%9A%84%E8%B5%84%E4%BA%A7%E5%92%8C%E8%B4%9F%E5%80%BA) At the end of 2021, the company's financial assets measured at fair value primarily consisted of trading financial assets, totaling **76.70 million CNY**, with a fair value change gain of **0.10 million CNY** for the period 2021 Year-End Financial Assets Measured at Fair Value | Item | Beginning Balance (CNY) | Fair Value Change Gain/Loss for the Period (CNY) | Amount Purchased During the Period (CNY) | Amount Sold During the Period (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | | Subtotal of Trading Financial Assets | 0.00 | 102,107.15 | 266,000,000.00 | 189,400,000.00 | 76,702,107.15 | | Total Above | 0.00 | 102,107.15 | 266,000,000.00 | 189,400,000.00 | 76,702,107.15 | [Investment Status](index=22&type=section&id=%E4%B8%83%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) The company had no significant equity or non-equity investments during the reporting period, with **76.70 million CNY** in fair value financial assets from wealth management, and **15.40 million CNY** of **188.75 million CNY** in raised funds used for hotel design and management platform projects - The company had no significant equity investments or non-equity investments during the reporting period[71](index=71&type=chunk) 2021 Financial Assets Measured at Fair Value | Asset Category | Initial Investment Cost (CNY) | Fair Value Change Gain/Loss for the Period (CNY) | Amount Purchased During the Period (CNY) | Amount Sold During the Period (CNY) | Cumulative Investment Income (CNY) | Ending Balance (CNY) | Source of Funds | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Other | 0.00 | 102,107.15 | 266,000,000.00 | 189,400,000.00 | 2,394,429.77 | 76,702,107.15 | Own Funds | - The company's total raised funds amounted to **188.75 million CNY**, with **15.40 million CNY** cumulatively used during the period, primarily for mid-to-high-end hotel design and development projects and integrated management platform construction[74](index=74&type=chunk) - As of the end of 2021, the unused raised funds balance was **176.98 million CNY**, held in a special bank account as demand deposits[74](index=74&type=chunk)[79](index=79&type=chunk) [Fair Value Financial Assets](index=22&type=section&id=4%E3%80%81%E4%BB%A5%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E8%AE%A1%E9%87%8F%E7%9A%84%E9%87%91%E8%9E%8D%E8%B5%84%E4%BA%A7) The company's fair value financial assets at period-end, primarily from wealth management with own funds, totaled **76.70 million CNY**, generating a fair value change gain of **0.10 million CNY** and cumulative investment income of **2.39 million CNY** 2021 Financial Assets Measured at Fair Value | Asset Category | Initial Investment Cost (CNY) | Fair Value Change Gain/Loss for the Period (CNY) | Amount Purchased During the Period (CNY) | Amount Sold During the Period (CNY) | Cumulative Investment Income (CNY) | Ending Balance (CNY) | Source of Funds | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Other | 0.00 | 102,107.15 | 266,000,000.00 | 189,400,000.00 | 2,394,429.77 | 76,702,107.15 | Own Funds | [Use of Raised Funds](index=22&type=section&id=5%E3%80%81%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E6%83%85%E5%86%B5) The company raised **188.75 million CNY** in 2021, using **15.40 million CNY** for hotel design and management platform projects, with the remaining **176.98 million CNY** held as bank deposits after adjusting project implementation locations 2021 Overall Use of Raised Funds | Fundraising Year | Fundraising Method | Total Raised Funds (ten thousand CNY) | Total Raised Funds Used This Period (ten thousand CNY) | Total Raised Funds Cumulatively Used (ten thousand CNY) | Unused Raised Funds (ten thousand CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | | 2021 | Public Issuance of RMB Ordinary Shares | 18,875.34 | 1,540.17 | 1,540.17 | 17,697.52 | - Raised funds are primarily used for the "Mid-to-High-End Hotel Design and Development Project" and the "Integrated Management Platform Construction Project", with investment progress at **8.28%** and **2.66%** respectively as of the end of the reporting period[76](index=76&type=chunk) - The company has adjusted the implementation locations for the "Mid-to-High-End Hotel Design and Development Project" from Shanghai, Hangzhou, and Nanjing to Shanghai, Hangzhou, Nanjing, and other cities deemed suitable by management[78](index=78&type=chunk) [Analysis of Major Holding and Participating Companies](index=26&type=section&id=%E4%B9%9D%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) The company's major holding subsidiaries, including Shanghai Baiyang Junting Hotel Management Co., Ltd., Shanghai Junting Hotel Management Co., Ltd., and Ningbo Ouhua Junting Hotel Management Co., Ltd., all achieved profitability in 2021, significantly contributing to the company's net profit 2021 Financial Performance of Major Holding Subsidiaries | Company Name | Company Type | Registered Capital (ten thousand CNY) | Total Assets (CNY) | Net Assets (CNY) | Operating Revenue (CNY) | Operating Profit (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Baiyang Junting Hotel Management Co., Ltd. | Subsidiary | 100 | 53,315,519.92 | 22,521,810.50 | 27,163,747.80 | 14,003,168.94 | 10,732,982.03 | | Shanghai Junting Hotel Management Co., Ltd. | Subsidiary | 1,425 | 87,441,081.51 | 33,169,203.31 | 25,611,964.73 | 7,467,500.49 | 5,545,968.49 | | Ningbo Ouhua Junting Hotel Management Co., Ltd. | Subsidiary | 100 | 57,900,241.59 | 13,463,350.67 | 22,671,306.56 | 8,867,413.69 | 6,666,462.76 | - Shanghai Baiyang Junting Hotel Management Co., Ltd. reported a net profit of **10.73 million CNY** in 2021[85](index=85&type=chunk) - Shanghai Junting Hotel Management Co., Ltd. reported a net profit of **5.55 million CNY** in 2021[86](index=86&type=chunk) [Future Development Outlook](index=28&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E6%9C%AA%E6%9D%A5%E5%8F%91%E5%B1%95%E7%9A%84%E5%B1%95%E6%9C%9B) The company's development strategy focuses on mid-to-high-end and luxury resort hotels, aiming for comprehensive product line coverage, with a 2022 plan to expand projects, enhance brands, and achieve digital transformation to become a top-tier global hotel group - China's hotel chain penetration rate is **31.5%**, significantly lower than the global average of **41.9%** and the US's **72.9%**, indicating substantial room for future growth[89](index=89&type=chunk) - Mid-to-high-end hotels are well-positioned to benefit from consumption upgrades, offering broad market demand[90](index=90&type=chunk) - The company's development strategy has shifted to focus on mid-to-high-end selected service hotels and high-end resort hotels, aiming for comprehensive product line coverage and synergistic development[92](index=92&type=chunk) - The 2022 operating plan includes coordinating the expansion teams of "Junting", "Junlan", and "Jinglan" with a target of **100 new projects**, and aims to rank among the top 10 hotel groups in China and top 50 globally[93](index=93&type=chunk) - The company will focus on digital platform construction, establishing a data sharing and analysis system to build an industry-leading digital marketing system, and will launch corporate social responsibility projects to improve its ESG management system[94](index=94&type=chunk)[95](index=95&type=chunk)[96](index=96&type=chunk) [Industry Landscape and Trends](index=28&type=section&id=%E4%B8%80%E3%80%81%E8%A1%8C%E4%B8%9A%E6%A0%BC%E5%B1%80%E5%92%8C%E8%B6%8B%E5%8A%BF) The hotel industry, characterized by fragmentation and significant room for chain penetration, is seeing accelerated expansion by leading players, with mid-to-high-end hotels poised for growth due to consumption upgrades and supportive national policies - As of the end of 2020, China's hotel chain penetration rate was **31.5%**, significantly lower than the global average, indicating substantial room for future improvement[89](index=89&type=chunk) - The pandemic accelerated industry consolidation, leading to an increase in both the number of chain hotels and guest rooms, with leading enterprises expanding rapidly[89](index=89&type=chunk) - Mid-to-high-end hotels are well-positioned to fully benefit from consumption upgrade dividends due to their comfort, attentive service, rich product offerings, and high cost-effectiveness, offering broad demand potential[90](index=90&type=chunk) [Company Development Strategy](index=29&type=section&id=%E4%BA%8C%E3%80%81%E5%85%AC%E5%8F%B8%E5%8F%91%E5%B1%95%E6%88%98%E7%95%A5) Following its successful IPO and acquisitions of Junlan and Jinglan, the company's development strategy now focuses on mid-to-high-end selected service hotels and high-end resort hotels, aiming for comprehensive product line coverage and a hotel management group rooted in Eastern culture and modern lifestyles - The company successfully listed on the ChiNext board of the Shenzhen Stock Exchange and acquired Zhejiang Junlan Hotel Management Co., Ltd. and Jinglan Hotel Investment Management Co., Ltd.[92](index=92&type=chunk) - The company's development strategy has shifted to focus on mid-to-high-end selected service hotels and high-end resort hotels, aiming for comprehensive product line coverage and synergistic development[92](index=92&type=chunk) [2022 Operating Plan](index=29&type=section&id=%E4%B8%89%E3%80%812022%E5%B9%B4%E7%BB%8F%E8%90%A5%E8%AE%A1%E5%88%92) In 2022, the company plans to integrate its "Junting", "Junlan", and "Jinglan" expansion teams to target **100 new projects**, focusing on key regions, while also unifying brand image, investing in digital transformation, and enhancing ESG management - In 2022, the company will coordinate the expansion teams of "Junting", "Junlan", and "Jinglan" with a target of **100 new projects**, focusing on expanding into Beijing, the Southwest region, and the Pearl River Delta region[93](index=93&type=chunk) - The company will gradually unify its group image, clarify its brand matrix, continue new brand and product research and development, and explore fashionable lifestyle modules such as fitness, social dining, smart offices, and virtual entertainment[94](index=94&type=chunk) - The company will increase investment in IT technology and systems, undergo digital transformation, establish a data sharing and analysis system, and build an industry-leading digital marketing system[94](index=94&type=chunk)[95](index=95&type=chunk) - The company will establish a comprehensive quality management system, thoroughly review operational standards, launch corporate social responsibility projects, and improve its ESG management system, focusing on community building, green environmental protection, and public welfare[95](index=95&type=chunk)[96](index=96&type=chunk) Corporate Governance [Basic Corporate Governance Status](index=31&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E7%9A%84%E5%9F%BA%E6%9C%AC%E7%8A%B6%E5%86%B5) During the reporting period, the company consistently improved its corporate governance structure and internal control systems in strict compliance with laws and regulations, ensuring standardized operations across all aspects of governance - The company strictly adheres to laws and regulations such as the "Company Law" and "Securities Law", continuously improving its corporate governance structure and internal control systems to enhance governance levels and risk prevention capabilities[99](index=99&type=chunk) - The company's operations, including its general meetings of shareholders, Board of Directors (comprising 9 directors, including 3 independent directors), Supervisory Board (comprising 3 supervisors, including 1 employee supervisor), information disclosure, and investor relations management, all comply with regulatory requirements[100](index=100&type=chunk)[102](index=102&type=chunk)[103](index=103&type=chunk)[105](index=105&type=chunk)[106](index=106&type=chunk) - The company and its controlling shareholder are independent in terms of business, personnel, assets, organization, and finance, with no instances of the controlling shareholder occupying company funds or interfering with company decisions[101](index=101&type=chunk) [Company Independence](index=32&type=section&id=%E4%BA%8C%E3%80%81%E5%85%AC%E5%8F%B8%E7%9B%B8%E5%AF%B9%E4%BA%8E%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%9C%A8%E4%BF%9D%E8%AF%81%E5%85%AC%E5%8F%B8%E8%B5%84%E4%BA%A7%E3%80%81%E4%BA%BA%E5%91%98%E3%80%81%E8%B4%A2%E5%8A%A1%E3%80%81%E6%9C%BA%E6%9E%84%E3%80%81%E4%B8%9A%E5%8A%A1%E7%AD%89%E6%96%B9%E9%9D%A2%E7%9A%84%E7%8B%AC%E7%AB%8B%E6%83%85%E5%86%B5) The company maintains independence from its controlling shareholder and actual controller in assets, personnel, finance, organization, and business, enabling it to operate independently in the market - The company is independent from its controlling shareholder, actual controller, and their controlled enterprises in terms of assets, personnel, finance, organization, and business, possessing the ability to operate independently and continuously in the market[109](index=109&type=chunk) - The company's senior management does not hold positions other than director or supervisor in the controlling shareholder or its controlled enterprises, and financial personnel do not hold concurrent positions[110](index=110&type=chunk) - The company has established an independent financial department and accounting system, uses independent bank accounts, and operates its main business independently, with no horizontal competition or significantly unfair related party transactions[111](index=111&type=chunk)[112](index=112&type=chunk)[113](index=113&type=chunk) [Directors, Supervisors, and Senior Management](index=33&type=section&id=%E4%B8%83%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%83%85%E5%86%B5) The company's Board of Directors, Supervisory Board, and senior management team remained stable, with Wu Qiyuan as Chairman and key personnel changes including the departure of independent director Yao Xianguo and employee supervisor Wang Yongjun, and the resignation of General Manager Cong Bo, who was replaced by Zhu Xiaodong, with total compensation for the team reaching **2.47 million CNY** - Wu Qiyuan serves as the company's Chairman, with Ding He, Cong Bo, Shi Chenning, Gan Shenghong, and Zhang Yong serving as directors and senior executives[116](index=116&type=chunk)[118](index=118&type=chunk)[123](index=123&type=chunk)[124](index=124&type=chunk)[125](index=125&type=chunk)[126](index=126&type=chunk)[127](index=127&type=chunk) - During the reporting period, independent director Yao Xianguo and employee representative supervisor Wang Yongjun left their positions, and General Manager Cong Bo resigned, with Zhu Xiaodong subsequently appointed as General Manager[119](index=119&type=chunk)[120](index=120&type=chunk)[121](index=121&type=chunk) 2021 Compensation for Directors, Supervisors, and Senior Management | Name | Position | Employment Status | Total Pre-Tax Compensation from Company (ten thousand CNY) | | :--- | :--- | :--- | :--- | | Wu Qiyuan | Chairman | Current | 0 | | Ding He | Director | Current | 2.13 | | Cong Bo | Director | Current | 5.07 | | Shi Chenning | Director, Deputy General Manager, Board Secretary | Current | 35.76 | | Gan Shenghong | Director, Deputy General Manager | Current | 43.80 | | Zhang Yong | Director, Financial Controller | Current | 24.60 | | Yu Tingting | Independent Director | Current | 5.61 | | Zhang Hongying | Independent Director | Current | 7.14 | | Xie Jianmin | Independent Director | Current | 7.14 | | Zhao Ke | Chairman of Supervisory Board | Current | 27.84 | | Xu Yue | Supervisor | Current | 32.10 | | Dai Wenyan | Supervisor | Current | 8.52 | | Zhu Xiaodong | General Manager | Current | 6.32 | | Zhang Gequan | Deputy General Manager | Current | 35.46 | | Yao Xianguo | Independent Director | Resigned | 1.47 | | Wang Yongjun | Supervisor | Appointed/Removed | 3.84 | | Total | -- | -- | 246.80 | [Basic Information of Directors, Supervisors, and Senior Management](index=33&type=section&id=1%E3%80%81%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) The company's Board of Directors, Supervisory Board, and senior management team include Chairman Wu Qiyuan, various directors, independent directors, supervisors, and general manager Zhu Xiaodong, with some changes in independent director, employee supervisor, and general manager positions during the reporting period - The company's Chairman is Wu Qiyuan; directors include Ding He, Cong Bo, Shi Chenning, Gan Shenghong, and Zhang Yong; independent directors are Yu Tingting, Zhang Hongying, and Xie Jianmin[116](index=116&type=chunk)[118](index=118&type=chunk) - The Chairman of the Supervisory Board is Zhao Ke; supervisors include Xu Yue and Dai Wenyan; senior management includes General Manager Zhu Xiaodong and Deputy General Manager Zhang Gequan[118](index=118&type=chunk) - During the reporting period, independent director Yao Xianguo resigned due to the expiration of his term, employee representative supervisor Wang Yongjun resigned due to personal reasons, and General Manager Cong Bo resigned from his position due to personal reasons[119](index=119&type=chunk)[120](index=120&type=chunk)[121](index=121&type=chunk) [Background of Directors, Supervisors, and Senior Management](index=35&type=section&id=2%E3%80%81%E4%BB%BB%E8%81%8C%E6%83%85%E5%86%B5) The company's directors, supervisors, and senior management possess extensive experience in hotel management, investment, or finance, with Chairman Wu Qiyuan having over 50 years of industry experience, and independent directors providing professional insights from legal, accounting, and tourism sectors - Chairman Wu Qiyuan has over **50 years** of experience in the hotel industry, having served as general manager of several renowned hotels and chairman of Junlan Management[123](index=123&type=chunk) - Several senior executives, including Ding He, Cong Bo, Shi Chenning, Gan Shenghong, and Zhang Yong, possess many years of experience in hotel management, investment, or finance[124](index=124&type=chunk)[125](index=125&type=chunk)[126](index=126&type=chunk)[127](index=127&type=chunk) - Independent directors Yu Tingting, Zhang Hongying, and Xie Jianmin have professional backgrounds in law, accounting, and tourism, respectively, providing expert opinions for Board decisions[128](index=128&type=chunk)[129](index=129&type=chunk)[130](index=130&type=chunk) [Compensation of Directors, Supervisors, and Senior Management](index=39&type=section&id=3%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8A%A5%E9%85%AC%E6%83%85%E5%86%B5) The company's compensation for directors, supervisors, and senior management, comprising basic salary and year-end performance bonuses, is determined by position, experience, and performance, with the Compensation and Assessment Committee overseeing policy, totaling **2.47 million CNY** in 2021 - The company's compensation for directors, supervisors, and senior management primarily consists of basic salary and year-end performance bonuses, determined based on job level, individual qualifications, and workload[135](index=135&type=chunk) - The Compensation and Assessment Committee is responsible for formulating and reviewing the company's compensation policies and plans for directors and senior management[135](index=135&type=chunk) - In 2021, the total compensation for the company's directors, supervisors, and other key personnel was **2.47 million CNY**, an increase from **1.75 million CNY** in 2020, but still lower than **4.34 million CNY** in 2019[136](index=136&type=chunk)[139](index=139&type=chunk) [Performance of Directors' Duties](index=40&type=section&id=%E5%85%AB%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E8%91%A3%E4%BA%8B%E5%B1%A5%E8%A1%8C%E8%81%8C%E8%B4%A3%E7%9A%84%E6%83%85%E5%86%B5) During the reporting period, the Board of Directors held six meetings, with all directors actively attending, diligently reviewing proposals, and offering constructive suggestions for the company's development and governance, demonstrating their commitment to its standardized and healthy operation - During the reporting period, the company's Board of Directors held **6 meetings**, with all directors maintaining high attendance rates; Wu Qiyuan, Ding He, Cong Bo, Shi Chenning, Gan Shenghong, Zhang Yong, and Xie Jianmin all attended **6 meetings** either in person or via telecommunication[140](index=140&type=chunk)[141](index=141&type=chunk) - Directors diligently performed their duties in strict accordance with relevant regulations and policies, actively reviewed all proposals, and offered constructive suggestions on the company's development strategy and corporate governance[143](index=143&type=chunk) - Directors raised no objections to company matters during the reporting period[142](index=142&type=chunk) [Performance of Board Special Committees](index=42&type=section&id=%E4%B9%9D%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E4%B8%8B%E8%AE%BE%E4%B8%93%E9%97%A8%E5%A7%94%E5%91%98%E4%BC%9A%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E7%9A%84%E6%83%85%E5%86%B5) The Board's specialized committees, including Investment Decision, Strategy, Audit, Compensation & Assessment, and Nomination, operated in strict accordance with their rules of procedure, reviewing and approving key proposals such as fund utilization, financial reports, executive compensation, and general manager appointments - The Strategic Committee reviewed and approved proposals for replacing pre-IPO expenses with raised funds and adjusting the implementation locations of certain fundraising projects[144](index=144&type=chunk) - The Audit Committee reviewed and approved the 2020 Annual Report and Summary, and the 2021 Third Quarterly Report[144](index=144&type=chunk) - The Compensation and Assessment Committee reviewed the compensation distribution for directors and senior management in 2020, and the Nomination Committee reviewed and approved the proposal for appointing the company's general manager[146](index=146&type=chunk) [Work of the Supervisory Board](index=43&type=section&id=%E5%8D%81%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E5%B7%A5%E4%BD%9C%E6%83%85%E5%86%B5) The Supervisory Board found no risks within the company during its oversight activities in the reporting period and raised no objections to the supervised matters, diligently fulfilling its supervisory responsibilities - The Supervisory Board found no risks within the company during its oversight activities in the reporting period and raised no objections to the supervised matters[147](index=147&type=chunk) [Employee Situation](index=44&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%91%98%E5%B7%A5%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had 577 employees, predominantly in production roles and with education levels below college, implementing a "position-based, grade-based" compensation system and human resource training programs to enhance efficiency 2021 Year-End Employee Count, Professional Structure, and Education Level | Indicator | Number (people) | | :--- | :--- | | Total Employees at Year-End | 577 | | Production Personnel | 329 | | Sales Personnel | 28 | | Technical Personnel | 29 | | Financial Personnel | 26 | | Administrative Personnel | 165 | | Master's Degree and Above | 4 | | Bachelor's Degree | 39 | | College Degree | 143 | | Below College Degree | 391 | - The company implements a "position-based, grade-based" compensation system, with a salary structure including wages, performance bonuses, and benefits, flexibly tailored to the nature and performance assessment characteristics of different positions[149](index=149&type=chunk)[150](index=150&type=chunk) - The company actively implements human resource training programs, providing training for employees at all levels and management teams, including new employee onboarding training and various training and exchange activities for management teams[152](index=152&type=chunk) [Profit Distribution and Capital Reserve Conversion](index=45&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%85%AC%E5%8F%B8%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company's 2021 profit distribution plan, proposing a cash dividend of **5.00 CNY** (tax inclusive) and 5 bonus shares for every 10 shares, totaling **40.27 million CNY** in cash dividends, aligns with the company's articles of association and dividend policy for its growth stage - The company's 2021 profit distribution plan proposes a cash dividend of **5.00 CNY (tax inclusive)** per 10 shares and a bonus issue of **5 shares** for every 10 shares[154](index=154&type=chunk) - The distribution plan is based on a total share capital of **80,540,000 shares**, with a cash dividend amount of **40,270,000.00 CNY**, representing **25.52%** of the distributable profit of **157,784,400.00 CNY**[154](index=154&type=chunk) - The company is in a growth stage with significant capital expenditure plans, requiring a minimum cash dividend ratio of **20%** of distributable profit, which the proposed plan meets[154](index=154&type=chunk) [Internal Control System Construction and Implementation](index=46&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E7%9A%84%E5%86%85%E9%83%A8%E6%8E%A7%E5%88%B6%E5%88%B6%E5%BA%A6%E5%BB%BA%E8%AE%BE%E5%8F%8A%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) During the reporting period, the company continuously strengthened its internal control system, clarifying responsibilities, enhancing risk prevention, and ensuring compliant operations, with no significant internal control deficiencies identified - The company has established and improved its internal control system in accordance with the "Basic Norms for Enterprise Internal Control" and other regulations, clarifying the rights and obligations of shareholders, directors, supervisors, and senior management[155](index=155&type=chunk) - In 2021, the company continuously strengthened the internal control awareness and responsibilities of the Board of Directors and key positions, enhancing the company's standardized operational level[155](index=155&type=chunk) - No significant internal control deficiencies were identified during the reporting period[156](index=156&type=chunk) [Internal Control Evaluation](index=47&type=section&id=%E5%8D%81%E5%85%AD%E3%80%81%E5%86%85%E9%83%A8%E6%8E%A7%E5%88%B6%E8%87%AA%E6%88%91%E8%AF%84%E4%BB%B7%E6%8A%A5%E5%91%8A%E6%88%96%E5%86%85%E9%83%A8%E6%8E%A7%E5%88%B6%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's internal control evaluation report, disclosed on April 26, 2022, covered 100% of consolidated assets and operating revenue, establishing qualitative and quantitative defect criteria, and found no significant or material deficiencies in financial or non-financial reporting during the period - The company's internal control evaluation report was disclosed on April 26, 2022, covering **100%** of the company's consolidated financial statement assets and total operating revenue[158](index=158&type=chunk) - The company established qualitative and quantitative defect identification criteria for financial and non-financial reporting, for example, a significant financial reporting defect includes senior management fraud or correction of previously published financial reports[158](index=158&type=chunk)[159](index=159&type=chunk) - During the reporting period, the number of significant financial reporting defects, significant non-financial reporting defects, material financial reporting defects, and material non-financial reporting defects were all **0**[159](index=159&type=chunk) Environmental and Social Responsibility [Major Environmental Issues](index=49&type=section&id=%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E7%8E%AF%E4%BF%9D%E9%97%AE%E9%A2%98) The company and its subsidiaries are not designated as key polluting entities and received no environmental penalties during the reporting period, actively implementing various measures to reduce carbon emissions through green practices, energy conservation, and sustainable operations - The company and its subsidiaries are not classified as key polluting entities by environmental protection authorities and received no administrative penalties for environmental issues during the reporting period[162](index=162&type=chunk)[164](index=164&type=chunk) - The company implements various measures to reduce carbon emissions, including using green products such as straw-based combs and toothbrushes, stone paper outer packaging, and virgin bamboo pulp tissues[162](index=162&type=chunk) - The company implements energy-saving measures, such as using variable frequency water pumps, solar hot water systems, energy-efficient air conditioners, and LED lighting, and manages energy consumption for building equipment and lighting[162](index=162&type=chunk) - The Group's engineering center participates in equipment selection and system function setup during the early stages of projects, selects green and environmentally friendly equipment, and monitors energy consumption daily during operation to ensure it remains within a **5-6%** range[163](index=163&type=chunk) [Social Responsibility Status](index=50&type=section&id=%E4%BA%8C%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company has concurrently disclosed its 2021 Environmental, Social, and Governance (ESG) Report, providing detailed information on its social responsibility performance - The company has concurrently disclosed its 2021 Environmental, Social, and Governance (ESG) Report, detailing its social responsibility performance[165](index=165&type=chunk) [Poverty Alleviation and Rural Revitalization](index=50&type=section&id=%E4%B8%89%E3%80%81%E5%B7%A9%E5%9B%BA%E6%8B%93%E5%B1%95%E8%84%B1%E8%B4%AB%E6%94%BB%E5%9D%9A%E6%88%90%E6%9E%9C%E3%80%81%E4%B9%A1%E6%9D%91%E6%8C%AF%E5%85%B4%E7%9A%84%E6%83%85%E5%86%B5) The company has not yet engaged in poverty alleviation or rural revitalization efforts during the reporting period - The company has not yet engaged in poverty alleviation or rural revitalization efforts during the reporting period[166](index=166&type=chunk) Significant Events [Fulfillment of Commitments](index=51&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) All commitment-related parties, including the actual controller, shareholders, and the company, duly fulfilled their commitments during the reporting period, covering share lock-up, reduction intentions, dividend plans, avoidance of horizontal competition, reduction of related party transactions, share price stabilization, and information disclosure accuracy, with no overdue unfulfilled commitments - The company's actual controller, Wu Qiyuan, committed not to transfer or entrust others to manage his shares in the issuer for **36 months** from the listing date, and committed that the reduction price would not be lower than the issue price for **24 months** after the lock-up period expires[169](index=169&type=chunk)[170](index=170&type=chunk)[171](index=171&type=chunk) - The company committed that its profit distribution policy would prioritize shareholder returns, primarily through cash dividends, with annual cash dividends not less than **10%** of the distributable profit for the year[177](index=177&type=chunk)[178](index=178&type=chunk)[179](index=179&type=chunk)[180](index=180&type=chunk)[181](index=181&type=chunk)[182](index=182&type=chunk)[183](index=183&type=chunk)[184](index=184&type=chunk)[185](index=185&type=chunk)[186](index=186&type=chunk)[187](index=187&type=chunk)[188](index=188&type=chunk) - The controlling shareholder and actual controller committed to avoiding horizontal competition and minimizing related party transactions with the company, adhering to market-based pricing principles for unavoidable transactions[188](index=188&type=chunk)[189](index=189&type=chunk)[190](index=190&type=chunk)[191](index=191&type=chunk)[192](index=192&type=chunk) - The company, its controlling shareholder, directors, supervisors, and senior management committed to initiating share price stabilization measures, including company share repurchases, controlling shareholder增持 (increase in holdings), and director/supervisor/senior management增持 (increase in holdings), if the share price falls below the net asset value per share[192](index=192&type=chunk)[193](index=193&type=chunk)[194](index=194&type=chunk)[195](index=195&type=chunk)[196](index=196&type=chunk)[197](index=197&type=chunk)[198](index=198&type=chunk)[199](index=199&type=chunk)[200](index=200&type=chunk)[201](index=201&type=chunk)[202](index=202&type=chunk)[203](index=

浙江君亭酒店管理股份有限公司 2022 年第一季度报告全文 证券代码：301073 证券简称：君亭酒店 公告编号：2022-028 浙江君亭酒店管理股份有限公司 2022 年第一季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 重要内容提示: 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重大遗 漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、完整。 3.第一季度报告是否经过审计 □是√否 一、主要财务数据 (一)主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 √否 | | 本报告期 | 上年同期 | 本报告期比上年同期增 | | --- | --- | --- | --- | | | | | 减 | | 营业收入（元） | 61,505,943.43 | 63,883,624.72 | -3.72% | | 归属于上市公司股东的净利润（元） | 3,924,683.57 | 7 ...

浙江君亭酒店管理股份有限公司 2021 年年度报告全文 1 浙江君亭酒店管理股份有限公司 2021 年年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 公司负责人吴启元、主管会计工作负责人张勇及会计机构负责人(会计主管 人员)姜普婧声明：保证本年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 提示风险：1、局部地区疫情反复风险：若疫情反复影响商旅需求，防控措 施升级加大人员流动难度，预计公司旗下酒店经营将持续受到压制。 2、委托管理扩张不及预期风险：若宏观经济影响投资回报预期，公司委托 管理扩张可能不及预期，进而影响公司收入。 3、房租及人力成本上涨压缩利润风险：一、二线城市房租及人力成本不断 上涨，公司旗下直营酒店业务占比大，房租及人力成本上涨将显著压缩公司门 店层面经营利润，进而影响公司整体业绩。 4、市场竞争加剧风险：若公司在激烈的市场竞争中不能持续提升自身服务 与管理能力，及时扩大品牌影响力，有效应对市场竞争加剧的风险，将 ...

[Main Financial Data](index=1&type=section&id=%E4%B8%80%E3%80%81%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%95%B0%E6%8D%AE) [Key Accounting Data and Financial Indicators](index=1&type=section&id=1.1%20%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In Q3 2021, the company's revenue and net profit attributable to shareholders declined year-over-year, yet year-to-date performance showed strong growth, with total assets significantly increasing due to IPO proceeds and new leasing standards Core Financial Indicators for Q3 and YTD 2021 | Indicator | Current Period (Q3) | Q3 YoY Change | Year-to-Date (YTD) | YTD YoY Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 65.48 million yuan | -17.26% | 211.93 million yuan | 26.14% | | Net Profit Attributable to Shareholders of the Listed Company | 7.52 million yuan | -46.38% | 33.71 million yuan | 85.11% | | Net Profit Attributable to Shareholders After Non-recurring Gains and Losses | 7.32 million yuan | -49.16% | 30.78 million yuan | 122.98% | | Net Cash Flow from Operating Activities | - | - | 90.29 million yuan | 756.82% | | Basic Earnings Per Share (yuan/share) | 0.12 | -46.38% | 0.56 | 86.67% | | Total Assets (End of Period) | 1,253.84 million yuan | 177.61% (vs. end of prior year) | - | - | | Total Equity Attributable to Shareholders of the Listed Company (End of Period) | 490.91 million yuan | 65.97% (vs. end of prior year) | - | - | [Non-recurring Gains and Losses Items and Amounts](index=2&type=section&id=1.2%20%E9%9D%9E%E5%B8%B8%E7%BB%8F%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) Year-to-date non-recurring gains and losses totaled **2.94 million yuan**, primarily from government grants and entrusted investment income Year-to-Date Non-recurring Gains and Losses Items | Item | Amount (yuan) | | :--- | :--- | | Government Grants | 2,402,833.59 | | Gains/Losses from Entrusted Investments or Asset Management | 1,139,030.43 | | Other Non-Operating Income/Expenses and Gains/Losses from Asset Disposal | 400,000.00 (approx.) | | **Total** | **2,936,206.13** | [Analysis of Changes in Key Accounting Data and Financial Indicators](index=2&type=section&id=1.3%20%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87%E5%8F%91%E7%94%9F%E5%8F%98%E5%8A%A8%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%8E%9F%E5%9B%A0) Significant financial data changes during the reporting period primarily resulted from the company's initial public offering, which increased cash and capital reserves, and the adoption of new leasing standards in 2021, impacting various balance sheet items, financial expenses, and cash flow structure [Balance Sheet Item Change Analysis](index=2&type=section&id=1.3.1%20%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8%E9%A1%B9%E7%9B%AE%E5%8F%98%E5%8A%A8%E5%88%86%E6%9E%90) Balance sheet changes were primarily driven by a **172.37%** increase in cash from IPO proceeds and a **902.18%** rise in capital reserves, alongside the initial recognition of **381 million yuan** in right-of-use assets and **606 million yuan** in lease liabilities due to new leasing standards Major Balance Sheet Item Changes (vs. End of 2020) | Item | Change Percentage | Primary Reason | | :--- | :--- | :--- | | Cash and Cash Equivalents | 172.37% | Due to proceeds from current period's stock issuance | | Right-of-Use Assets | Not Applicable | Recognition of lease contract rentals upon adoption of new leasing standards | | Lease Liabilities | Not Applicable | Recognition of lease payments due over one year upon adoption of new leasing standards | | Construction in Progress | 1963.46% | Due to increase in construction projects | | Capital Reserves | 902.18% | Net proceeds from initial public offering recorded | [Income Statement Item Change Analysis](index=3&type=section&id=1.3.2%20%E5%88%A9%E6%B6%A6%E8%A1%A8%E9%A1%B9%E7%9B%AE%E5%8F%98%E5%8A%A8%E5%88%86%E6%9E%90) Year-to-date, the income statement's primary changes include a **1652.41%** surge in financial expenses due to new leasing standards, significant year-over-year declines in non-operating income and expenses due to the absence of prior period's large one-off items, and a **122.04%** increase in income tax expense reflecting enhanced profitability Major Income Statement Item Changes (Jan-Sep 2021 vs. Jan-Sep 2020) | Item | Change Percentage | Primary Reason | | :--- | :--- | :--- | | Financial Expenses | 1652.41% | Recognition of lease liability financing expenses upon adoption of new leasing standards | | Non-Operating Income | -87.06% | Large relocation compensation recorded in the prior year period | | Non-Operating Expenses | -97.69% | COVID-19 related shutdown losses in the prior year period | | Income Tax Expense | 122.04% | Increased profitability in the current period compared to the prior period | [Cash Flow Statement Item Change Analysis](index=4&type=section&id=1.3.3%20%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8%E9%A1%B9%E7%9B%AE%E5%8F%98%E5%8A%A8%E5%88%86%E6%9E%90) Net cash flow from operating activities significantly increased by **756.82%** year-over-year, driven by market recovery and reclassification of lease payments to financing activities under new leasing standards, while net cash flow from financing activities surged from **-3.97 million yuan** to **138 million yuan** primarily due to IPO proceeds Major Cash Flow Statement Item Changes (Jan-Sep 2021 vs. Jan-Sep 2020) | Item | Change Percentage | Primary Reason | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 756.82% | Market recovery; reclassification of lease payments to financing activities under new leasing standards | | Net Cash Flow from Investing Activities | 30.79% | Decrease in cash paid for the acquisition of long-term assets | | Net Cash Flow from Financing Activities | 3578.66% | Cash received from public stock issuance | [Shareholder Information](index=4&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E4%BF%A1%E6%81%AF) [Total Common Shareholders and Top Ten Shareholders' Shareholding](index=4&type=section&id=2.1%20%E6%99%AE%E9%80%9A%E8%82%A1%E8%82%A1%E4%B8%9C%E6%80%BB%E6%95%B0%E5%92%8C%E5%89%8D%E5%8D%81%E5%90%8D%E8%82%A1%E4%B8%9C%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5%E8%A1%A8) As of the reporting period end, the company had **23,374** common shareholders, with a highly concentrated ownership structure where the top three domestic natural person shareholders collectively held **66.1%** of shares, all subject to sales restrictions - As of the reporting period end, the company had **23,374** common shareholders[20](index=20&type=chunk) Top Ten Shareholders' Shareholding | Shareholder Name | Shareholder Type | Shareholding Percentage | Number of Shares Held (shares) | | :--- | :--- | :--- | :--- | | Wu Qiyuan | Domestic Natural Person | 36.41% | 29,323,125 | | Cong Bo | Domestic Natural Person | 19.39% | 15,619,500 | | Shi Chenning | Domestic Natural Person | 10.30% | 8,292,375 | | Wu Haihao | Domestic Natural Person | 3.27% | 2,632,500 | | Xu Hanjie | Domestic Natural Person | 1.49% | 1,200,000 | [Quarterly Financial Statements](index=5&type=section&id=%E5%9B%9B%E3%80%81%E5%AD%A3%E5%BA%A6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) [Financial Statements](index=5&type=section&id=4.1%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the company's Consolidated Balance Sheet as of September 30, 2021, and the Consolidated Income Statement and Consolidated Cash Flow Statement for January-September 2021, serving as the basis for the preceding financial data analysis [Notes on Financial Statement Adjustments](index=12&type=section&id=4.2%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E8%B0%83%E6%95%B4%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) Effective January 1, 2021, the company adopted new leasing standards, retrospectively adjusting its opening financial statements, which led to a significant **644 million yuan** increase in both total assets and liabilities, primarily from the initial recognition of **434 million yuan** in right-of-use assets and **686 million yuan** in lease liabilities - The company adopted new leasing standards starting in 2021, adjusting relevant financial statement items at the beginning of the year of initial application[32](index=32&type=chunk) Impact of New Leasing Standards Adoption on Opening Balance Sheet Major Items | Item | Before Adjustment (Dec 31, 2020) | After Adjustment (Jan 1, 2021) | Adjustment Amount | | :--- | :--- | :--- | :--- | | Total Assets | 452 million yuan | 1,096 million yuan | +644 million yuan | | Right-of-Use Assets | 0 | 434 million yuan | +434 million yuan | | Long-term Receivables | 0 | 242 million yuan | +242 million yuan | | Total Liabilities | 167 million yuan | 839 million yuan | +672 million yuan | | Lease Liabilities | 0 | 686 million yuan | +686 million yuan | | Non-current Liabilities Due Within One Year | 0 | 66 million yuan | +66 million yuan | | Retained Earnings | 192 million yuan | 165 million yuan | -27 million yuan | [Audit Information](index=15&type=section&id=%E5%AE%A1%E8%AE%A1%E4%BF%A1%E6%81%AF) [Audit Report](index=15&type=section&id=%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's 2021 third-quarter report is unaudited - The company's third-quarter report is unaudited[37](index=37&type=chunk)